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Merino Industries Unlisted Shares
DRHP Status : Not Filed
2940
Fundamentals About Merino Industries
Downloads & Investor Documents
All documents are provided for informational purposes and are subject to regulatory disclosures.
Key Financials of Merino Industries
| P&L Statement | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Revenue | 1296.88 | 1747.89 | 2175 | 2252 |
| Cost of Material Consumed | 576.26 | 947.97 | 1200 | 1174 |
| Gross Margins | 55.57 | 45.76 | 44.83 | 47.87 |
| Change in Inventory | 9.04 | -36.8 | -52 | 44 |
| Employee Benefit Expenses | 163.45 | 207.97 | 247 | 290 |
| Other Expenses | 338.31 | 426.01 | 541 | 537 |
| EBITDA | 209.82 | 202.74 | 239 | 207 |
| OPM | 16.18 | 11.6 | 10.99 | 9.19 |
| Other Income | 41.97 | 48.34 | 30 | 57 |
| Finance Cost | 18.16 | 13.19 | 28 | 26 |
| D&A | 56.68 | 62.8 | 67 | 74 |
| EBIT | 153.14 | 139.94 | 172 | 133 |
| EBIT Margins | 11.81 | 8.01 | 7.91 | 5.91 |
| PBT | 176.92 | 175.07 | 174 | 164 |
| PBT Margins | 13.64 | 10.02 | 8 | 7.28 |
| Tax | 45.06 | 42.85 | 56 | 42 |
| PAT | 131.86 | 132.22 | 118 | 122 |
| NPM | 10.17 | 7.56 | 5.43 | 5.42 |
| EPS | 117 | 117.32 | 104.7 | 108.25 |
Financial Ratios |
2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Operating Profit Margin | 16.18 | 11.6 | 10.99 | 9.19 |
| Net Profit Margin | 10.17 | 7.56 | 5.43 | 5.42 |
| Earning Per Share (Diluted) | 117 | 117.32 | 104.7 | 108.25 |
| Assets | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Fixed Assets | 480.55 | 478.16 | 442 | 1275 |
| CWIP | 16.45 | 140.93 | 604 | 37 |
| Investments | 382.2 | 366.74 | 144 | 178 |
| Trade Receivables | 151.61 | 165.28 | 175 | 215 |
| Inventory | 345.39 | 427.9 | 581 | 589 |
| Other Assets | 135.12 | 289.95 | 364 | 305 |
| Total Assets | 1511.32 | 1868.96 | 2310 | 2599 |
| Liabilities | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Share Capital | 11.27 | 11.27 | 11.27 | 11.27 |
| FV | 10 | 10 | 10 | 10 |
| Reserves | 1024.84 | 1149.94 | 1237 | 1349 |
| Borrowings | 137.17 | 295.1 | 595 | 722 |
| Trade Payables | 185.17 | 239.58 | 204 | 266 |
| Other Liabilities | 152.87 | 173.07 | 262.73 | 250.73 |
| Total Liabilities | 1511.32 | 1868.96 | 2310 | 2599 |
About Company
The following table shows a 10-point analysis of Matrix Gas and Renewables Limited. We will discuss each point in detail after this table.
| Parameter | Key Numbers | Insights |
|---|---|---|
| Business Overview | FY25 Revenue est. ~₹600–700 Cr · PAT est. ~₹98 Cr · PAT Margin ~14–16% | Diversified clean energy & gas company with legacy LPG logistics/distribution (bottling, marketing) and strategic pivot to renewables including CBG plants (agri-waste), green hydrogen plans, and solar IPP projects. High-growth potential but execution-intensive model. |
| Industry & Market Position | Emerging CBG/Green Hydrogen Player · Legacy LPG Trading | Benefits from policy tailwinds (SATAT scheme, green energy push). Competitive through project pipeline & funding access. Faces execution delays, competition from larger players, and commodity price volatility. |
| Revenue Growth Trend | FY23–FY25 CAGR >100%+ (₹0.5–1.5 Cr → ₹490 Cr FY23 → ₹609 Cr FY24 → Ramp-up FY25) | Hyper-growth driven by LPG scale-up and renewable energy entry. Momentum from CBG & solar commissioning. Growth from low base but aligned with green energy expansion; execution-dependent. |
| Profitability & Margins | EBITDA Margin ~8–9% · PAT Margin ~6–14% est. · ROE High (Growth Phase) | Margins improving with operational leverage. Strong FY25 PAT guidance (~₹98 Cr) despite capex cycle. Earnings quality moderate during transition phase; improvement expected as projects mature. |
| Cash Flow Quality | OCF Improving · No Regular Dividends | Cash-intensive business due to project funding & acquisitions. Supported by equity raises (~₹350 Cr pre-IPO). Cash flows influenced by capex cycles but funding provides cushion. |
| Balance Sheet Strength | Net Worth ~₹300+ Cr est. · Debt Moderate (Project Funding) | Strengthened post equity infusion. Leverage managed for growth stage. Asset-backed downside protection (plants, contracts) but execution & debt risks remain key monitorables. |
| Valuation Comfort | Unlisted Price ₹16–28 (Feb 2026) · P/E ~5–10x FY25E · Market Cap ~₹50–100 Cr | Deep discount reflecting transition & execution risks. Attractive for high-growth renewable exposure. Potential re-rating upon successful project milestones. |
| Management & Governance | Promoter-Led · Investor Backing · Prior DRHP Filed | Strategic pivot from LPG to renewables with transparent disclosures and funding rounds. Governance appears stable; execution track record in new verticals remains critical. |
| Growth Triggers & Catalysts | CBG Commissioning · Green Hydrogen Partnerships · Solar IPP Revenue | Upside from plant commissioning, policy incentives, and renewable energy demand. Possible IPO revival could unlock value if pursued. |
| Liquidity & Exit Visibility | OTC Liquidity Only · No Active IPO/DRHP | Low-to-moderate unlisted trading activity. Exit via OTC or strategic interest. Liquidity risk high but upside possible upon successful execution & policy catalysts. |
Merino Industries is a well-known Indian manufacturing company, especially strong in decorative laminates. Part of the Merino Group, it has diversified operations: interior solutions (laminates, panel products), agro business, and IT services. The agro segment includes potato flakes and ready-to-eat snack mixes under its “Vegit” brand. The IT arm, Merino Services Ltd, provides business consulting, ERP/IT implementation, and enterprise solutions. The following are the important and key manufacturing plants and certifications of Merino Industries:
- Manufacturing footprint: Merino has multiple plants, including at Hapur (UP), Rohad (Haryana), Hosur (TN), and Dahej (Gujarat).
- Certifications: Its manufacturing is ISO 9001, ISO 14001 and OHS (safety) certified.
- Innovation: One of the only Indian companies to use a Double Belt Casting Unit for laminates to improve surface quality.
Strengths & Growth Drivers
- Market Leadership in Laminates: Very strong brand in decorative laminates; well entrenched in both domestic and export markets.
- Diverse Product Portfolio: Apart from laminates, Merino is in panel products, furniture components, agro-food (Vegit), and IT services.
- Global Reach: Presence in 60+ countries per its group website.
- Integrated Manufacturing: Strong manufacturing backend with modern facilities; uses advanced processes like double-belt casting.
- Strong Distribution Network: More than 4,000 dealers and 2,000+ domestic outlets.
- Sustainable Practices: ISO accreditations indicate strong quality and environmental management.
Risks & Challenges
- Margin Pressure: Raw material costs (laminate resins, chemicals) might be volatile, affecting margins.
- Loss in FY25: The reported FY25 loss is a red flag; it could point to operational or financing stress.
- Working Capital Risk: Manufacturing businesses often tie up working capital in inventory and receivables.
- Competition: Faces competition from other laminate manufacturers and panel makers.
- Capital Expenditure Needs: To scale its agro and panel business, it may need to invest significantly.
- Unlisted Liquidity Risk: As an unlisted company, share liquidity may be limited and exit could be difficult.
Quick Summary
Merino Industries is a heritage Indian manufacturer, best known for laminates, with strong diversification into panels, agro (Vegit) and IT. It has a large dealer network, global footprint, and advanced manufacturing. However, recent financial results show a downturn, making it a mixed play: good long-term potential, but near-term risks. For unlisted-share investors, it’s a value + industrial play, but one should carefully assess financial stress and growth execution.
Shareholding Pattern of Merino Industries
| Name | Holding |
|---|---|
| Promoters | 85.86% |
| Other Investors | 14.14% |
Promoters of Merino Industries
| Name | Role / Position | Notes |
|---|---|---|
| Man Kumar Lohia (and brothers) | Founders | The Merino Group was founded by Man Kumar Lohia. |
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Frequently Asked Questions
Merino Industries Limited unlisted shares refer to equity ownership in a privately held company specialising in speciality polymers, coatings, and value-added chemicals. These shares are not listed on NSE or BSE and can be accessed via private-market platforms like UnlistedKraft.
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Unlisted share investments carry risks such as limited liquidity and reduced public disclosure. However, Merino Industries is a recognised name in its core industry with a track record of operational strength. Investing via UnlistedKraft ensures secure, transparent, and verified transactions.
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Yes. As per SEBI regulations, pre‑IPO investors must observe a six-month lock-in period after the company is listed on a public exchange.
If held for more than two years, gains are treated as long-term capital gains and taxed at 20 percent with indexation. If sold within two years, gains are considered short-term and taxed under your income tax slab.
UnlistedKraft offers verified access to investment opportunities in companies like Merino Industries Limited, backed by transparent pricing, expert guidance, secure transaction processes, and prompt share delivery to your demat account.
+91-9599071664
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