amit@unlistedkraft.in
+91-9599071664
+91-9599071664
Merino Industries Unlisted Shares
DRHP Status : Not Filed
3400
Fundamentals About Merino Industries
Downloads & Investor Documents
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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
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.
Yes, UnlistedKraft provides verified access to Merino Industries Limited unlisted shares. Once you complete your KYC and place your order, the shares are typically credited to your demat account within about 24 hours.
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.
The share price is based on recent private transactions, the company’s financial performance, market demand, and valuation metrics. UnlistedKraft keeps pricing updated regularly to reflect fair market value.
Yes, you must have an active demat account to receive and hold Merino Industries Limited unlisted shares.
There is no mandatory holding period unless the company lists on a public stock exchange. Most investors hold these shares until a liquidity event, such as an IPO or strategic acquisition, to benefit from potential long-term gains.
Yes, you can resell your shares before an IPO through UnlistedKraft’s resale network, subject to buyer demand and prevailing market conditions.
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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