Merino Industries Limited (MIL) Unlisted Shares
About The Company
Strong
Market Position
Consistent
YoY Growth
Experienced
Management
Key Indicators
A snapshot of Merino Industries Limited (MIL) Unlisted Shares's financial health, valuation multiples and capital efficiency at a glance.
Pricing Trends
Financial Performance
| Indicators | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2,355.0 | 2,309.1 | 2,205.4 | 1,796.2 | 1,338.9 | 1,009.4 | 1,491.8 | 1,239.1 |
| Expense | 2,195.9 | 2,045.3 | 1,935.8 | 1,545.2 | 1,087.1 | 867.6 | 1,231.0 | 764.1 |
| EBITDA | 159.1 | 263.8 | 269.6 | 251.0 | 251.8 | 141.8 | 201.1 | 179.1 |
| Other Cost | 185.9 | 100.3 | 95.5 | 76.0 | 74.9 | 57.2 | 59.7 | 51.8 |
| PBT | -26.9 | 163.5 | 174.1 | 175.0 | 176.9 | 84.6 | 201.1 | 179.1 |
| Tax Expense | -19.5 | 41.9 | 56.5 | 42.8 | 45.1 | 14.1 | 60.3 | 58.6 |
| PAT | -7.3 | 121.6 | 117.7 | 132.2 | 131.9 | 70.4 | 140.8 | 120.5 |
| Other Inc./Exp. | 9.6 | 0.4 | -4.3 | -0.4 | 2.0 | 5.9 | 19.5 | 3.1 |
| Net Income | 2.2 | 122.0 | 113.4 | 131.8 | 133.9 | 76.3 | 160.3 | 123.6 |
| Shares O/S | 1.14 | 1.10 | 1.10 | 1.10 | 1.10 | 1.00 | 1.00 | 1.00 |
| EPS (₹) | -6.55 | 108.70 | 105.20 | 118.30 | 117.90 | 67.90 | 121.90 | 102.90 |
| Rev. Growth % | 2.0% | 4.7% | 22.8% | 34.2% | 32.6% | -32.3% | 20.4% | — |
| EBITDA Mgn % | 6.8% | 11.4% | 12.2% | 14.0% | 18.8% | 14.0% | 13.5% | 14.5% |
| Net Mgn % | 0.1% | 5.3% | 5.1% | 7.3% | 10.0% | 7.6% | 10.7% | 10.0% |
| EPS Growth | -106.0% | 3.3% | -11.1% | 0.3% | 73.6% | -44.3% | 18.5% | — |
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About Merino Industries Limited Unlisted Shares
Merino is a global business group with decades of experience in manufacturing and marketing interior products for homes, offices, commercial, and public uses. It is India's largest manufacturer and exporter of laminates and was incorporated in 1965. The company is headquartered in Kolkata, while its manufacturing units are in Dahej (Gujarat), Hosur (Tamil Nadu), Rohtak (Haryana), and Hapur (UP).
Merino Industries Limited has a network of over 4000 dealers, which doubled in the past five years, and exports its products in more than 60 countries. It is an unlisted company founded by the late Man Kumar Lohia and his brothers and classified as a non-government company that is "limited by shares". Merino Industries Limited unlisted shares are available for trading in the Pre-IPO market.
What is the nature of business of Merino Industries Ltd?
Merino Industries has 3 business segments:
1) Interior Designing: Merino is a well-known brand and manufacturer of building interior Solutions with a range of products for residential and commercial areas.
2) Agro Business: Under the agro-business model, Merino provides a cold storage business for farming and food processing. Also, it has developed a snack brand named Vegit to expand in the FMCG market.
3) IT solutions: The next segment of Merino is IT services and business consulting to provide value-added services.
Overview of Merino Industries Limited Unlisted Shares India
Merino Industries Limited has a vast customer base in India, and demand for its products and services is increasing rapidly. Besides this, Merino Industries unlisted shares in India remain investors' first choice in the unlisted share market. The company plans to bring an Initial Public Offering (IPO) in the next 3-5 years, creating future opportunities for investors to make high profits.
Here are the details of Merino Industries Limited unlisted shares:
Particulars | Value of unlisted shares |
Total Available Shares | 100 |
Face Value | Rs 10 per equity share |
Lot size | 10-20 shares |
Retail discount | 1% on a bulk purchase |
The company made its unlisted shares available for retail and institutional investors. However, Merino Industries limited unlisted shares price changes with the company's performance. Investors need to have access to top-rated unlisted share broking platforms.
What is the merino laminates share price?
Here is an overview of Merino Industries Limited unlisted share price:
On Jan 22, the unlisted share price of Merino Industries Ltd was Rs 4,000, which was the highest. By Dec 22 the share price went down to Rs 2,825 . On Jan 23, the share began growing again to Rs 3090.
Merino Industries’ unlisted share price has mostly stayed in the range of Rs 2,700 to Rs 3,500 between 2023 and 2025, with brief spikes near Rs 3,500 but no sustained rally.
Financial Analysis of Merino Industries Limited Unlisted Shares
Let's see the Merino Industries Limited financials report:
Particulars (in Rs cr) | 2023 | 2024 | 2025 |
Revenue | 2,205 | 2,309 | 2,355 |
Expenses | 1,935 | 2,045 | 2,195 |
PAT | 117.7 | 121.6 | -7.3 |
EBITDA Margin | 12.20% | 11.40% | 6.80% |
Net Margin | 5.10% | 5.30% | 0.10% |
EPS | 105.2 | 108.7 | -6.55 |
Merino’s revenue increased from Rs 2,205 Cr in FY23 to Rs 2,355 Cr in FY25, but growth slowed sharply from 22.8% to 2%. This indicates the company has moved into a mature, low-growth phase, limiting expansion speed and future valuation upside.
Expenses rose from Rs 1,935 Cr to Rs 2,195 Cr in the same period, increasing faster than revenue. This directly pressures the company’s cost structure and reduces operating efficiency, making it harder to sustain margins.
Profit After Tax (PAT) dropped from Rs 117.7 Cr to Rs 7.3 Cr, turning profitability negative in FY25. This reversal impacts investor confidence, delays IPO readiness and reflects internal cost or pricing challenges.
EBITDA margin fell from 12.2% to 6.8%, showing weaker operational performance and rising input or overhead costs. Lower margins reduce cash flow strength and decrease the company’s ability to reinvest for growth.
EPS dropped from Rs 105.2 to a negative Rs 6.55, reflecting value erosion for shareholders and negatively affecting the unlisted share market sentiment.
Overall, Merino is still a strong brand, but 2025 results highlight financial stress, making it crucial to focus on cost control and margin recovery before expecting valuation growth.
What is the turnover of merino international ltd?
The company has achieved stable revenue growth in FY 2023-24, generating Rs 2,309.1 with a notable increase of 5%. By FY 2024-25, Merino turnover reduced to Rs 2,205 crore.
So, it indicates a stable trend to fuel the growth trajectory of companies and scale up Merino Industries Limited's unlisted share prices, trading at Rs 2940 in December 2025.
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