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Merino Industries ₹2,575 ▲ 0.0% 1M
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Merino Industries Unlisted Shares

Building Materials Decorative laminates and wood panels

Merino Industries is a Kolkata-registered maker of decorative laminates under the MERINO brand, with panels, modular furniture and potato flakes alongside. It reported revenue from operations of ₹252,056.39 lakh in FY26 from six manufacturing facilities.

Read the full company profile
Indicative price
As of 23 Oct 2026
₹2,575 ▲ 0.00% in 1 month
Dealer quotes: ₹2,200 – ₹2,575 across 3 dealers
Key facts

Merino Industries share details

Lot size
10 shares
Min. investment
₹25,750
Face value
₹10
Implied market cap
₹2,879 Cr
Shares outstanding
11,178,679
Founded
1965
Headquarters
Kolkata, West Bengal
Website
merinogroup.com
ISIN
INE662B01017
CIN
U51909WB1965PLC026556
Lock-in after IPO
6 months
Price history

Merino Industries share price chart

1Y change
-20.77%
High
₹3,250
Low
₹2,575

Indicative off-market dealer quotes, not exchange prices. A flat stretch means the quote did not change on those days.

About

About Merino Industries

Merino Industries Limited is an unlisted public company with its registered office in Kolkata. The company was incorporated in 1965 and says it has over six decades of making in India. Its main business is decorative laminates sold under the MERINO brand. The company calls itself India's No. 1 laminate brand. Over time it has added wood panels such as FABWood chipboard and pre-laminated panels, modular furniture under the MY SPACE brand, and a food business that makes potato flakes under the VEGIT brand. In FY26 it launched Marine Board, a moisture-resistant panel, and ramped up its integrated Halol complex in Gujarat. The annual report says it has six manufacturing facilities, in Hapur, Halol, Dahej, Rohad and Hosur, and a workforce of over 6,500 people. The annual report says Merino sells through over 16,000 dealers and retailers and has presence in over 80 countries. The numbers below are standalone figures from the audited statements. Revenue from operations was ₹252,056.39 lakh in FY26, up from ₹230,138.71 lakh in FY25 and ₹225,182.71 lakh in FY24. The company made a net profit of ₹32.89 lakh in FY26 after a net loss of ₹732.29 lakh in FY25. In FY24 it had earned a profit of ₹12,153.70 lakh. The company is run by the Lohia family. Prakash Lohia is Chairman and Managing Director and holds 473161 equity shares, which the company reports as 4.23% of paid-up capital. The company has 11,178,679 equity shares of ₹10 each, fully paid up. Prasan Lohia, Ruchira Lohia, Anil Jajoo and other family members are whole-time directors. The company has not filed for an IPO, so there is no IPO journey to report yet. Unlisted shares of a company like this are dealt off-market, between buyers and sellers, at indicative prices that are not set on a stock exchange. IPO Guru shows an indicative price of ₹2575 per share and an implied market cap of about ₹2,878.51 crore, based on the share count in the annual report.

Strengths

  • Revenue from operations rose to ₹252,056.39 lakh in FY26 from ₹230,138.71 lakh in FY25, so sales are growing after a flat year.
  • The business is spread over products. In the segment note, FY26 revenue was ₹175,300.94 lakh from laminates, ₹60,772.94 lakh from panel products and furniture, and ₹8,268.56 lakh from potato flakes.
  • Cash from operations was ₹23,670.45 lakh in FY26 against ₹9,328.01 lakh in FY25, far above the reported profit.
  • The balance sheet is large. Total equity was ₹135,822.64 lakh and total assets ₹243,822.90 lakh at 31 March 2026.
  • Borrowings came down. Current borrowings fell to ₹40,806.50 lakh from ₹55,039.58 lakh a year earlier.
  • The company reports six manufacturing facilities, over 16,000 dealers and retailers, and presence in over 80 countries.

Risks

  • Profit is thin. Net profit was only ₹32.89 lakh in FY26 on revenue of ₹252,056.39 lakh, and FY25 was a loss of ₹732.29 lakh.
  • Earnings fell sharply from FY24. Profit after tax was ₹12,153.70 lakh in FY24 and EPS was ₹108.72, against ₹0.29 in FY26.
  • Depreciation of ₹12,727.33 lakh and finance costs of ₹5,504.34 lakh in FY26 absorb most of the operating profit after the large capacity build-out.
  • Debt is significant. Non-current borrowings were ₹17,499.99 lakh and current borrowings ₹40,806.50 lakh at 31 March 2026.
  • Inventory of ₹66,571.42 lakh ties up cash, and trade receivables were ₹15,972.80 lakh.
  • The company is family controlled, with many Lohia family members on the board, so decisions rest with the promoter group.
  • The company is unlisted. Share prices are indicative, trading is off-market, and no IPO has been filed.
  • Laminates and panels depend on housing and interiors demand and on raw material costs; cost of materials consumed was ₹122,180.96 lakh in FY26.
Financials

Merino Industries financial performance

Revenue, profit and balance-sheet figures by fiscal year.

Revenue & PAT (₹ Cr)
Revenue PAT
Metric FY26Latest FY25 FY24
Revenue (₹ Cr) 2,521 2,301 2,252
PAT (₹ Cr) 0 -7 122
PAT Margin (%) 0.01 -0.32 5.40
RoNW (%) 0.02 -0.54 8.93
EPS (₹) 0.29 -6.55 108.72
Total Assets (₹ Cr) 2,438 2,527 2,599
Net Worth (₹ Cr) 1,358 1,357 1,360

Swipe the table sideways for earlier years →

Leadership

Management team

Prakash Lohia
Chairman & Managing Director
Director since 1976 and Managing Director from 1995.
Prasan Lohia
Whole-time Director
Whole-time Director since 2004, earlier Vice-President (Global Operations).
Ruchira Lohia
Whole-time Director
Whole-time Director and Key Managerial Personnel.
Anil Jajoo
Whole-time Director
Whole-time Director and Key Managerial Personnel.
Sachin Selot
Chief Financial Officer
Signs the FY26 financial statements as CFO.
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Important disclaimer

Unlisted shares are not traded on stock exchanges. Prices shown are indicative and based on off-market transactions; they may differ from eventual listing or future market prices. Exit liquidity depends on counter-party availability. SEBI mandates a 6-month lock-in on pre-IPO shares post-listing. Gains held beyond 24 months are taxed at 12.5% LTCG (no indexation). IPO Guru is not a SEBI Registered Investment Advisor. Information here is for general awareness, not personalised investment advice. Please consult your tax advisor before investing.

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