Merino Industries Limited Unlisted Shares
vs. prev. close ₹2,550
52W High
₹2,550
52W Low
₹2,550
Market cap
₹2,851 Cr
IPO stage
No DRHP filed
CIN
U51909WB1965PLC026556
Price History
52W High
₹2,550
52W Low
₹2,550
About Merino Industries Limited Unlisted Shares
Merino Industries Limited manufactures decorative laminates, panel boards, plywood, furniture and potato flakes from Kolkata, posting FY26 revenue of Rs 2,520.56 crore (up from Rs 2,301.39 crore) but near-breakeven net profit of Rs 0.33 crore after a Rs 7.32 crore loss the year before. EPS was Rs 0.29, book value per share about Rs 1,204.33, and ROE roughly nil, as a strongly profitable Laminate segment is almost entirely offset by losses in the Panel products and furniture segment.
Short Version :
Merino Industries Limited is a 60-year-old Kolkata-headquartered manufacturer of decorative laminates, panel boards, plywood and furniture, with a smaller potato flakes business, operating with no subsidiaries on a standalone basis. FY26 revenue came in at Rs 2,520.56 crore, up from Rs 2,301.39 crore in FY25, but net profit was a razor-thin Rs 0.33 crore versus a Rs 7.32 crore loss the year before. EPS stood at just Rs 0.29 (FY26) against a loss per share of Rs 6.55 in FY25, book value per share was about Rs 1,204.33, and ROE was effectively nil at roughly 0.02%, since the business is sitting right at breakeven despite its scale.
Why It Trades Where It Does
The headline numbers mask a sharply divided business. The Laminate segment is genuinely strong, generating Rs 219.44 crore of segment profit (before interest and tax) on Rs 1,858.87 crore of revenue in FY26, a roughly 12% margin and Merino's core profit engine. That's almost entirely offset by the Panel products and furniture segment, which lost Rs 119.81 crore at the segment level on Rs 607.73 crore of revenue, plus further drag from the Potato Flakes segment and unallocable corporate costs and finance costs (Rs 55.04 crore). The investment case here is really a bet on whether the Panel/furniture segment can be turned around or right-sized, since the Laminate business alone would otherwise be a meaningfully profitable, scaled operation.
Top Risks :
Near-zero consolidated profitability: FY26 PAT of Rs 0.33 crore on Rs 2,520 crore of revenue leaves almost no margin for error: a small swing in any segment could flip the company back into a loss, as happened in FY25.
Structural segment drag: the Panel products and furniture segment has posted a large loss two years running (Rs 119.81 crore in FY26, Rs 121.66 crore in FY25), and there's no indication in the filing of when or whether this turns around.
High finance costs relative to earnings: Rs 55.04 crore of finance cost in FY26 is more than 150x the year's net profit, so leverage materially affects the bottom line.
Thin disclosure on turnaround plans for the loss-making segments, limiting visibility into management's path back to consolidated profitability.
Top Opportunities :
A genuinely strong core business: the Laminate segment's ~12% segment margin on nearly Rs 1,859 crore of revenue is a real, profitable franchise that could re-rate the whole company if the drag from other segments is addressed.
Revenue growth of 9.5% year-on-year (Rs 2,301 crore to Rs 2,521 crore) shows the top line is still expanding even while profitability struggled.
Diversified product base (laminates, panels, plywood, furniture, potato flakes) gives multiple levers for margin improvement, including the option to right-size or exit the weakest segment.
Decades of brand and market presence (incorporated 1965) in the decorative surfaces and panel products space, a scaled manufacturing network referenced in the annual report.
Disclaimer :
Priveq.in is an informational platform for unlisted and pre-IPO shares, operated by Priveq Investech Private Limited (the named counterparty on transactions). Unlisted shares carry risks including illiquidity, valuation uncertainty, and limited regulatory disclosure. This page is informational only and does not constitute investment advice.
Company Details
Industry
Construction & Infrastructure
Founded
1965
Headquarters
Kolkata, West Bengal, India
Min Lot Size
1
Face Value
₹10.00
Total Shares
11178679
Regulatory Information
Corporate Identity Number (CIN)
U51909WB1965PLC026556
PAN Number
AAACC9186C
ISIN
INE662B01017
Key Valuation Ratios
Valuation
Market Cap
₹2,850.56 Cr
P/E Ratio
8,384.01×
P/S Ratio
1.13×
P/B Ratio
2.10×
EV / EBITDA
18.57×
Returns & Per Share
ROE
0.03%
EPS
₹0.30
Book Value / Share
₹1,215.02
Solvency
Debt / Equity
0.43×
Interest Coverage
1.03×
Company Fundamentals
As of FY2026 Annual · updated 08 Oct 2026Gross Profit
₹1,298.75 Cr
EBITDA
₹184.04 Cr
Revenue Growth
9.52%
Profit Margin
0.01%
Performance Trends
5 annual periods · derived from filed statements
Revenue
₹ Cr
Net Profit
₹ Cr · losses in red
Earnings Per Share
₹ per share
Return on Equity
ROE %
Return on Capital Employed
ROCE %
Debt-to-Equity
0.43×
EBITDA Margin
7.30%
Interest Coverage
1.03×
Financial Statements
| Line item | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
| Total Income | |||||
| Revenue from operationsDisclosed | 1,743.59₹ Crore | 2,175.5₹ Crore | 2,251.83₹ Crore | 2,301.39₹ Crore | 2,520.56₹ Crore |
| Other incomeDisclosed | 48.54₹ Crore | 29.91₹ Crore | 57.29₹ Crore | 53.59₹ Crore | 40.56₹ Crore |
| Total IncomeDerived | 1,792.13₹ Crore | 2,205.41₹ Crore | 2,309.12₹ Crore | 2,354.98₹ Crore | 2,561.12₹ Crore |
| Expenses | |||||
| Cost of goods soldDisclosed | 943.98₹ Crore | 1,112.32₹ Crore | 1,100.11₹ Crore | 1,143.41₹ Crore | 1,221.81₹ Crore |
| Purchases of stock-in-tradeDisclosed | 49.1₹ Crore | 87.54₹ Crore | 100₹ Crore | 133.12₹ Crore | 126.4₹ Crore |
| Changes in inventoriesDisclosed | -36.81₹ Crore | -52.34₹ Crore | -50₹ Crore | -60.49₹ Crore | -17.61₹ Crore |
| Employee benefits expenseDisclosed | 201.79₹ Crore | 247.17₹ Crore | 300₹ Crore | 350.2₹ Crore | 382.93₹ Crore |
| Finance costsDisclosed | 13.2₹ Crore | 28.54₹ Crore | 26.38₹ Crore | 57.87₹ Crore | 55.04₹ Crore |
| Depreciation and amortization expenseDisclosed | 63.58₹ Crore | 66.98₹ Crore | 73.87₹ Crore | 128.07₹ Crore | 127.27₹ Crore |
| Manufacturing expensesDisclosed | 0₹ Crore | 0₹ Crore | 0₹ Crore | 0₹ Crore | 0₹ Crore |
| Operating expensesDisclosed | 0₹ Crore | 0₹ Crore | 0₹ Crore | 0₹ Crore | 0₹ Crore |
| Other expensesDisclosed | 382.9₹ Crore | 541.1₹ Crore | 550₹ Crore | 629.64₹ Crore | 663.55₹ Crore |
| Total ExpensesDerived | 1,617.74₹ Crore | 2,031.31₹ Crore | 2,100.36₹ Crore | 2,381.82₹ Crore | 2,559.39₹ Crore |
| Profit | |||||
| Exceptional itemsDisclosed | 0₹ Crore | 0₹ Crore | 0₹ Crore | 0₹ Crore | 0₹ Crore |
| Profit before taxDerived | 174.39₹ Crore | 174.1₹ Crore | 208.76₹ Crore | -26.84₹ Crore | 1.73₹ Crore |
| Current tax expenseDisclosed | 40₹ Crore | 45₹ Crore | 40₹ Crore | -10.33₹ Crore | 0₹ Crore |
| Deferred tax expenseDisclosed | 5₹ Crore | 5₹ Crore | 5₹ Crore | -9.2₹ Crore | 1.39₹ Crore |
| Tax expenseDisclosed | 45₹ Crore | 50₹ Crore | 45₹ Crore | -19.53₹ Crore | 1.39₹ Crore |
| Profit After TaxDerived | 129.39₹ Crore | 124.1₹ Crore | 163.76₹ Crore | -7.31₹ Crore | 34₹ Lakh |
| Other comprehensive incomeDisclosed | 5₹ Crore | 5₹ Crore | 5₹ Crore | 9.57₹ Crore | 2.04₹ Crore |
| Total Comprehensive IncomeDerived | 134.39₹ Crore | 129.1₹ Crore | 168.76₹ Crore | 2.26₹ Crore | 2.38₹ Crore |
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About Merino Industries Limited Unlisted Shares unlisted shares
Indicative · updated dailyMerino Industries Limited unlisted share price today
Merino Industries Limited unlisted share price today is ₹2,550 as of 16 October 2026.
Merino Industries Limited Unlisted Shares — frequently asked questions
- What is the grey market price for Merino Industries Limited?
No IPO is currently announced for Merino Industries Limited, so no grey market exists; the price above reflects Priveq's own desk valuation.
- Has Merino Industries Limited filed for an IPO, and when might it list?
Merino Industries Limited has not filed a draft red herring prospectus, so no IPO is currently announced and no listing date has been set.
- How does Merino Industries Limited compare to its listed peers?
There is no closely comparable listed company for Merino Industries Limited in India today.
- Is Merino Industries Limited on the SME or Mainboard IPO track?
Merino Industries Limited has not filed a draft red herring prospectus, so no IPO track is set yet.
- What is Merino Industries Limited's CIN and registered office?
Merino Industries Limited's Corporate Identity Number is U51909WB1965PLC026556, registered at Kolkata, West Bengal, India.
- What is Merino Industries Limited's market capitalisation?
Merino Industries Limited's market capitalisation is approximately ₹2,851 crore, based on its current unlisted share price.
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Submit an Express Sell Interest for Merino Industries Limited through your Priveq dashboard, specifying quantity, the same way a buy order is placed. Priveq quotes you a bid price, which may differ from the live Buy price shown to buyers, since unlisted-share pricing works on a bid-ask basis rather than a single quote. Once you accept, you'll need to provide your Client Master List (CML), a cancelled cheque or bank details, and PAN. If you hold shares with CDSL, transfer can also be completed digitally via CDSL Easiest. You transfer Merino Industries Limited shares to Priveq first, and payment follows once the transfer is confirmed received, typically the same day, T+1, or occasionally T+2, communicated to you directly. For sizeable transactions worth crores of rupees, an escrow arrangement can be used instead, at the sole consent of both parties.
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Minimum investment varies by company and is shown as the Min Investment figure on this page. Merino Industries Limited's minimum is ₹2,550.
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Merino Industries Limited has not filed a DRHP yet, so no listing date or lock-in period applies at this stage. Once an IPO is filed, this answer updates to reflect the applicable SME or Mainboard lock-in.
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If you sell unlisted shares, including Merino Industries Limited, within 24 months of purchase, the gain is taxed as short-term capital gain at your applicable income tax slab rate. Beyond 24 months, it is taxed as long-term capital gain at 12.5 percent, without indexation benefit, under the rules effective from 23 July 2024. If Merino Industries Limited lists and you sell after listing, the applicable tax treatment shifts to listed-security rates, with the holding period still measured from your original unlisted purchase date. This is general information, not tax advice; investors should confirm their specific position with a tax advisor.
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