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  3. Merino Industries

Merino Industries Unlisted Share Price Today

ISIN INE662B01017.

About Company Merino Industries is a leading Indian manufacturer of decorative laminates, engineered wood panels, and interior surfacing solutions , serving both domestic and international markets. The company operates across segments including high-pressure laminates (HPL), compact laminates, plywood, MDF, particle boards, and specialty panels , catering to residential, commercial, retail, hospitality, and institutional infrastructure projects. Its revenue mix is primarily driven by decorati…

Merino Industries

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Merino Industries

Merino Industries Unlisted Share Price Today

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SectorBuilding Materials & Construction
ISININE662B01017
Depository
Market Cap₹3,100.97 Cr
P/E Ratio-423.51
ROE (%)-0.54
Revenue₹2,301.38 Cr
Book Value1213.89
Debt to Equity0.51
Face Value10
52W High₹3177
52W Low₹2744
Market Cap₹3,100.97 Cr
P/E Ratio-423.51
ROE (%)-0.54
Revenue₹2,301.38 Cr
Book Value1213.89
Debt to Equity0.51
52W High/Low₹3177 / ₹2744
Face Value10
As of FY25

About the company & Industry

About Company

Merino Industries is a leading Indian manufacturer of decorative laminates, engineered wood panels, and interior surfacing solutions, serving both domestic and international markets. The company operates across segments including high-pressure laminates (HPL), compact laminates, plywood, MDF, particle boards, and specialty panels, catering to residential, commercial, retail, hospitality, and institutional infrastructure projects. Its revenue mix is primarily driven by decorative laminates and panel products, with growing presence in value-added engineered wood solutions.

Merino follows a manufacturing-intensive, asset-driven operating model, with integrated production facilities across India. The company emphasizes product innovation, design leadership, export presence, and brand positioning within the organised wood panel industry. Performance is closely linked to capacity utilisation, raw material costs (wood, resin, chemicals), real estate cycles, and modular furniture demand, making operating leverage and asset efficiency critical to profitability.

Headquartered in New Delhi, India, Merino has a strong domestic distribution network supported by dealers and institutional relationships, along with exports to multiple international markets.

About Company

Merino Industries is a leading Indian manufacturer of decorative laminates, engineered wood panels, and interior surfacing solutions, serving both domestic and international markets. The company operates across segments including high-pressure laminates (HPL), compact laminates, plywood, MDF, particle boards, and specialty panels, catering to residential, commercial, retail, hospitality, and institutional infrastructure projects. Its revenue mix is primarily driven by decorative laminates and panel products, with growing presence in value-added engineered wood solutions.

Merino follows a manufacturing-intensive, asset-driven operating model, with integrated production facilities across India. The company emphasizes product innovation, design leadership, export presence, and brand positioning within the organised wood panel industry. Performance is closely linked to capacity utilisation, raw material costs (wood, resin, chemicals), real estate cycles, and modular furniture demand, making operating leverage and asset efficiency critical to profitability.

Headquartered in New Delhi, India, Merino has a strong domestic distribution network supported by dealers and institutional relationships, along with exports to multiple international markets.

Financials

Sharp Margin Compression

EBITDA margin declined from 19.41% (FY21) to 6.91% (FY25),

Revenue Growth Moderating

After strong growth in FY22–FY23, revenue growth slowed to 2.20% in FY25.

Earnings Turned Negative in FY25

PAT margin slipped from 10.16% (FY21) to -0.31% (FY25).

Income Statement

Revenue(Figures in Cr.)

Sharp Margin Compression

EBITDA margin declined from 19.41% (FY21) to 6.91% (FY25),

Revenue Growth Moderating

After strong growth in FY22–FY23, revenue growth slowed to 2.20% in FY25.

Earnings Turned Negative in FY25

PAT margin slipped from 10.16% (FY21) to -0.31% (FY25).

Income Statement

Revenue(Figures in Cr.)

Competitive Position

Market Share

P/E Ratio

Financial Ratio Comparison (FY25)

Particulars
Merino Industries
Greenlam Industries Ltd
Century Plyboards Ltd
Revenue (₹ Cr)2301.382569.344527.80
Revenue Growth (%)2.2011.4056.89
EBITDA Margin (%)6.9111.1210.68
Net Profit Margin (%)-0.322.664.11
ROE (%)-0.546.218.12
Debt to Equity0.510.950.62
Asset Turnover Ratio (x)0.890.911.11
ROCE (%)1.99--
Interest Coverage Ratio (x)0.532.625.01
ROA (%)-0.28--
Operating Cash Flow Ratio (x)0.580.71-0.01

Market Share

P/E Ratio

Financial Ratio Comparison (FY25)

Particulars
Merino Industries
Greenlam Industries Ltd
Century Plyboards Ltd
Revenue (₹ Cr)2301.382569.344527.80
Revenue Growth (%)2.2011.4056.89
EBITDA Margin (%)6.9111.1210.68
Net Profit Margin (%)-0.322.664.11
ROE (%)-0.546.218.12
Debt to Equity0.510.950.62
Asset Turnover Ratio (x)0.890.911.11
ROCE (%)1.99--
Interest Coverage Ratio (x)0.532.625.01
ROA (%)-0.28--
Operating Cash Flow Ratio (x)0.580.71-0.01

Management

Shareholding PatternAs of FY26
Promoter & Promoter Group
35.91%
Others
64.09%

Key Managerial Personnel

As of FY26
NameDesignation and Experience
Mr. Prakash Lohia
Chairman & Managing Director
Mr. Sachin Selot
Chief Financial Officer

Shareholding PatternAs of FY26
Promoter & Promoter Group
35.91%
Others
64.09%

Key Managerial Personnel

As of FY26
NameDesignation and Experience
Mr. Prakash Lohia
Chairman & Managing Director
Mr. Sachin Selot
Chief Financial Officer
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DECLARATION OF RISKTERMS OF USEPRIVACY POLICY
reported revenue of ₹2301.38 Cr in FYFY25. PAT was ₹N/A Cr. See full financials on this page.

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