Merino Industries Ltd
- Unlisted share
- Building Materials
- ISIN INE662B01017
At a glance
Sales
FY25
₹2,301 Cr
+2.2%on FY24What the company earned from its customers in the year.
Loss for the year
FY25
₹-7.32 Cr
The company spent more than it earned in the year.
Market valuecalculated
₹2,731 Cr
What the whole company would be worth at GrowFast's indicative price.
Net worth
FY25
₹1,357 Cr
What the owners would have left on paper if every debt was repaid.
From the company's published figures; sources are beside each figure further down the page.
Key details
- Company
- Merino Industries Ltd
- ISIN
- INE662B01017
- Sector
- Building Materials
- Type of share
- Unlisted equity share
- Indicative price per share
- ₹2,442.83
- Price last updated
- 12 Oct 2026
- Minimum quantity
- Confirmed by the desk
- How you hold it
- In your own demat account
- Enquiries
- GrowFast desk, on WhatsApp
Indicative prices, illiquid shares. Prices are indicative and can change without notice. Unlisted shares are illiquid: you may not be able to sell when you want to, or at the price shown.
Company
About Merino Industries Ltd
Merino Industries makes decorative laminates, panel products such as particle board, furniture and interior fit-outs, and also processes potato flakes; it sells in India and abroad under the Merino brand. The company is owned and run by the Kolkata-based Lohia family, with plants at Hapur, Rohad, Hosur, Halol and Dahej.
Written from: merinogroup.com, crisil.com
Financials
Ask for the full annual report.
The figures on this page are the headline numbers. The desk can share the latest annual report and anything published since.
Ask for the financials- Sector
- Building Materials
- ISIN
- INE662B01017
- Year of incorporation
- 1965
- Registered office
- Kolkata, West Bengal
- Promoters
- Lohia family, Kolkata (holdings largely through family trusts)
- Key people
- Chairman & Managing Director: Prakash Lohia; Chairman Emeritus: Rup Chand Lohia; CFO: Sachin Selot
- Face value per share
- ₹10
- Equity shares subscribed and fully paid up
- 1,11,78,679 shares
- CIN
- U51909WB1965PLC026556
- Official website
- merinoindia.com
Read from: Merino Industries Annual Report 2024-25 (company website), unless another source is shown on a card.
Key data
What the numbers mean
The ratios buyers look at, each said in plain words.
Price to book (P/B)calculated
2.01×
At this price you pay ₹2.01 for every ₹1 of net worth on the company's books.
Profit margincalculated
-0.3%
For every ₹100 of sales, the company lost ₹0.3.
Return on equitycalculated
-0.5%
For every ₹100 of the owners' money, the company lost ₹0.5 in the year.
Debt to equitycalculated
0.52×
The company has borrowed ₹0.52 for every ₹1 of its owners' money.
- Indicative price
- ₹2,442.83
- Market valuecalculated
- ₹2,731 Cr
- price × shares
- No. of shares
- 1,11,78,679
- EPS
- ₹-6.55
- Book value per share
- ₹1,213.9
- Face value
- ₹10
Figures marked “calculated” are worked out by GrowFast from its indicative price and the company's published figures for FY2024-25. They move with the price, and they are arithmetic, not a valuation.
Figures in ₹ crore
Financials
Merino Industries Limited. As published in the company's audited reports. GrowFast has not audited them.
Sales, year by year
₹ crore. The darkest bar is the latest year.
FY24 to FY25: ₹2,252 Cr to ₹2,301 Cr.
Profit, year by year
₹ crore, after tax. A bar below the line is a loss.
FY22 to FY25: ₹131 Cr to ₹-7.32 Cr.
| Particulars | FY22 | FY23 | FY24 | FY25Latest |
|---|---|---|---|---|
| Revenue from operations | n/a | n/a | 2,251.83 | 2,301.39▲2% |
| Other income | n/a | n/a | 57.29 | 53.59▼6% |
| Total income (called gross income in the ten-year table) | 1,792.13 | 2,205.42 | 2,309.12 | 2,354.98▲2% |
| Depreciation and amortisation | 63.58 | 66.98 | 73.87 | 128.07▲73% |
| Finance costs | 13.2 | 28.54 | 26.38 | 57.87▲119% |
| Profit/(loss) before tax | 174.4 | 174.1 | 163.48 | -26.86▼116% |
| Profit/(loss) after tax | 131.37 | 117.65 | 121.54 | -7.32▼106% |
| Earnings per share (₹) | 118.28 | 105.24 | 108.72 | -6.55▼106% |
Rupees crore unless marked, standalone. The change shown is the latest year against the year before. Read from: Merino Industries Annual Report 2024-25 (company website).
Credit rating. Crisil A+/Stable (long term) and Crisil A1 (short term) on ₹773.48 crore of bank loan facilities; downgraded from Crisil AA-/Stable/A1+ on 30 September 2025 (30 September 2025) Crisil Ratings rating rationale
Ownership
Shareholding pattern
Who owns the company
As of 31 March 2025
15.7%Sri M K Lohia Family Trust
- Largest holder
- 15.7%
- Top 3 together
- 34.4%
- Holders named
- 9
- Sri M K Lohia Family Trust15.72%
- Bikash Lohia Family Trust9.56%
- Deepak Lohia Family Trust9.10%
- Prasan Lohia Family Trust7.86%
- Manoj Lohia Family Trust7.86%
- Ms. Ruchira Lohia6.55%
- Total62.69%
Leadership
Management
Rup Chand Lohia
Chairman Emeritus
Prakash Lohia
Chairman & Managing Director
Sachin Selot
Chief Financial Officer
Bala Ji
Company Secretary
Prasan Lohia
Whole Time Director
Ruchira Lohia
Whole Time Director
Bikash Lohia
Whole Time Director
Manoj Lohia
Whole Time Director
Read from: Merino Industries Annual Report 2024-25 (company website)
Corporate calendar
Events
- 30 Sept 2025RatingCrisil downgraded the bank loan ratings to A+/Stable/A1 from AA-/Stable/A1+, citing the slow ramp-up of the Halol particle board plantOpen
- 30 Jun 2025DividendBoard recommended a dividend of ₹1 per share (10%) for FY2024-25Open
- 24 Mar 2025RatingCARE Ratings downgraded its ratings to CARE A+; Stable and withdrew themOpen
Reports and filings
Annual reports and results
Each link opens the document where its publisher keeps it.
Before you buy
Six things to check on any unlisted share.
The same list applies to every stock. None of it is advice on this one.
The company's latest financials
Revenue, profit and debt for the last three years, from its audited annual report. Ask the desk for the most recent set.
What the price implies
Compare the price per share with earnings and book value per share, and with listed companies in the same business.
Whether a listing is planned
A company may file for an IPO, delay it or never list. A listing, its timing and its price are never certain.
How you would sell
There is no exchange for these shares. You sell by finding a buyer, which can take time and may be at a lower price.
Lock-in after a listing
Shares bought before an IPO are usually locked in for a period after the company lists. Confirm the current rule before you buy.
Tax on your gains
Unlisted shares are taxed differently from listed ones. Check your position with a tax adviser.
Questions
What buyers ask about this stock.
Not answered here? Ask the desk.
Inquire about Merino Industries Ltd on WhatsAppIs the price shown for Merino Industries Ltd final?
No. It is an indicative price per share. The desk confirms the price and the quantity available when you inquire, and the confirmed price is the one you deal at.
How do I buy these shares?
Press Inquire. It opens a WhatsApp chat with the desk, with this stock already named. After the price and quantity are agreed, a 10% advance locks the deal. Once your KYC is complete you pay the balance, and the shares are transferred to your demat account.
Do I pay anything on this website?
No. No payment is taken and no order is placed on this site. Payment details are shared by the desk only after the deal is agreed.
What do I need before I can buy?
A demat account in your name and the documents for KYC: your identity and demat account details are verified before any deal, as the regulations require.
Can I sell my Merino Industries Ltd shares to GrowFast?
GrowFast buys as well as sells. Press Inquire and tell the desk how many shares you hold; it will come back with what it can offer.
How do I sell Merino Industries Ltd shares I already hold?
Tell the desk how many you hold. If a price is agreed, you transfer the shares from your demat account with a delivery instruction to your depository participant (a DIS, or its online equivalent), and payment follows as agreed with the desk.
Is there a lock-in if the company lists?
Shares held before an IPO are generally locked in for a period after the listing under SEBI's rules, which have changed over time. Ask the desk for the rule that applies today before you buy.
Is buying unlisted shares legal in India?
Yes. Shares of an unlisted company can be bought and sold privately and are transferred between demat accounts. They are not traded on a stock exchange, so the protections of an exchange do not apply.
What is the minimum I can buy?
It differs by stock and by what the desk holds at the time. The desk confirms the minimum quantity when you inquire.
What is an ISIN?
The 12-character code that identifies a security. It is how your depository knows exactly which share is being transferred to your demat account.
Why are unlisted shares riskier than listed ones?
Prices are indicative and can change without notice. Unlisted shares are illiquid: you may not be able to sell when you want to, or at the price shown.
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Risk disclosure
Prices on this site are indicative, quoted per share, and are not an offer to buy or sell. The price and quantity for any deal are confirmed by GrowFast's desk at the time you deal.
Unlisted, pre-IPO and delisted shares are not traded on a stock exchange. They are illiquid, their prices can move sharply, and you may be unable to sell them when you wish or at all. A company that is expected to list may not do so.
Nothing on this site is investment advice or a promise of returns. Past prices do not predict future prices. Consider your own circumstances, and take independent advice, before you invest.
Inquire opens a WhatsApp chat with GrowFast. No payment is taken and no order is placed on this site.
GrowFast is not affiliated with, sponsored by or endorsed by Merino Industries Ltd. Its name and logo belong to their owner and are shown only to identify the company. Figures about it come from published sources and have not been audited by GrowFast. See the Terms and Conditions.