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Company Overview
Established in 1965 by the late Man Kumar Lohia and his brothers, the Merino Group has grown to become India’s largest manufacturer and exporter of laminates. Over the past five decades, the company has built a strong reputation for quality, innovation, and leadership in the laminates industry.
Headquartered in Kolkata, Merino operates advanced manufacturing facilities in Hapur (Uttar Pradesh), Rohad (Haryana), Hosur (Tamil Nadu), and Dahej (Gujarat). The company has a nationwide presence and exports to over 60 countries. Its extensive distribution network, comprising 4,000+ dealers and over 2,000 retail outlets, has doubled in scale over the last five years, strengthening its market reach and accessibility.
B. Business Segments
Interior Solutions
Merino offers a comprehensive range of interior solutions for residential, commercial, and public spaces. The company’s journey in this segment began in 1974 with the introduction of plywood, eventually expanding into laminates, panels, and other innovative surface solutions.Agro Business
Originating in the cold storage sector, Merino diversified into farming, biotechnology, and food processing. Its forward and backward integration strategies have enabled the launch of Vegit, a popular FMCG brand offering potato flakes and ready-to-eat snack mixes.Information Technology Services
Through Merino Services Limited, the group delivers business consulting and IT solutions, specializing in the design and implementation of enterprise business systems. The IT division acts as a strategic partner to clients, providing value-driven, customized solutions.
Note: Approximately 90% of Merino’s revenue is generated from its laminates business, with the remaining 10% contributed by its agro and IT service divisions.
Fundamentals
| Particulars | Details | Particulars | Details |
|---|---|---|---|
| Share Price | Contact us to know share price | 52 Week High | ₹ 3,450 |
| Lot Size | 10 Shares | 52 Week Low | ₹ 3,250 |
| Depository | NSDL & CDSL | PAN Number | AAACC9186C |
| ISIN Number | INE662B01017 | CIN | U51909WB1965PLC026556 |
| RTA | C B Management Services | Market Cap (in Cr.) | ₹ 3,633 |
| P/E Ratio | 29.78 | P/B Ratio | 2.65 |
| Debt to Equity | 0.53 | ROE (%) | 8.97 |
| Book Value | ₹ 1,225.79 | Face Value | ₹ 10 |
Promoters & Managements
| Name | Designation |
|---|---|
| Rup Chand Lohia | Executive Chairman |
| Prakash Lohia | Managing Director |
| Ruchira Lohia | Whole-time Director |
| Prasan Lohia | Whole-time Director |
| Particulars | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Revenue | 1,296.88 | 1,747.89 | 2,175 | 2,252 |
| Cost of Material Consumed | 576.26 | 947.97 | 1,200 | 1,174 |
| Gross Margins (%) | 55.57 | 45.76 | 44.83 | 47.87 |
| Change in Inventory | 9.04 | -36.8 | -52 | 44 |
| Employee Benefit Expenses | 163.45 | 207.97 | 247 | 290 |
| Other Expenses | 338.31 | 426.01 | 541 | 537 |
| EBITDA | 209.82 | 202.74 | 239 | 207 |
| OPM (%) | 16.18 | 11.60 | 10.99 | 9.19 |
| Other Income | 41.97 | 48.34 | 30 | 57 |
| Finance Cost | 18.16 | 13.19 | 28 | 26 |
| Depreciation & Amortization | 56.68 | 62.80 | 67 | 74 |
| EBIT | 153.14 | 139.94 | 172 | 133 |
| EBIT Margins (%) | 11.81 | 8.01 | 7.91 | 5.91 |
| PBT | 176.92 | 175.07 | 174 | 164 |
| PBT Margins (%) | 13.64 | 10.02 | 8.00 | 7.28 |
| Tax | 45.06 | 42.85 | 56 | 42 |
| PAT | 131.86 | 132.22 | 118 | 122 |
| NPM (%) | 10.17 | 7.56 | 5.43 | 5.42 |
| EPS (₹) | 117 | 117.32 | 104.70 | 108.25 |
Financial Ratios
| Ratio | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Operating Profit Margin (%) | 16.18 | 11.60 | 10.99 | 9.19 |
| Net Profit Margin (%) | 10.17 | 7.56 | 5.43 | 5.42 |
| EPS (₹) – Diluted | 117 | 117.32 | 104.70 | 108.25 |
Balance Sheet (₹ in Cr)
| Assets | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Fixed Assets | 480.55 | 478.16 | 442 | 1,275 |
| CWIP | 16.45 | 140.93 | 604 | 37 |
| Investments | 382.20 | 366.74 | 144 | 178 |
| Trade Receivables | 151.61 | 165.28 | 175 | 215 |
| Inventory | 345.39 | 427.90 | 581 | 589 |
| Other Assets | 135.12 | 289.95 | 364 | 305 |
| Total Assets | 1,511.32 | 1,868.96 | 2,310 | 2,599 |
| Liabilities | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Share Capital | 11.27 | 11.27 | 11.27 | 11.27 |
| Face Value (₹) | 10 | 10 | 10 | 10 |
| Reserves | 1,024.84 | 1,149.94 | 1,237 | 1,349 |
| Borrowings | 137.17 | 295.10 | 595 | 722 |
| Trade Payables | 185.17 | 239.58 | 204 | 266 |
| Other Liabilities | 152.87 | 173.07 | 262.73 | 250.73 |
| Total Liabilities | 1,511.32 | 1,868.96 | 2,310 | 2,599 |
Cash Flow Statement (₹ in Cr)
| Particulars | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| PBT | 176.92 | 175.07 | 174 | 164 |
| OPBWC | 219.22 | 222 | 265 | 225 |
| Change in Receivables | 24.52 | -13.94 | -10 | -38 |
| Change in Inventories | 93.92 | -82.50 | -153 | -8 |
| Change in Payables | -3.35 | 54.96 | -44 | 64 |
| Other Changes | 32.48 | -51.89 | 187 | 61 |
| Working Capital Change | 147.57 | -93.37 | -20 | 79 |
| Cash Generated From Operations | 366.79 | 128.63 | 245 | 304 |
| Tax | -36.08 | -54.08 | -61 | -34 |
| Cash Flow From Operations | 330.71 | 74.55 | 184 | 270 |
| Purchase of PPE | -43.09 | -170.49 | -467 | -354 |
| Sale of PPE | 1.37 | 2.89 | 1 | 1 |
| Cash Flow From Investment | -267.97 | -126.36 | -459 | -354 |
| Borrowing | -100.49 | 126.19 | 292 | 135 |
| Dividend | -2.44 | -6.70 | -10 | -10 |
| Equity | 0 | 0 | 0 | 0 |
| Others From Financing | 31.91 | -58.84 | -36 | -31 |
| Cash Flow From Financing | -71.02 | 60.65 | 246 | 94 |
| Net Cash Generated | -8.28 | 8.84 | -29 | 10 |
| Cash at the Start | 31.78 | 23.50 | 33 | 5 |
| Cash at the End | 23.50 | 32.34 | 4 | 15 |
Share Holding Pattern
| Category | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Promoters | 45.42% | 64.67% | 95.23% | 45.42% |
| Others | 54.58% | 35.33% | 4.77% | 54.58% |
