| Market Cap (cr): | ₹4,300 Cr | Book Value: | ₹121 |
|---|---|---|---|
| Lot Size: | 100 | 52 Week High: | ₹3200 |
| 52 Week Low: | ₹423 | EPS: | ₹117.2 |
| Demat Account: | PB: | 5.0 | |
| Face Value: | ₹10 | Debt To Equity: | 0.53 |
| No Of Shares: | 1,03,69,600 | Url: | https://www.merinogroup.com |
Overview :
Key Takeaways
- Merino Industries Ltd is one of India’s most prominent decorative laminate manufacturers, with the Merino brand widely specified across residential and commercial interiors nationwide.
- The company emphasises innovation and sustainability in its production processes and operates from a Noida base with manufacturing and distribution across India.
- Product range spans decorative laminates, compact laminates, solid surfaces, restroom cubicles, flooring, panel products and modular furniture — plus an agri and food-processing vertical.
- The investment case: interiors and building materials is a structural growth category in India, driven by housing completion, commercial real estate, and the shift from unorganised carpentry to branded surfaces.
- Important: detailed audited financials are not comprehensively available publicly. Request the latest filings from Arms Securities before investing.
Company Overview & Fundamentals
| Parameter | Details |
|---|---|
| Company Name | Merino Industries Limited |
| Industry | Decorative Laminates, Panel Products, Surfaces |
| Brand | Merino |
| Location | Noida (commercial) with manufacturing across India |
| Employee Base (laminates division reference) | ~480 |
| Business Verticals | Laminates, panels, furniture, solid surfaces, agri & foods |
Product Portfolio
| Category | Description |
|---|---|
| Decorative Laminates | High-pressure laminates for furniture, wall panelling and interiors — the flagship business |
| Compact Laminates | Heavy-duty laminates for restroom cubicles, lockers and high-traffic applications |
| Solid Surfaces | Flexible surfaces that can be cut, shaped and formed without conspicuous seams into a boundless range of designs — used in countertops, reception desks and healthcare surfaces |
| Panel Products | Pre-laminated boards and engineered panels |
| Modular Furniture | Office and institutional furniture systems |
| Flooring | Laminate flooring solutions |
| Agri & Food Processing | A separate vertical diversifying beyond building materials |
Why Laminates Is an Attractive Category
- Every interior needs surfaces. Kitchens, wardrobes, office furniture, retail fit-outs, hospitals and hotels all require laminates or panel products.
- Brand matters in specification. Architects and interior designers specify brands they trust for consistency, and Merino is among the most specified names in India.
- Replacement and renovation demand supplements new-construction demand — interiors are refreshed far more often than buildings are built.
- Unorganised-to-organised shift — much of India’s furniture and interior work is still done by local carpenters using unbranded materials. Branded laminate penetration continues to rise.
- Distribution moat — laminates are sold through dealer networks built over decades; new entrants cannot easily replicate reach.
Sustainability Positioning
Merino emphasises innovation and sustainability in its production processes — an increasingly important credential as green building certifications (IGBC, LEED) become standard for commercial projects and as corporate buyers apply ESG procurement criteria.
Why Consider Merino Industries Unlisted Shares?
- Leading brand position in India’s decorative laminates market
- Diversified verticals — laminates, panels, furniture, solid surfaces and agri-foods reduce single-category dependence
- Structural demand drivers — housing completions, commercial real estate, retail expansion, hospitality and healthcare fit-outs
- Renovation cycle provides recurring demand independent of new construction
- Deep dealer distribution built over decades — a genuine competitive moat
- Sustainability credentials aligned with green building trends
- Listed peer benchmark — India’s listed building-materials and laminate companies provide a valuation reference
Risks to Consider — Read Carefully
- Limited public financial disclosure is the primary risk. Detailed audited revenue, profit and balance-sheet data are not readily available. Do not invest on brand recognition alone — request the latest filings from Arms Securities.
- Real estate cycle dependence. Laminate demand follows housing completions and commercial fit-outs, both of which are cyclical.
- Raw material volatility — paper, phenol, melamine and resin prices are petrochemical and pulp-linked, and swing materially.
- Intense competition from Greenlam, Century Plyboards, Archidply, Stylam, Royale Touche and a long tail of regional manufacturers, plus imports.
- Working capital intensity — dealer credit cycles in building materials are long.
- Energy-intensive manufacturing — laminate pressing consumes significant power.
- No IPO announced — assume OTC-only liquidity and a multi-year horizon.
- Thin trading liquidity in the unlisted market.
How to Buy from Arms Securities
Call/WhatsApp +91-8882245112 → request the latest available financials → confirm price and lot → share CMR → pay via NEFT/RTGS → shares credited in 24–48 hours.
FAQs
What is the current price of Merino Industries unlisted shares?
Prices are set by OTC supply and demand. For today’s confirmed Arms Securities quote and available quantity, call/WhatsApp +91-8882245112 or email contact@armssecurities.com.
What does Merino Industries manufacture?
Merino is a prominent Indian manufacturer specialising in high-quality decorative laminates, along with compact laminates, solid surfaces, panel products, laminate flooring, restroom cubicles and modular furniture. It also operates an agri and food-processing vertical.
What are Merino solid surfaces?
A range of flexible laminates that can be fabricated and installed in almost any application without conspicuous seams, and can be cut, shaped and formed into a boundless range of designs — used for countertops, reception desks, healthcare surfaces and architectural features.
Is Merino Industries profitable?
Detailed audited financials are not comprehensively available in the public domain. Request the latest available financial statements from Arms Securities at +91-8882245112 before investing. Brand strength is not a substitute for verified numbers.
Will Merino Industries do an IPO?
No IPO has been announced. Investors should assume OTC-only liquidity and a multi-year horizon. Any future listing would carry SEBI’s 6-month lock-in for pre-IPO shareholders.
Who competes with Merino?
Greenlam Industries, Century Plyboards, Stylam Industries, Archidply, Royale Touche and numerous regional laminate manufacturers, alongside imported products.
+91-8882245112 | contact@armssecurities.com
Entity Summary, Analysis & FAQ
Entity Summary + Quick Answers
Merino Industries at a glance
| Brand | Merino — one of India’s most specified laminate brands |
| Sector | Decorative laminates, panel products, surfaces |
| Verticals | Laminates, panels, furniture, solid surfaces, agri & foods |
| Recent price reference | ~₹3,175 – ₹3,250 |
| Where to buy/sell | Arms Securities — +91-8882245112 |
What does Merino make?High-quality decorative laminates plus compact laminates, solid surfaces, panel products, laminate flooring, restroom cubicles and modular furniture — with a separate agri and food-processing vertical.
What are Merino solid surfaces? A range of flexible laminates that can be fabricated and installed in almost any application without conspicuous seams, and can be cut, shaped and formed into a boundless range of designs — used for countertops, reception desks, healthcare surfaces and architectural features.
Why Laminates Is a Genuinely Good Category
| Driver | Why it matters |
|---|---|
| Every interior needs surfaces | Kitchens, wardrobes, office furniture, retail fit-outs, hospitals and hotels all require laminates |
| Architects specify brands | Designers specify names they trust for consistency — Merino is among the most specified in India |
| Renovation demand | Interiors are refreshed far more often than buildings are built — this supplements new construction |
| Unorganised→organised shift | Much of India’s furniture work is still done by local carpenters with unbranded material. Branded penetration keeps rising |
| Distribution moat | Laminates sell through dealer networks built over decades. New entrants cannot replicate reach quickly |
| Sustainability positioning | Merino emphasises innovation and sustainability in its production processes — increasingly important as IGBC/LEED certification becomes standard |
What To Verify Before Buying
Detailed audited financials are not comprehensively available in the public domain. This is the primary risk. Do not invest on brand recognition alone.
Request from Arms Securities: 1. Latest audited revenue, EBITDA and PAT 2. Segment split — laminates versus panels versus furniture versus agri & foods 3. Capacity and utilisation 4. Dealer network size and receivable days 5. Debt position — laminate manufacturing is capital-intensive 6. Raw material exposure — paper, phenol, melamine and resin prices are petrochemical and pulp-linked
Call +91-8882245112 — we obtain filings for clients before they commit.
FAQ
Who competes with Merino?
Greenlam Industries, Century Plyboards, Stylam Industries, Archidply and Royale Touche, plus numerous regional laminate manufacturers and imported products.
How does the real estate cycle affect Merino?
Directly. Laminate demand follows housing completions and commercial fit-outs, both cyclical. However, the renovation cycle provides recurring demand independent of new construction.
Why does the agri and foods vertical exist?
It diversifies revenue away from the construction cycle. Ask for the segment split — a company with meaningful agri revenue has a different risk profile from a pure laminates business.
Is Merino profitable?
Detailed audited financials are not comprehensively available publicly. Request the latest available financial statements from Arms Securities at +91-8882245112 before investing.
Can I sell my Merino Industries shares?
Yes. At ~₹3,175–3,250 per share, Merino blocks are meaningful in value and we handle them regularly. Call +91-8882245112 for a firm bid.
Related Companies & Guides
- NCL Buildtek — doors, windows, boards, AAC blocks
- Resins and Plastics — the binder chemistry upstream
- India Exposition Mart — 58-acre Greater Noida venue, 25% dividend
- Apollo Green Energy
Guides:Best Unlisted Shares 2026 • How to Buy Unlisted Shares • Tax on Unlisted Shares
How to Buy Merino Industries Unlisted Shares — Complete Process
Buying Merino Industries unlisted shares takes 24–48 hours from first call to shares landing in your demat account. Arms Securities has executed off-market transfers since 1990 — we are among the founder members of India’s unquoted stock market.
Step 1 — Get today’s live buy price
Call or WhatsApp +91-8882245112 or email contact@armssecurities.com with the company name (Merino Industries) and the quantity or investment amount you have in mind. We reply with today’s confirmed buy price, available quantity and minimum lot size.
Unlisted share prices are not exchange-quoted — they move with OTC supply and demand — so a live quote matters more than any published figure.
Step 2 — Confirm the deal terms
We lock in the price per share, total quantity and consideration, settlement timeline (typically T+1 to T+2) and applicable stamp duty (0.015% on off-market transfers). Nothing moves until you confirm in writing on WhatsApp or email.
Step 3 — Share your demat details
Send your Client Master Report (CMR) — a one-page PDF from your broker’s app or Depository Participant containing your DP ID, Client ID, beneficiary name, depository (NSDL or CDSL) and PAN.
You do not need a special account. Merino Industries shares are credited to your existing demat account — the same one you use for listed shares.
Step 4 — Transfer payment
Pay by NEFT, RTGS or IMPS to Arms Securities’ verified bank account. We share full details in writing with the deal confirmation. Never pay to an account shared verbally or by an unverified number — always confirm on +91-8882245112.
Step 5 — Receive shares in your demat account
We initiate the off-market transfer through NSDL or CDSL. Shares are credited within 24–48 hours of payment confirmation. You receive SMS and email from the depository, and the holding appears in your regular demat statement.
Documents required to buy Merino Industries shares
| Document | Format | Notes |
|---|---|---|
| PAN Card | Scan or photo | Mandatory for all securities transactions |
| Client Master Report (CMR) | PDF from your DP | Contains DP ID, Client ID, beneficiary details |
| Aadhaar / Address Proof | Scan or photo | For KYC |
| Cancelled Cheque | Scan or photo | Bank account verification |
| Payment Confirmation | UTR / screenshot | After NEFT/RTGS transfer |
Everything can be submitted digitally on WhatsApp or email. No physical paperwork, no courier, no branch visit.
Minimum investment in Merino Industries shares
Minimum investment depends on the prevailing price and the minimum lot available at that moment — both change. Call +91-8882245112 for today’s exact minimum. For allocations above ₹10 lakh, see our bulk unlisted share transactions service.
Is it legal and safe to buy Merino Industries unlisted shares?
Yes — trading in unlisted shares is completely legal in India.
| Safeguard | How it works |
|---|---|
| Official depository system | Every transfer runs through NSDL or CDSL — the same infrastructure that settles listed shares |
| Your own demat account | Shares are credited directly in your name. Nothing is held on your behalf by us |
| Audit trail | The depository generates an electronic record of every transfer |
| Stamp duty compliance | 0.015% collected by the depository under the Indian Stamp Act 2019 |
| PAN-linked | All holdings are reported against your PAN for tax purposes |
One caution: SEBI has warned investors against unauthorised electronic platforms offering unlisted securities. Deal only with established intermediaries who settle through the depository system and who you can speak to on a phone number.
Buy Merino Industries shares — call/WhatsApp +91-8882245112
Related: buy unlisted shares in India • off-market share transfer • our transfer procedure • how to buy unlisted shares — step-by-step guide
Sell Your Merino Industries Unlisted Shares — We Buy
Arms Securities buys Merino Industries unlisted shares. If you hold them and want to exit, we provide a firm bid, handle the entire transfer, and pay by NEFT/RTGS within 24 hours of receiving the shares.
We buy in every format
| You hold | How we handle it |
|---|---|
| Demat shares | Standard off-market transfer via DIS — fastest route |
| Physical share certificates | Authentication, valuation, transfer deed or dematerialisation |
| Inherited shares | Full transmission support — name transfer from the deceased holder |
| Bulk blocks | Large quantities executed discreetly with preferential pricing |
| NRI holdings | FEMA-compliant documentation and repatriation guidance |
Why sellers come to Arms Securities
Most brokers cannot help you. Your regular stockbroker can only trade listed shares on the exchange. Unlisted shares have no exchange — you need a dealer with an actual buyer network.
We have been that dealer since 1990. We are among the founder members of India’s unquoted stock market, we deal in physical certificates that most modern platforms refuse to touch, and we maintain a standing book of HNI and institutional buyers across 15+ states.
How to sell Merino Industries shares — step by step
Step 1 — Tell us what you hold. Call/WhatsApp +91-8882245112 with the company name, quantity, and whether your shares are in demat or physical form.
Step 2 — Receive our bid. We quote a firm buy price based on current OTC demand. No obligation.
Step 3 — Submit documents.
For demat holdings: Demat account statement / Client Master Report • PAN card copy • Cancelled cheque • Delivery Instruction Slip (DIS)
For physical certificates: Original share certificates • PAN card copy • Address proof • Cancelled cheque • Transfer deed (Form SH-4) • If inherited: death certificate, succession certificate or legal heir documents
Step 4 — Transfer the shares. Demat: Submit a DIS to your DP transferring shares to Arms Securities — A/C 11323830, DP ID IN302365, DP: Shri Parasram Holdings Pvt. Ltd. You can also execute online via CDSL Easiest or NSDL Speed-e. Physical: Courier the certificates with signed transfer deed. We guide you through the exact process.
Step 5 — Receive payment. On confirmation of share receipt, we release payment by NEFT or RTGS — typically within 24 hours.
Selling inherited or old Merino Industries share certificates
This is our specialism, and very few dealers in India offer it.
If you have found old Merino Industries share certificates among family papers — perhaps belonging to a parent or grandparent — you likely have a valid, transferable asset.
- Do not discard them. Old certificates frequently retain real value.
- Photograph them and send to +91-8882245112. We verify authenticity and current status at no cost.
- We check the company’s position — active, merged, renamed, delisted or dissolved — and tell you honestly what your holding represents today.
- If the shares have value, we quote and buy. If not, we explain the position and the capital-loss tax set-off available to you.
Full physical share certificate guide →
Tax when you sell Merino Industries unlisted shares
| Holding Period | Classification | Tax Rate |
|---|---|---|
| More than 24 months | Long-Term Capital Gain (LTCG) | 20% with indexation benefit |
| 24 months or less | Short-Term Capital Gain (STCG) | Your applicable income slab rate |
- No STT (Securities Transaction Tax) applies to unlisted share transactions
- Stamp duty of 0.015% applies on off-market transfers, collected by the depository
- For inherited shares, the holding period includes the original owner’s period — often making gains long-term automatically
- For NRIs, TDS provisions apply; we guide on documentation
If the shares later list, post-listing tax treatment changes to listed-share rules (12-month LTCG threshold), with the holding period counted from your original purchase date.
Complete tax guide on unlisted shares • Capital gains tax on unlisted shares
Consult a Chartered Accountant for your specific situation.
Sell your Merino Industries shares — call/WhatsApp +91-8882245112 for a firm bid
Related: sell unlisted shares in India • physical & demat share assistance
Trust & Contact Block
Why Buy and Sell Merino Industries Shares Through Arms Securities?
| Arms Securities | Typical online platform | |
|---|---|---|
| Years in business | 35+ years (since 1990) | 3–8 years |
| Market standing | Founder member of India’s unquoted stock market | Recent entrant |
| Physical certificates | ✅ Full handling — authentication, transmission, demat | ❌ Usually refused |
| Delisted / suspended shares | ✅ Specialism | ❌ Not offered |
| Inheritance / transmission | ✅ Complete support | ❌ Not offered |
| We buy as well as sell | ✅ Two-way market | ⚠️ Often buy-side only |
| Direct phone access | ✅ Speak to a dealer | ⚠️ Ticket systems |
| HNI clients served | 2,300+ | — |
| Geographic reach | 15+ states | — |
Our pre-IPO track record
Arms Securities identified and supplied pre-IPO shares in companies that became genuine multibaggers for our clients:
DLF • D-Mart (Avenue Supermarts) • Nazara Technologies • LUX Industries • ISGEC Heavy Engineering • L&T Infotech (now LTIMindtree)
The full 35-year Arms Securities story • Arms Securities vs UnlistedZone • ⭐ Client success stories
Contact: +91-8882245112 (Call/WhatsApp) • +91-9899131155 • +91-11-47000023 contact@armssecurities.com • www.armssecurities.com Mon–Fri 9:30–18:00 • Sat 10:00–14:00
Related guides: What are unlisted shares in India • Best unlisted shares to buy in 2026 • Full unlisted share price list • Unlisted shares FAQ • Contact Arms Securities
Profit & Loss Summary
(All Amount in ₹ Crores)
| PROFIT & LOSS | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2,355.0 | 2,309.1 | 2,205.4 | 1,796.2 | 1,338.9 | 1,009.4 | 1,491.8 | 1,239.1 |
| Expense | 2,195.9 | 2,045.3 | 1,935.8 | 1,545.2 | 1,087.1 | 867.6 | 1,231.0 | 764.1 |
| EBITDA | 159.1 | 263.8 | 269.6 | 251.0 | 251.8 | 141.8 | 201.1 | 179.1 |
| Other Cost | 185.9 | 100.3 | 95.5 | 76.0 | 74.9 | 57.2 | 59.7 | 51.8 |
| Profit Before Taxes | -26.9 | 163.5 | 174.1 | 175.0 | 176.9 | 84.6 | 201.1 | 179.1 |
| Tax Expense | -19.5 | 41.9 | 56.5 | 42.8 | 45.1 | 14.1 | 60.3 | 58.6 |
| Profit after Taxes | -7.3 | 121.6 | 117.7 | 132.2 | 131.9 | 70.4 | 140.8 | 120.5 |
| Other Income | Exp. | 9.6 | 0.4 | -4.3 | -0.4 | 2.0 | 5.9 | 19.5 | 3.1 |
| Income (Net Of Taxes) | 2.2 | 122.0 | 113.4 | 131.8 | 133.9 | 76.3 | 160.3 | 123.6 |
| Outstanding Share | 1.1 | 1.1 | 1.1 | 1.1 | 1.1 | 1.0 | 1.0 | 1.0 |
| Earning per Share (Rs | Share) | -6.55 | 108.7 | 105.2 | 118.3 | 117.9 | 67.9 | 121.9 | 102.9 |
| Revenue Growth % | 2% | 4.7% | 22.8% | 34.2% | 32.6% | -32.3% | 20.4% | - |
| EBITDA Margin % | 6.8% | 11.4% | 12.2% | 14% | 18.8% | 14% | 13.5% | 14.5% |
| Net Margin % | 0.1% | 5.3% | 5.1% | 7.3% | 10% | 7.6% | 10.7% | 10% |
| Earning per Share Growth % | -106% | 3.3% | -11.1% | 0.3% | 73.6% | -44.3% | 18.5% | - |
Balance Sheet
(All Amount in ₹ Crores)
| Balance Sheet | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|
| Cash & Cash Equivalent | 2.9 | 14.1 | 9.8 | 32.3 | 23.5 | 17.4 | 11.6 | 9.6 |
| Non Current Asset | 1,499.3 | 1,500.3 | 1,282.1 | 1,040.8 | 864.3 | 473.7 | 581.8 | 464.1 |
| Current Asset | 1,024.6 | 1,084.5 | 1,018.1 | 795.9 | 623.5 | 494.1 | 690.6 | 601.9 |
| Total Asset | 2,526.9 | 2,598.9 | 2,310.0 | 1,869.0 | 1,511.3 | 985.3 | 1,284.0 | 1,075.7 |
| Equity Share Capital | 11.3 | 11.3 | 11.3 | 11.3 | 11.3 | 10.5 | 10.5 | 10.5 |
| Reserves | 1,345.7 | 1,349.0 | 1,237.1 | 1,149.9 | 1,024.8 | 544.1 | 792.0 | 374.7 |
| Total Equity | 1,357.0 | 1,360.3 | 1,248.4 | 1,161.2 | 1,036.1 | 554.6 | 486.3 | 385.1 |
| Non Current Liability | 196.3 | 266.2 | 317.2 | 113.4 | 73.5 | 93.5 | 50.3 | 58.9 |
| Current Liability | 973.6 | 972.4 | 744.4 | 594.4 | 401.7 | 337.2 | 403.4 | 344.2 |
| Total Liabilities | 1,169.9 | 1,238.6 | 1,061.6 | 707.8 | 475.2 | 430.8 | 481.5 | 428.4 |
| Total Equity & Liability | 2,526.9 | 2,598.9 | 2,310.0 | 1,869.0 | 1,511.3 | 985.3 | 1,284.0 | 1,075.7 |
Net Sales (in cr.)
Total Income (in cr.)
Operating Profit (in cr.)
Net Profit (in cr.)
Shareholder Funds (in cr.)
Total Assets (in cr.)
Frequently Ask Question
Have Your Any Question?
Invest via Arms Securities through demat, with live pricing, SEBI compliance, and guided settlement.
Use a Delivery Instruction Slip (DIS) for demat transfer—backed by Arms Securities for full compliance.
No—secondary OTC trades do not carry any SEBI lock-in restriction.
Only via SEBI-compliant brokers like Arms Securities.
A DIS (Delivery Instruction Slip) initiates a secure demat-to-demat transfer.
Yes—provided it’s through recognized, SEBI-regulated intermediaries.
Short-term (<24m): slab; Long-term (≥24m): 20% post-indexation.
Yes, all trades and settlements must adhere to SEBI guidelines.
From promoters, ESOP holders, and market participants with thorough due diligence.
Sign up for Arms Securities alerts or check merinogroup.com.