1. 2. Business DivisionsMerino Industries operates in various business segments, each contributing to its diversified portfolio:
   • Interior Solutions (Laminates & Plywood): Merino is renowned for its range of interior solutions, particularly its laminates, which are used in residential, commercial, and public spaces. Plywood was the company’s first product in 1974, marking the beginning of its journey into the interior solutions market. Over time, Merino has expanded its offerings to include a wide variety of laminates, decorative surfaces, and other interior solutions for homes and offices.
   • Agro Business: The company initially ventured into the cold storage business and has since expanded into farming, biotechnology, and food processing. Its foray into the FMCG sector is marked by the launch of the popular ‘Vegit’ brand, which offers potato flakes and ready-to-eat snack mixes.
   • Information Technology Services: Through Merino Services Limited, the company provides business consulting and IT services. This division specializes in designing and implementing business solutions, adding a technology-driven aspect to its diverse portfolio.

   Merino’s primary revenue stream still comes from the laminate segment, contributing around 90% of the total business.

   3. Financial Highlights

   Merino Industries’ financial performance reflects a healthy growth trajectory despite the challenges faced in some business segments. Below are the key financial highlights:

   • Revenue Growth: Merino Industries reported a revenue of ₹2,252 million in the latest fiscal year, showing a steady increase from ₹2,175 million the previous year. The company has maintained consistent revenue growth, driven primarily by its core laminate business.
   • Gross Margin Performance: The company’s gross margins stood at 47.87%, an improvement from 44.83% in the prior year. This indicates that Merino has managed to effectively control production costs, enhancing profitability.
   • EBITDA and Operating Margins: The company reported an EBITDA of ₹207 million, with operating profit margins (OPM) at 9.19%. While there has been a slight decline in operating margins from the previous year (10.99%), the company continues to maintain a solid EBITDA margin, reflecting strong operational efficiency.
   • Net Profit Performance: Merino Industries achieved a net profit of ₹122 million, with a net profit margin (NPM) of 5.42%. This reflects consistent profitability despite slight fluctuations in revenue and operating expenses. The company’s ability to maintain a positive NPM is indicative of strong cost control and operational efficiency.
   • Earnings Per Share (EPS): The EPS for Merino Industries stood at ₹108.25, demonstrating healthy earnings for shareholders. Given the company’s market position and financial performance, it represents an attractive investment opportunity, particularly for those interested in Merino Industries Unlisted Shares.

Disclaimer*This research has been conducted on available data. Investors are advised to perform their own research and due diligence before making any investment decisions. We are not responsible for any financial losses or inaccuracies in the data provided