Merino Industries Ltd. Stock Price: Current Market Value and Performance
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Unlisted Shares

PHYSICAL

Merino Industries Essentials

​In this research report, you will get a complete analysis of Merino Industries Pre IPO

- Merino Industries Share Price (Pre IPO Market Update)
- Merino Industries Upcoming IPO Details
- Expected Merino Industries IPO Date
- Details about Merino Industries IPO
- Expected Price Band
- Ownership Details
- Business Model
- Key Ratios
- Peer Comparisons
- Complete financial reports (Profit and Loss Statements, Balance Sheets, Results, Growth, Valuations, Funding Rounds)
- Articles and latest News Videos related to Merino Industries Pre IPO
- Upcoming and Past Events Details/
- Rating and recommendations for the Company's shares (Whether to Buy/Sell/Hold)

ISIN

INE662B01017

Face Value

₹ 10

Total Share

1,11,78,679

Total Income

₹ 2,175.5 undefined

Profit After Tax

₹ ****

EPS

₹ ****

P/E

****

P/B

****

Market Capitalisation

₹ 3,873.41 Cr

Enterprise Value

₹ ****

Book Value

₹ 1,070.57

Intrinsic Value

₹ ****

Dividend Yield

0.26 %

Earnings Yield

3.04 %

Sector

Consumer Discretionary

Sub-sector

Home Furnishing

Category

Small Cap

Cashflow - Operations

184.4

Cashflow - Financing

246.67

Merino Industries Growth

Compounded Sales Growth

1 Year

3 Year

6 Year

Compounded Profit Growth

1 Year

3 Year

6 Year

Return On Equity

2018

2020

2023

Highlights

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Merino is a major manufacturer of decorative laminates, with five plants and a global presence in 80+ countries across six continents, including France, Greece, Italy, Mexico, Russia, and others. The company is well-established in key Indian regions and exports to 81 nations.

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Network - With a turnover exceeding US$250 mn, Merino has evolved into a global market leader, supported by a strong network of 15,000+ retailers and 5,000+ employees.

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Product Portfolio - The company has a portfolio of 10,000+ diverse designs, Textures, colors, and finishes, producing 215 lakhs laminate sheets per annum making it one of the largest in India.

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Major Involvements - The company had significant engagements, supplying its products for major landmarks like the NM Stadium in Ahmedabad (the world's largest stadium) and the Statue of Unity (the tallest statue globally). Additionally, the company offers products and solutions for the stadium constructed for the FIFA Qatar World Cup.

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Financials -In FY23, the company experienced a 25% year-on-year (y-o-y) increase in revenue, with a 13% average increase over the past five years. However, there was an 11% decline in net profit for FY23, whereas it has declined by -0.5% over the past five years.

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Investment Thesis- The company's revenue surged by 25% in FY23, maintaining a consistent growth rate of 13% over the past 5 years, aligning with the industry average. However, its profitability witnessed a 10% decline, with PBT margins dropping from 10% in FY22 to 8% in FY23, and PAT margins falling from 8% to 5% in the same period due to heightened expenses aimed at reducing fossil fuel dependence and promoting renewable energy usage.


After conducting a thorough analysis and calculations, it became apparent that the company is fairly valued compared to peers like Greenlam Industries and Rushil Decor. The relative valuation showed a P/E multiple of 36.5x, which is in line with the industry median of 36.5x. Following detailed computations, the intrinsic value of the company was determined to be Rs. 3,600 per share. The company is in the expansion phase and expected to do great business in FY24, however, due to declined profits in FY23, we have kept the rating neutral


Business Rating

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Managment

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Accounting Practice

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Profatibility

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Solvency

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Growth

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Valuation

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Overall Ratings

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Recommendation

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Our Team

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Dr. Gautam Bhattacharjee

( Independent Director )


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Shri Prabal Kumar Sarkar

( Independent Director )


Quantity

Invest

, Min. Investment: ₹