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Unlisted shares are illiquid and carry higher risk than listed securities. Prices are indicative, not live. Read the risk disclosure.
Credit Rating (CRISIL)
CRISIL B-/Stable
Rates the company's debt-servicing ability — not the quality or value of its shares.
Rated: 22 Mar 2016
This rating is over a year old.
View Full Report52-Week Range
Valuation
Financials (FY2024)
Source: CRISILInvestment Thesis
Lord's Mark Industries is an evolving Mumbai-based conglomerate that has transformed from a paper company into a multi-sector enterprise spanning veterinary products, healthcare, and packaging. Its diversification strategy shows management adaptability, with the veterinary segment offering the most promising growth avenue given India's large livestock sector. The unlisted status and partial promoter disclosure are concerns for investors seeking full transparency.
Pros
Cons
Business Segments
Paper & Packaging
Manufacture and distribution of paper products and packaging materials for industrial and commercial customers
Veterinary Products
Manufacturing and marketing of veterinary medicines, vaccines, and animal health products targeting livestock and poultry sectors in India
Healthcare & Agri-inputs
Human healthcare products and agricultural inputs including agro-chemicals or crop protection products
Revenue Model
Lord's Mark Industries generates revenue through product sales across its three business verticals — paper and packaging products sold to B2B industrial customers, veterinary products sold through veterinary distributors and stockists to farmers and poultry operators, and healthcare and agri-input products sold through respective channel networks. The company follows an asset-light manufacturing and trading hybrid model.
Detailed Analysis
Growth Plans
India's growing animal husbandry and poultry sector driving veterinary product demand
E-commerce growth driving packaging demand in India
Potential IPO or SME exchange listing to unlock valuation and improve liquidity
Government initiatives in animal health (NADCP, PM Matsya Sampada Yojana) boosting veterinary product markets
Industry Tailwinds
Recent Developments
Lord's Mark Industries shares trade in the unlisted market at approximately ₹83 per share, with moderate retail investor interest in its diversified business model.
2024-02The company continued expanding its veterinary products portfolio targeting India's large and growing poultry and livestock markets.
2023-09Comparable Companies
HESTERBIO · ~₹1,200 Cr
WESTCOAST · ~₹2,500 Cr
Frequently Asked Questions
About Lord's Mark Industries
Lord's Mark Industries Limited is a Mumbai-based manufacturer of paper and paper products, incorporated on 1 July 1998. Headquartered in Maharashtra, the company has grown to achieve operating revenues in the INR 100-500 crore range, serving a wide range of industries that rely on paper-based packaging and materials. The Indian paper industry has been on a growth trajectory driven by e-commerce packaging demand, regulatory push against single-use plastics, and steady growth in FMCG and pharmaceutical packaging requirements. Lord's Mark Industries has positioned itself within this growing market, reporting a substantial 76.17% EBITDA increase over the previous year in FY2023, alongside a 45.1% increase in book net worth — indicators of strong operational improvement and financial strength building. The company was incorporated with an authorized share capital of INR 75 crore, with paid-up capital of INR 56.55 crore — a meaningful capital base for a mid-sized manufacturing enterprise. The company's operations are aligned with India's growing packaging economy, which is expected to reach $205 billion by 2025. Lord's Mark Industries operates within the broader paper and packaging sector that includes writing and printing paper, industrial packaging paper, and specialty paper products. Its registered address is in Maharashtra, with manufacturing facilities serving pan-India clients. As of its last reported AGM in November 2023, the company maintains active status and continues to serve industrial clients across India. The company's website (lordsmark.com) suggests a customer-facing digital presence, consistent with a B2B sales model targeting packaging procurement managers.
Key Milestones
1998 — Lord's Mark Industries Limited incorporated in Maharashtra (CIN: U21001MH1998PLC115601)
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Unlisted shares are illiquid and carry higher risk. Pricing is indicative, not live, and these are private off-market transactions with no exchange settlement guarantee. Read the full risk disclosure.
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India's growing animal husbandry and poultry sector driving veterinary product demand
E-commerce growth driving packaging demand in India
Potential IPO or SME exchange listing to unlock valuation and improve liquidity
Government initiatives in animal health (NADCP, PM Matsya Sampada Yojana) boosting veterinary product markets
Industry Headwinds
Conglomerate discount if markets perceive lack of strategic focus across diverse segments
Increased competition in veterinary products from global players like Zoetis, Elanco, and domestic peers like Hester Biosciences
Paper sector structural decline due to digitisation reducing long-term paper demand
Net profit margin is thin at 2.7% (FY2024) — limited buffer against revenue or cost shocks
Source: Financial data
CRISIL rating of CRISIL B-/Stable — sub-investment grade; indicates elevated credit risk
Source: CRISIL
Operating across unrelated sectors (paper, veterinary, healthcare, agri) without clear strategic focus can dilute management attention and capital allocation efficiency.
Source: Media Reports / Public Records
Veterinary products and healthcare segments are subject to CDSCO and state drug authority regulations, with risk of licence delays or compliance costs.
Source: Regulatory Filings
Paper manufacturing depends on imported pulp and wood fibre whose prices are volatile; pharmaceutical API costs for veterinary products are also subject to global supply chain disruptions.
Source: Media Reports / Public Records
As an unlisted company with moderate market cap (~₹415 Cr), secondary market liquidity for shares is limited.
Source: Company Financial Filings
Limited public financial disclosures from an unlisted entity make it difficult to independently verify revenue, profitability, or debt levels.
Source: Media Reports / Public Records
Operating across unrelated sectors (paper, veterinary, healthcare, agri) without clear strategic focus can dilute management attention and capital allocation efficiency.
Veterinary products and healthcare segments are subject to CDSCO and state drug authority regulations, with risk of licence delays or compliance costs.
Paper manufacturing depends on imported pulp and wood fibre whose prices are volatile; pharmaceutical API costs for veterinary products are also subject to global supply chain disruptions.
As an unlisted company with moderate market cap (~₹415 Cr), secondary market liquidity for shares is limited.
Limited public financial disclosures from an unlisted entity make it difficult to independently verify revenue, profitability, or debt levels.
2000s — Initial operations in paper and paper products manufacturing in Mumbai
2010s — Business transformation and diversification into veterinary products and healthcare segments
2015 — Entered veterinary and animal health products market, leveraging India's growing livestock sector
2020 — Further diversification into agri-inputs and healthcare products to reduce paper sector cyclicality
2022 — Continued growth in veterinary segment driven by rising animal husbandry investment in India
Mr. Sachidanand Upadhyay and Mr
