What does Martin and Harris Laboratories Limited do?

Martin and Harris Laboratories Limited is engaged in the manufacture of pharmaceuticals, chemicals, and laboratory reagents. As part of the Apeejay Group, the company supplies laboratory chemicals and reagents to pharmaceutical manufacturers, research institutions, hospitals, and industrial clients.

Who owns Martin and Harris Laboratories?

Martin and Harris Laboratories Limited is part of the Apeejay Group, one of India's oldest and most diversified business conglomerates with interests in hospitality, real estate, tea, and industrial products. The group was founded by the Shroff family of Kolkata.

When was Martin and Harris Laboratories incorporated?

Martin and Harris Laboratories Limited was incorporated in 1948 in Maharashtra, as reflected in its CIN (L24231MH1948PLC006479). The company has over 75 years of operating history in chemicals and pharmaceuticals.

Is Martin and Harris Laboratories listed on a stock exchange?

Martin and Harris Laboratories Limited has a CIN with the prefix 'L', indicating it may have been listed on a stock exchange at some point. Currently it is classified as an unlisted company in active trading databases, and its shares are not actively traded on BSE or NSE.

What sector does Martin and Harris Laboratories operate in?

The company operates in the laboratory chemicals and reagents segment, manufacturing pharmaceutical-grade chemicals and laboratory reagents used in research, diagnostics, and industrial applications.

How do I buy Martin & Harris Laboratories unlisted shares here?

Raise an enquiry on any company with the quantity you want. Our desk sources the shares and comes back with a firm price and allocation. You accept the allocation, transfer the funds to the desk's published bank account, and once we verify payment the shares are transferred into your demat.

Who am I actually transacting with?

You transact with the desk, not with an anonymous counterparty. When you buy, you buy from the desk; when you sell, you sell to the desk. Shares always route through the desk's own demat account, so there's one accountable party for the whole trade.

How do I pay, and is there a payment gateway?

Payment is by direct bank transfer to Prospire Network Private Limited's published account (CIN U82300UP2025PTC233622), shown to you in-app at the payment step. There is no card gateway and no escrow. Never pay to a personal account or to any account shared over phone, WhatsApp or email — even if the person claims to be from our team.

How long does settlement take?

After you accept an allocation, you have a short window to pay (typically 2 days). Once payment is verified, shares are usually credited to your demat within 2–3 business days, subject to depository timelines and any company-level restrictions. Timeframes are typical, not guaranteed.

There are no separate platform fee lines and no GST on the transfer — the desk's margin is built into the buy/sell price you're quoted. The only statutory add-on on a purchase is stamp duty on the consideration, shown transparently in your cost breakdown.

Is there a minimum ticket size for Martin & Harris Laboratories?

Minimums vary by company and depend on the lot the desk can source. Raise an enquiry and the desk will confirm the available quantity and the minimum for that name.

What KYC do I need, and do I need a demat account?

You'll share your demat details when you enquire so we can settle directly. Full KYC — PAN and a client-master / demat statement — is required before the transfer step, when shares actually change hands. Yes, you need an active demat account to hold unlisted shares.

Are there lock-ins on unlisted or pre-IPO shares?

Some shares carry statutory or company-imposed lock-ins — for example, a post-listing lock-in on pre-IPO stock — and transfers can be subject to the company's articles or approvals. Where a lock-in applies, we'll flag it before you commit.

How do I sell Martin & Harris Laboratories shares I already hold?

Raise a sell enquiry with the company, quantity and your target price. The desk confirms a buying price, you transfer your shares into the desk's demat, and once the credit is verified we pay you out by bank transfer to your registered account. The desk never pays out before your shares are received.

Unlisted shares are illiquid, may be hard or impossible to sell, and are not covered by exchange settlement guarantees or investor-protection funds. Pricing is indicative, not live. Read the full Risk Disclosure before you enquire, and invest only what you can afford to lock away.

Martin & Harris Laboratories Unlisted Share Price | Buy Martin & Harris Laboratories Pre-IPO Shares — wisefolio

Unlisted shares are illiquid and carry higher risk than listed securities. Prices are indicative, not live. Read the risk disclosure.

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Martin & Harris Laboratories Unlisted Share Price | Buy Martin & Harris Laboratories Pre-IPO Shares — wisefolio | wisefolio

Investment Thesis

Martin and Harris Laboratories Limited is a heritage Mumbai-based laboratory chemicals and pharmaceutical manufacturer with over 75 years of history and the backing of the Apeejay Group. While the company's long track record and institutional ownership provide stability, it operates in a competitive segment dominated by global players. At ₹770 per share, investors are paying for the company's established market position and group backing, but the absence of public financial disclosures makes detailed valuation impossible. The company is best suited for investors with access to private due diligence capabilities.

Pros

Part of the Apeejay Group — one of India's oldest and most diversified conglomerates with origins in the Shroff family's Kolkata-based industrial empire — providing strong promoter pedigree and institutional backing
Incorporated in 1948, Martin and Harris Laboratories has over 75 years of operational continuity in pharmaceuticals and laboratory chemicals, representing a deep institutional knowledge base and established client relationships
The CIN prefix 'L' indicates the company was formally classified as a listed company under MCA's classification system, potentially reflecting a prior listing history on a regional stock exchange
Laboratory chemicals and reagents represent a specialized, high-margin niche with significant intellectual property in formulations and quality specifications, creating competitive moats against casual entrants
Mumbai headquarters provides proximity to India's largest concentration of pharmaceutical manufacturers, hospitals, and research institutions — all key customers for laboratory chemicals and reagents

Cons

The company is effectively unlisted in active trading terms, with no verifiable ISIN in current databases, meaning shareholders face significant liquidity constraints
No public website or financial disclosures available, making it impossible for investors to assess current revenue, profitability, or market share without private due diligence
The laboratory chemicals and reagents sector faces increasing competition from global suppliers (Sigma-Aldrich/Merck, Thermo Fisher Scientific) who have significantly greater R&D budgets and global distribution
Being part of the Apeejay Group's diverse portfolio means this subsidiary may not receive dedicated strategic focus, potentially limiting investment in capacity expansion or product development
The pharmaceuticals and chemicals manufacturing sector in India faces growing environmental regulatory compliance requirements (pollution control, waste management) that can significantly increase operating costs for older manufacturing units

Business Segments

Laboratory Chemicals & Reagents

Manufacture and supply of laboratory-grade chemicals and reagents for pharmaceutical companies, research laboratories, diagnostic centres, and industrial applications. Core business segment with established quality certifications.

Pharmaceutical Manufacturing

Pharmaceutical ingredient manufacturing or formulations for the domestic market. May include bulk drug intermediates or specialty pharmaceutical products.

Revenue Model

Martin and Harris Laboratories Limited generates revenue through the manufacture and sale of laboratory chemicals, reagents, and pharmaceutical products. Revenue is driven by institutional sales to pharmaceutical manufacturers, research institutions, hospitals, and industrial clients who require high-purity chemicals for their operations. The company likely operates on a B2B model with long-term supply contracts providing revenue stability.

Detailed Analysis

Growth outlookExpansion plans, industry tailwinds & headwinds11

Growth Plans

India's pharmaceutical industry expansion (targeting $130 billion by 2030) driving demand for laboratory chemicals and reagents

Government's PLI scheme for pharmaceuticals incentivising domestic drug manufacturing and associated R&D activities

Growing Indian R&D spend by pharma MNCs establishing research centres in Mumbai and Hyderabad

Potential Apeejay Group strategic review that could unlock value through divestment or restructuring of legacy industrial subsidiaries

Recent Developments

Continued operations as Apeejay Group subsidiary

Martin and Harris Laboratories Limited continues to operate as part of the Apeejay Surrendra Group's diversified industrial portfolio, supplying laboratory chemicals and pharmaceutical products.

2024-01

Growing demand for laboratory chemicals in India

India's pharmaceutical sector expansion and increasing R&D investments by domestic pharmaceutical companies are driving demand for high-quality laboratory chemicals and reagents, benefiting established domestic suppliers.

2023-06

Comparable Companies

CompanyTypeTickerMkt Cap

Thermo Fisher Scientific IndiaListedTMO (US-listed parent)Parent company ~$220 billion

Thermo Fisher Scientific IndiaListed

TMO (US-listed parent) · Parent company ~$220 billion

Frequently Asked Questions

About Martin & Harris Laboratories

Martin and Harris Laboratories Limited is one of India's oldest and most respected laboratory chemicals and reagents manufacturers, incorporated in 1948 and headquartered in Mumbai, Maharashtra. The company produces analytical reagents, laboratory chemicals, staining dyes, and scientific supplies used by educational institutions, research labs, hospitals, and industrial quality control departments across India. Founded in 1948 — just one year after India's independence — Martin and Harris Laboratories represents the early post-Independence era of Indian industrial chemicals manufacturing. The company established itself as a domestic alternative to imported laboratory chemicals, serving India's growing scientific research, education, and industrial testing needs. Laboratory chemicals are a specialized segment of the broader Indian chemicals industry. Unlike commodity chemicals, laboratory reagents require stringent purity specifications, precise formulation, and quality certification (ISO, NABL, GLP compliance). These quality requirements create barriers to entry and result in higher-margin products compared to commodity chemicals. Martin and Harris supplies to India's vast educational and research ecosystem — universities, schools, government laboratories (CSIR, ICMR, DST-funded labs), industrial QC labs, and hospital diagnostic facilities. The company's 75+ year brand heritage in lab chemicals creates strong institutional buying relationships — procurement officers at universities and research labs are familiar with the Martin and Harris name. The company likely benefits from India's growing scientific research expenditure — the Indian government has been increasing R&D spending, with total GERD (Gross Expenditure on R&D) growing toward 1% of GDP. Educational institutions' lab equipment and chemical purchases are a recurring expenditure that grows with student enrollment.

Key Milestones

1948 — Incorporated as Martin and Harris Laboratories Limited in Bombay (now Mumbai), Maharashtra

Common questions about unlisted shares

How do I buy Martin & Harris Laboratories unlisted shares here?
Raise an enquiry on any company with the quantity you want. Our desk sources the shares and comes back with a firm price and allocation. You accept the allocation, transfer the funds to the desk's published bank account, and once we verify payment the shares are transferred into your demat.
Who am I actually transacting with?
You transact with the desk, not with an anonymous counterparty. When you buy, you buy from the desk; when you sell, you sell to the desk. Shares always route through the desk's own demat account, so there's one accountable party for the whole trade.
How do I pay, and is there a payment gateway?

Risk factors & red flagsInvestment risks and items flagged from public filings10

Operational RiskLow

Global laboratory chemical giants including Merck (Sigma-Aldrich), Thermo Fisher Scientific, and HiMedia Laboratories dominate the premium laboratory reagents segment in India, with significant technology and distribution advantages over smaller domestic manufacturers.

Source: AlphaHub Research

Fraud / GovernanceLow

Pharmaceutical and chemical manufacturing in India is regulated by CDSCO (drugs), PESO (explosives), and state pollution control boards. Compliance with evolving chemical manufacturing standards and environmental regulations requires continuous investment.

Source: Media Reports / Public Records

Fraud / GovernanceLow

Laboratory chemical manufacturers are exposed to raw material price volatility for specialty chemicals, which are often imported. INR depreciation and global commodity price movements can compress margins.

Source: Company Financial Filings

Fraud / GovernanceLow

As a subsidiary within the Apeejay Group's diversified portfolio, Martin and Harris may not receive dedicated strategic investment, potentially limiting capacity expansion or product innovation compared to focused competitors.

Source: Media Reports / Public Records

Fraud / GovernanceLow

Unlisted status with no verifiable active ISIN means shares are essentially illiquid. At ₹770 per share, the absolute investment amount per share is high, further reducing potential buyer universe.

Source: Company Financial Filings

Competition Risk

Regulatory Risk

Input Cost Risk

Conglomerate Risk

Liquidity Risk

Unlisted status with no verifiable active ISIN means shares are essentially illiquid. At ₹770 per share, the absolute investment amount per share is high, further reducing potential buyer universe.

Martin and Harris Laboratories Limited

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