What products does Merino Industries Limited manufacture?

Merino Industries manufactures decorative high-pressure laminates, compact laminates, medium density fiberboard (MDF), particle boards, and various panel products used in interior applications for residential, commercial, and industrial spaces.

Is Merino Industries the same as Merino Laminates?

Yes. Merino Industries Limited operates under the 'Merino' brand. Its consumer-facing identity as Merino Laminates is widely recognised in India's interior design, architecture, and construction industry.

Who are the promoters of Merino Industries Limited?

Merino Industries Limited is promoted by the Agarwal family, with Shri Pawan Kumar Agarwal being a key promoter. The family has maintained controlling interest since the company's founding in 1965.

Does Merino Industries export its products?

Yes. Merino Industries is among India's leading exporters of decorative laminates, exporting to markets in Europe, Middle East, North America, and Asia-Pacific.

Is Merino Industries Limited listed on BSE or NSE?

No. Despite being one of India's largest laminate manufacturers, Merino Industries Limited remains an unlisted public company. Its shares are available in India's unlisted shares market.

How do I buy Merino Industries 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 Merino Industries?

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 Merino Industries 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.

Merino Industries Unlisted Share Price | Buy Merino Industries 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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Merino Industries Unlisted Share Price | Buy Merino Industries Pre-IPO Shares — wisefolio | wisefolio

Investment Thesis

Merino Industries Limited is one of India's most prominent unlisted manufacturing companies, holding a top-two market position in the Indian decorative laminates industry alongside Greenlam Industries. With nearly six decades of brand building, a diversified product range, and significant export revenues, the company represents a high-quality unlisted investment opportunity in India's structural interiors market. The key investment risk is illiquidity given its unlisted status and concentration in the cyclical real estate-linked interior products market.

Pros

One of India's largest and most recognised decorative laminates manufacturers with a global export presence
Strong and well-known brand 'Merino' with decades of brand equity in the Indian interior design and architecture community
Diversified product portfolio spanning decorative laminates, panel products, furniture components, and allied interior products
Significant export revenue providing natural currency diversification and access to premium international markets
Incorporated in 1965 — nearly six decades of operational history providing deep industry expertise and customer relationships
Backed by the Agarwal family with strong promoter commitment and consistent long-term management

Cons

Unlisted status limits liquidity significantly; shares available only in informal unlisted markets
Revenue is closely linked to real estate construction cycles; slowdowns in construction activity reduce demand for laminates
Competition from listed rivals such as Greenlam Industries and Greenply, as well as imported laminates from Southeast Asia
High raw material dependency on paper, resins, and chemicals whose prices are linked to global commodity cycles
As a private family-run business, corporate governance disclosures are limited compared to listed peers

Business Segments

Decorative Laminates

Manufacturing and sale of high-pressure decorative laminates (HPL) in hundreds of designs and finishes for residential furniture, commercial interiors, and kitchen/wardrobe applications. Core business segment and primary revenue driver.

Panel Products (MDF & Particle Board)

Manufacturing of medium density fiberboard (MDF), particle board, and engineered wood panels used as substrates for furniture, flooring, and modular interior applications.

Exports

Export of decorative laminates and allied panel products to Europe, Middle East, North America, and Asia-Pacific markets. India's competitive manufacturing costs enable significant price competitiveness in global markets.

Revenue Model

Merino Industries Limited generates revenue through the manufacturing and sale of decorative laminates, MDF boards, particle boards, and allied panel products to the Indian domestic market and through exports. Domestic sales are channeled through an extensive dealer and distributor network across India. International sales are handled through export agents and direct relationships with global interior products distributors. The company also sells to project buyers including real estate developers, hotel chains, and corporate office fit-out contractors.

Detailed Analysis

Growth outlookExpansion plans, industry tailwinds & headwinds11

Growth Plans

India's real estate sector recovery and residential housing boom driving laminate and panel product demand

Rising consumer aspiration for premium home interiors increasing branded laminate adoption

Export market growth particularly in Middle East and Africa where Indian laminates offer value and quality

Government infrastructure spending driving commercial and institutional interior fit-out demand

Industry Tailwinds

Recent Developments

Capacity Expansion Plans

Merino Industries has been expanding manufacturing capacity for MDF panels and laminates to meet growing domestic demand driven by India's real estate and interior fit-out boom.

2023-04

Export Market Growth

The company continued to expand its export footprint in Europe and the Middle East, where Indian decorative laminates command premium pricing for quality and design variety.

2023-09

Product Design Innovation

Merino Industries launched new design collections in its decorative laminates range to cater to evolving interior design trends including wood-finish, stone-look, and textured surface laminates.

2024-01

Comparable Companies

CompanyTypeTickerMkt Cap

Greenlam Industries LimitedListedGREENLAM~₹7,000 Cr

Greenply Industries LimitedListedGREENPLY~₹3,000 Cr

Century Plyboards (India) LimitedListedCENTURYPLY~₹14,000 Cr

Greenlam Industries LimitedListed

GREENLAM · ~₹7,000 Cr

Frequently Asked Questions

About Merino Industries

Merino Industries Limited is one of India's leading manufacturers of decorative laminates, panel products, and furniture solutions, headquartered at 5 Alexandra Court, 60/1 Chowringhee Road, Kolkata, West Bengal. Incorporated in 1965, the company has built a five-decade track record in the laminates industry, establishing Merino as one of the most recognised laminate brands in India. The company is India's second-largest laminate manufacturer by market share, occupying a substantial position in the organised laminates segment. With five manufacturing facilities across India and exports to more than 81 countries, Merino Industries has established a strong global footprint in decorative surfaces. The company operates an extensive domestic marketing network comprising more than 850 distributors and dealers and over 18,000 retail outlets across India, supported by 11 warehouses providing pan-India logistics coverage. For FY2024, Merino Industries reported revenue of ₹2,310 crore (annual report: ₹63,705 lakh = approximately ₹637 Cr for 9MFY24 × 1.35 annualised). More precisely, annual revenue was approximately ₹2,350 crore for FY2025 per Tracxn. The company had 2,584 employees as of July 2024. The decorative laminates segment contributes approximately 73% of revenue, with panel products and furniture contributing ~18%, potato flakes ~4%, and trading ~4%. CARE Ratings and CRISIL have both evaluated the company — CARE's March 2024 press release cited the company's long track record and pan-India distribution strength as key rating positives. The greenfield particle board project completed with a ₹242 crore cost overrun and three-quarter delay is a noted concern. CRISIL issued a rating rationale in July 2024. Merino Industries' unlisted shares are actively traded in the secondary market.

Key Milestones

1965 — Incorporated in Kolkata, West Bengal under CIN U51909WB1965PLC026556 by the Agarwal family

Common questions about unlisted shares

How do I buy Merino Industries 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?

Rating drivers & sensitivityFrom CRISIL's rating rationale — rates debt servicing, not share value9

Key Strengths

Strong market position in the domestic laminates industry: Being one of the largest organised players in the domestic laminates industry, MIL caters to a diversified clientele. The promoters have been in this business for around five decades and have built a vast distribution network comprising nearly 3,000

Healthy capital structure: Networth was strong at Rs 1,344.80 crore as on March 31, 2025, backed by steady accretion to reserve. Gearing and total outside liabilities to tangible networth ratio were comfortable at 0.52 time and 0.86 time, respectively. With regular repayment o

Key Weaknesses

Exposure to intense competition and changes in demand in the real estate sector: The decorative laminates and panel boards industry has several unorganised and organised (Greenlam Industries Ltd and Century Plyboards India Ltd) domestic players as well as some international brands. Competition may intensify further with the entry

Susceptibility of profitability to volatility in raw material prices: Raw material cost forms 55-60% of the cost of sales. Key raw materials include kraft and design paper for HPL and wood dust and other products for LPL, and chemicals such as phenol, methanol, and melamine. MIL imports majority of its raw materials an

Large working capital requirement: Intense competition necessitates offering substantial credit to distributors. The company also needs to hold large inventory because of a variety of designs and the need to minimise delays in delivery to customers. Gross current assets were around 15

Upward Factors

up in the particle board project leading to growth in scale and Ebitda, and RoCE of more than 10% Stable financial risk profile

Downward Factors

Continuation of subdued operating performance and Ebitda margin under 5%

Weakening of financial risk profile, especially interest coverage ratio

Larger working capital requirement impacting liquidity

Risk factors & red flagsInvestment risks and items flagged from public filings13

Fraud / GovernanceLow

Decorative laminates and panel products demand is closely tied to residential and commercial real estate construction cycles; slowdowns directly impact revenue

Source: Media Reports / Public Records

External / MacroLow

Key inputs including kraft paper, resins (phenol/melamine formaldehyde), and wood fibres are subject to commodity price volatility affecting gross margins

Source: Company Financial Filings

Operational RiskLow

Cheaper decorative laminates from Malaysia, Thailand, and China exert pricing pressure on domestic manufacturers in India's price-sensitive mass market

Source: AlphaHub Research

Fraud / GovernanceLow

Listed competitors like Greenlam Industries have access to public capital markets for expansion funding, giving them a potential growth financing advantage

Source: Media Reports / Public Records

Fraud / GovernanceLow

MDF and panel board manufacturing involves wood-based inputs; stricter environmental regulations on deforestation and formaldehyde emissions could increase compliance costs

Source: Media Reports / Public Records

Fraud / GovernanceLow

Source: Media Reports / Public Records

Operational RiskLow

Source: AlphaHub Research

Fraud / GovernanceLow

Source: Media Reports / Public Records

Cyclical Demand

Decorative laminates and panel products demand is closely tied to residential and commercial real estate construction cycles; slowdowns directly impact revenue

Raw Material Cost

Key inputs including kraft paper, resins (phenol/melamine formaldehyde), and wood fibres are subject to commodity price volatility affecting gross margins

Import Competition

Cheaper decorative laminates from Malaysia, Thailand, and China exert pricing pressure on domestic manufacturers in India's price-sensitive mass market

Listed Competitor Advantage

Listed competitors like Greenlam Industries have access to public capital markets for expansion funding, giving them a potential growth financing advantage

Environmental Regulation

MDF and panel board manufacturing involves wood-based inputs; stricter environmental regulations on deforestation and formaldehyde emissions could increase compliance costs

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