Merino Industries Ltd
Decorative laminates maker with an unusual second business in potato processing.
Market cap
₹3,506 Cr
1.12 Cr shares
P/E ratio
13.28
Sector average 28
Book value
₹1,581.43
P/B 1.98
1-year return
+13.72%
52w ₹2,620 – ₹3,980
Currently 38% of the way through its 52-week range.
Indicative price history
1Y change
+17.44% ₹2,665 → ₹3,130
52-week band in this window: ₹2,665.26 – ₹3,825.94. Weekly indicative marks, not exchange-traded prices.
Key highlights
- Among India's top three decorative laminate makers with exports to 80+ countries.
- Backward integrated into resins and papers.
- Potato processing division diversifies earnings.
About Merino
Merino Industries manufactures decorative laminates, compact panels, restroom cubicles, modular furniture and allied surfacing products.
A separate agri division processes potatoes into flakes, chips and dehydrated products for food companies and retail brands.
The laminates business exports to a large number of countries alongside a deep domestic dealer network.
Where the revenue comes from
- Decorative laminates58%
Laminates, compacts and surfacing
- Panel & furniture18%
Modular furniture and restroom systems
- Agri & food processing17%
Potato flakes and dehydrated products
- Exports & other7%
Direct exports and trading
Products & services
Decorative laminates
High-pressure laminates and compact panels.
Restroom cubicles & lockers
Compact laminate systems for commercial interiors.
Modular furniture
Office and institutional furniture.
Agri products
Potato flakes, chips and dehydrated products.
What works
- • Established brand in decorative laminates with a wide dealer network and export presence.
- • The agri division diversifies earnings away from the construction cycle.
- • Backward integration into resins and paper improves cost control.
What to watch
- • Input costs — paper, phenol and methanol — are volatile and squeeze margins when they spike.
- • Demand tracks real-estate and renovation cycles.
- • The agri business carries crop-cycle and cold-storage risk.
Compare with peers
| Company | Price | Market cap | P/E | P/B | Rev CAGR |
|---|---|---|---|---|---|
| MerinoThis page | ₹3,130.00 | ₹3,506 Cr | 13.28 | 1.98 | +10.81% |
| Manjushree | ₹944.00 | ₹2,322 Cr | 13.42 | 2.07 | +12.53% |
| Indofil | ₹1,635.00 | ₹3,483 Cr | 13.82 | 1.73 | +9.78% |
Latest reported year: FY26 ending 31 Mar 2026.