---
title: "Merino Industries Ltd (531299) — Share Price, Financials & Analysis"
symbol: "531299"
company: "Merino Industries Ltd"
canonical: "https://tapetide.com/stocks/531299"
isin: "INE662B01017"
bse_code: "531299"
generated_at: "2026-10-13T11:02:33.259Z"
---

# Merino Industries Ltd (531299)

Canonical page: https://tapetide.com/stocks/531299

## Company

- **BSE Code:** 531299
- **ISIN:** INE662B01017
- **Stock Type:** EQUITY
- **Face Value:** ₹10
- **F&O Eligible:** No
- **Website:** merinoindia.com

## Latest Price

## Key Insights

### Weaknesses

- The company has delivered a poor sales growth of 11.8% over past five years.

## Growth Rates

| Metric | 1Y | 3Y | 5Y |
| --- | --- | --- | --- |
| net income growth | 28% | 13% | 31% |
| revenue growth | 22% | 15% | 12% |

## Financial Statements

### Quarterly Results

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Revenue | 12255 | 13050 | 13764 | 14203 | 14633 | 15041 | 15369 | 15770 | 15860 | 16285 | 16628 | 17102 |
| Expenses | 6202 | 5161 | 5150 | 5158 | 5378 | 4994 | 5144 | 5102 | 5097 | 4880 | 5108 | 5492 |
| Financing Profit | -683 | 543 | 611 | 661 | 646 | 1186 | 1072 | 1323 | 1295 | 1481 | 1480 | 1407 |
| Financing Margin % | -6 | 4 | 4 | 5 | 4 | 8 | 7 | 8 | 8 | 9 | 9 | 8 |
| Other Income | 2161 | 1871 | 2166 | 2113 | 2432 | 2077 | 2602 | 2397 | 2935 | 1854 | 2643 | 2793 |
| Interest | 6736 | 7346 | 8003 | 8383 | 8609 | 8861 | 9154 | 9345 | 9467 | 9924 | 10040 | 10203 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | 1477 | 2415 | 2777 | 2774 | 3078 | 3263 | 3674 | 3721 | 4230 | 3335 | 4123 | 4199 |
| Tax % | 1 | 29 | 28 | 23 | 27 | 26 | 25 | 23 | 30 | 33 | 26 | 27 |
| Net Profit | 1520 | 1850 | 2069 | 2207 | 2296 | 2571 | 2801 | 2910 | 2982 | 2277 | 3109 | 3148 |
| EPS in Rs | 12.2 | 14.85 | 16.61 | 16.37 | 17.04 | 19.08 | 20.79 | 21.6 | 22.14 | 16.9 | 23.07 | 23.36 |
| Gross NPA % | 5.95 | 5.47 | 4.97 | 4.47 | 3.95 | 3.77 | 3.48 | 3.26 | 3.09 | 3.01 | 2.6 | 2.23 |
| Net NPA % | 0.9 | 0.7 | 0.6 | 0.53 | 0.43 | 0.39 | 0.27 | 0.21 | 0.19 | 0.18 | 0.16 | 0.15 |

### Profit & Loss

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2010 | Mar 2011 | Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 327 | 381 | 415 | 472 | 559 | 626 | 650 | 706 | 802 | 978 |
| Expenses | 282 | 361 | 375 | 418 | 498 | 543 | 543 | 589 | 677 | 828 |
| Operating Profit | 45 | 20 | 40 | 53 | 61 | 83 | 107 | 118 | 125 | 150 |
| OPM % | 14 | 5 | 10 | 11 | 11 | 13 | 16 | 17 | 16 | 15 |
| Other Income | -5 | 36 | 5 | 5 | 5 | 16 | 12 | 18 | 12 | 11 |
| Interest | 10 | 11 | 15 | 16 | 16 | 16 | 14 | 12 | 14 | 15 |
| Depreciation | 9 | 10 | 11 | 14 | 15 | 16 | 17 | 21 | 28 | 29 |
| Profit before tax | 21 | 36 | 20 | 28 | 35 | 66 | 87 | 103 | 95 | 117 |
| Tax % | 30 | 33 | 29 | 29 | 38 | 36 | 32 | 27 | 29 | 26 |
| Net Profit | 14 | 24 | 14 | 20 | 22 | 43 | 59 | 75 | 68 | 86 |
| Dividend Payout % | 32 | 7 | 15 | 8 | 7 | 4 | 6 | 5 | 5 | 4 |

### Balance Sheet

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2010 | Mar 2011 | Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Equity Capital | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 |
| Reserves | 57 | 79 | 91 | 110 | 130 | 170 | 225 | 308 | 375 | 476 |
| Borrowings | 113 | 125 | 153 | 147 | 145 | 164 | 156 | 167 | 173 | 171 |
| Other Liabilities | 59 | 68 | 69 | 70 | 91 | 102 | 106 | 140 | 164 | 198 |
| Total Liabilities | 239 | 283 | 323 | 337 | 376 | 447 | 498 | 626 | 722 | 855 |
| Fixed Assets | 91 | 97 | 109 | 126 | 129 | 149 | 185 | 257 | 269 | 329 |
| CWIP | 3 | 5 | 13 | 5 | 1 | 10 | 18 | 16 | 31 | 20 |
| Investments | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 18 | 22 | 47 |
| Other Assets | 144 | 180 | 199 | 204 | 244 | 287 | 294 | 335 | 400 | 459 |
| Total Assets | 239 | 283 | 323 | 337 | 376 | 447 | 498 | 626 | 722 | 855 |

### Cash Flow

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2010 | Mar 2011 | Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Cash from Operating Activity | 52 | 12 | 29 | 35 | 32 | 38 | 91 | 92 | 57 | 98 |
| Cash from Investing Activity | -21 | -18 | -29 | -20 | -14 | -43 | -61 | -90 | -46 | -81 |
| Cash from Financing Activity | -36 | 4 | 11 | -25 | -18 | 4 | -28 | -5 | -13 | -21 |
| Net Cash Flow | -6 | -2 | 11 | -10 | 0 | -1 | 3 | -3 | -2 | -4 |
| Free Cash Flow | 28 | -6 | -3 | 13 | 17 | -6 | 28 | 1 | 9 | 15 |
| CFO/OP | 127 | 115 | 87 | 82 | 67 | 70 | 112 | 101 | 67 | 91 |

### Ratios

| Item | Mar 2010 | Mar 2011 | Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Debtor Days | 54 | 55 | 58 | 57 | 60 | 50 | 46 | 47 | 48 | 43 |
| Inventory Days | 144 | 160 | 154 | 152 | 136 | 177 | 196 | 199 | 226 | 210 |
| Days Payable | 81 | 69 | 66 | 64 | 66 | 59 | 64 | 76 | 88 | 86 |
| Cash Conversion Cycle | 118 | 145 | 146 | 145 | 130 | 168 | 178 | 170 | 186 | 167 |
| Working Capital Days | 90 | 103 | 100 | 97 | 94 | 103 | 103 | 101 | 117 | 106 |
| ROCE % | 26 | 16 | 15 | 17 | 19 | 26 | 28 | 26 | 21 | 22 |

## Shareholding Pattern

### annual

| Category | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Dec 2025 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Promoters | 82.1% | 81.87% | 81.49% | 83.46% | 88.06% | 79.86% | 79.86% | 73.84% | 73.84% | 73.84% |
| FIIs | 6.99% | 6.47% | 5.7% | 2.74% | 1.02% | 1.73% | 4.17% | 5.29% | 4.74% | 5.64% |
| DIIs | 8.2% | 8.6% | 10.04% | 6.29% | 4.36% | 11.11% | 11.55% | 16.95% | 17.78% | 17.82% |
| Public | 2.71% | 3.05% | 2.78% | 7.51% | 6.56% | 7.3% | 4.43% | 3.93% | 3.65% | 2.71% |
| No. of Shareholders | 63508 | 64868 | 67427 | 110172 | 331230 | 349687 | 313448 | 308165 | 317481 | 325219 |

### Quarterly

| Category | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Promoters | 79.86% | 79.86% | 79.86% | 73.84% | 73.84% | 73.84% | 73.84% | 73.84% | 73.84% | 73.84% | 73.84% | 73.84% |
| FIIs | 4.17% | 4% | 4.33% | 5.89% | 5.29% | 5.38% | 4.99% | 4.78% | 4.74% | 4.54% | 4.68% | 5.64% |
| DIIs | 11.55% | 11.57% | 11.76% | 15.84% | 16.95% | 16.87% | 17.35% | 17.64% | 17.78% | 18.05% | 18.62% | 17.82% |
| Public | 4.43% | 4.58% | 4.05% | 4.44% | 3.93% | 3.9% | 3.82% | 3.75% | 3.65% | 3.56% | 2.86% | 2.71% |
| No. of Shareholders | 313448 | 314186 | 306649 | 312770 | 308165 | 321712 | 325449 | 319705 | 317481 | 331904 | 316207 | 325219 |

## Technical Indicators

Derived from daily closing prices and recomputed each trading session; values move with the market.

- **Overall Signal:** Strong Sell
- **Buy / Neutral / Sell:** 1 / 7 / 11

### Moving Averages — summary: **Strong Sell**

| Indicator | Value | Signal |
| --- | --- | --- |
| SMA (10) | 0.85 | Sell |
| EMA (10) | 0.86 | Sell |
| SMA (20) | 0.84 | Buy |
| EMA (20) | 0.86 | Sell |
| SMA (50) | 0.88 | Sell |
| EMA (50) | 0.9 | Sell |
| SMA (100) | 1.04 | Sell |
| EMA (100) | 0.96 | Sell |
| SMA (200) | 1.04 | Sell |
| EMA (200) | 0.93 | Sell |

### Oscillators — summary: **Sell**

| Indicator | Value | Signal |
| --- | --- | --- |
| RSI (14) | 48.51 | Neutral |
| MACD (12,26,9) | -0.01 | Sell |
| Stochastic (14,3,3) | 56.11 | Neutral |
| ADX (14) | 22.65 | Neutral |
| Williams %R (14) | -66.67 | Neutral |
| ATR (14) | 0.08 | High Volatility |
| ROC (12) | -5.56 | Sell |
| Stoch RSI (14) | 55.35 | Neutral |
| UO (7,14,28) | 53.9 | Neutral |

## Filings & Documents

### Other Documents

| Date | Document |
| --- | --- |
| 2026-03-09 | [Announcement under Regulation 30 (LODR)-Newspaper Publication](https://www.bseindia.com/xml-data/corpfiling/AttachLive/fea5105a-092d-4b2c-aae0-1fd98bce45e1.pdf) |
| 2026-02-05 | [Copy Of Minutes Of Extraordinary General Meeting Of The Bank Held On 09Th January 2026](https://www.bseindia.com/xml-data/corpfiling/AttachHis/203d9fdc-2823-4399-bfd5-4c939c4a36f1.pdf) |
| 2026-02-02 | [Announcement under Regulation 30 (LODR)-Interest Rates Updates](https://www.bseindia.com/xml-data/corpfiling/AttachHis/fe5376e4-a957-44ac-a6bf-71e0023dcaa1.pdf) |
| 2026-01-30 | [Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome](https://www.bseindia.com/xml-data/corpfiling/AttachHis/23228b92-e73b-4701-8e8b-45efa5966c08.pdf) |
| 2026-01-27 | [Disclosure Under Regulation 57 Of SEBI (LODR) Regulations, 2015 - Confirmation Of Payment Of Interest On Debt Securities, Tier 2 Bonds Series III (ISIN - INE428A08051) On Due Date](https://www.bseindia.com/xml-data/corpfiling/AttachHis/b8082e2f-fcbe-4c54-bfad-39293ad77fa2.pdf) |
| 2026-01-23 | [Announcement under Regulation 30 (LODR)-Strikes /Lockouts / Disturbances](https://www.bseindia.com/xml-data/corpfiling/AttachHis/d0a86f73-8960-4e74-a7a5-b6edd9e23491.pdf) |

### Annual Reports

| Date | Document |
| --- | --- |
| 2025 | [Financial Year 2025](https://www.bseindia.com/xml-data/corpfiling/AttachHis/a4632e06-7952-4477-bd2e-91fc69152648.pdf) |
| 2024 | [Financial Year 2024](https://www.bseindia.com/xml-data/corpfiling/AttachHis/1eb6d318-5ef1-4bba-807d-66ea5dd4e1ee.pdf) |
| 2023 | [Financial Year 2023](https://www.bseindia.com/xml-data/corpfiling/AttachHis/01627d50-6f27-4eb7-9bb9-c4c7e2751bfa.pdf) |
| 2022 | [Financial Year 2022](https://www.bseindia.com/bseplus/AnnualReport/532814/73049532814.pdf) |
| 2021 | [Financial Year 2021](https://www.bseindia.com/bseplus/AnnualReport/532814/68627532814.pdf) |
| Mar 2020 | [Financial Year 2020](https://www.bseindia.com/bseplus/AnnualReport/532814/5328140320.pdf) |
| Mar 2019 | [Financial Year 2019](https://www.bseindia.com/bseplus/AnnualReport/532814/5328140319.pdf) |
| Mar 2018 | [Financial Year 2018](https://www.bseindia.com/bseplus/AnnualReport/532814/5328140318.pdf) |
| Mar 2017 | [Financial Year 2017](https://www.bseindia.com/bseplus/AnnualReport/532814/5328140317.pdf) |
| Mar 2016 | [Financial Year 2016](https://www.bseindia.com/bseplus/AnnualReport/532814/5328140316.pdf) |

### Earnings Call Documents

| Date | Document |
| --- | --- |
| Jan 2026 | [Concall - Jan 2026](https://www.bseindia.com/xml-data/corpfiling/AttachHis/23228b92-e73b-4701-8e8b-45efa5966c08.pdf) |
| Oct 2025 | [Concall - Oct 2025](https://www.bseindia.com/xml-data/corpfiling/AttachHis/ab117e96-f227-44e9-8e97-1161add1b4a8.pdf) |
| Jul 2025 | [Concall - Jul 2025](https://www.bseindia.com/xml-data/corpfiling/AttachHis/1a381860-4226-4e3f-aa27-c1431860666f.pdf) |
| May 2025 | [Concall - May 2025](https://www.bseindia.com/xml-data/corpfiling/AttachHis/dba334f2-b9e5-4dcc-9ccc-0684c5b9c357.pdf) |
| Feb 2025 | [Concall - Feb 2025](https://www.bseindia.com/xml-data/corpfiling/AttachHis/75f0385b-8071-465b-80b4-4428f6491a72.pdf) |
| Nov 2024 | [Concall - Nov 2024](https://www.bseindia.com/xml-data/corpfiling/AttachHis/521ff575-6fff-4809-b0e8-702db65a887c.pdf) |
| Aug 2024 | [Concall - Aug 2024](https://www.bseindia.com/xml-data/corpfiling/AttachHis/ea50cae3-c42e-4b78-b0e9-02a81a96a0f0.pdf) |
| May 2024 | [Concall - May 2024](https://www.bseindia.com/xml-data/corpfiling/AttachHis/cdc5b6ce-fdaa-4198-9557-b5b02298fca3.pdf) |
| Feb 2024 | [Concall - Feb 2024](https://www.bseindia.com/xml-data/corpfiling/AttachHis/df1d50de-decf-4f48-8a3f-d7360249342e.pdf) |
| Nov 2023 | [Concall - Nov 2023](https://www.bseindia.com/xml-data/corpfiling/AttachHis/1804586a-762b-436a-a901-50edea8b1e14.pdf) |

### Credit Rating Reports

| Date | Document |
| --- | --- |
| 2026-07-03 | Credit rating update — CRISIL |
| 2026-02-06 | Credit rating update — CRISIL |
| 2025-12-19 | Credit rating update — CARE Ratings |
| 2025-09-30 | Credit rating update — CRISIL |
| 2025-09-04 | Credit rating update — Brickwork Ratings |
| 2025-03-24 | Credit rating update — CARE Ratings |
| 2025-02-14 | Credit rating update — CARE Ratings |
| 2025-02-12 | Credit rating update — CRISIL |
| 2025-01-09 | Credit rating update — CRISIL |
| 2024-07-18 | Credit rating update — CRISIL |

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Provenance differs by section. Financial statements, shareholding and filings are as reported in company disclosures to NSE/BSE/SEBI. Price, volume and 52-week levels are exchange market data. Technical indicators are computed by Tapetide from daily closing prices. The Tapetide Score is Tapetide's own analysis. Analyst ratings are third-party estimates, not company statements. All figures are for research and information only and are not investment advice. Generated 2026-10-13T11:02:33.259Z.