Unlisted Shares
Martin and Harris Laboratories Limited
Verified Unlisted CompanyOff-market Transfer · NSDL / CDSL
About Martin and Harris Laboratories Limited
Martin and Harris Laboratories Limited is a well-established pharmaceutical company and part of the Apeejay Group, one of India’s oldest business conglomerates. Incorporated in 1993 and headquartered in Gurgaon, the company specializes in the manufacturing of pharmaceutical formulations, medicinal chemicals, and botanical products. It operates as a vertically integrated biopharmaceutical company with capabilities in drug development, manufacturing, and distribution. The company also generates income through investment activities, including mutual funds and equity investments, providing diversification to its revenue streams. :contentReference[oaicite:0]{index=0}
Share Details
| company Name | Martin and Harris Laboratories Limited |
| indicative Unlisted Share Price | ₹1188 |
| market Capitalization | ₹340 Cr |
| lot Size | 100 |
| 52 Week High | ₹1300 |
| 52 Week Low | ₹675 |
| face Value | ₹10 |
| book Value | ₹1794.25 |
| pe Ratio | 5.12 |
| pb Ratio | 0.47 |
| debt To Equity | 0.02 |
| return On Equity | 9.39% |
| total Outstanding Shares | 39,96,040 |
| isin | INE03VV01015 |
| depository | NSDL Only |
| pan | AABCM0832A |
| cin | U24239HR1993PLC033630 |
| rta | RCMC Share Registry Pvt. Ltd. |
Income Statement (Profit & Loss) (₹ in Crore)
| Particulars | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Revenue | 186 | 205 | 146 | 107.4 |
| EBITDA | 70 | 72 | 26 | 8.4 |
| Operating Profit | 70 | 72 | 26 | 8.4 |
| EBIT | 67 | 68 | 21 | 3.6 |
| Profit Before Tax | 93 | 92 | 55 | 83 |
| Net Profit / Loss | 70 | 68 | 40 | 66.4 |
| EPS | 175.44 | 170.43 | 100.25 | 166.42 |
Key Financial Ratios (Last 3–5 Years)
| Ratio | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Operating Profit Margin (%) | 37.63 | 35.12 | 17.81 | 7.82 |
| Net Profit Margin (%) | 37.63 | 33.17 | 27.4 | 61.82 |
| EPS | 175.44 | 170.43 | 100.25 | 166.42 |
Financial Annual Report Summary
Martin & Harris has shown fluctuating financial performance. Revenue declined from ₹205 Cr in FY23 to ₹146 Cr in FY24 before further dropping to ₹107 Cr in FY25. However, profitability rebounded sharply with PAT increasing to ₹66.4 Cr in FY25, driven by higher margins and other income. The company maintains strong margins but inconsistent revenue growth.
Why Invest in Martin and Harris
- Revenue trend is declining, which is a concern.
- Profitability is supported by other income and investments.
- Extremely high margins in FY25 indicate non-operating gains.
- Low debt makes the company financially stable.
- Valuation appears attractive with low P/E and P/B.
Balance Sheet - Assets (₹ in Crore)
| Item | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Fixed Assets | 13 | 15 | 18 | 50.7 |
| Investments | 373 | 62 | 70 | 19 |
| Trade Receivables | 0 | 1 | 3 | 34.5 |
| Inventory | 24 | 19 | 0 | 44.3 |
| Other Assets | 132.6 | 515 | 542 | 599 |
| Total Assets | 543 | 615 | 662 | 749 |
Balance Sheet - Liabilities & Equity (₹ in Crore)
| Item | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Share Capital | 3.99 | 3.99 | 3.99 | 3.99 |
| Reserves | 523 | 589 | 628 | 703 |
| Borrowings | 5 | 4 | 8 | 13 |
| Trade Payables | 4 | 10 | 17 | 20.7 |
| Other Liabilities | 7.01 | 8.01 | 5.01 | 8.31 |
| Total Liabilities | 543 | 615 | 662 | 749 |
Liabilities Breakdown & Balance Sheet Insights
Balance Sheet Insights
The company has a strong balance sheet with high reserves and minimal debt. Investments form a significant portion of assets, indicating reliance on non-core income streams.
Liabilities Breakdown
Liabilities are minimal and primarily consist of operational payables and small borrowings, reflecting low financial risk.
Additional Insights
Martin & Harris is capital-rich with strong reserves and low leverage, but asset allocation towards investments rather than core operations raises concerns on business focus.
Cash Flow Insights
- Cash flow is volatile due to investment activity.
- Strong operating cash flow recovery in FY25.
- Investment-driven fluctuations dominate cash flow.
- Low financing dependency indicates stability.
Shareholding Pattern
Shareholding pattern data not available
Promoters & Management
The company is part of the Apeejay Group and promoted by Sushma Paul Berlia along with experienced pharmaceutical industry professionals. :contentReference[oaicite:1]{index=1}
Key Management
Nasim Uddin - Director
Ashok Chandra Sen - Director
Shanker Laad Laxman - Director
Registrar & Transfer Agent (RTA)
Registrar: RCMC Share Registry Pvt. Ltd.
Management Analysis
The management benefits from strong legacy backing of the Apeejay Group. However, strategic focus appears split between pharma operations and investment income, which may impact long-term operational growth.
Frequently Asked Questions About Martin and Harris Laboratories Limited
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