Price history

Indicative levels compiled by our team for information only — not a price feed, quote, or offer to deal. Data through 20 Jul 2026.

P/E ratio
8.49
52W high
₹ 950
52W low
₹ 850
Market cap (Cr)
₹ 340

Martin and Harris Laboratories Limited

₹895

Indicative

Min. investment₹89,500

Prices are indicative and for information only. Unlisted shares are illiquid and carry risk.

About Martin and Harris Laboratories Limited

Martin & Harris Laboratories Ltd is a name synonymous with quality and innovation in the Indian pharmaceutical landscape. Incorporated in 1996 at Gurgaon, Haryana, the company is a proud part of the Apeejay Group—one of India's oldest and largest business conglomerates with a legacy spanning several decades.

The company is promoted by Mrs. Sushma Paul Berlia, a distinguished industrialist and one of the co-promoters and Presidents of the Apeejay Stya & Svran Group. Under her visionary leadership, Martin & Harris Laboratories has carved a distinct niche for itself in the competitive pharmaceutical sector.

Martin & Harris Laboratories Ltd's business model, its unique dual-revenue structure, manufacturing excellence, and why its unlisted shares present a compelling investment opportunity, available exclusively at the best price on Unlisted Network.

Part I: Business Overview – Pharmaceuticals at the Core

Martin & Harris Laboratories Ltd is primarily engaged in the manufacturing of pharmaceuticals, medicinal chemical, and botanical products. The company operates with a steadfast commitment to quality, innovation, and meeting international standards.

Manufacturing Excellence

The company has its manufacturing units strategically located at:

  • Roorkee (Uttarakhand)
  • Una (Himachal Pradesh)

Both units benefit from the industrial-friendly policies of these regions. Martin & Harris is constantly taking proactive steps to modernize and expand its manufacturing facilities, ensuring they not only meet but exceed international regulatory standards. This focus on infrastructure positions the company favorably for potential export opportunities and contract manufacturing alliances.

Part II: The Unique Dual Revenue Engine

What makes Martin & Harris Laboratories particularly intriguing from an investment perspective is its balanced and diversified revenue model. Unlike pure-play pharma companies, Martin & Harris has successfully built a secondary income stream through strategic financial management.

Revenue Contribution Split

As per the latest available data, the company's revenue is derived from two distinct verticals:

Business VerticalRevenue Contribution
Pharma Business52%
Derivative & Investment Business48%

1. Pharma Business (52%)

This is the core operational segment, encompassing the manufacturing and sale of pharmaceutical formulations, medicinal chemicals, and botanical products. The company's focus on quality and innovation ensures a steady demand for its products in the domestic market.

2. Investment & Treasury Business (48%)

This is a unique and significant contributor to the company's bottom line. Martin & Harris has undertaken the professional management of its surplus funds through investments in diverse avenues, including:

  • Mutual Funds
  • Quoted (Listed) Equities
  • Unquoted (Unlisted) Equities

This treasury operation functions almost like an in-house asset management arm, generating substantial returns and providing a buffer against any cyclical downturns in the core pharma business. This 48% contribution from investments significantly boosts the company's overall profitability and return ratios.

Part III: Recognition & Accolades

Quality and innovation are not just buzzwords at Martin & Harris; they are validated by prestigious awards from government bodies and industry chambers.

  • Best Innovative in Process & Formulation Development: Awarded by the Directorate General of Health Services, Ministry of Health & Family Welfare, Government of India. This recognition underscores the company's R&D capabilities and commitment to advancing pharmaceutical science.
  • Pharma Excellence Awards 2018: Conferred by ASSOCHAM (The Associated Chambers of Commerce and Industry of India), one of the apex industry chambers. This award highlights the company's operational excellence and contribution to the Indian pharma sector.

These accolades enhance the company's brand reputation and serve as third-party validations of its quality standards.

Part IV: The Apeejay Group Connection

Being part of the Apeejay Group provides Martin & Harris Laboratories with a significant competitive advantage.

  • Legacy of Trust: The Apeejay Group is one of India's oldest conglomerates, with a reputation for ethical business practices and long-term value creation.
  • Strong Leadership: Under the guidance of Mrs. Sushma Paul Berlia, the company benefits from visionary leadership that understands both the nuances of the pharmaceutical industry and the importance of financial prudence.
  • Network Synergies: Being part of a large business house opens doors to potential collaborations, talent acquisition, and financial stability that standalone companies may find harder to access.

Part V: Investment Thesis – Why Martin & Harris Laboratories Unlisted Shares?

For investors seeking a blend of operational business stability and financial market upside, Martin & Harris offers a unique hybrid model.

1. The Hybrid Advantage

Most pharma companies are valued solely on their operational metrics. Martin & Harris, with its 48% revenue from investments, offers investors indirect exposure to the equity and mutual fund markets. In bullish market cycles, this segment can supercharge profitability.

2. Strong Parentage

The Apeejay Group's legacy provides a safety net of corporate governance, ethical practices, and long-term strategic thinking. This reduces the "promoter risk" often associated with smaller unlisted companies.

3. Quality Manufacturing Base

With units in Roorkee and Una, and a continuous focus on modernization, the company is well-equipped to scale its pharma operations, potentially entering high-margin export markets or securing lucrative contract manufacturing deals.

4. Award-Winning Credibility

Government and ASSOCHAM awards serve as powerful trust markers, especially in the pharmaceutical industry where quality and regulatory compliance are paramount.

5. Diversified Revenue = Lower Risk

The 52-48 split means the company is not entirely dependent on the pharma business cycle. This diversification makes it more resilient to sector-specific headwinds.

Part VI: Why Unlisted Network is Your Trusted Partner

At Unlisted Network, we specialize in connecting serious investors with high-quality, pre-IPO and unlisted investment opportunities. Here is why we are the best platform to buy Martin & Harris Laboratories unlisted shares:

1. Best Price Assurance

We leverage deep market connections and extensive research to offer you the most competitive pricing on Martin & Harris Laboratories unlisted shares.

2. Transparency & Trust

Every transaction on Unlisted Network is backed by clear documentation, secure payment gateways, and a transparent transfer process. No hidden fees, no last-minute surprises.

3. Expert Curation

Our team of financial analysts meticulously researches and vets each opportunity, ensuring that only fundamentally strong businesses with solid governance make it to our platform.

4. Seamless Execution

From price discovery to share transfer, our dedicated support team handles the heavy lifting, making your investment journey smooth and hassle-free.

Ready to Invest?

Martin & Harris Laboratories Ltd represents a rare investment proposition: a well-established pharmaceutical company with a legacy parentage, augmented by a sophisticated investment treasury operation. This dual-engine model offers the best of both worlds—operational stability and financial market upside.

Ready to invest? Buy Martin & Harris Laboratories Unlisted Shares at the best price exclusively on Unlisted Network.

Join the league of smart investors who are building their portfolios with high-conviction, unlisted assets. Whether you are an HNI, a corporate investor, or a retail participant looking for the next big opportunity, Unlisted Network is your gateway.

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Conclusion

From its incorporation in 1996 to becoming a recognized name in Indian pharmaceuticals, Martin & Harris Laboratories Ltd has consistently demonstrated quality, innovation, and financial acumen. As part of the venerable Apeejay Group, it combines the stability of a legacy conglomerate with the agility of a focused pharmaceutical manufacturer.

Its unique revenue model—with 52% from pharma and 48% from strategic investments—offers investors a diversified risk profile and enhanced return potential. For those looking to invest in a governance-backed, award-winning, and financially savvy enterprise, Martin & Harris presents a compelling opportunity.

Don't miss out. Buy Martin & Harris Laboratories Unlisted Shares at the best price, exclusively on Unlisted Network.

Disclaimer: This article is for informational purposes only and based on publicly available information about Martin & Harris Laboratories Ltd and the Apeejay Group. Unlisted shares carry risks related to liquidity and valuation. Please consult your financial advisor before investing. The revenue split (52%-48%) is based on available data and is subject to change based on market conditions and business performance.

Key metrics

Market Cap (in cr.)
₹ 340
P/E Ratio
8.49
Lot Size
100 Shares
P/B Ratio
0.53
52 Week High
₹ 950
Debt to Equity
0.01
52 Week Low
₹ 850
ROE (%)
6.33
Depository
NSDL Only
Book Value
1606.57
PAN Number
AABCM0832A
Face Value
10
ISIN Number
INE03VV01015
Total Shares
3996040
CIN
U24239HR1993PLC033630
RTA
RCMC Share Registry Pvt. Ltd.

Financials

P&L Statement2021202220232024
Revenue168186205146
Cost of Material Consumed64504741
Change in Inventory0000
Gross Margins61.973.1277.0771.92
Employee Benefit Expenses13192524
Other Expenses31476155
EBITDA60707226
OPM35.7137.6335.1217.81
Other Income12262434
Finance Cost00.1500.6
D&A3345
EBIT57676821
EBIT Margins33.9336.0233.1714.38
PBT69939255
PBT Margins41.075044.8837.67
Tax17232415
PAT52706840
NPM30.9537.6333.1727.4
EPS133.33175.44170.43100.25

Shareholding pattern

  • Chang Investchem Private Limited37.53%
  • Aessen Private Limited20.51%
  • Acme Network S.A20.07%
  • Others21.88%

Promoters & management

NameDesignationExperienceLinkedin Profile
Shankar Laxman LaadDirector25 yrsLink
Harnam Thakur SinghDirector25 yrsLink
Nasim UddinDirector25 yrsLink

Frequently asked questions

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Martin and Harris Laboratories Limited

₹895

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