Martin and Harris Laboratories Ltd Unlisted Shares
₹ 895
About Martin and Harris Laboratories Ltd Unlisted Shares
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:
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Roorkee (Uttarakhand)
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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 Vertical | Revenue Contribution |
|---|---|
| Pharma Business | 52% |
| Derivative & Investment Business | 48% |
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:
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Mutual Funds
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Quoted (Listed) Equities
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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.
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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.
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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.
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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.
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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.
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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.
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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.
Fundamentals
| Martin and Harris Laboratories Limited | ₹ 850 | Market Cap (in cr.) | ₹ 340 |
| Unlisted Shares Price | Per Equity Share | 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. |
Financial
| P&L Statement | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Revenue | 168 | 186 | 205 | 146 |
| Cost of Material Consumed | 64 | 50 | 47 | 41 |
| Change in Inventory | 0 | 0 | 0 | 0 |
| Gross Margins | 61.9 | 73.12 | 77.07 | 71.92 |
| Employee Benefit Expenses | 13 | 19 | 25 | 24 |
| Other Expenses | 31 | 47 | 61 | 55 |
| EBITDA | 60 | 70 | 72 | 26 |
| OPM | 35.71 | 37.63 | 35.12 | 17.81 |
| Other Income | 12 | 26 | 24 | 34 |
| Finance Cost | 0 | 0.15 | 0 | 0.6 |
| D&A | 3 | 3 | 4 | 5 |
| EBIT | 57 | 67 | 68 | 21 |
| EBIT Margins | 33.93 | 36.02 | 33.17 | 14.38 |
| PBT | 69 | 93 | 92 | 55 |
| PBT Margins | 41.07 | 50 | 44.88 | 37.67 |
| Tax | 17 | 23 | 24 | 15 |
| PAT | 52 | 70 | 68 | 40 |
| NPM | 30.95 | 37.63 | 33.17 | 27.4 |
| EPS | 133.33 | 175.44 | 170.43 | 100.25 |
Financial Ratios |
2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Operating Profit Margin | 35.71 | 37.63 | 35.12 | 17.81 |
| Net Profit Margin | 30.95 | 37.63 | 33.17 | 27.4 |
| Earning Per Share (Diluted) | 133.33 | 175.44 | 170.43 | 100.25 |
| Assets | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Fixed Assets | 13 | 13 | 15 | 18 |
| CWIP | 0 | 0.4 | 3 | 0 |
| Investments | 112 | 373 | 62 | 70 |
| Trade Receivables | 0 | 0 | 1 | 2 |
| Inventory | 19 | 24 | 19 | 30 |
| Other Assets | 316 | 132.6 | 515 | 542 |
| Total Assets | 460 | 543 | 615 | 662 |
| Liabilities | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Share Capital | 3.9 | 3.99 | 3.99 | 3.99 |
| FV | 10 | 10 | 10 | 10 |
| Reserves | 442 | 523 | 589 | 628 |
| Borrowings | 5 | 5 | 4 | 8 |
| Trade Payables | 5 | 4 | 10 | 17 |
| Other Liabilities | 4.1 | 7.01 | 8.01 | 5.01 |
| Total Liabilities | 460 | 543 | 615 | 662 |
| Cash-Flow Statement | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| PBT | 69 | 93 | 92 | 55 |
| OPBWC | 62 | 79 | 72 | 27 |
| Change in Receivables | 18 | 0 | -1.3 | -0.6 |
| Change in Inventories | 2 | -6 | 5.3 | -12 |
| Change in Payables | -6 | 1.5 | 4.5 | 7 |
| Other Changes | -206 | 100.5 | -400.5 | 11.6 |
| Working Capital Change | -192 | 96 | -392 | 6 |
| Cash Generated From Operations | -130 | 175 | -320 | 33 |
| Tax | -37 | -23 | -24 | -14 |
| Cash Flow From Operations | -167 | 152 | -344 | 19 |
| Purchase of PPE | -3 | -2 | -8.2 | -12 |
| Sale of PPE | 0 | 0 | 0 | 10 |
| Cash Flow From Investment | 178 | -132 | 325.4 | -21 |
| Borrowing | -8.5 | 0.7 | 0.2 | 4 |
| Dividend | -0.8 | -1.4 | -2 | -2 |
| Equity | 0 | 0 | 0 | 0 |
| Others From Financing | -0.2 | 0 | -0.14 | -1 |
| Cash Flow from Financing | -9.5 | -0.7 | -1.94 | 1 |
| Net Cash Generated | 1.5 | 19.3 | -20.54 | -1 |
| Cash at the Start | 0.7 | 2.3 | 21.32 | 0.8 |
| Cash at the End | 2.2 | 21.6 | 0.78 | -0.2 |
