Unlisted Share Research Report | FY2025
Sector: Pharmaceuticals / Healthcare
Company: Martin & Harris Laboratories Limited
CIN: U24239HR1993PLC033630
ISIN: INE03VV01015
Face Value: ₹10 per share
Registered Office: Gurugram, Haryana
Status: Unlisted Public Limited Company
Group Association: Apeejay Group / Apeejay Stya & Svran Group
1. Company Overview
Martin & Harris Laboratories Limited is an Indian pharmaceutical company established in 1993, engaged in pharmaceutical manufacturing, formulation development and related healthcare activities.
The company describes itself as a research and manufacturing organisation providing finished-dosage pharmaceutical products and drug-development/manufacturing solutions. Its official website highlights diversified products and state-of-the-art manufacturing facilities.
Martin & Harris Laboratories – Official Website
The company is an unlisted public company and is registered with the Registrar of Companies, Delhi. Its authorised share capital is ₹5 Cr and paid-up share capital is ₹4 Cr.
2. Business Model
Martin & Harris has two important components:
A. Pharmaceutical Business
The core operating business involves:
- Pharmaceutical formulations
- Medicinal products
- Botanical products
- Drug-development/formulation activities
- Contract manufacturing
- Branded formulations
- Healthcare products
The company’s facilities have historically included operations in Roorkee and Una, Himachal Pradesh, with efforts to modernise manufacturing capabilities.
The company has also described its capabilities around flexible and cost-effective drug development and manufacturing solutions.
B. Investment / Fund Management Activities
This is an important differentiator.
Company-related research disclosures describe Martin & Harris as also undertaking fund-management/investment activities, including investments in mutual funds and quoted and unquoted equity securities.
Unlisted-market disclosures estimate that the business mix has historically been approximately:
- Pharmaceutical business: ~52%
- Derivative / investment business: ~48%
This means the company’s consolidated earnings can be influenced by investment income and gains in addition to pharmaceutical operations.
3. Products & Therapeutic Areas
Available company and market disclosures indicate exposure to several pharmaceutical categories, including:
- Anti-infectives
- Pain management
- Respiratory medicines
- Gastro-intestinal products
- General allopathic formulations
- Botanical / medicinal products
- Specialised formulations
The company has also historically been associated with Walter Bushnell, a pharmaceutical brand/business within the broader Apeejay ecosystem.
4. Manufacturing & R&D
Martin & Harris has positioned its manufacturing capabilities around:
Research → Formulation Development → Manufacturing → Distribution
A Haryana pollution-control consent document records pharmaceutical formulation and R&D activity at the company’s Gurugram facility, including sustained-release/extended-release formulation R&D.
The company has also received recognition for innovation in process and formulation development, according to company-related disclosures.
5. FY2025 Financial Performance
FY25 presents an interesting picture.
| Particulars | FY24 | FY25 | YoY |
|---|---|---|---|
| Revenue from Operations | ₹146.15 Cr | ₹107.43 Cr | -26.5% |
| Other Income | ₹34.29 Cr | ₹43.80 Cr | +27.7% |
| Total Income | ₹180.44 Cr | ₹151.23 Cr | -16.2% |
| EBITDA | ₹26.0 Cr | ₹8.4 Cr | -67.7% |
| PBT | ₹55.22 Cr | ₹82.99 Cr | +50.3% |
| PAT | ₹40.43 Cr | ₹66.30 Cr | +64.1% |
| EPS | ₹101.17 | ₹165.93 | +64.1% |
The important observation
Pharmaceutical operating revenue declined substantially, from ₹146 Cr to ₹107 Cr.
At the same time, PAT increased from approximately ₹40 Cr to ₹66 Cr.
This apparently contradictory movement is explained partly by higher other income and a ₹36.74 Cr exceptional item recorded in FY25.
Therefore, investors should not simply annualise the ₹66 Cr FY25 PAT as recurring pharmaceutical earnings.
6. EBITDA Quality
FY25 EBITDA fell sharply:
₹26 Cr → ₹8.4 Cr
EBITDA margin therefore declined from approximately 17.8% to 7.8%.
This is one of the biggest points to monitor.
While PAT increased, core operating profitability weakened considerably.
For an investor evaluating Martin & Harris as a pharmaceutical company, the recovery of EBITDA from the FY25 level is arguably more important than the headline PAT.
7. Exceptional Income
FY25 included approximately:
₹36.74 Cr exceptional income
As a result:
- PBT before exceptional items: ~₹46.25 Cr
- Exceptional item: ~₹36.74 Cr
- Reported PBT: ~₹82.99 Cr
- PAT: ~₹66.30 Cr
This makes the distinction between recurring operating earnings and one-off/non-operating gains particularly important.
8. Balance Sheet
FY25 shareholder funds / net worth increased substantially.
| Particulars | FY24 | FY25 |
|---|---|---|
| Shareholder Funds | ₹632 Cr | ₹749 Cr |
| Total Debt | ₹7.8 Cr | ₹13.0 Cr |
| Total Assets | ₹662 Cr | ₹749 Cr |
| Current Assets | ₹425 Cr | ₹633 Cr |
Debt remains very low relative to net worth.
Debt/Equity
Approximately:
0.02x
This provides considerable balance-sheet flexibility compared with highly leveraged pharmaceutical businesses.
9. Cash Flow
FY25 operating cash flow increased sharply to approximately:
₹273.6 Cr
compared with around ₹58.4 Cr in FY24.
Free cash flow was estimated at approximately ₹260.7 Cr.
However, investors should examine the detailed cash-flow statement because the unusually large improvement is not necessarily equivalent to recurring pharmaceutical operating cash generation.
The company also recorded substantial investing cash flows during FY25, consistent with movements in investments/assets.
10. Shareholding Pattern
The latest available unlisted-market shareholding data shows:
| Shareholder | Holding |
|---|---|
| Chang Investchem Private Limited | 37.53% |
| Aessen Private Limited | 20.71% |
| Acme Network S.A. | 20.07% |
| Others | 21.69% |
Total shares outstanding are approximately:
39.96 lakh shares
with a face value of ₹10.
11. Management
Available corporate records identify directors including:
- Shanker Laad Laxman
- Harnam Thakur Singh
- Nasim Uddin
The company has historically had long-tenured individuals associated with its management.
12. Current Unlisted Share Price
Martin & Harris shares trade in the private/unlisted market.
Recent September 2026 references show prices around:
₹895 per share
UnlistedZone reported ₹895 on 16 September 2026, while Safal Capital also displayed ₹895.
Other market references have shown lower levels around ₹800–₹810 during September, demonstrating the limited price discovery and variation between private-market transactions.
Indicative Market Capitalisation
At ₹895 × 39.96 lakh shares:
~₹358 Cr
Important: This is an indicative OTC/private-market value, not an NSE/BSE traded market capitalisation.
13. Valuation
At around ₹895 per share, available private-market sources show approximately:
| Metric | Approx. |
|---|---|
| Market Cap | ₹358 Cr |
| P/E | ~5.4x |
| P/B | ~0.5x |
| Debt/Equity | ~0.02x |
| Book Value/Share | ~₹1,794 |
| EPS | ~₹166 |
The low P/B is notable, but investors should remember that book value includes the company’s investment/financial assets and is therefore not the same as the value of its pharmaceutical operating business alone.
14. Five-Year Financial Trend
| ₹ Cr | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | 168 | 186 | 205 | 146 | 107 |
| EBITDA | 60 | 70 | 72 | 26 | 8 |
| PBT | 69* | 93 | 92 | 55 | 83 |
| PAT | 52* | 70 | 68 | 40 | 66 |
| EPS | ~133 | 175 | 170 | 100 | 166 |
*Historical datasets vary in presentation for FY21.
Trend interpretation
The most important trend is:
Pharma revenue: declining
EBITDA: declining sharply
PAT: recovering
Book value: increasing
Debt: low
Investment income: increasingly relevant
Therefore, Martin & Harris should not be analysed purely as a conventional pharmaceutical manufacturer.
15. IPO / Listing Status
Martin & Harris Laboratories is currently unlisted.
Available market sources currently show:
DRHP: Not Filed
Moneycontrol and Altius Investec both currently show no DRHP filed.
There is therefore no confirmed IPO price band, issue size or listing date available at present.
Earlier market discussions have referred to Martin & Harris as a pre-IPO/unlisted opportunity, but investors should distinguish those historical expectations from a formal IPO filing.
16. Growth Drivers
1. Pharmaceutical manufacturing
The company has established manufacturing and formulation capabilities and can potentially benefit from continued demand for affordable medicines.
2. Formulation development
Its R&D/formulation capabilities provide an opportunity to develop differentiated formulations and value-added products.
3. Low leverage
Debt/equity of roughly 0.02x provides a relatively conservative balance sheet.
4. Large investment portfolio
The investment component provides another source of earnings and asset value, although these earnings may fluctuate.
5. Apeejay ecosystem
The company has historically been associated with the Apeejay Stya & Svran business ecosystem and Walter Bushnell.
6. Potential operating recovery
The key potential upside variable is a recovery in pharmaceutical revenue and EBITDA margins from FY25’s depressed levels.
17. Key Risks
1. Declining pharmaceutical revenue
Revenue from operations declined approximately 26.5% in FY25.
2. EBITDA compression
EBITDA fell from approximately ₹26 Cr to ₹8.4 Cr.
3. PAT quality
FY25 PAT benefited from a significant exceptional item and other income, making it less representative of recurring operating profitability.
4. Investment-income dependence
A significant portion of the company’s overall financial performance comes from investment/fund-management activities.
5. Pharmaceutical competition
The Indian pharmaceutical market is highly competitive, with pricing pressure and significant regulatory requirements.
6. Regulatory risk
Pharmaceutical manufacturing and formulation development require compliance with applicable drug, manufacturing and quality standards.
7. Unlisted liquidity
The shares are not exchange traded. Transaction sizes, bid/ask spreads and settlement conditions can vary significantly.
8. IPO uncertainty
There is currently no confirmed DRHP or IPO timetable.
18. What Investors Should Track
For Martin & Harris, the following indicators are particularly important:
- Pharmaceutical revenue growth
- EBITDA margin recovery
- Recurring PBT excluding exceptional items
- Investment income
- Investment portfolio value
- Operating cash flow
- Debt levels
- Manufacturing utilisation
- New product launches
- Any future DRHP / IPO development
19. UnlistedCart Takeaway
Martin & Harris Laboratories is an unusual unlisted opportunity because it combines a pharmaceutical manufacturing business with a substantial investment/fund-management component.
At around ₹895 per share, the indicative equity value is approximately ₹358 Cr, while FY25 reported book value was considerably higher than the market value.
However, the headline FY25 ₹66 Cr PAT needs to be interpreted carefully.
The core pharmaceutical business saw:
Revenue ↓ ~26.5%
EBITDA ↓ ~68%
while PAT increased because of higher other income and a ₹36.7 Cr exceptional item.
Therefore, the central question for investors is:
Can Martin & Harris revive its core pharmaceutical earnings while retaining the value of its investment portfolio?
The low leverage and discount to reported book value are notable characteristics, but the investment case depends heavily on the quality and sustainability of earnings, not just the apparent low P/E.
For an unlisted investor, the most important numbers to watch going forward are pharma revenue, recurring EBITDA, investment gains, cash flows and any formal IPO filing.
Important Sources
Martin & Harris Laboratories – Official Website
Martin & Harris – FY2024-25 Financials / Annual Report
Martin & Harris – Unlisted Share Information
Martin & Harris – Moneycontrol Unlisted Share Page
Martin & Harris – Altius Investec
Disclaimer: This report is for educational and informational purposes only and should not be considered investment advice, a recommendation, or an offer to buy or sell securities. Unlisted-share prices are indicative and can vary according to liquidity, lot size, seller availability and transaction terms. Investors should independently verify the latest financial statements, shareholding, investment portfolio, valuation and regulatory filings before making any investment decision.
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