Last close · 16 Oct 2026
Rs 9.09 +2.13%
Financials
Merit Packaging Limited (MERIT) financials
15 years of annual results (FY2012 – FY2026), 48 quarters.
Merit Packaging Limited (MERIT) reported revenue of Rs 3.4 bn for FY2026 (Jul 2025 – Jun 2026), down 35.1% from FY2025.
Profit attributable to shareholders was Rs 123.6 mn (EPS Rs 0.62), a net margin of 3.6%.
No cash dividend was declared for FY2026.
Net debt stood at Rs 530.9 mn.
Return on equity was 5.3%.
Over the last five years revenue grew at a compound 3.4% a year.
At Rs 9.09 (close on 16 Oct 2026) the shares trade at 14.7× earnings (FY2026) and 0.76× book value.
Fundamentals
MERIT at a glance
Revenue · FY2026
Rs 3.4 bn
▼ 35.1% year on year
Profit attributable to shareholders · FY2026
Rs 123.6 mn
EPS – basic (Rs) · FY2026
Rs 0.62
Dividend per share (Rs) · FY2026
Rs 0.00
Net margin · FY2026
3.6%
+15.0 pts year on year
Debt to equity · FY2026
22.6%
-33.6 pts year on year
Financial statements
Income statement
Revenue, costs, profit and earnings per share.
- Revenue · FY2026
- Rs 3.4 bn
- Profit attributable · FY2026
- Rs 123.6 mn
Balance sheet
Assets, liabilities, debt and shareholders' equity.
- Total assets · FY2026
- Rs 4.0 bn
- Equity · FY2026
- Rs 2.4 bn
Financial highlights
MERIT financial results
| Rs mn | FY2026 Jul 2025 – Jun 2026 | FY2025 Jul 2024 – Jun 2025 | FY2024 * Jul 2023 – Jun 2024 | FY2023 Jul 2022 – Jun 2023 | FY2022 Jul 2021 – Jun 2022 | FY2021 Jul 2020 – Jun 2021 | FY2020 Jul 2019 – Jun 2020 | FY2019 Jul 2018 – Jun 2019 | FY2018 Jul 2017 – Jun 2018 | FY2017 Jul 2016 – Jun 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 3,426.9 | 5,280.9 | 6,638.5 | 6,340.6 | 4,181.6 | 2,902.6 | 2,158.4 | 2,859.8 | 2,449.5 | 1,801.5 |
| Gross profit | 59.6 | (28.7) | 458.1 | 491.6 | 252.9 | (42.4) | (198.4) | 5.3 | 191.1 | 184.0 |
| Operating profit | (215.7) | (370.6) | 199.8 | 245.8 | 110.6 | (210.2) | (417.3) | (131.2) | 95.4 | 102.8 |
| Profit after tax | 123.6 | (599.7) | (186.4) | (189.9) | (168.2) | (565.0) | (692.7) | (310.5) | (8.3) | 32.7 |
| Profit attributable to shareholders | 123.6 | (599.7) | (186.4) | (189.9) | (168.2) | (565.0) | (692.7) | (310.5) | (8.3) | 32.7 |
| EPS – basic (Rs) Rs | 0.62 | (3.00) | (0.93) | (0.95) | (1.13) | (6.38) | (7.83) | (3.51) | (0.13) | 0.59 |
| Dividend per share (Rs) Rs | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Total assets | 4,014.6 | 5,016.7 | 5,327.8 | 7,156.6 | 5,307.5 | 4,975.7 | 4,713.5 | 4,623.2 | 3,766.1 | 3,045.8 |
| Total equity | 2,393.9 | 2,272.1 | 2,923.9 | 2,951.7 | 1,613.8 | 549.3 | 571.3 | 1,018.2 | 996.1 | 613.2 |
| Total debt | 541.3 | 1,277.6 | 1,071.5 | 2,342.4 | 2,551.2 | 3,587.2 | 3,492.1 | 2,723.8 | 2,200.5 | 2,183.6 |
| Net cash from operating activities | (206.0) | 28.9 | 88.6 | 480.8 | (142.7) | (123.7) | (752.6) | 90.1 | 53.0 | (49.9) |
| Capital expenditure | (28.5) | (116.3) | (246.4) | (240.4) | (155.5) | (48.8) | (97.5) | (778.3) | (454.9) | (495.4) |
| Free cash flow (operating cash flow − capex) | (234.5) | (87.4) | (157.8) | 240.4 | (298.2) | (172.4) | (850.1) | (688.2) | (401.9) | (545.2) |
| Rs mn | TTM to Jun 2026 | Q4 FY2026 Apr – Jun 2026 | Q3 FY2026 Jan – Mar 2026 | Q2 FY2026 Oct – Dec 2025 | Q1 FY2026 Jul – Sep 2025 | Q4 FY2025 Apr – Jun 2025 | Q3 FY2025 Jan – Mar 2025 | Q2 FY2025 Oct – Dec 2024 | Q1 FY2025 Jul – Sep 2024 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 3,426.9 | 889.1 | 760.7 | 840.3 | 936.7 | 785.6 | 1,443.3 | 1,532.2 | 1,519.8 |
| Gross profit | 59.6 | (20.8) | 4.1 | 11.5 | 64.9 | (273.0) | 46.3 | 98.8 | 99.2 |
| Operating profit | 338.8 | 448.1 | (53.2) | (68.8) | 12.6 | (378.7) | (42.3) | 34.9 | 35.9 |
| Profit after tax | 123.6 | 43.1 | (48.9) | (342.5) | 472.0 | (430.1) | (101.3) | (33.2) | (35.0) |
| Profit attributable to shareholders | 123.6 | 43.1 | (48.9) | (342.5) | 472.0 | (430.1) | (101.3) | (33.2) | (35.0) |
| EPS – basic (Rs) Rs | 0.63 | 0.22 | (0.24) | (1.71) | 2.36 | (2.15) | (0.51) | (0.17) | (0.17) |
| Dividend per share (Rs) Rs | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Total assets | 4,014.6 | 4,014.6 | 3,965.1 | 4,284.5 | 4,871.5 | 5,016.7 | 5,649.0 | 5,824.6 | 5,588.0 |
| Total equity | 2,393.9 | 2,393.9 | 2,352.6 | 2,401.5 | 2,744.1 | 2,272.1 | 2,655.6 | 2,756.9 | 2,888.9 |
| Total debt | 541.3 | 541.3 | 536.9 | 564.1 | 735.8 | 1,277.6 | 1,400.1 | 1,282.9 | 1,126.8 |
| Net cash from operating activities | (206.0) | 1.7 | 26.3 | (7.8) | (226.2) | 84.1 | (90.2) | (25.1) | 60.1 |
| Capital expenditure | — | — | (4.7) | (800.7) | (22.3) | — | (19.3) | (35.7) | (105.7) |
| Free cash flow (operating cash flow − capex) | — | — | 21.6 | (808.5) | (248.5) | — | (109.5) | (60.8) | (45.7) |
Figures in Pakistani rupees as reported by the company; costs and cash outflows in brackets. Free cash flow and book value per share are calculated by Smart Money; TTM = the latest four quarters. Updated 16 Oct 2026.