MERIT Merit Packaging Limited

Merit Packaging Limited (MERIT) financial ratios

Merit Packaging Limited earned a net margin of 3.6% in FY2026 against a five-year average of -3.5% (Paper, Board & Packaging median 3.6%). Return on equity was 5.3%, compared with a sector median of 5.5%. The current ratio stood at 1.37× and debt was 22.6% of equity. Cash took about 55 days to cycle through receivables, inventory and payables.

FY2026 vs the Paper, Board & Packaging median

Gross margin: 1.7%; Sector median 14.1%
Operating margin: -6.3%; Sector median 9.6%
Net margin: 3.6%; Sector median 3.6%
Return on equity (ROE): 5.3%; Sector median 5.5%
Return on assets (ROA): 2.7%; Sector median 2.5%
Current ratio: 1.37×; Sector median 1.50×
Debt to equity: 22.6%; Sector median 43.0%
Asset turnover: 0.76×; Sector median 0.87×
Dividend payout ratio: 0.0%; Sector median 22.6%

Median of the 12 companies in the sector with the figure for their latest fiscal year.

MERIT financial ratios (annual) (Rs mn)
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	FY2016 Jul 2015 – Jun 2016	FY2015 Jul 2014 – Jun 2015	FY2014 Jul 2013 – Jun 2014	FY2013 Jul 2012 – Jun 2013	FY2012 Jul 2011 – Jun 2012
Profitability
Gross margin	1.7%	(0.5%)	6.9%	7.8%	6.0%	(1.5%)	(9.2%)	0.2%	7.8%	10.2%	8.0%	8.5%	8.5%	4.8%	—
EBITDA margin	(0.5%)	(2.6%)	6.6%	6.9%	7.2%	0.6%	(7.8%)	1.1%	7.7%	9.2%	7.9%	8.3%	7.8%	4.0%	—
Operating margin	(6.3%)	(7.0%)	3.0%	3.9%	2.6%	(7.2%)	(19.3%)	(4.6%)	3.9%	5.7%	5.1%	6.0%	5.5%	1.0%	—
Pre-tax margin	5.6%	(11.4%)	(2.8%)	(3.0%)	(4.1%)	(18.8%)	(35.6%)	(12.3%)	(1.6%)	0.2%	0.6%	1.2%	0.4%	(6.0%)	—
Net margin	3.6%	(11.4%)	(2.8%)	(3.0%)	(4.0%)	(19.5%)	(32.1%)	(10.9%)	(0.3%)	1.8%	0.2%	0.7%	(0.6%)	(6.4%)	—
Effective tax rate	36.1%	—	—	—	—	—	—	—	—	(1,077.6%)	66.7%	39.9%	260.8%	—	—
Returns
Return on equity (ROE)	5.3%	(23.1%)	(6.3%)	(8.3%)	(15.5%)	(100.8%)	(87.2%)	(30.8%)	(1.0%)	5.5%	0.6%	2.9%	(3.3%)	(41.6%)	—
Return on assets (ROA)	2.7%	(11.6%)	(3.0%)	(3.0%)	(3.3%)	(11.7%)	(14.8%)	(7.4%)	(0.2%)	1.2%	0.2%	0.9%	(0.8%)	(6.8%)	—
Return on invested capital (ROIC)	5.7%	—	—	—	—	—	—	—	—	47.9%	1.4%	4.9%	(13.1%)	—	—
Liquidity
Current ratio	1.37×	0.86×	1.09×	1.02×	1.13×	0.87×	0.97×	0.68×	0.89×	0.97×	0.88×	1.67×	1.41×	1.09×	1.23×
Quick ratio	1.04×	0.58×	0.81×	0.71×	0.75×	0.57×	0.62×	0.40×	0.59×	0.60×	0.52×	1.07×	0.73×	0.45×	0.62×
Leverage
Debt to equity	22.6%	56.2%	36.6%	79.4%	158.1%	653.0%	611.3%	267.5%	220.9%	356.1%	281.8%	198.8%	174.0%	562.5%	341.1%
Debt to capital	18.4%	36.0%	26.8%	44.2%	61.3%	86.7%	85.9%	72.8%	68.8%	78.1%	73.8%	66.5%	63.5%	84.9%	77.3%
Debt to assets	13.5%	25.5%	20.1%	32.7%	48.1%	72.1%	74.1%	58.9%	58.4%	71.7%	68.0%	61.4%	57.6%	74.3%	65.6%
Assets to equity	1.94×	1.99×	2.12×	2.73×	4.75×	8.65×	5.87×	4.16×	4.23×	4.57×	3.71×	3.13×	4.15×	6.14×	—
Efficiency
Asset turnover	0.76×	1.02×	1.06×	1.02×	0.81×	0.60×	0.46×	0.68×	0.72×	0.66×	0.78×	1.25×	1.34×	1.06×	—
Receivable days days	135	100	94	97	116	137	160	114	120	123	123	86	64	76	—
Inventory days days	57	42	41	50	65	76	94	70	73	90	89	72	81	96	—
Payable days days	137	94	92	91	88	86	110	88	63	46	37	25	30	47	—
Cash conversion cycle days	55	47	44	57	94	126	144	97	130	168	175	133	115	125	—
Dividends
Dividend payout ratio	0.0%	—	—	—	—	—	—	—	—	0.0%	0.0%	0.0%	—	—	—
Earnings retention rate	1.00×	—	—	—	—	—	—	—	—	1.00×	1.00×	1.00×	—	—	—

Ratios as reported for each fiscal year; returns are on average equity / assets. Debt ratios are percentages; turnover in times; working-capital measures in days.

MERIT: frequently asked questions

What is MERIT's EPS?

Merit Packaging Limited reported basic earnings per share of Rs 0.62 for FY2026 (Jul 2025 – Jun 2026).

What is MERIT's P/E ratio?

At the closing price of Rs 9.09 on 16 Oct 2026, MERIT trades at a P/E of 14.7× based on EPS of Rs 0.62 (FY2026).

Does MERIT pay dividends?

Merit Packaging Limited did not declare a cash dividend for FY2026.

What was MERIT's revenue and profit in FY2026?

Merit Packaging Limited reported revenue of Rs 3.4 bn and profit attributable to shareholders of Rs 123.6 mn for FY2026 (Jul 2025 – Jun 2026).

What is MERIT's book value per share?

Merit Packaging Limited's book value per share was Rs 11.97 at the end of FY2026. The shares trade at 0.76× book value.

Information only, not investment advice.