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Paper, Board & Packaging

MERIT Merit Packaging Limited

Latest results: FY2026 · Jun 2026

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Last close · 16 Oct 2026

Rs 8.85 -0.56%

Annual · FY2012 – FY2026

Merit Packaging Limited (MERIT) balance sheet

At the end of FY2026 (Jul 2025 – Jun 2026) Merit Packaging Limited had total assets of Rs 4.0 bn, down 20.0% on FY2025. Current assets of Rs 1.7 bn covered current liabilities of Rs 1.2 bn 1.37 times. Total debt was Rs 541.3 mn, net debt Rs 530.9 mn. Shareholders' equity was Rs 2.4 bn (Rs 11.97 per share), 59.6% of total assets.

MERIT balance sheet (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
Assets
Cash & short-term investments 10.3 2.7 21.3 5.6 6.8
Trade receivables 742.3 792.7 1,196.4 1,443.6 1,113.8
Inventories 409.5 643.1 567.0 830.1 782.6
Total current assets 1,700.0 2,022.6 2,253.8 2,713.2 2,313.5
Property, plant & equipment 2,302.4 2,487.5 3,061.5 4,430.9 2,988.5
Intangible assets 0.0 0.1 0.2 0.2 0.4
Other non-current assets 12.2 12.2 12.2 12.2 5.0
Total non-current assets 2,314.6 2,994.2 3,073.9 4,443.4 2,994.0
Total assets 4,014.6 5,016.7 5,327.8 7,156.6 5,307.5
Liabilities
Trade payables 1,077.8 1,445.0 1,295.9 1,814.2 1,092.3
Short-term borrowings & current portion of debt 164.8 893.9 738.6 803.8 909.7
Total current liabilities 1,244.3 2,361.1 2,071.0 2,666.3 2,052.1
Long-term debt 376.4 383.6 332.8 1,538.6 1,641.5
Other non-current liabilities 0.0 — — — —
Total non-current liabilities 376.4 383.6 332.8 1,538.6 1,641.5
Total liabilities 1,620.7 2,744.7 2,403.9 4,204.9 3,693.6
Equity
Share capital 1,999.6 1,999.6 1,999.6 1,999.6 1,999.6
Reserves & retained earnings 96.0 (25.8) 626.0 653.8 (684.1)
Equity attributable to shareholders 2,393.9 2,272.1 2,923.9 2,951.7 1,613.8
Non-controlling interest 0.0 0.0 0.0 0.0 0.0
Total equity 2,393.9 2,272.1 2,923.9 2,951.7 1,613.8
Total liabilities & equity 4,014.6 5,016.7 5,327.8 7,156.6 5,307.5
Key figures
Total debt 541.3 1,277.6 1,071.5 2,342.4 2,551.2
Net debt / (net cash) 530.9 1,274.9 1,050.2 2,336.8 2,544.4
Shares outstanding mn 200.0 200.0 200.0 200.0 200.0
Common equity 2,393.9 2,272.1 2,923.9 2,951.7 1,613.8
Book value per share (Rs) Rs 11.97 11.36 14.62 14.76 8.07
MERIT balance sheet — year-on-year change (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
Assets
Cash & short-term investments +289.4% -87.5% +277.4% -17.5% +93.5%
Trade receivables -6.4% -33.7% -17.1% +29.6% +70.9%
Inventories -36.3% +13.4% -31.7% +6.1% +25.6%
Total current assets -15.9% -10.3% -16.9% +17.3% +31.1%
Property, plant & equipment -7.4% -18.8% -30.9% +48.3% -1.3%
Intangible assets -100.0% -60.0% -37.5% -40.8% -45.2%
Other non-current assets 0.0% 0.0% 0.0% +144.0% -97.2%
Total non-current assets -22.7% -2.6% -30.8% +48.4% -6.7%
Total assets -20.0% -5.8% -25.6% +34.8% +6.7%
Liabilities
Trade payables -25.4% +11.5% -28.6% +66.1% +36.4%
Short-term borrowings & current portion of debt -81.6% +21.0% -8.1% -11.6% -22.9%
Total current liabilities -47.3% +14.0% -22.3% +29.9% +1.7%
Long-term debt -1.9% +15.3% -78.4% -6.3% -31.8%
Other non-current liabilities — — — — —
Total non-current liabilities -1.9% +15.3% -78.4% -6.3% -31.8%
Total liabilities -40.9% +14.2% -42.8% +13.8% -16.6%
Equity
Share capital 0.0% 0.0% 0.0% 0.0% +148.0%
Reserves & retained earnings — -104.1% -4.2% — —
Equity attributable to shareholders +5.4% -22.3% -0.9% +82.9% +193.8%
Non-controlling interest — — — — —
Total equity +5.4% -22.3% -0.9% +82.9% +193.8%
Total liabilities & equity -20.0% -5.8% -25.6% +34.8% +6.7%
Key figures
Total debt -57.6% +19.2% -54.3% -8.2% -28.9%
Net debt / (net cash) -58.4% +21.4% -55.1% -8.2% -29.0%
Shares outstanding — — — — —
Common equity +5.4% -22.3% -0.9% +82.9% +193.8%
Book value per share (Rs) +5.4% -22.3% -0.9% +82.9% +30.0%

Change against the previous fiscal year; shown when the earlier figure is positive.

MERIT balance sheet — common size (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
Assets
Cash & short-term investments 0.3% 0.1% 0.4% 0.1% 0.1%
Trade receivables 18.5% 15.8% 22.5% 20.2% 21.0%
Inventories 10.2% 12.8% 10.6% 11.6% 14.7%
Total current assets 42.3% 40.3% 42.3% 37.9% 43.6%
Property, plant & equipment 57.3% 49.6% 57.5% 61.9% 56.3%
Intangible assets 0.0% 0.0% 0.0% 0.0% 0.0%
Other non-current assets 0.3% 0.2% 0.2% 0.2% 0.1%
Total non-current assets 57.7% 59.7% 57.7% 62.1% 56.4%
Total assets 100.0% 100.0% 100.0% 100.0% 100.0%
Liabilities
Trade payables 26.8% 28.8% 24.3% 25.3% 20.6%
Short-term borrowings & current portion of debt 4.1% 17.8% 13.9% 11.2% 17.1%
Total current liabilities 31.0% 47.1% 38.9% 37.3% 38.7%
Long-term debt 9.4% 7.6% 6.2% 21.5% 30.9%
Other non-current liabilities 0.0% — — — —
Total non-current liabilities 9.4% 7.6% 6.2% 21.5% 30.9%
Total liabilities 40.4% 54.7% 45.1% 58.8% 69.6%
Equity
Share capital 49.8% 39.9% 37.5% 27.9% 37.7%
Reserves & retained earnings 2.4% (0.5%) 11.7% 9.1% (12.9%)
Equity attributable to shareholders 59.6% 45.3% 54.9% 41.2% 30.4%
Non-controlling interest 0.0% 0.0% 0.0% 0.0% 0.0%
Total equity 59.6% 45.3% 54.9% 41.2% 30.4%
Total liabilities & equity 100.0% 100.0% 100.0% 100.0% 100.0%
Key figures
Total debt 13.5% 25.5% 20.1% 32.7% 48.1%
Net debt / (net cash) 13.2% 25.4% 19.7% 32.7% 47.9%
Common equity 59.6% 45.3% 54.9% 41.2% 30.4%

Each line as a percentage of total assets.

Figures in Pakistani rupees as reported by the company; costs and cash outflows in brackets; "—" = not reported. * Figures in this period do not fully reconcile in the source data (hover the * for details). Updated 16 Oct 2026.

All reported line items 117
MERIT balance sheet — all reported line items (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
Cash & Cash Equivalents 10.3 2.7 21.3 5.6 6.8
Cash & Short Term Investments 10.3 2.7 21.3 5.6 6.8
Loans & Receivables - Net - Short-Term 1,218.0 1,305.2 1,578.6 1,841.6 1,520.9
Loans & Receivables - Total 1,218.0 1,305.2 1,578.6 1,841.6 1,520.9
Trade Accounts & Trade Notes Receivable - Net 742.3 792.7 1,196.4 1,443.6 1,113.8
Loans - Short-Term 35.7 39.8 28.8 28.6 38.9
Income Tax - Receivables - Short-Term 418.8 449.1 335.6 341.4 368.0
Receivables - Other - Total 21.2 23.7 17.7 28.1 0.1
Inventories - Total 409.5 643.1 567.0 830.1 782.6
Inventories - Raw Materials 111.0 97.5 114.5 66.2 81.9
Inventories - Finished Goods 298.5 545.7 452.6 764.0 700.7
Prepaid Expenses - Short-Term 62.1 71.6 86.9 35.8 3.1
Property, Plant & Equipment - Net - Total 2,302.4 2,487.5 3,061.5 4,430.9 2,988.5
Other Assets - Total 12.2 12.2 12.2 12.2 5.0
Intangible Assets - Total - Net 0.0 0.1 0.2 0.2 0.4
Total Current Assets 1,700.0 2,022.6 2,253.8 2,713.2 2,313.5
Receivables & Loans - Long-Term — — — — 0.0
Loans - Long-Term — — — — 0.0
Property, Plant & Equipment - excluding Assets Leased Out - Net - Total 2,302.4 2,487.5 3,061.5 4,430.9 2,988.5
Construction in Progress - Net 0.0 11.9 115.6 138.1 77.3
Right of Use Tangible Assets - Total - Net 111.7 125.9 140.1 0.0 —
Right of Use Tangible Assets - Capital/Finance Lease - Net 111.7 125.9 140.1 0.0 —
Property, Plant & Equipment - Other - Net 2,190.6 2,349.7 2,805.9 4,292.8 2,911.3
Total Assets 4,014.6 5,016.7 5,327.8 7,156.6 5,307.5
Debt - Total 541.3 1,277.6 1,071.5 2,342.4 2,551.2
Short-Term Debt & Current Portion of Long-Term Debt 164.8 893.9 738.6 803.8 909.7
Current Portion of Long-Term Debt including Capitalized Leases 7.2 52.6 98.3 127.2 210.9
Capitalized Leases - Current Portion 7.2 5.8 4.7 0.0 —
Short-Term Debt & Notes Payable 157.6 841.3 640.3 676.7 698.9
Debt - Long-Term - Total 376.4 383.6 332.8 1,538.6 1,641.5
Current Portion of Long-Term Debt excluding Capitalized Leases 0.0 46.8 93.6 127.2 210.9
Assets Held for Sale/Discontinued Operations - Long-Term 0.0 494.3 — — —
Capitalized Lease Obligations - Long-Term 126.4 133.6 142.4 0.0 0.0
Long-Term Debt excluding Capitalized Leases 250.0 250.0 190.5 1,538.6 1,641.5
Other Non-Current Assets - Total 12.2 12.2 12.2 12.2 5.0
Debt - Non-Convertible - Long-Term 250.0 250.0 190.5 1,538.6 1,641.5
Dividends Payable 0.1 0.1 0.1 0.1 0.1
Deferred Tax - Asset - Long-Term — — — — —
Payables & Accrued Expenses 1,077.8 1,445.0 1,295.9 1,814.2 1,092.3
Trade Account Payables - Total 1,077.8 1,445.0 1,295.9 1,814.2 1,092.3
Other Non-Current Assets 12.2 12.2 12.2 12.2 5.0
Total Liabilities 1,620.7 2,744.7 2,403.9 4,204.9 3,693.6
Shareholders' Equity - Attributable to Parent Shareholders - Total 2,393.9 2,272.1 2,923.9 2,951.7 1,613.8
Total Non-Current Assets 2,314.6 2,994.2 3,073.9 4,443.4 2,994.0
Common Equity Attributable to Parent Shareholders 2,393.9 2,272.1 2,923.9 2,951.7 1,613.8
Common Equity - Contributed 2,297.9 2,297.9 2,297.9 2,297.9 2,297.9
Common Stock - Issued & Paid 1,999.6 1,999.6 1,999.6 1,999.6 1,999.6
Equity - Non-Contributed - Reserves & Retained Earnings 96.0 (25.8) 626.0 653.8 (684.1)
Retained Earnings - Total (1,376.8) (1,766.7) (1,244.7) (2,274.4) (2,124.2)
Trade Accounts Payable & Accruals - Short-Term 1,077.8 1,445.0 1,295.9 1,814.2 1,092.3
Comprehensive Income - Accumulated - Total 674.8 942.9 974.0 2,199.0 812.1
Trade Accounts & Trade Notes Payable - Short-Term 1,077.8 1,445.0 1,295.9 1,814.2 1,092.3
Other Reserves/Equity - Total 797.9 797.9 896.7 729.2 628.0
Income Taxes - Payable - Short-Term — — 0.0 0.0 28.6
Dividends/Distributions Payable 0.1 0.1 0.1 0.1 0.1
Other Current Liabilities - Total 1.5 22.0 36.4 48.2 21.4
Common Equity - Total 2,393.9 2,272.1 2,923.9 2,951.7 1,613.8
Deferred Income - Short-Term — — — — 0.3
Common Stock - Additional Paid in Capital including Option Reserve 298.3 298.3 298.3 298.3 298.3
Total Shareholders' Equity - including Minority Interest & Hybrid Debt 2,393.9 2,272.1 2,923.9 2,951.7 1,613.8
Total Liabilities & Equity 4,014.6 5,016.7 5,327.8 7,156.6 5,307.5
Other Current Liabilities 1.5 22.0 36.4 48.2 21.1
Revaluation Reserves 674.8 942.9 974.0 2,199.0 812.1
Total Current Liabilities 1,244.3 2,361.1 2,071.0 2,666.3 2,052.1
Other Non-Current Liabilities - Total 0.0 — — — —
Deferred Revenue - Long-Term — — — — —
Other Non-Current Liabilities 0.0 — — — —
Total Non-Current Liabilities 376.4 383.6 332.8 1,538.6 1,641.5
Common Shares - Issued - Total mn 200.0 200.0 200.0 200.0 200.0
Common Shares - Outstanding - Total mn 200.0 200.0 200.0 200.0 200.0
Common Shares - Treasury - Total mn 0.0 0.0 0.0 0.0 0.0
Common Shares - Authorized - Issue Specific mn 200.0 200.0 200.0 200.0 200.0
Common Shares - Issued - Issue Specific mn 200.0 200.0 200.0 200.0 200.0
Common Shares - Outstanding - Issue Specific mn 200.0 200.0 200.0 200.0 200.0
Common Shares - Treasury - Issue Specific mn 0.0 0.0 0.0 0.0 0.0
Asset Allocation Factor - Issue Specific 1.00× 1.00× 1.00× 1.00× 1.00×
Right of Use Tangible Assets - Total - Net - Supplemental 111.7 125.9 140.1 0.0 —
Right of Use Tangible Assets - Capital/Finance Lease - Net - Supplemental 111.7 125.9 140.1 0.0 —
Property, Plant & Equipment - excluding Right of Use Tangible Assets & Capital Leases - Net - Supplemental 2,190.6 2,361.7 2,921.5 4,430.9 —
Finance and Operating Lease Liabilities - Total - Supplemental 133.6 139.4 147.1 0.0 0.0
Debt including Finance and Operating Lease Liabilities - Supplemental 541.3 1,277.6 1,071.5 2,342.4 2,551.2
Net Debt 530.9 1,274.9 1,050.2 2,336.8 2,544.4
Asset Accruals 4,004.3 5,014.1 5,306.5 7,151.0 5,300.6
Cash & Cash Equivalents - Total 10.3 2.7 21.3 5.6 6.8
Cash & Short Term Investments - Total 10.3 2.7 21.3 5.6 6.8
Debt - including Preferred Equity & Minority Interest - Total 541.3 1,277.6 1,071.5 2,342.4 2,551.2
Net Book Capital 2,924.8 3,547.0 3,974.1 5,288.5 4,158.2
Net Operating Assets 2,924.8 3,547.0 3,974.1 5,288.5 4,158.2
Shareholders Equity - Common 2,393.9 2,272.1 2,923.9 2,951.7 1,613.8
Tangible Total Equity 2,393.9 2,272.0 2,923.8 2,951.4 1,613.4
Tangible Book Value 2,393.9 2,272.0 2,923.8 2,951.4 1,613.4
Total Book Capital 2,935.1 3,549.6 3,995.4 5,294.1 4,165.1
Total Capital 2,935.1 3,549.6 3,995.4 5,294.1 4,165.1
Total Long Term Capital 2,770.3 2,655.7 3,256.8 4,490.3 3,255.3
Unearned Revenue - Total — — — — 0.3
Book Value excluding Other Equity 1,595.9 1,474.1 2,027.2 2,222.5 985.8
Assets Held for Sale/Discontinued Operations - Long-Term & Short-Term 0.0 494.3 — — —
Income Taxes - Payable - Long-Term & Short-Term — — 0.0 0.0 28.6
Accruals - Short-Term 445.4 (341.1) 161.5 41.2 254.5
Cash & Short Term Investments - Net of Debt (530.9) (1,274.9) (1,050.2) (2,336.8) (2,544.4)
Current Portion of Long-Term Debt including Capitalized Leases & Hybrid Financial Instruments 7.2 52.6 98.3 127.2 210.9
Total Fixed Assets - Net 2,314.6 2,994.2 3,073.9 4,443.4 2,994.0
Working Capital 455.7 (338.5) 182.8 46.9 261.3
Interest Bearing Liabilities - Total 541.3 1,277.6 1,071.5 2,342.4 2,551.2
Working Capital - Non-Cash 445.4 (341.1) 161.5 41.2 254.5
Working Capital excluding Other Current Assets & Liabilities 457.2 (316.5) 219.2 95.0 282.7
Net Debt Including Preferred Equity & Minority Interest 530.9 1,274.9 1,050.2 2,336.8 2,544.4
Other Short-Term & Long-Term Assets - Total 12.2 12.2 12.2 12.2 5.0
Other Short-Term & Long-Term Liabilities - Total 1.5 22.0 36.4 48.2 21.4
Total Current Assets excluding Total Inventories 1,290.5 1,379.5 1,686.8 1,883.1 1,530.9
Tangible Book Value excluding Other Equity 1,595.9 1,474.1 2,027.0 2,222.3 985.4
Total Debt Excluding Islamic 541.3 1,277.6 1,071.5 2,342.4 2,551.2
Trade Accounts & Trade Notes Receivable - Net - Total 742.3 792.7 1,196.4 1,443.6 1,113.8
Current Liabilities excluding Current Debt - Total 1,079.5 1,467.1 1,332.4 1,862.5 1,142.4
Cash in Hand & with Banks - Total 10.3 2.7 21.3 5.6 6.8
Current Assets excluding Cash & Short Term Investments - Total 1,689.7 2,019.9 2,232.5 2,707.5 2,306.6
Cash, Short Term Investments & Accounts Receivable - Total 752.6 795.3 1,217.7 1,449.2 1,120.7

Every line the company reported, in the original order and wording, without regrouping or signs changed.