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Matrix Gas Unlisted Shares

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As on May 30, 2026, we are buying shares of the MATRIX GAS AND RENEWABLES LIMITED for ₹ 0.00 and selling them for ₹ 10.00 per share.

About Matrix Gas Unlisted Shares

Incorporated in 1996 in Gurgaon, Haryana, Martin & Harris Laboratories Ltd is a part of the prestigious Apeejay Group, one of India’s oldest and largest business conglomerates. Promoted by Mrs. Sushma Paul Berlia, the company is engaged in the manufacturing of pharmaceuticals, medicinal chemicals, and botanical products. It also strategically manages surplus funds through investments in equities (quoted & unquoted) and mutual funds. The company’s units are located in Roorkee (Uttarakhand) and Una (Himachal Pradesh) and are constantly upgraded to meet global standards. It has won prestigious recognitions including:

“Best Innovation in Process & Formulation Development” from the Ministry of Health & Family Welfare
“Pharma Excellence Award 2018” by ASSOCHAM

Business Divisions

Martin & Harris Laboratories operates through two primary verticals:

Pharmaceutical Manufacturing: Contributing 52% of the total revenue, this is the core business focused on producing medicinal and chemical products.
Derivative & Investment Business: Generating 48% of revenue through strategic investments in mutual funds, quoted/unquoted equities, and other financial instruments.

Financial Highlights

Here are the key financial insights from FY 2021–2024:

Revenue peaked at ₹205 Cr in FY23 but dipped to ₹146 Cr in FY24.
Gross margins remained strong, ranging between 61.9 and 77.07 across four years.
EBITDA fell significantly in FY24 to ₹26 Cr from ₹72 Cr in FY23, affecting operational profitability.
OPM dropped to 17.81% in FY24, highlighting margin pressure after three years above 35%.
PAT reduced to ₹40 Cr in FY24, though remained positive; NPM dropped to 27.4% from 33.17%.
EPS showed a downward trend, falling from ₹170.43 in FY23 to ₹100.25 in FY24.
Strong balance sheet with total assets rising to ₹662 Cr and reserves at ₹628 Cr in FY24.

Pros

Diversified Revenue Model: Balanced income from pharma and investments ensures financial stability.
Zero to Minimal Debt: Very low finance cost indicates negligible borrowings and healthy leverage.
Strong Reserves & Asset Base: High reserves (₹628 Cr) and total assets (₹662 Cr) reflect solid financial strength.

Cons

Revenue Drop in FY24: Significant decline in topline suggests possible business or market challenges.
EBITDA & Margin Pressure: Operating profit and margins have declined notably in the latest fiscal.
Heavy Dependency on Investment Returns: Almost half of revenue is not from core pharma operations.

Key Details

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Annual Reports

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Frequently Asked Questions

Matrix Gas and Renewables has issued equity shares many times throughout the year 2024. Throughout these rounds in 2024, shares were issued at a price of INR 400 per share. Now, number of equity shares is equal to 2,62,18,999 or roughly 2.62 crore shares. 75,41,000 shares were issued throughout 2024, at INR 400 indicating that funds more than 301 Crores have been raised.

Matrix Gas secured a 237 MW hydrogen electrolyser capacity under India’s Production Linked Incentive (PLI) scheme, marking a significant step toward the country’s renewable energy goals. Together with Gensol, the consortium has achieved a cumulative 300 MW capacity, backed by incentives worth ₹450 Crore, under the National Green Hydrogen Mission.

The promoters of Matrix gas are the same as Gensol Engineering. Recently, it was discovered that these promoters have misappropriated the amounts received as loans for acquiring EVs for purchasing flats and personal goods. In this loan fraud, SEBI has barred the promoters of Gensol to become the promoter of any other company. Although the business of Matrix gas won’t be affected.