Company Overview
Glittek Granites Limited (CIN: L14102KA1990PLC023497) has undergone a significant transformation with the acquisition by the Rawmin group and proposed business diversification from granite to energy storage and critical minerals.
Change in Control and Management
On January 6, 2026, the Rawmin group (Maheshkumar Jatashankar Thanki, Bhargav Girjashankar Thanki, Bhavin Harihar Thanki, and others) acquired 70.59% stake through a share purchase agreement (62.99%) and mandatory open offer (7.60%) at ₹12.65 per share. Control transferred effective June 25, 2026 with complete board reconstitution, including resignation of all previous directors and appointment of new management team led by the Thanki family.
Financial Performance FY 2025-26
The company reported a net loss of ₹39.45 lakh for FY26, a significant decline from the net profit of ₹685.86 lakh in FY25. Revenue from operations was zero (compared to ₹4.68 lakh in FY25) with no business activity reported. Other income totaled ₹135.90 lakh primarily from interest, refunds, and asset sales. The company maintained a strong cash position of ₹658.73 lakh with no outstanding borrowings, resulting in a debt-free balance sheet. Promoter holding increased to 64.76% as of March 31, 2026.
Business Transformation Proposal
The company proposes a fundamental shift from granite business to three new areas: Battery Energy Storage Systems (BESS), Solar Photovoltaic Cells and Modules, and Advanced Minerals/Rare Earths. The estimated project cost is approximately ₹150 crore. This includes a proposed name change to "Rawmin Neo Elements Limited" and shifting of registered office from Karnataka to Mumbai.
36th Annual General Meeting
Scheduled for September 22, 2026, the AGM will consider 19 resolutions including adoption of financial statements, appointment of new auditors (M/s. R. R. Tibrewala & Co. as Statutory Auditors and KJB & CO. LLP as Secretarial Auditors), regularization of new directors, alteration of Memorandum of Association, name change, registered office shift, and enhancement of borrowing limits to ₹200 crore.
Corporate Governance and Compliance
The company maintained proper corporate governance with 9 Board meetings held during FY25-26. No fraud or sexual harassment complaints were reported. Related party transactions amounted to ₹13.86 lakh during the year, with proposed RPTs for unsecured loans up to ₹100 crore from promoters. The company confirmed compliance with all regulatory requirements including MSME obligations.
Financial Position and Ratios
The company exhibits strong liquidity with current ratio of 197.81 and zero debt-equity ratio. However, profitability ratios declined significantly with return on equity at -0.04 and net profit margin at -28.06% due to the loss position and absence of operational activity.
Strategic Implications
The acquisition and proposed diversification represent a complete strategic pivot for the company, positioning it in high-growth sectors of energy storage and critical minerals while leveraging its debt-free status and cash reserves for future expansion.