Financial Performance Summary
Total Revenue: ₹168.95 crore (FY25: ₹174.10 crore) - decrease of 2.96%
EBITDA: ₹39.75 crore (FY25: ₹43.68 crore)
Profit Before Tax: ₹33.20 crore (FY25: ₹37.23 crore)
Profit After Tax: ₹22.69 crore (FY25: ₹25.45 crore) - decrease of 10.82%
Sales Revenue: ₹148.41 crore (FY25: ₹154.77 crore)
Dividend Declaration
Dividend Recommended: ₹0.40 per equity share (40% of face value ₹1)
Payment Terms: Subject to shareholder approval at AGM
TDS Provisions: 10% for resident shareholders (20% without PAN), 20% for non-resident shareholders
Capital Structure
Authorized Share Capital: ₹28.45 crore (26.24 crore equity shares of ₹1 each, 200,000 redeemable preference shares of ₹100 each, 1,000 12% non-cumulative preference shares of ₹100 each, 200,000 unclassified shares of ₹10 each)
Paid-up Equity Capital: ₹9.01 crore (unchanged during FY26)
Dematerialized Shares: 97.70% of total paid-up capital (88,005,984 shares)
Key Operational Metrics
Employee Strength: 390 as of 31st March, 2026 (320 male, 70 female)
Segment Performance: Single segment company - mining and processing of natural stones
Inventory Value: ₹6.26 crore (FY25: ₹5.81 crore)
Trade Receivables: ₹51.03 crore (FY25: ₹47.42 crore)
Corporate Governance
Board Composition: 6 directors (3 executive, 3 independent)
Board Meetings: 6 meetings held during FY26
Committee Meetings: Audit Committee (4), Nomination & Remuneration (2), CSR (2), Stakeholders Relationship (1)
Director Changes: Mr. Gaurang Gandhi resigned as independent director w.e.f. 28th January, 2026; Mr. Rajaram G. Agarwal appointed as independent director w.e.f. 7th January, 2026
Key Ratios (FY26 vs FY25)
- Current Ratio: 2.79 (2.38)
- Debt-Equity Ratio: 0.11 (0.09)
- Return on Equity: 6.36% (7.54%)
- Net Profit Ratio: 15.91% (16.44%)
- Return on Capital Employed: 9.81% (11.05%)
No variation above 25% in any ratio
Borrowings and Debt
Non-current Borrowings: ₹13.40 crore (FY25: ₹1.58 crore)
Current Borrowings: ₹27.96 crore (FY25: ₹29.44 crore)
Secured Borrowings: Mainly cash credit facilities secured by hypothecation of mining business stock, book debts, and mortgage on immovable property
CSR Activities
CSR Obligation (2% of average net profit): ₹63.38 lakh
Amount Spent: ₹38.32 lakh (including ₹6 lakh advance for ongoing projects)
Unspent Amount Transferred: ₹25.06 lakh to special account on 30th April, 2026 as per Section 135(6)
Auditor Appointments
Statutory Auditors: M/s B.L. Ajmera & Co. (appointed until conclusion of 81st AGM in 2027)
Secretarial Auditors: M/s GMJ & Associates (appointed until conclusion of 84th AGM in 2030)
Cost Auditors: M/s N.D. Birla & Co. (re-appointed for FY26-27, subject to shareholder ratification)
Industry Overview
Global Natural Stone Market: Estimated at USD 40 billion in 2025-26, projected CAGR of 3.8-6.1% until 2034
Indian Position: Accounts for ~15% of global production
Key Opportunities: Growing global demand for finished slabs, domestic infrastructure boom, sustainability preferences
Major Threats: Competition from engineered quartz/porcelain, regulatory challenges, geopolitical tensions affecting logistics
Related Party Transactions
All transactions entered with related parties were at arm's length basis. No material related party transactions reported.
Legal and Regulatory Matters
No significant material orders passed by regulators or courts impacting going concern status.
Pending litigation: Royalty/Dead Rent dispute of ₹59.21 lakh for 2019-20 pending in High Court.
Other Disclosures
Unclaimed Shares: 449,192 shares in suspense account (92 shareholders)
Unpaid Dividend: Transferred ₹7.30 lakh pertaining to FY 2017-18 to IEPF
Internal Financial Controls: Adequate and operating effectively as per auditor report
Whistle Blower Policy: Implemented and available on company website
Forward-looking Statements
Management discussion contains forward-looking statements subject to risks including global economic conditions, input price volatility, regulatory changes, and competitive pressures.