Board Meeting Details

The Board of Directors meeting was held on May 26, 2026, commencing at 3:30 PM and concluding at 7:00 PM.

Matters Approved

1. Audited Standalone and Consolidated Financial Results for the quarter and year ended March 31, 2026

2. Appointment of Mr. K. Achyutanand Reddy (Membership No. A44619) as Company Secretary & Compliance Officer effective May 26, 2026, pursuant to Section 203 of Companies Act, 2013 and Regulation 6 of SEBI (LODR) Regulations, 2015

Financial Results Overview

Standalone Financial Performance (₹ Millions)

Profit Before Tax: ₹1,315.50 for FY26 (vs ₹1,186.03 in FY25)

Total Assets: ₹9,756.38 as of March 31, 2026 (vs ₹6,857.37 as of March 31, 2025)

Total Equity: ₹8,197.67 as of March 31, 2026 (vs ₹4,926.31 as of March 31, 2025)

Cash and Cash Equivalents: ₹448.61 as of March 31, 2026 (vs ₹45.45 as of March 31, 2025)

Consolidated Financial Performance (₹ Millions)

Profit Before Tax: ₹1,437.33 for FY26 (vs ₹1,780.06 in FY25)

Total Assets: ₹13,667.72 as of March 31, 2026 (vs ₹10,587.00 as of March 31, 2025)

Total Equity: ₹9,623.71 as of March 31, 2026 (vs ₹6,191.67 as of March 31, 2025)

IPO Details

The company's equity shares were listed on NSE and BSE on October 24, 2025. The IPO aggregated to ₹4,510.00 million, comprising:

  • Fresh Issue: 2,348,401 equity shares aggregating ₹2,500.00 million
  • Offer for Sale: 1,887,323 equity shares aggregating ₹2,010.00 million

IPO Proceeds Utilization

Net IPO proceeds after expenses: ₹2,296.25 million

Utilization as of March 31, 2026: ₹646.81 million

Unutilized as of March 31, 2026: ₹1,649.44 million (temporarily invested in short-term deposits)

Breakdown of utilization:

  • Investment in Midwest Neostone Private Limited for Phase II Quartz Processing Plant: ₹17.80 million utilized (₹1,285.18 million unutilized)
  • Capital expenditure for Electric Dump Trucks: ₹0 utilized (₹257.55 million unutilized)
  • Solar energy integration at mines: ₹0 utilized (₹32.56 million unutilized)
  • Pre-payment/repayment of borrowings: ₹543.28 million utilized (₹18.95 million unutilized)
  • General corporate purposes: ₹85.73 million utilized (₹55.20 million unutilized)

Labour Codes Impact

On November 21, 2025, Government of India notified four Labour Codes. Management reassessment resulted in increase in gratuity liability of ₹7.41 million (standalone) and ₹11.42 million (consolidated) included in employee benefits expense. The incremental impact is assessed as not material.

Segment Information

The Group is primarily engaged in exploration, exploitation, manufacturing, processing and selling of dressed Granite blocks, Slabs, Quartz and Diamond cutting wires.

Segment Results FY26 (₹ Millions):

  • Granite: ₹1,660.99 profit before interest and taxes
  • Quartz: ₹(67.41) profit before interest and taxes
  • Others: ₹19.27 profit before interest and taxes

Subsidiary and Joint Venture Details

The consolidated results include 17 entities:

  • 15 subsidiaries (including step-down subsidiaries)
  • 1 joint venture (South Coast Infrastructure Development Company of Andhra Pradesh Limited)
  • 1 subsidiary of joint venture (S.C.R Agro Tech Private Limited)

Audit Details

The financial results were reviewed by the Audit Committee and approved by the Board on May 26, 2026. Statutory Auditors M S K A & Associates LLP issued unmodified audit opinions on both standalone and consolidated financial results for year ended March 31, 2026.

Additional Information

  • The quarter ended March 31, 2026 results are balancing figures between audited full year and published unaudited year-to-date figures up to third quarter
  • Figures for corresponding quarter ended March 31, 2025 were approved by Board but not subjected to review