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Latest filing: 2026-08-28 18:28
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11 announcements match the current filters (relevance ≥ 5).
Rawmin Group acquires 70.59% stake; plans pivot to BESS & critical minerals
Glittek Granites published its FY26 Annual Report outlining a complete change in ownership and business direction. The Rawmin Group took control on June 25, 2026, holding a 70.59% promoter stake following an open offer and replacing the entire board and management team. At the upcoming AGM on September 22, 2026, the company is seeking approval to change its name to 'Rawmin Neo Elements Limited' and alter its main objects to enter battery energy storage systems (BESS), solar PV, and critical minerals. FY26 revenue from operations fell to ₹4.68 lakhs with a net loss of ₹39.45 lakhs after legacy granite operations wound down.
Confidence: HIGH
What changedRawmin Group completed the takeover of Glittek Granites (70.59% stake), fully replaced board/management, and proposed pivoting the company into energy storage and critical minerals.
Why it mattersThe legacy granite business was shut down with negligible revenue; the new promoter group brings multi-decade mining operational experience and plans a phased entry into renewable energy storage and advanced materials.
Promoter Holding Post-Takeover: 70.59%AGM Date: September 22, 2026FY26 Revenue from Operations: ₹4.68 lakhsFY26 Net Loss: ₹39.45 lakhsFY26 Year-End Cash & Equivalents: ₹658.73 lakhs
📅 Short termShareholder approvals at the September 22, 2026 AGM for the name change, object clause alteration, and board appointments will be the primary near-term milestones.
📈 Long termIf successfully executed, the transition from a defunct granite processor to a clean energy storage and mineral processing player represents a complete strategic rebirth, though multi-year execution is required.
⚠ Risk flags
- Complete reliance on an unproven new line of business (BESS/critical minerals)
- Execution and capex funding risk during startup/commercialization phase
Key Highlights
Rawmin Group assumed control on June 25, 2026, holding 70.59% equity post open offer completion
Complete Board reconstitution with Bhargav Girjashankar Thanki appointed Managing Director
Proposed pivot into battery energy storage systems (BESS), solar PV, and critical minerals/advanced materials
Proposed name change to 'Rawmin Neo Elements Limited' and shift of registered office to Mumbai
FY26 revenue dropped to ₹4.68 lakhs (vs ₹203.63 lakhs in FY25) with net loss of ₹39.45 lakhs
👀 What to Watch
Track shareholder voting results from the 36th AGM on September 22, 2026, and watch for concrete capex and operational rollout timelines for the newly planned battery storage assembly business.
Glittek Granites AGM Notice: Pivot to BESS & Minerals; Rebranding as Rawmin Neo Elements
Glittek Granites has published its FY26 Annual Report and AGM notice for September 22, 2026, following a change in control on June 25, 2026, where the Rawmin Group acquired a 70.59% promoter stake. The new management is seeking shareholder approval to pivot the business into battery energy storage systems (BESS), solar PV, rare earths, and critical minerals. Alongside the strategic overhaul, the company proposes changing its name to 'Rawmin Neo Elements Limited' and shifting its registered office to Mumbai. For FY26, operations remained virtually halted with revenue of ₹4.68 lakh and a net loss of ₹39.45 lakh, but the company remains debt-free with ₹6.59 crore in cash.
Confidence: HIGH
What changedComplete board reconstitution and control handover to Rawmin Group (70.59% stake), with a proposed name change to Rawmin Neo Elements Limited and business pivot from granites to energy storage/critical minerals.
Why it mattersTransforms a legacy, near-dormant granite manufacturing entity into a platform for clean energy storage assembly and industrial mineral processing with zero debt.
Promoter Holding Post-Takeover: 70.59%FY26 Revenue from Operations: ₹4.68 lakhFY26 Profit/(Loss) Before Tax: ₹(39.45) lakhCash & Cash Equivalents (Mar 2026): ₹658.73 lakhAGM Date: September 22, 2026
📅 Short termAGM voting and formal corporate restructuring will establish new management's corporate framework over the coming weeks.
📈 Long termLong-term value creation hinges on how successfully the Rawmin Group executes the phased rollout of battery storage integration and mineral processing assets.
⚠ Risk flags
- Execution risk in venturing into a completely new capital-intensive line of business (BESS/critical minerals)
- Extremely low revenue base currently with operations effectively starting from scratch
Key Highlights
Rawmin Group took management control on June 25, 2026, holding a 70.59% equity stake post-open offer
Shareholder approval sought to alter main business objects to Battery Energy Storage Systems (BESS) and critical minerals
Company to be renamed 'Rawmin Neo Elements Limited' and corporate/registered base shifting to Mumbai
FY26 revenue from operations dropped to ₹4.68 lakh (vs ₹203.63 lakh in FY25), with net loss before tax of ₹39.45 lakh
Balance sheet closed FY26 with zero borrowings and cash/cash equivalents of ₹658.73 lakh (₹6.59 crore)
👀 What to Watch
Track voting outcomes at the September 22, 2026 AGM regarding the name and object clause changes, followed by future quarterly filings for concrete capex and operational rollout plans in BESS/minerals.
Rawmin Group Takes 70.59% Stake in Glittek; Proposes Pivot to Battery Storage & Critical Minerals
Glittek Granites has published its FY25-26 Annual Report and AGM notice for September 22, 2026, marking a complete change of control and business direction. The Rawmin Group took control on June 25, 2026, and now holds a 70.59% equity stake following an open offer. Shareholders will vote on altering the company's main objects to enter battery energy storage systems (BESS), solar PV, and rare earth/critical minerals, alongside rebranding the company to 'Rawmin Neo Elements Limited' and shifting its registered office to Mumbai.
Confidence: HIGH
What changedOld promoters resigned on June 25, 2026, transferring full control (70.59% stake) to the Rawmin Group, which is now pivoting the company from legacy granite operations to energy storage and critical minerals.
Why it mattersThe legacy granite business had ceased operations with FY26 revenue at just Rs 0.1 Cr; this restructuring completely resets the company's operating profile and sector identity into high-growth energy transition segments.
Promoter Holding Post-Takeover: 70.59%AGM Date: 22 September 2026Cash & Cash Equivalents (FY26-end): Rs 6.59 CrFY26 Net Loss: Rs 0.39 Cr
📅 Short termAGM voting on September 22, 2026, and subsequent regulatory approvals for name and object changes will be key short-term milestones.
📈 Long termTransformational shift if the Rawmin Group successfully executes its phased assembly and integration in battery storage and critical minerals, though commercialization timeline remains to be proven.
⚠ Risk flags
- Total business model pivot with unproven execution track record in advanced battery storage
- Potential future equity dilution or debt requirements given current small net worth of Rs 11 Cr vs capex-heavy industry
Key Highlights
Rawmin Group completed open offer and took control on June 25, 2026, holding 70.59% equity stake
AGM scheduled for September 22, 2026, to approve change of company name to Rawmin Neo Elements Limited
Proposing alteration of main objects clause to enter battery energy storage systems, solar PV, and critical minerals
Complete reconstitution of the Board with new MD Bhargav Thanki and Whole-Time Directors Maheshkumar and Bhavin Thanki
Company closed FY26 with zero borrowings and cash/cash equivalents of Rs 6.59 Cr (Rs 658.73 lakhs)
👀 What to Watch
Track shareholder voting outcomes at the September 22, 2026 AGM, followed by detailed capital allocation plans, capex requirements, and commissioning timelines for the new BESS and critical minerals businesses.
Rawmin Group takes 70.59% control; proposes pivot to battery storage & name change
Glittek Granites released its FY25-26 Annual Report, detailing the completion of its takeover by the Rawmin Group, which now holds a 70.59% equity stake following an open offer concluded on June 25, 2026. The new management has reconstituted the entire board and proposed a strategic pivot to battery energy storage systems (BESS), solar PV modules, and critical minerals. Shareholders will vote at the 36th AGM on September 22, 2026, on altering the main objects clause, shifting the registered office to Mumbai, and renaming the entity to Rawmin Neo Elements Limited.
Confidence: HIGH
What changedControl transferred to the Rawmin Group with complete board reconstitution and a proposed corporate name and object clause change to energy storage and critical minerals.
Why it mattersRevives an essentially dormant corporate entity with no debt into an operating vehicle for clean energy materials backed by an established mining and mineral processing promoter group.
Promoter holding post-takeover: 70.59%Cash & cash equivalents (FY26): ₹658.73 lakhsAGM date: September 22, 2026Management change effective date: June 25, 2026
📅 Short termShareholder attention will center on the AGM resolutions on September 22, 2026, formalizing the name change, registered office shift, and appointments.
📈 Long termLong-term value creation will depend entirely on the newly appointed management's ability to deploy capital and build operational capacities in battery energy storage and critical minerals.
⚠ Risk flags
- Execution risk in greenfield battery storage and critical mineral processing
- Legacy revenue base is nearly zero following the sale of previous granite operations
- Capital expenditure requirements for new business lines
Key Highlights
Rawmin Group completed takeover and holds a 70.59% equity stake effective June 25, 2026
Proposed change of company name to 'Rawmin Neo Elements Limited' to reflect the new focus on BESS and critical minerals
Notice issued for 36th AGM on September 22, 2026, to approve the business pivot, new board, and statutory auditors
Company closed FY26 with zero borrowings and cash & cash equivalents of ₹658.73 lakhs (₹6.59 Cr)
👀 What to Watch
Monitor voting outcomes at the September 22, 2026 AGM and subsequent disclosures regarding capex plans, technology partnerships, and execution milestones for the battery storage assembly vertical.
Glittek Granites enters BESS business, acquires land, and overhauls management/auditors
Glittek Granites is undergoing a total strategic pivot, entering the Battery Energy Storage Systems (BESS) and allied businesses following a recent change in management control. The company is establishing a new corporate office in Ahmedabad and acquiring land, while simultaneously proposing to shift its registered office from Karnataka to Maharashtra. This transition includes the appointment of new Statutory Auditors (M/s. R. R. Tibrewala & CO.) and Secretarial Auditors. Financially, the company is starting from a near-zero base with TTM revenue of Rs 0 Cr and a modest net worth of Rs 11 Cr.
Confidence: HIGH
What changedThe company has pivoted from granite to Battery Energy Storage Systems (BESS) and is replacing its entire administrative and regulatory infrastructure (Auditors, RTA, and Office Location).
Why it mattersThe legacy granite business is effectively non-operational (zero revenue); the BESS entry represents a high-risk, high-reward attempt by new management to utilize the listed entity for a new industry.
TTM Revenue: Rs 0 CrNet Worth: Rs 11 CrPromoter Holding (Jun 2026): 70.59%Statutory Auditor Term: 5 yearsMarket Cap: Rs 186 Cr
📅 Short termThe stock may see speculative interest due to the 'BESS' and 'Energy Storage' themes, but the lack of operational revenue and specific project costs warrants caution.
📈 Long termStructural significance is high as it marks a complete business transformation; however, execution risk is extreme given the company's current financial size and lack of track record in energy.
⚠ Risk flags
🔬 Flagged for deeper Multibagger analysis — view briefs →
- Execution risk in a new, capital-intensive industry
- Zero current operational revenue
- Significant management and auditor turnover
- Unquantified land acquisition costs
Key Highlights
Entry into Battery Energy Storage Systems (BESS) and allied businesses announced.
Acquisition of land for new business operations and establishment of Ahmedabad corporate office.
Appointment of M/s. R. R. Tibrewala & CO. as Statutory Auditors for a 5-year term starting from the 36th AGM.
Proposed shifting of the registered office from Karnataka to Maharashtra following management change.
TTM Revenue remains at Rs 0 Cr, indicating a complete reliance on the new business pivot for future growth.
👀 What to Watch
Investors should monitor upcoming disclosures regarding the scale of BESS capital expenditure, funding plans (given the small Rs 11 Cr net worth), and technical partnerships required to enter the energy storage sector.
Glittek Granites to Invest 150 Cr in BESS Pivot; Appoints New Auditors and RTA
Glittek Granites is undergoing a total business pivot following a recent change in management and control. The company has announced an entry into the Battery Energy Storage Systems (BESS) and Solar PV sectors with an estimated project cost of 150 crore. This investment is massive compared to its current net worth of 11 crore and near-zero TTM revenue. To support this transition, the board has appointed new Statutory Auditors (R. R. Tibrewala & CO.) and Secretarial Auditors (KJB & CO. LLP) for five-year terms, alongside a change in the Registrar and Transfer Agent (RTA).
Confidence: HIGH
What changedThe company is pivoting from granite/construction materials to high-tech battery storage and solar EPC following a management change.
Why it mattersThis represents a structural transformation of a micro-cap company with zero revenue into a renewable energy player; the success of the 150 crore investment will determine the company's future viability.
Estimated Project Cost: 150 croreProject Cost vs Net Worth: 1363.6%Project Cost vs Market Cap: 78.9%Current Net Worth: 11 crTTM Revenue: 0 cr
📅 Short termThe stock may react positively to the entry into the high-growth BESS sector, though the market will await details on fund-raising.
📈 Long termThe long-term outlook depends entirely on the execution of the BESS project and the ability of the new management to scale operations from a zero-revenue base.
⚠ Risk flags
🔬 Flagged for deeper Multibagger analysis — view briefs →
- Extreme funding risk given project size vs net worth
- Execution risk in a new, high-tech industry
- Potential for massive equity dilution
- Management transition uncertainty
Key Highlights
Estimated investment of 150 crore for new BESS and Solar PV business lines
Project cost represents approximately 1,363% of the company's current net worth of 11 crore
Appointment of M/s. R. R. Tibrewala & CO. as Statutory Auditors for a 5-year term
Change of Registrar and Transfer Agent (RTA) to MUFG Intime India Private Limited
TTM revenue currently stands at 0 crore, indicating a complete reset of the business model
👀 What to Watch
Monitor the funding roadmap for the 150 crore project, as the company's current balance sheet cannot support this without significant capital raising or debt. Watch for the timeline of land acquisition and commencement of the BESS assembly line.
Glittek Granites to invest ₹150 Cr in BESS business; appoints new auditors and RTA
Glittek Granites is undergoing a complete business pivot, entering the Battery Energy Storage Systems (BESS) and Solar PV EPC sectors. The company plans to invest ₹150 crore in this new venture, which is highly significant compared to its current net worth of ₹11 crore. This shift follows a recent change in management control, which has also led to the appointment of R. R. Tibrewala & Co. as Statutory Auditors and MUFG Intime as the new Registrar and Transfer Agent (RTA). The company currently reports near-zero revenue, making this a total transformation of its operating model.
Confidence: HIGH
What changedThe company is transitioning from construction materials to renewable energy and battery storage under new management, involving a complete overhaul of its auditors and RTA.
Why it mattersThis represents a total business transformation. The proposed investment is massive relative to the company's current market cap (₹190 Cr) and net worth (₹11 Cr), introducing significant execution risk but also a potential structural re-rating.
Estimated Project Cost: ₹150 croreProject Cost vs Net Worth: 1363%Promoter Holding (June 2026): 70.59%TTM Revenue: ₹0 croreStatutory Auditor Term: 5 years
📅 Short termThe stock may see volatility as the market digests the scale of the ₹150 Cr pivot against the company's current zero-revenue status.
📈 Long termIf executed successfully, the entry into BESS and Solar EPC could provide a high-growth revenue stream, but the company currently lacks an operational track record in this sector.
⚠ Risk flags
🔬 Flagged for deeper Multibagger analysis — view briefs →
- High execution risk in a new technology-intensive industry
- Significant funding requirement relative to current balance sheet size
- Management transition risk
- Current lack of operational revenue
Key Highlights
Proposed investment of ₹150 crore for BESS manufacturing and Solar PV EPC projects
Project cost of ₹150 crore represents approximately 13.6x the company's current net worth of ₹11 crore
Appointment of R. R. Tibrewala & Co. as Statutory Auditors for a 5-year term starting from the 36th AGM
Promoter holding increased to 70.59% in June 2026, up from 62.98% in March 2026
TTM revenue stands at ₹0 crore, highlighting the scale of the proposed business pivot
👀 What to Watch
Monitor the company's fund-raising plans for the ₹150 crore investment, as current internal accruals are insufficient. Investors should also watch for the specific timeline for land acquisition and the commencement of the battery assembly facility.
Rs 150 Cr BESS Pivot: Glittek Granites Enters Battery Storage and Solar EPC Sector
Glittek Granites is undergoing a total business transformation, pivoting from its dormant granite operations to the Battery Energy Storage Systems (BESS) and Solar EPC sector. The company has announced a planned investment of Rs 150 crore for this new venture, which includes land acquisition and manufacturing infrastructure. This investment is highly material, representing approximately 79% of the company's current market capitalization (Rs 190 Cr) and over 13 times its net worth (Rs 11 Cr). The pivot follows a recent change in management and control, accompanied by a complete overhaul of statutory and secretarial auditors.
Confidence: HIGH
What changedThe company is transitioning from a construction materials business to a renewable energy technology player, specifically focusing on BESS and Solar PV EPC.
Why it mattersThis represents a structural shift for a company that currently generates zero revenue; the success of this pivot into high-growth energy storage is critical for its survival and future valuation.
Estimated Project Cost: Rs 150 croreProject Cost vs Market Cap: ~79%Project Cost vs Net Worth: ~1363%Promoter Holding (Jun 2026): 70.59%Statutory Auditor Term: 5 years
📅 Short termThe stock may react positively to the scale of the BESS announcement and the increased promoter skin-in-the-game, though administrative changes (auditor/RTA shifts) reflect a transition phase.
📈 Long termIf executed, the BESS pivot could fundamentally re-rate the company from a dormant entity to a green energy player; however, execution and funding risks are substantial.
⚠ Risk flags
🔬 Flagged for deeper Multibagger analysis — view briefs →
- Execution risk in a new high-tech business line
- Significant funding requirement relative to current net worth
- Recent management and control transition
Key Highlights
Planned investment of Rs 150 crore for BESS project, including land and manufacturing infrastructure.
Investment magnitude is ~79% of the current market cap and ~13.6x the current net worth of Rs 11 crore.
Promoter holding increased significantly to 70.59% in June 2026 from 62.98% in March 2026.
Appointment of M/s. R. R. Tibrewala & CO. as Statutory Auditors for a 5-year term starting from the 36th AGM.
Company reported near-zero revenue for the quarter ended June 30, 2026, emphasizing the need for the business pivot.
👀 What to Watch
Investors should closely monitor the funding roadmap for the Rs 150 crore capex, given the company's small balance sheet. Key milestones to watch include the completion of land acquisition and the specific timeline for the commencement of battery cell packaging and assembly operations.
Rs 150 Cr Pivot into Battery Energy Storage (BESS) and Solar EPC Business
Glittek Granites is undergoing a total strategic transformation following a recent change in management and control. The company has announced a diversification into high-growth sectors including Battery Energy Storage Systems (BESS) assembly, Solar PV EPC, and O&M services. The estimated project cost is Rs 150 crore, which is massive considering the company's current net worth of just Rs 11 crore and TTM revenue of Rs 0 crore. To support this transition, the board has also overhauled its administrative structure, appointing new statutory auditors, secretarial auditors, and a new Registrar and Transfer Agent (RTA).
Confidence: HIGH
What changedThe company is pivoting from its legacy granite business to renewable energy infrastructure and battery storage under new management.
Why it mattersThis represents a total re-rating potential for a previously dormant company, though it introduces high execution and funding risks given the scale of the pivot relative to the company's current size.
Estimated Project Cost: Rs 150 croreProject Cost vs Net Worth: 1363%Project Cost vs Market Cap: 78.9%TTM Revenue: Rs 0 crorePromoter Holding: 70.59%
📅 Short termThe stock may see speculative interest due to the 'Green Energy' and 'BESS' themes, but the lack of immediate revenue remains a constraint.
📈 Long termIf the new management successfully raises capital and executes the Rs 150 cr project, it could structurally transform the company's earnings profile from zero to a meaningful scale.
⚠ Risk flags
🔬 Flagged for deeper Multibagger analysis — view briefs →
- Massive funding requirement relative to current net worth
- Execution risk in a highly technical new business line
- Recent management change transition risks
Key Highlights
Estimated investment of Rs 150 crore for the new BESS and Solar PV business lines
Company reported Rs 0 crore TTM revenue, making this a complete business reset
Appointment of M/s. R. R. Tibrewala & CO. as Statutory Auditors for a 5-year term
Promoter holding increased significantly to 70.59% as of June 2026 from 62.98% in March 2026
New Secretarial Auditor KJB & CO. LLP appointed to fill casual vacancy following management change
👀 What to Watch
Investors should closely monitor the funding plan for the Rs 150 crore capex, as the company's current balance sheet (Rs 11 cr net worth) cannot support this without significant equity dilution or debt. Watch for the 36th AGM for formal shareholder approvals and further details on the technology partners for BESS.
Glittek Granites Auditor Resigns Following Change in Management and Control
Kriti Daga, the Secretarial Auditor appointed for a five-year term (2025-2030), has resigned effective August 12, 2026. The resignation is attributed to a recent change in the management and control of the company, alongside a proposed relocation of the registered office from Karnataka to Maharashtra. This transition follows a significant increase in promoter holding to 70.59% as of June 2026, despite the company reporting zero TTM revenue.
Confidence: HIGH
What changedThe Secretarial Auditor has resigned mid-term due to a change in corporate control and a planned relocation of the company's headquarters.
Why it mattersThe resignation confirms a major organizational overhaul. For a company with a Rs 176 Cr market cap but no revenue, the quality and intent of the new management are the primary drivers of future value.
Resignation Effective Date: August 12, 2026Original Term End Date: March 31, 2030Promoter Holding (Jun 2026): 70.59%TTM Revenue: Rs 0 CrMarket Cap: Rs 176 Cr
📅 Short termThe stock may experience volatility as the market processes the management transition and the relocation of the registered office.
📈 Long termThe long-term outlook depends entirely on the new management's ability to operationalize the business and justify the current P/B ratio of 16.0.
⚠ Risk flags
- Change in management and control
- Zero operational revenue
- High valuation relative to book value (P/B 16.0)
Key Highlights
Resignation effective from the conclusion of the Board Meeting scheduled for August 12, 2026
Original auditor appointment was for a 5-year period from April 01, 2025, to March 31, 2030
Promoter holding increased to 70.59% in June 2026 from 62.98% in March 2026
Company plans to shift its registered office from Karnataka to Maharashtra
TTM revenue stands at Rs 0 Cr with a TTM PAT of Rs -1 Cr
👀 What to Watch
Investors should monitor the outcomes of the August 12, 2026, Board Meeting for clarity on the new management's identity and their strategy to revive operations, given the current zero-revenue status.
3 Independent Directors Resign at Glittek Granites Following Change in Management Control
Glittek Granites Ltd has confirmed the resignation of three Independent Directors—Mr. Siddhartha Agarwal, Mr. Manish Killa, and Mrs. Malvika Sureka—effective from the close of business hours on June 25, 2026. These resignations are a direct result of a change in management and control following a majority stake acquisition and the completion of an open offer process under SEBI (SAST) Regulations. The company filed this updated disclosure on July 15, 2026, to include specific details requested by the BSE regarding other directorships held by the outgoing members.
Confidence: HIGH
What changedA significant portion of the board's independent oversight has stepped down following a change in the company's ownership and control.
Why it mattersThe resignation of multiple directors at once confirms the transition to new management, which is a critical phase for the company's future operational and financial direction.
Directors Resigning: 3Effective Date of Cessation: 25th June 2026Announcement Date: 15th July 2026Price Return (12m): 344.3%
📅 Short termThe stock may experience volatility as the market processes the formalization of the management handover and awaits the naming of new directors.
📈 Long termThe long-term outlook depends entirely on the execution capabilities and strategic vision of the incoming majority shareholders who have taken control.
⚠ Risk flags
- Management transition risk
- Potential shift in corporate governance practices under new control
Key Highlights
3 Independent Directors resigned simultaneously effective June 25, 2026
Resignations are due to a change in management and control following a majority stake acquisition
The open offer process under SEBI (SAST) Regulations, 2011, has been completed
All three resigning directors held no other listed directorships except for Glittek Granites Ltd
Updated disclosure was submitted following a specific query from BSE on July 15, 2026
👀 What to Watch
Investors should monitor the appointment of new board members and any subsequent changes in business strategy or capital allocation under the new majority shareholders.
