Marble City India Ltd (531281)
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Marble City's revenue was ₹24.6 Cr (+24.0% year on year, -28.5% on the previous quarter), and net profit ₹2.6 Cr (+24.4% year on year); the operating margin was 27.0%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹24.6 | +24.0% | -28.5% |
| Operating profit | ₹6.6 | +12.4% | -7.2% |
| Net profit | ₹2.6 | +24.4% | +6.0% |
| EPS (₹) | 0.77 | -7.2% | +18.5% |
| Operating margin | 27.0% | — | — |
📢 Recent Corporate Announcements
Shareholders of Marble City India Limited have approved the issuance of convertible warrants on a preferential basis to non-promoter category investors during an EGM held on October 14, 2026. The special resolution passed overwhelmingly with 99.99% of total polled votes in favor (13,985,837 votes). A total of 53.713% of the company's 26,030,108 outstanding shares participated in the voting process. Pricing details and the exact amount of capital being raised were not disclosed in the voting results document.
- Special resolution to issue convertible warrants to non-promoters passed with 99.99% approval
- Overall voter turnout stood at 53.713% across 13,985,844 total votes polled
- 100% of promoter votes polled (10,257,193 shares) voted in favor of the resolution
- Non-promoter public institutions cast zero votes, while public non-institutions cast 3,728,651 votes (99.99% in favor)
- Total registered shareholders on record date stood at 2,508
Marble City India Limited conducted its Extra Ordinary General Meeting on October 14, 2026, to approve the issuance of convertible warrants on a preferential basis to non-promoter entities. The specific fundraise quantum, issue price, and number of warrants were not disclosed in the summary proceedings document. Formal voting results under Regulation 44(3) will be declared within 48 hours of the meeting conclusion. This preferential issue could bring fresh capital to a business currently carrying Rs 114 Cr in debt against Rs 69 Cr of net worth.
- EGM conducted via VC/OAVM on October 14, 2026, concluding at 11:00 A.M.
- Special resolution presented for issuing warrants convertible into equity shares to non-promoter category
- Consolidated scrutinizer report and voting results to be declared within 48 hours of EGM conclusion
- Dilution and capital infusion details like share count and issue price not disclosed in the filing
Marble City India Ltd has submitted retrospective disclosures of Related Party Transactions (RPTs) for FY22, FY23, and FY24 pursuant to an advisory email received from SEBI dated August 21, 2026. The disclosures include loans, advances, and borrowings involving promoters, directors, and related entities such as transactions with Amit Rathore and related parties. The company stated it is strengthening internal processes and controls to ensure future RPT compliance under LODR regulations.
- Disclosure submitted pursuant to a SEBI examination and advisory letter dated August 21, 2026
- Covers retrospective Related Party Transactions across FY 2021-22, FY 2022-23, and FY 2023-24
- Involves loans, advances, and borrowing balances with directors, relatives, and promoter-linked entities
- Company stated it is implementing measures to strengthen compliance controls around RPTs
Marble City India Limited has issued a notice for an Extra-Ordinary General Meeting (EGM) on October 14, 2026, to approve a preferential issue of up to 66,00,000 convertible warrants. The warrants are priced at Rs 117.50 each, aggregating up to Rs 77.55 crore, offered to non-promoter/public investors. 25% of the issue price (Rs 29.38 per warrant) is payable upfront, with the remaining 75% payable within 18 months upon conversion. The proposed fundraise is material, representing approximately 76% of TTM revenue (Rs 102 crore) and about 14% of the current market cap (Rs 547 crore).
- Preferential issuance of up to 66,00,000 warrants convertible into equity shares of face value Rs 5 each
- Total issue size aggregating up to Rs 77,55,00,000 (Rs 77.55 crore)
- Issue price set at Rs 117.50 per warrant, with 25% (Rs 29.38) payable upfront
- Conversion tenure is up to 18 months from the date of allotment
- Relevant date fixed as September 11, 2026, ahead of the EGM on October 14, 2026
Marble City India reported a mixed Q1 FY27, with consolidated revenue growing 24% YoY to ₹24.61 cr but declining 29% sequentially from ₹34.82 cr in Q4 FY26. Consolidated Net Profit stood at ₹2.58 cr, up 24% YoY, supported by subsidiary performance as standalone profit was lower at ₹1.03 cr. Standalone revenue saw a contraction both YoY (-11.5%) and QoQ (-25%), reflecting potential demand shifts in the premium marble segment. The company maintains a high debt-to-equity ratio of 1.65, with finance costs remaining a significant burden at ₹3.32 cr for the quarter.
- Consolidated Revenue reached ₹24.61 cr in Q1 FY27, a 24% increase over ₹19.85 cr in Q1 FY26.
- Consolidated Net Profit grew to ₹2.58 cr from ₹2.07 cr in the same quarter last year.
- Finance costs remained high at ₹3.32 cr, representing approximately 13.5% of consolidated revenue.
- Standalone revenue declined to ₹18.02 cr from ₹20.37 cr YoY, indicating weakness in the core unit.
- Earnings Per Share (EPS) for the consolidated entity stood at ₹0.77 for the quarter.
Marble City India Ltd has scheduled a board meeting for August 13, 2026, to approve unaudited standalone and consolidated financial results for the quarter ended June 30, 2026. The company enters this quarter following a FY26 performance that saw revenue reach Rs 78.53 Cr and PAT at Rs 4.3 Cr. Investors will be monitoring for improvements in the net profit margin, which stood at approximately 5% TTM, and any updates on the high debt-to-equity ratio of 1.65. The meeting is a routine regulatory requirement for quarterly reporting.
- Board meeting convened for August 13, 2026, at 05:00 P.M.
- Review of financial results for the quarter ended June 30, 2026.
- Company reported a TTM revenue of Rs 79 Cr against a market cap of Rs 274 Cr.
- Promoter holding stands at 40.2% as of the most recent March 2026 filing.
- Debt levels remain significant at Rs 114 Cr compared to a net worth of Rs 69 Cr.
Marble City India Ltd has appointed Mr. Laxman as its new Chief Financial Officer (CFO) effective Aug ust 1, 2026. Mr. Laxman brings over 20 years of experience in accounts and finance to the company. This leadership change is notable given the company's high debt-to-equity ratio of 1.65 and a significan t 324-day Gross Current Asset cycle. The appointment was finalized in a board meeting held on July 31, 2026.
- Appointment of Mr. Laxman as CFO and Key Managerial Personnel effective Aug ust 1, 2026
- New CFO has over 20 years of experience in the field of Accounts and Finance
- The Board meeting for the appointment concluded within 30 minutes (17:00 to 17:30)
- Company operates with a TTM revenue of Rs 79 Cr and a net worth of Rs 69 Cr
Marble City India has forfeited Rs 2.87 Cr in upfront payments after 11.42 lakh share warrants remained unexercised by public category investors. These warrants were part of a January 2025 preferential allotment of 19.47 lakh warrants at an issue price of Rs 100.50 each. While 8.05 lakh warrants were converted into equity, approximately 58.6% of the issue lapsed following the expiry of the 18-month tenure. The forfeited amount represents a significant one-time gain, equivalent to roughly 72% of the company's TTM PAT of Rs 4 Cr.
- 11,42,400 warrants lapsed out of 19,47,400 originally allotted in January 2025
- Rs 2,87,02,800 forfeited by the company, representing the 25% upfront payment
- Warrant issue price was fixed at Rs 100.50 per share
- Only 8,05,000 warrants were successfully exercised within the 18-month tenure
- Forfeited amount is significant relative to the TTM PAT of Rs 4 Cr
Marble City India has approved the conversion of 3,85,000 warrants into equity shares for eight non-promoter investors. The conversion was executed at an issue price of Rs 100.50 per share, bringing in the balance 75% payment amounting to Rs 2.90 crore. This follows the initial warrant allotment made in January 2025. The total paid-up equity capital has now increased to Rs 13.01 crore, representing 2.60 crore shares.
- Conversion of 3,85,000 warrants into equity shares at a price of Rs 100.50 per share
- Receipt of Rs 2.90 crore representing the 75% balance payment from allottees
- Total paid-up capital increased to Rs 13.01 crore consisting of 2,60,30,108 equity shares
- Allotment made to 8 individuals/entities under the Non-Promoter/Public category
- Warrants were originally issued on January 24, 2025, with 25% upfront payment
Financial Performance
Revenue Growth by Segment
Total revenue declined by 5.01% YoY, falling from INR 55.9 Cr in FY18 to INR 53.1 Cr in FY19. Segment-wise, 60% of revenue is derived from sales to project developers in the real estate sector, while the remaining 40% is generated through retail sales.
Geographic Revenue Split
While specific domestic regional splits are not disclosed, the company maintains a global procurement footprint, importing raw materials from Italy, Turkey, Egypt, Greece, China, Brazil, and Mexico to serve the Indian real estate market.
Profitability Margins
Profitability showed improvement despite lower revenue; PAT margin increased from 0.2% in FY18 to 1.0% in FY19. Operating margins were reported at approximately 9% for FY19. The improvement in PAT from INR 0.12 Cr to INR 0.53 Cr (a 341% increase) was driven by better cost management despite a modest scale of operations.
EBITDA Margin
The operating margin stood at approximately 9% in FY19. Core profitability remains constrained by intense industry competition and high interest costs, reflected in a muted interest coverage ratio of 1.5 times.
Capital Expenditure
Historical and planned capital expenditure figures are not disclosed in absolute INR Cr; however, the company's financial risk profile is sensitive to any larger-than-expected debt-funded capital expenditure which could weaken its gearing of 1.7 times.
Credit Rating & Borrowing
The company held a CRISIL BB- (Watch Developing) rating which was subsequently withdrawn in March 2020 at the company's request. Borrowing costs are impacted by high bank limit utilization, which averaged 92%, and a reliance on promoter-funded unsecured loans of INR 11.20 Cr which are interest-free and subordinated to bank debt.
Operational Drivers
Raw Materials
The primary raw materials are raw marble blocks, which represent the bulk of the cost of goods sold. Specific percentage of total cost per material is not disclosed, but the company maintains a massive inventory of 238 days to support its processing operations.
Import Sources
Raw marble is imported from Italy, Turkey, Egypt, Greece, China, Brazil, and Mexico. This diverse sourcing strategy is necessary to provide the variety required for high-end commercial and residential real estate projects.
Key Suppliers
Specific supplier names are not disclosed in the available documents.
Capacity Expansion
The company operates a processing unit in Behror, Rajasthan, where it performs cutting, resizing, and polishing. Current installed capacity in MT and specific expansion timelines are not disclosed.
Raw Material Costs
Raw material costs are a significant portion of the cost structure, evidenced by a large inventory holding of INR 34.5 Cr (implied by 238 days). Procurement is managed through global imports to mitigate local supply fluctuations.
Manufacturing Efficiency
Manufacturing efficiency is focused on the value-added processing (polishing and resizing) of raw blocks. Specific capacity utilization percentages are not disclosed.
Strategic Growth
Expected Growth Rate
10%
Growth Strategy
The company aims to achieve growth through the proposed amalgamation with Priceless Overseas Ltd, which is intended to scale operations. Additionally, the strategy involves leveraging promoter experience to secure larger contracts from project developers, who currently contribute 60% of revenue, and maintaining high inventory for retail display to capture premium market segments.
Products & Services
Processed marble products including cut-to-size slabs, polished marble blocks, and resized marble for commercial and residential flooring and wall cladding.
Brand Portfolio
Marble City India Limited (formerly P G Industry Limited).
Market Expansion
The company is transitioning its corporate identity to 'Marble City India Limited' to better align with its market positioning in the premium marble segment.
Strategic Alliances
The company proposed an amalgamation with Priceless Overseas Ltd to consolidate business operations and improve the financial risk profile.
External Factors
Industry Trends
The marble industry is characterized by high fragmentation and intense competition. Future outlook depends on the recovery of the real estate sector and the shift toward organized retail showrooms for premium natural stones.
Competitive Landscape
The landscape is highly competitive with numerous unorganized players, which constrains the company's pricing power and keeps operating margins around 9%.
Competitive Moat
The company's moat is built on the 20-year industry experience of its promoters and their ability to provide interest-free funding (INR 11.20 Cr). However, this moat is partially offset by the modest scale of operations and high working capital requirements.
Macro Economic Sensitivity
Highly sensitive to the Indian real estate sector's growth and construction cycles, as 60% of sales are project-based.
Consumer Behavior
Demand is driven by consumer preference for natural stone in luxury residential and commercial projects, requiring the company to maintain a diverse and large inventory for 'touch and feel' sampling.
Geopolitical Risks
Trade barriers or export restrictions in Italy, Turkey, or Egypt could disrupt the supply of premium raw marble blocks, impacting the company's ability to fulfill high-end project requirements.
Regulatory & Governance
Industry Regulations
Operations are subject to import regulations for marble blocks and environmental norms related to stone processing and polishing units in Rajasthan.
Risk Analysis
Key Uncertainties
The primary uncertainty is the successful completion and impact of the amalgamation with Priceless Overseas Ltd. Additionally, the high working capital intensity (GCA of 324 days) poses a liquidity risk if bank limit utilization (currently 92%) remains high.
Geographic Concentration Risk
Revenue is primarily domestic, but supply is globally concentrated across seven key marble-exporting nations.
Third Party Dependencies
High dependency on banking partners for working capital, with a total bank loan facility of INR 22.5 Cr.
Technology Obsolescence Risk
Risk is low as marble processing technology is relatively stable, though digital transformation in inventory tracking is essential given the 238-day inventory cycle.
Credit & Counterparty Risk
Receivable days are moderate at 53 days, but exposure to the real estate sector (60% of revenue) carries inherent counterparty risk during economic downturns.
