Shiva Granito Export Ltd (540072)
Latest quarterly results (H1 FY26)
In its latest reported quarter, H1 FY26, Shiva Granito's revenue was ₹2.1 Cr (+18.1% year on year, -68.3% on the previous half-year), and net profit ₹0.0 Cr (-100.0% year on year); the operating margin was 8.4%.
| H1 FY26 (₹ Cr) | Value | YoY vs H1 FY25 | vs prev. half |
|---|---|---|---|
| Revenue | ₹2.1 | +18.1% | -68.3% |
| Operating profit | ₹0.2 | +63.6% | -70.0% |
| Net profit | ₹0.0 | -100.0% | -100.0% |
| EPS (₹) | 0.00 | -100.0% | -100.0% |
| Operating margin | 8.4% | — | — |
📢 Recent Corporate Announcements
Shiva Granito Export has issued an EGM notice for November 05, 2026, seeking shareholder approval for a preferential fundraise. The company plans to issue up to 54,50,000 equity shares to non-promoters at ₹10.50 each, raising up to ₹5.72 crore. This equity raise represents nearly 48% of the company's current market cap of ₹12 crore. Additionally, the company is seeking approval to issue up to 35,00,000 fully convertible warrants to promoter and non-promoter groups.
- Proposed issue of up to 54,50,000 equity shares at ₹10.50 per share (face value ₹10 + premium ₹0.50)
- Total equity raise amounts to up to ₹5,72,25,000 from 17 non-promoter allottees
- Special resolution also includes issuing up to 35,00,000 fully convertible warrants to promoter and non-promoter groups
- EGM scheduled for Thursday, November 05, 2026, with remote e-voting cut-off on October 29, 2026
Shiva Granito Export's board approved raising up to ₹9.40 Cr through preferential allotments. This comprises 54.50 lakh equity shares worth ₹5.72 Cr to 17 non-promoter investors and 35.00 lakh convertible warrants worth ₹3.68 Cr at ₹10.50 per unit. The total fundraise represents ~78% of the company's current market cap of ₹12 Cr, leading to significant equity dilution. Consequently, promoter holding will dilute sharply from 44.46% down to 27.54% post full conversion.
- Preferential issue of up to 54,50,000 equity shares at ₹10.50 each to raise ₹5,72,25,000
- Preferential issue of up to 35,00,000 convertible warrants at ₹10.50 each to raise ₹3,67,50,000
- Issue price of ₹10.50 represents a premium over the current market price of ₹9.20
- Promoter shareholding will dilute from 44.46% to 27.54% post total allotment and conversion
- Extra-Ordinary General Meeting (EGM) convened on November 05, 2026 to seek shareholder approval
Shiva Granito Export's board approved raising up to ₹9.40 Cr through preferential allotments. This comprises 54.50 lakh equity shares worth ₹5.72 Cr to 17 non-promoter investors and 35.00 lakh convertible warrants worth ₹3.68 Cr at ₹10.50 per unit. The total fundraise represents ~78% of the company's current market cap of ₹12 Cr, leading to significant equity dilution. Consequently, promoter holding will dilute sharply from 44.46% down to 27.54% post full conversion.
- Preferential issue of up to 54,50,000 equity shares at ₹10.50 each to raise ₹5,72,25,000
- Preferential issue of up to 35,00,000 convertible warrants at ₹10.50 each to raise ₹3,67,50,000
- Issue price of ₹10.50 represents a premium over the current market price of ₹9.20
- Promoter shareholding will dilute from 44.46% to 27.54% post total allotment and conversion
- Extra-Ordinary General Meeting (EGM) convened on November 05, 2026 to seek shareholder approval
Shiva Granito Export has scheduled a Board of Directors meeting for Tuesday, October 6, 2026, to evaluate raising capital via a preferential issue of equity shares and convertible warrants. Given the micro-cap size of the company (market cap of approximately ₹12 crore) and TTM revenue of ₹15 crore, any preferential issuance could lead to notable equity dilution. The board will also set the schedule and issue notice for an upcoming Extra Ordinary General Meeting (EGM) to seek shareholder approval. Detailed quantum of funds to be raised and issue pricing were not disclosed in this initial meeting intimation.
- Board meeting scheduled on Tuesday, October 6, 2026
- Agenda includes raising funds via issuance of equity shares on a preferential basis
- Agenda includes issuance of convertible warrants on a preferential basis
- Board to fix date, time, and venue for an Extra Ordinary General Meeting (EGM)
Shiva Granito Export Ltd has appointed Mrs. Krati Maheshwari and Mrs. Rekha Panwar as Additional Non-Executive Independent Directors for a five-year term effective August 11, 2026. Both appointees bring over 5 years of professional experience in secretarial compliance and legal matters, respectively. Mrs. Rekha Panwar will take over as Chairperson of both the Audit Committee and the Nomination & Remuneration Committee. This board reconstitution is a standard governance procedure for the micro-cap company, which has a market capitalization of Rs 15 crore.
- Appointment of 2 Additional Independent Directors for a fixed tenure of 5 years
- Mrs. Krati Maheshwari brings over 5 years of experience as a Qualified Company Secretary
- Mrs. Rekha Panwar brings over 5 years of experience in legal and corporate law
- Mrs. Rekha Panwar appointed as Chairperson of the Audit and Nomination & Remuneration Committees
- Appointments are subject to regularization by shareholders in the ensuing Annual General Meeting
Shiva Granito reported a net loss of ₹5.80 Lakhs for FY26, but the results are severely impacted by a qualified audit opinion. The auditor highlighted a failure to provide for ₹7.74 Cr in expected credit losses, which represents approximately 32.3% of the company's reported net worth of ₹23.94 Cr. Additionally, the auditor was unable to verify inventory existence or valuation due to missing records, and noted non-provision for gratuity and MSME interest. These repetitive qualifications since FY24 suggest significant overstatement of assets and weak internal financial controls.
- Reported a net loss of ₹5.80 Lakhs for the financial year ended March 31, 2026.
- Auditor flagged ₹7.74 Cr of trade receivables lacking mandatory credit loss provisions under Ind AS 109.
- Inventory valuation could not be determined due to non-availability of stock records and valuation reports.
- Audit qualifications regarding credit losses have been repetitive since the year ended March 31, 2024.
- Total assets of ₹37.42 Cr are overstated by the ₹7.74 Cr unprovided loss according to the auditor.
Shiva Granito Export Ltd reported a net loss of ₹5.80 lakhs for FY26 on total expenditure of ₹11.77 cr. The auditor issued a severe qualified opinion, primarily due to the company's failure to provide for Expected Credit Losses (ECL) of ₹7.74 cr on trade receivables. If this provision were made, the company's reported equity and assets would decrease by approximately 32%. Additional qualifications were noted regarding inventory valuation, MSME interest payments, and gratuity liabilities, some of which have been repetitive since FY24.
- Unprovided Expected Credit Loss (ECL) on trade receivables amounts to ₹7.74 cr, representing ~32% of net worth.
- Reported a net loss of ₹5.80 lakhs for the full year ended March 31, 2026.
- Total expenditure for FY26 stood at ₹11.77 cr against a market cap of only ₹17 cr.
- Auditor flagged non-availability of stock records and valuation reports for inventory as of March 31, 2026.
- Audit qualifications regarding gratuity and inventory are noted as repetitive since FY24.
Shiva Granito Export Ltd has scheduled a board meeting for August 6, 2026, to consider and approve the audited standalone financial results for the half-year and full year ended March 31, 2026. This is a routine regulatory requirement for the micro-cap company, which currently has a market capitalization of Rs 17 Cr. The results will provide clarity on whether the company has improved upon its TTM revenue of Rs 15 Cr and OPM of 6.7%. Investors should note the timing of the meeting, which occurs four months after the close of the financial year.
- Board meeting scheduled for August 6, 2026, to approve annual results.
- Covers audited standalone financial results for the year ended March 31, 2026.
- Includes results for the half-year period ending March 31, 2026.
- Company currently operates with a low ROCE of 2.2% and TTM PAT of Rs 1 Cr.
Shiva Granito Export Ltd (Market Cap: ₹17 Cr) has appointed M/s Ankit Suresh Jain & Co. as its Statutory Auditor effective August 3, 2026. This appointment fills a casual vacancy created by the resignation of the previous auditor. The new firm is a peer-reviewed partnership based in Udaipur, Rajasthan, and will hold office until the next Annual General Meeting. This change occurs in a company with a TTM revenue of ₹15 Cr and a low ROCE of 2.2%.
- Appointment of M/s Ankit Suresh Jain & Co. effective from August 3, 2026.
- The appointment fills a casual vacancy caused by the resignation of the previous statutory auditor.
- The new auditor is a Peer Reviewed firm with Certificate no. 022301 dated September 24, 2025.
- The firm was incorporated in 2017 and provides services across sectors including Infrastructure and Technology.
M/s Nenawati & Associates, the statutory auditors of Shiva Granito Export Ltd, resigned on July 28, 2026. The auditors explicitly cited a 'non-cooperating response of management' regarding the audit for FY 2025-26 as the reason for their departure. This is a significant governance red flag for the micro-cap company, which has a market capitalization of only ₹17 Cr and TTM revenue of ₹15 Cr.
- Statutory Auditor M/s Nenawati & Associates resigned effective July 28, 2026
- Explicit reason cited: 'Non-cooperating response of Management' for the FY 2025-26 audit
- The auditor's term was originally scheduled to last until the 11th Annual General Meeting
- Last financial review was issued on November 14, 2025, for the half-year ended September 30, 2025
- Company is a micro-cap with TTM revenue of ₹15 Cr and a market cap of ₹17 Cr
M/s Nenawati & Associates, the Statutory Auditors of Shiva Granito Export Ltd, resigned effective July 28, 2026. The auditors explicitly stated they were unable to conduct the audit for FY 2025-26 due to a 'non co-operating response' from management. This is a severe governance red flag for a micro-cap company with a market capitalization of only ₹17 Cr and TTM revenue of ₹15 Cr.
- Statutory Auditor M/s Nenawati & Associates resigned effective July 28, 2026
- Auditor cited 'non co-operating response of Management' as the specific reason for resignation
- The resignation impacts the audit process for the financial year 2025-26
- Company is a micro-cap with a market capitalization of approximately ₹17 Cr
- Promoter holding has remained stagnant at 44.46% since September 2024, down from 53.09% in March 2024
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