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Madhav Marbles and Granites Limited (MADHAV)

₹32.22 +0.16% last close, 16 Oct

📊 NSE: MADHAV 🏢 Granites & Marbles 📢 Latest filing: 14 Oct 2026 📝 Analysis written: 14 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Madhav Marbles' revenue was ₹7.9 Cr (-1.5% year on year, -14.4% on the previous quarter), and net profit ₹-0.8 Cr (a bigger loss than a year earlier); the operating margin was 1.4%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹7.9	-1.5%	-14.4%
Operating profit	₹0.1	from loss	from loss
Net profit	₹-0.8	loss widened	to loss
Operating margin	1.4%	—	—

Full quarterly financials → Results calendar →

MADHAV delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 90.95% of the MADHAV shares traded on NSE were taken to delivery, against the stock's own 20-session average of 74.36%. That is close to its usual level. Turnover was only ₹1 lakh, so a handful of trades can move this figure.

90.95%Delivery, 16 Oct

74.36%Own 20-session average

1.1×Volume vs its average

₹32.22NSE close · +0.16%

Delivery in the last 5 sessions: 73.4% · 92.0% · 90.0% · 80.6% · 91.0%

Delivery across the market →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

Madhav Marbles Submits Regulation 74(5) Demat Certificate for Q2 Ended September 30, 2026

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 14 Oct 2026, 01:01 PM

Madhav Marbles and Granites Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate from Registrar and Transfer Agent Ankit Consultancy Pvt. Ltd. pertains to the quarter ended September 30, 2026. It confirms that securities received for dematerialization were processed, mutilated, cancelled, and updated in the register of members within the mandated 15 days.

Compliance certificate submitted under Regulation 74(5) of SEBI Regulations, 2018
Covers the quarter ended September 30, 2026
RTA Ankit Consultancy confirmed demat requests processed within 15 days
Filing verified and signed on October 14, 2026

💡 No action is required as this is a recurring regulatory filing; investors should track upcoming Q2 FY27 financial results.

Madhav Marbles Dispatches 37th AGM Notice and FY26 Annual Report Access Details

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 07 Sep 2026, 12:42 PM

Madhav Marbles and Granites Limited has issued an intimation regarding the dispatch of letters to shareholders whose email addresses are not registered with the company or depositories. The letter provides access details and web links for the 37th Annual General Meeting (AGM) Notice and the Annual Report for FY 2025-26. The 37th AGM is scheduled to take place on Wednesday, September 30, 2026, at 11:30 AM IST via Video Conferencing/Other Audio Visual Means. This is a standard procedural compliance filing under SEBI LODR Regulations.

37th Annual General Meeting scheduled for September 30, 2026 at 11:30 AM IST via VC/OAVM
Communication dispatched under Regulation 36(1)(b) for shareholders with unregistered email IDs
Annual Report covers the financial year ended March 31, 2026 (FY26)
Document provides electronic access links and instructions for requesting physical copies

💡 Shareholders may update their email and bank credentials with the RTA (Ankit Consultancy) or participate in the AGM on September 30, 2026.

Madhav Marbles Convenes 37th AGM on Sept 30, 2026; Releases FY26 Annual Report

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 06 Sep 2026, 04:35 PM

Madhav Marbles and Granites Limited has issued the notice for its 37th Annual General Meeting scheduled for September 30, 2026, alongside its FY25-26 Annual Report. For FY26, total sales stood at ₹30.46 crore (INR 304.62 million) compared to ₹30.95 crore in FY25, while pre-tax profit rose to ₹3.02 crore, supported by ₹9.03 crore of other income following non-core asset rationalisation (including a windmill). AGM resolutions include adopting FY26 audited accounts and the reappointment of Whole-Time Director Mrs. Riddhima Doshi and Independent Director Mr. Devendra Manchanda.

37th Annual General Meeting scheduled for September 30, 2026, at 11:30 AM via Video Conferencing.
FY25-26 total sales reported at INR 304.62 million compared to INR 309.48 million in FY24-25.
Profit Before Tax rose to INR 30.23 million in FY26 vs INR 10.87 million in FY25, aided by non-recurring asset sales.
Other income for FY26 stood at INR 90.26 million, reflecting the sale of a windmill and asset rationalisation.
Proposed reappointment of Mrs. Riddhima Doshi as Whole-Time Director and independent directors.

💡 Track voting outcomes of the AGM on September 30, 2026, and observe subsequent quarterly earnings to assess if core stone operations can turn profitable without reliance on one-off asset sales.

Madhav Marbles Re-appoints Leadership, Seeks ₹6 Cr Promoter Loan, and Faces Audit Qualification

🔵 WATCH ⭐ 7/10

BOARD_MEETING 📅 13 Aug 2026, 04:11 PM

Madhav Marbles and Granites has approved the re-appointment of its top leadership, including CEO Madhav Doshi and WTD Riddhima Doshi, for three-year terms starting 2027. To bolster liquidity, the board approved an unsecured loan of up to ₹6 Cr from these promoters, representing nearly 19% of the company's market cap. However, the statutory auditors issued a qualified opinion regarding the lack of impairment testing for ₹8.30 Cr in investments and loans to a subsidiary/JV. Additionally, the company is increasing its Related Party Transaction limit with Madhav Surfaces FZC LLC to ₹55 Cr, which is significantly higher than its TTM revenue.

Approved re-appointment of CEO Madhav Doshi for a 3-year term effective May 01, 2027
Authorized an unsecured loan of up to ₹6 Cr from promoters to meet financial requirements
Auditors flagged a potential impairment risk of ₹8.30 Cr related to Madhav Surfaces FZC LLC
Modified Related Party Transaction limit for JV Madhav Surfaces FZC LLC to ₹55 Cr
Processing an equity investment of OMR 400,000 in the Oman-based joint venture for working capital

💡 Investors should monitor the AGM on September 30, 2026, for shareholder approval of the promoter loan and RPT limits. Closely track management's justification for not performing impairment testing on the ₹8.30 Cr exposure flagged by auditors.

Madhav Marbles Q1 Results: Auditor Issues Qualified Opinion on ₹21.8 Cr Exposure

🔴 NEGATIVE ⭐ 8/10

BOARD_MEETING 📅 13 Aug 2026, 04:05 PM

Madhav Marbles and Granites reported its Q1 FY27 results, overshadowed by a significant qualified opinion from statutory auditors regarding unassessed impairments. The auditors highlighted ₹21.81 Cr in loans and investments to subsidiaries and associates (representing ~68% of the company's market cap) that lack proper impairment testing despite indicators of financial stress. To support operations, the board approved an unsecured loan of up to ₹6 Cr from promoters and is proceeding with an OMR 400,000 (~₹8.7 Cr) equity investment in its Oman-based JV for working capital.

Statutory auditors issued a qualified opinion on ₹21.81 Cr of exposure to subsidiaries/associates without impairment testing.
Board approved an unsecured loan of up to ₹6 Cr from promoters Madhav and Riddhima Doshi to meet liquidity needs.
Equity investment of OMR 400,000 in JV Madhav Surfaces FZC LLC is under execution for working capital.
Related Party Transaction (RPT) limit for the MSL Joint Venture increased from ₹40 Cr to ₹55 Cr.
CEO Madhav Doshi and WTD Riddhima Doshi re-appointed for 3-year terms starting in 2027.

💡 Investors should scrutinize the management's response to the auditor's qualification during the upcoming AGM on September 30, 2026. The lack of impairment testing on assets worth 68% of market cap poses a significant risk to the company's reported book value.

Madhav Marbles Submits Quarterly Share Dematerialization Certificate for June 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 17 Jul 2026, 01:48 PM

Madhav Marbles and Granites Limited has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The filing confirms that all share certificates received for dematerialization during the quarter ended June 30, 2026, were processed by the Registrar, Ankit Consultancy Pvt. Ltd. The registrar verified, mutilated, and cancelled the physical certificates and updated the register of members within the required 15-day window. This is a standard administrative procedure for listed entities and has no impact on business operations.

Quarterly compliance report submitted for the period ending June 30, 2026
Confirmation of dematerialization processing within the 15-day regulatory limit
Physical certificates mutilated and cancelled after due verification by the Registrar
Registrar and Transfer Agent (RTA) confirmed as Ankit Consultancy Pvt. Ltd.

💡 This is a routine regulatory filing with no impact on business fundamentals; investors should monitor upcoming earnings for operational insights.

Madhav Marbles clarifies clerical error in March 2026 audit qualification statement

🟡 NEUTRAL ⭐ 2/10

REGULATORY 📅 14 Jul 2026, 04:17 PM

Madhav Marbles and Granites Limited has responded to an NSE query regarding its financial results for the quarter ended March 31, 2026. The exchange noted that the Statement of Impact of Audit Qualifications was missing the specific designation of the Audit Committee Chairman. The company clarified that Mr. Devendra Manchanda, who signed the document, holds dual roles as Chairman of the Board and Chairman of the Audit Committee. This is a procedural correction of a clerical error and does not alter the reported financial performance for the period.

Clarification issued for the financial results of the quarter ended March 31, 2026
The query addressed the missing 'Audit Committee Chairman' designation on the audit qualification statement
Mr. Devendra Manchanda confirmed as holding both Board and Audit Committee chair positions
Company reported a net profit of ₹1.49 Cr for the March 2026 quarter
TTM revenue stands at ₹31 Cr with a net worth of ₹140 Cr

💡 No action is required as this is a routine administrative clarification. Investors should focus on the company's ability to sustain the ₹1.49 Cr profit reported in Mar 2026 compared to previous loss-making quarters.

Madhav Marbles Shareholders Approve 3 Material Related Party Transactions at EGM

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 06 Jul 2026, 05:45 PM

Madhav Marbles and Granites Limited held its 1st Extraordinary General Meeting (EGM) for FY 2026-27 on July 06, 2026. Shareholders approved three separate ordinary resolutions for material related party transactions (RPTs) with Madhav Ashok Ventures, Madhav Surfaces (FZC) LLC, and Madhav Natural Stone Surfaces. While specific transaction values were not disclosed in the summary, the approval is mandatory for transactions exceeding 10% of annual consolidated turnover. Given the company's TTM revenue of Rs 31 Cr, these transactions are significant relative to its current scale.

3 material related party transactions approved by shareholders via ordinary resolutions
56 members attended the meeting conducted through Video Conferencing
Voting cut-off date was June 29, 2026, for a total of 8,648 shareholders
The meeting was brief, commencing at 11:35 A.M. and concluding at 11:50 A.M.
Scrutinizer confirmed all resolutions were passed with the requisite majority

💡 Investors should monitor future quarterly financial statements to identify the specific value and nature of these related party transactions to ensure they are conducted at arm's length.

July 01, 2026: Trading Window Closed for Q1 FY27 Financial Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 02 Jul 2026, 11:40 PM

Madhav Marbles and Granites Limited has announced the closure of its trading window for all designated persons and their immediate relatives starting July 01, 2026. This action is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the declaration of financial results for the quarter ended June 30, 2026. The window will remain closed until 48 hours after the results are made public. This is a standard regulatory procedure and does not provide any indication of the company's financial performance for the quarter.

Trading window closure effective from July 01, 2026
Closure applies to the financial results for the quarter ended June 30, 2026
Window to reopen 48 hours after the official declaration of results
Company reported TTM revenue of Rs 31 Cr as per latest available context

💡 Investors should wait for the separate intimation regarding the specific date of the Board Meeting where the Q1 results will be approved.

Madhav Marbles Faces Audit Qualifications Over ₹31 Crore Unprovisioned Subsidiary Exposure

🔴 NEGATIVE ⭐ 8/10

REGULATORY 📅 25 Jun 2026, 07:32 PM

Madhav Marbles and Granites Limited has received a qualified opinion from auditors for FY25 due to its failure to assess impairments on significant subsidiary exposures. The company has investments and loans totaling approximately ₹25.01 crore in Madhav Ashok Ventures and ₹6.32 crore in Madhav Natural Stone, both of which have fully eroded net worth. While the company reported a standalone profit of ₹75.11 lakhs, it posted a consolidated loss of ₹148.39 lakhs. Management has deferred provisioning, citing optimism about future performance in Oman-based operations due to potential US tariff changes.

Auditors flagged unprovisioned loans of ₹22.85 crore and investments of ₹2.16 crore in a subsidiary with zero net worth.
Additional unprovisioned exposure of ₹5.61 crore in loans was identified in Madhav Natural Stone and Surface Pvt Ltd.
Consolidated FY25 results show a net loss of ₹148.39 lakhs against a standalone profit of ₹75.11 lakhs.
Management claims US tariffs on quartz products will benefit their Oman associate, potentially recovering subsidiary value.
Total assets reported at ₹15,685.75 lakhs (standalone) may be overstated if impairment provisions are eventually required.

💡 Investors should exercise caution as the current financial statements do not reflect potential write-offs exceeding ₹30 crores, which could significantly impact net worth. Monitor future filings for any forced impairment charges or actual operational turnaround in the subsidiaries.

Madhav Marbles to Seek Approval for ₹100 Crore Related Party Transactions at July 6 EGM

🟡 NEUTRAL ⭐ 6/10

REGULATORY 📅 12 Jun 2026, 04:23 PM

Madhav Marbles and Granites Limited has convened an Extraordinary General Meeting (EGM) on July 06, 2026, to seek shareholder approval for material related party transactions. The company is proposing transaction limits with three entities: ₹50 crore for Madhav Ashok Ventures, ₹40 crore for Madhav Surfaces (FZC) LLC, and ₹10 crore for Madhav Natural Stone Surfaces. These transactions are intended to be conducted in the ordinary course of business and on an arm's length basis. The total aggregate value of these proposed transactions is ₹100 crore.

Extraordinary General Meeting (EGM) scheduled for July 06, 2026, via Video Conferencing.
Proposed transaction limit of ₹50 crore with subsidiary Madhav Ashok Ventures Private Limited.
Proposed transaction limit of ₹40 crore with associate entity Madhav Surfaces (FZC) LLC.
Proposed transaction limit of ₹10 crore with subsidiary Madhav Natural Stone Surfaces Private Limited.
Total aggregate value of proposed material related party transactions stands at ₹100 crore.

💡 Investors should monitor the EGM voting results and review the detailed explanatory statement to ensure that these transactions with subsidiaries and associates are structured to benefit the parent company's minority shareholders.

Madhav Marbles to Seek Approval for ₹100 Crore Material Related Party Transactions

🟡 NEUTRAL ⭐ 6/10

BOARD_MEETING 📅 12 Jun 2026, 04:21 PM

Madhav Marbles and Granites Limited has scheduled an Extra-Ordinary General Meeting (EGM) on July 06, 2026, to seek shareholder approval for material related party transactions (RPT). The company is proposing transaction limits of ₹50 crore for Madhav Ashok Ventures, ₹40 crore for Madhav Surfaces (FZC) LLC, and ₹10 crore for Madhav Natural Stone Surfaces. These transactions involve subsidiaries and associates and are intended to be conducted in the ordinary course of business at arm's length.

EGM scheduled for July 06, 2026, to approve material Related Party Transactions (RPT) with three entities.
Proposed transaction limit of ₹50 crore with subsidiary Madhav Ashok Ventures Private Limited.
Proposed transaction limit of ₹40 crore with Madhav Surfaces (FZC) LLC, an associate of a subsidiary.
Proposed transaction limit of ₹10 crore with subsidiary Madhav Natural Stone Surfaces Private Limited.
Total aggregate RPT approval sought across the three entities amounts to ₹100 crore.

💡 Investors should review the detailed explanatory statement in the EGM notice to ensure these transactions are beneficial for the company's growth and maintain fair valuation. Monitor the impact of these inter-company dealings on the consolidated financial health and margins.

Madhav Marbles Promoters Declare Zero Share Encumbrance for FY 2025-26

🟡 NEUTRAL ⭐ 4/10

REGULATORY 📅 03 Jun 2026, 05:47 PM

Madhav Marbles and Granites Limited has submitted its annual disclosure under Regulation 31(4) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The filing confirms that the Promoter and Promoter Group have not created any encumbrance, directly or indirectly, on their shareholding during the financial year ended March 31, 2026. This is a routine annual compliance declaration that provides transparency regarding the status of promoter-held shares.

Annual disclosure submitted for the financial year ended March 31, 2026.
Promoter and Promoter Group declared no new encumbrances or pledges were made during the year.
Compliance fulfilled under Regulation 31(4) of SEBI (SAST) Regulations, 2011.
The declaration was officially recorded by the company on April 7, 2026.

💡 No action is required as this is a routine regulatory filing. Investors can take comfort in the fact that promoter shares remain unencumbered, indicating no immediate liquidity pressure on the promoters.

Madhav Marbles FY26 Net Profit Rises to ₹2.39 Cr; To Acquire 100% Stake in Subsidiary

🔵 WATCH ⭐ 8/10

EARNINGS 📅 29 May 2026, 10:38 PM

Madhav Marbles and Granites reported a standalone net profit of ₹2.38 crore for FY26, a significant increase from ₹0.75 crore in FY25, despite a marginal decline in revenue to ₹30.46 crore. The company is consolidating its structure by acquiring the remaining 40% stake in Madhav Ashok Ventures and infusing ₹10 crore into its overseas associate to support working capital. However, the statutory auditors have issued a modified opinion on the financial results, and the company has extended repayment timelines for loans totaling ₹29.8 crore granted to subsidiaries. These extensions are necessitated by geopolitical conflicts and rising logistics costs impacting overseas joint ventures.

Standalone Net Profit increased to ₹2.39 crore in FY26 from ₹0.75 crore in FY25.
Board approved acquisition of 40% additional stake in Madhav Ashok Ventures to make it a 100% subsidiary.
Approved investment of up to ₹10 crore in overseas associate Madhav Surfaces FZC LLC for operational expenses.
Repayment of loans worth ₹6.00 crore and ₹23.80 crore from subsidiaries extended by 1 and 2 years respectively.
Statutory auditors issued a modified opinion on both standalone and consolidated financial results for FY26.

💡 Investors should remain cautious and investigate the nature of the auditor's modified opinion and the underlying reasons for loan repayment extensions. While the profit growth is positive, the cash flow constraints at the subsidiary level and geopolitical risks to overseas operations warrant a careful watch.

Madhav Marbles FY26 Net Profit Jumps to ₹2.39 Cr; To Acquire 100% Stake in Subsidiary

🔵 WATCH ⭐ 8/10

EARNINGS 📅 29 May 2026, 10:36 PM

Madhav Marbles and Granites Limited reported a significant increase in standalone net profit to ₹2.39 crore for FY26, compared to ₹0.75 crore in FY25, despite stagnant revenue of ₹30.46 crore. The Board approved acquiring the remaining 40% stake in Madhav Ashok Ventures to make it a wholly-owned subsidiary and sanctioned a ₹10 crore investment for its overseas associate. However, the statutory auditors have issued a modified opinion on the financial results, and the company has extended repayment timelines for ₹29.8 crore in loans to subsidiaries due to cash flow constraints.

Standalone Net Profit for FY26 rose to ₹2.39 crore from ₹0.75 crore in the previous fiscal year.
Board approved increasing stake in Madhav Ashok Ventures from 60% to 100% via cash consideration.
Approved financial assistance of up to ₹10 crore for overseas associate Madhav Surfaces FZC LLC for working capital.
Extended loan repayment timelines for subsidiaries Madhav Natural Stone (₹6 Cr) and Madhav Ashok Ventures (₹23.8 Cr).
Statutory auditors issued a modified opinion (audit qualification) on both standalone and consolidated FY26 results.

💡 Investors should exercise caution and closely examine the 'Statement on Impact of Audit Qualifications' to understand the auditor's concerns. While bottom-line growth is positive, the extension of internal loans and the need for capital infusion in overseas associates suggest underlying liquidity and operational challenges.

View All MADHAV Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

The Granite & Stone Division revenue decreased by 14.91% YoY to INR 14.07 Cr from INR 16.54 Cr. The Power Generation Unit grew by 63.31% YoY to INR 1.15 Cr from INR 0.71 Cr. The Realty Division reported zero revenue for the period ended September 30, 2025.

Geographic Revenue Split

Not disclosed in available documents; however, the company reported a Net Gain on Foreign Currency of INR 0.87 Cr for the period ended September 30, 2025, up 112.5% from INR 0.41 Cr YoY, indicating significant export operations.

Profitability Margins

Standalone Net Profit Margin for the period ended September 30, 2025, was 1.29% (INR 0.19 Cr profit on INR 14.87 Cr revenue), a sharp decline from 2.95% YoY. Consolidated results showed a net loss of INR 1.08 Cr, worsening by 188.97% compared to a loss of INR 0.37 Cr in the previous year's period.

EBITDA Margin

Standalone EBITDA margin stood at approximately 14.26% for the period ended September 30, 2025 (calculated as PBT of INR 0.24 Cr + Interest of INR 0.54 Cr + Depreciation of INR 1.34 Cr on INR 14.87 Cr revenue). This reflects core operational profitability despite the decline in net profit.

Capital Expenditure

Consolidated Property, Plant and Equipment (PPE) stood at INR 24.02 Cr as of September 30, 2025, down 4.98% from INR 25.27 Cr as of March 31, 2025. Capital work-in-progress remained stable at INR 2.83 Cr.

Credit Rating & Borrowing

Not disclosed in available documents. However, the company incurred standalone interest expenses of INR 0.54 Cr for the half-year on total borrowings of INR 9.97 Cr, suggesting an approximate annualized borrowing cost of 10.8%.

⚙️ Operational Drivers

Raw Materials

Granite blocks and stone raw materials represent the primary input, with 'Cost of materials consumed' totaling INR 5.13 Cr, which is 34.5% of standalone revenue for the period ended September 30, 2025.

Raw Material Costs

Cost of materials consumed decreased by 16.88% YoY to INR 5.13 Cr from INR 6.17 Cr, tracking the 10.07% decline in standalone revenue. This suggests a slight improvement in material efficiency or lower procurement costs per unit.

Manufacturing Efficiency

Depreciation and Amortization for the period was INR 1.34 Cr. The company reported a profit on the sale/write-off of fixed assets of INR 0.29 Cr, suggesting active management of the asset base.

📈 Strategic Growth

Growth Strategy

The company is focusing on its Granite & Stone division while leveraging its Power Generation unit. Strategic focus appears to be on managing foreign currency gains (INR 0.87 Cr) and interest income (INR 1.57 Cr) to support the bottom line during periods of lower operational revenue.

Products & Services

Granite slabs, stone products, and electricity (via the Power Generation Unit).

Brand Portfolio

Madhav Marbles and Granites.

Strategic Alliances

The company has investments in Joint Ventures, contributing a share of profit of INR 0.46 Cr to the consolidated results for the period ended September 30, 2025.

🌍 External Factors

Industry Trends

The industry is shifting toward integrated stone processing and renewable energy adoption. Madhav's 63.31% growth in its power unit aligns with the trend of industrial firms diversifying into green energy.

Competitive Landscape

The company operates in a highly fragmented granite and marble industry with significant competition from both domestic and international stone processors.

Competitive Moat

The company's moat is based on its established presence in the Udaipur stone cluster and its diversified revenue from power generation. However, the 14.91% drop in its core segment suggests the moat is currently under pressure from competition or market slowdowns.

Macro Economic Sensitivity

The business is sensitive to the global construction and real estate cycles, which drive demand for granite and stone products.

Consumer Behavior

Shifts in architectural preferences toward engineered stone or large-format porcelain tiles could reduce demand for natural granite slabs.

Geopolitical Risks

As an exporter of granite, the company is subject to international trade barriers and shipping costs, which can impact the competitiveness of its stone products in global markets.

⚖️ Regulatory & Governance

Industry Regulations

Operations are subject to mining regulations for stone sourcing and environmental norms for stone processing and power generation units.

Taxation Policy Impact

The company's standalone current tax expense for the period was INR 0.05 Cr on a PBT of INR 0.24 Cr, representing an effective tax rate of approximately 20.8%.

⚠️ Risk Analysis

Key Uncertainties

The primary uncertainty is the recovery of the Granite & Stone division, which saw a 14.91% revenue decline. Continued losses at the consolidated level (INR 1.08 Cr) pose a risk to capital reserves.

Geographic Concentration Risk

The company is headquartered in Udaipur, Rajasthan, indicating a high concentration of manufacturing assets in that region.

Third Party Dependencies

The company relies on its Joint Ventures for a portion of its consolidated income (INR 0.46 Cr contribution this period).

Technology Obsolescence Risk

The company wrote off software and bad debts totaling INR 0.05 Cr during the period, indicating periodic updates to its digital and financial infrastructure.

Credit & Counterparty Risk

Consolidated non-current trade receivables increased to INR 2.07 Cr from INR 1.45 Cr (a 42.7% increase), suggesting a potential slowdown in collections from long-term clients.