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Pokarna Limited (POKARNA)

₹714.05 +2.42% last close, 16 Oct

📊 NSE: POKARNA 🏢 Granites & Marbles 📢 Latest filing: 10 Sep 2026 📝 Analysis written: 14 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Pokarna's revenue was ₹189 Cr (+10.8% year on year, +28.9% on the previous quarter), and net profit ₹42.6 Cr (+50.6% year on year); the operating margin was 35.9%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹189	+10.8%	+28.9%
Operating profit	₹68.0	+23.8%	+51.1%
Net profit	₹42.6	+50.6%	+63.8%
EPS (₹)	13.74	+50.5%	+66.3%
Operating margin	35.9%	—	—

Full quarterly financials → Results calendar →

POKARNA delivery percentage

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

On Fri, 16 Oct 2026, 41.94% of the POKARNA shares traded on NSE were taken to delivery, against the stock's own 20-session average of 47.44%. That is close to its usual level.

41.94%Delivery, 16 Oct

47.44%Own 20-session average

0.7×Volume vs its average

₹714.05NSE close · +2.42%

Delivery in the last 5 sessions: 55.0% · 45.1% · 42.3% · 20.9% · 41.9%

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

US Commerce Preliminarily Determines 0% Antidumping Duty for Pokarna's Subsidiary PESL

🟢 POSITIVE ⭐ 7/10

REGULATORY 📅 10 Sep 2026, 03:34 PM

The U.S. Department of Commerce has issued preliminary results for its antidumping duty administrative review for quartz surfaces from India for the period June 1, 2024, to May 31, 2025. Pokarna Limited's wholly owned material subsidiary, Pokarna Engineered Stone Limited (PESL), was assigned a preliminary antidumping duty rate of 0%. Given that the US market accounts for over 80% of Pokarna's revenues, this is a significant relief, although final duty determinations are expected latest by March 2027.

Preliminary antidumping duty rate determined at 0% for subsidiary PESL
Review covers the period June 1, 2024 to May 31, 2025
Final duty rates expected to be issued by US Commerce latest by March 2027
US market represents over 80% of Pokarna's total revenue exposure

💡 Track the final determination by US Commerce expected by March 2027, as well as the status of any separate countervailing or reciprocal tariffs impacting US export shipments.

Pokarna receives ₹4.71 Cr GST show cause notice and penalty for FY21-FY22

🟡 NEUTRAL ⭐ 3/10

LEGAL 📅 22 Aug 2026, 01:01 PM

Pokarna Limited has received a Show Cause Notice (SCN) from the Central Tax Commissionerate, Guntur on August 21, 2026. The SCN proposes a GST demand of ₹2.35 Cr along with an equivalent penalty of ₹2.35 Cr, totaling ₹4.71 Cr plus applicable interest. The allegations relate to alleged short declaration of black granite block quantities in FY21–FY22 (₹2.19 Cr) and merchant export concession terms (₹0.16 Cr). The company stated that these are proposed demands and it intends to contest the notice.

Proposed GST demand of ₹2,35,45,724 with an equal penalty of ₹2,35,45,724, totaling ₹4,70,91,448
₹2,19,04,579 demand pertains to alleged short declaration of black granite blocks dispatched during FY 2020-21 and FY 2021-22
₹16,41,145 demand relates to alleged non-fulfillment of conditions under concessional rate notifications for merchant exporters
Show Cause Notice received on August 21, 2026 under Section 74 of the CGST/APGST Act

💡 Track the adjudication outcome and whether any confirmed liability or provision is recognized in subsequent quarterly results.

Pokarna Q1 Net Profit Jumps 50.6% YoY to ₹42.60 Cr; Appoints New Compliance Officer

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 07 Aug 2026, 04:34 PM

Pokarna Limited reported strong Q1 FY27 (ended June 30, 2026) results with consolidated revenue from operations rising 10.8% YoY to ₹189.41 Cr from ₹170.96 Cr. Consolidated net profit surged 50.6% YoY to ₹42.60 Cr compared to ₹28.29 Cr in Q1 FY26, driven by higher Quartz Surfaces revenue of ₹176.69 Cr and a turnaround in the Granites segment to an operating profit of ₹3.18 Cr. In parallel, the company accepted the resignation of Company Secretary & Compliance Officer Pratima Khandu Gulankar and appointed Om Jaiswal to the role effective August 8, 2026.

Q1 consolidated net profit grew 50.6% YoY to ₹42.60 Cr (up from ₹28.29 Cr in Q1 FY26).
Consolidated operational revenue increased 10.8% YoY to ₹189.41 Cr vs ₹170.96 Cr in the prior-year period.
Core Quartz Surfaces segment delivered revenue of ₹176.69 Cr and segment profit of ₹71.09 Cr.
Granites segment turned profitable at ₹3.18 Cr segment profit compared to a loss of ₹0.79 Cr in Q1 FY26.
Basic and diluted EPS for the quarter stood at ₹13.74 vs ₹9.13 YoY.

💡 Track margin sustainability in subsequent quarters and monitor diversification away from the US export market given previous tariff headwinds.

Pokarna Q1 FY27 Net Profit Rises 50.6% to ₹42.6 Cr; New Company Secretary Appointed

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 07 Aug 2026, 04:23 PM

Pokarna Limited reported a strong start to FY27 with consolidated net profit reaching ₹42.60 Cr, a 50.6% increase from ₹28.29 Cr in the same quarter last year. Revenue from operations grew 10.8% YoY to ₹189.41 Cr, primarily driven by the Quartz Surfaces segment which now accounts for 93.3% of total revenue. The company also transitioned its compliance leadership, appointing Mr. Om Jaiswal as Company Secretary effective August 8, 2026. Despite strong quarterly growth, the company remains exposed to significant trade risks, including a 50% US tariff on Indian quartz exports.

Consolidated Net Profit increased to ₹42.60 Cr in Q1 FY27 from ₹28.29 Cr in Q1 FY26.
Quartz Surfaces segment revenue grew to ₹176.69 Cr, contributing 93.3% of total quarterly revenue.
Basic and Diluted EPS rose to ₹13.74 for the quarter, up from ₹9.13 in the year-ago period.
Granites segment turned profitable at the EBIT level with ₹3.18 Cr compared to a loss of ₹0.79 Cr YoY.
Mr. Om Jaiswal appointed as Company Secretary and Compliance Officer effective August 8, 2026.

💡 Investors should monitor the sustainability of the Quartz segment's margins in upcoming quarters as the company navigates the 50% US reciprocal tariff. Watch for updates on geographic diversification efforts to reduce the 80% revenue dependency on the US market.

Pokarna Q1 FY27 Net Profit Surges 50.6% YoY to ₹42.6 Cr; New Company Secretary Appointed

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 07 Aug 2026, 04:20 PM

Pokarna Limited reported a strong performance for Q1 FY27, with consolidated revenue reaching ₹189.41 Cr, a 10.8% increase from ₹170.96 Cr in the same quarter last year. Net profit grew significantly by 50.6% YoY to ₹42.60 Cr, driven by the dominant Quartz Surfaces segment which contributed 93.3% of total revenue. The company also transitioned its compliance leadership, appointing Mr. Om Jaiswal as Company Secretary following the resignation of Mrs. Pratima Khandu Gulankar. Despite macro headwinds like US tariffs, the company maintained high operating margins with an EPS of ₹13.74 for the quarter.

Consolidated Net Profit increased 50.6% YoY to ₹42.60 Cr in Q1 FY27 compared to ₹28.29 Cr in Q1 FY26.
Quartz Surfaces segment revenue grew to ₹176.69 Cr, representing 93.3% of total operations.
Granite segment turned profitable at the EBIT level with ₹3.18 Cr profit vs a loss of ₹0.79 Cr in the previous year's quarter.
Consolidated EPS for the quarter rose to ₹13.74 from ₹9.13 YoY.
New Company Secretary Mr. Om Jaiswal (ACS A81379) appointed effective August 8, 2026.

💡 Monitor the sustainability of the Quartz segment's margins in upcoming quarters to see if the company can continue to offset the 50% US tariff impact through geographic diversification.

Pokarna Q1 PAT Jumps 50.6% YoY to ₹42.6 Cr; Revenue Grows 11% to ₹189.4 Cr

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 07 Aug 2026, 04:09 PM

Pokarna Limited reported a strong performance for Q1 FY27 (ended June 2026), with consolidated revenue rising 10.8% YoY to ₹189.41 Cr. Net profit surged 50.6% YoY to ₹42.60 Cr, significantly exceeding the previous year's quarterly run rate. The growth was primarily driven by the Quartz Surfaces segment, which contributed 93% of total revenue, while the Granites segment turned profitable at the operational level. The company also transitioned its Company Secretary role, appointing Mr. Om Jaiswal effective August 8, 2026.

Consolidated Net Profit increased 50.6% YoY to ₹42.60 Cr from ₹28.29 Cr in the year-ago period.
Quartz Surfaces segment revenue grew to ₹176.69 Cr, accounting for 93.3% of total consolidated revenue.
Granites segment turned around with a profit of ₹3.18 Cr compared to a loss of ₹3.37 Cr in the preceding quarter.
Earnings Per Share (EPS) for the quarter rose to ₹13.74 from ₹9.13 in Q1 FY26.
Consolidated PBT margins improved to 30.3% for the quarter vs 22.2% in the same period last year.

💡 Investors should monitor the sustainability of these margins given the 50% US tariff backdrop mentioned in company profiles. Watch for management commentary on geographic diversification progress beyond the US market in upcoming disclosures.

Pokarna Q1 FY27 Net Profit jumps 50.6% YoY to ₹42.60 Cr; Quartz segment drives growth

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 07 Aug 2026, 04:06 PM

Pokarna Limited reported a strong performance for Q1 FY27, with consolidated revenue growing 10.8% YoY to ₹189.41 Cr. Net profit saw a significant surge of 50.6% YoY, reaching ₹42.60 Cr compared to ₹28.29 Cr in the same quarter last year. The Quartz Surfaces segment remains the dominant revenue contributor, accounting for 93.3% of total sales. Additionally, the company announced the appointment of Mr. Om Jaiswal as the new Company Secretary, effective August 8, 2026, following the resignation of Mrs. Pratima Khandu Gulankar.

Consolidated Net Profit increased 50.6% YoY to ₹42.60 Cr from ₹28.29 Cr.
Quartz Surfaces segment revenue grew to ₹176.69 Cr, contributing 93.3% of total revenue.
Consolidated EPS for the quarter rose to ₹13.74 from ₹9.13 in the year-ago period.
Granite segment turned profitable at the EBIT level with ₹3.18 Cr compared to a loss of ₹0.79 Cr YoY.
Total segment assets for Quartz Surfaces increased to ₹1,543.80 Cr from ₹1,250.62 Cr YoY.

💡 Investors should monitor the sustainability of the high margins in the Quartz segment and track management's progress in diversifying geographic exposure to mitigate the 50% US tariff impact mentioned in previous filings.

83.87% Approval for CMD Re-appointment as Pokarna Shareholders Pass All AGM Resolutions

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 27 Jul 2026, 05:40 PM

Pokarna Limited concluded its 35th Annual General Meeting on July 27, 2026, with shareholders passing all five proposed resolutions. Key approvals included the adoption of FY26 financial statements and the declaration of a dividend. While all resolutions passed, the special resolution for the re-appointment of Mr. Gautam Chand Jain as Chairman and Managing Director saw a notable 16.13% of votes cast against it. The company remains under pressure due to its 80% revenue exposure to the US market, which is currently subject to a 50% reciprocal tariff.

All 5 resolutions passed with the requisite majority, including the adoption of FY26 audited financial statements.
Special resolution for re-appointment of CMD Gautam Chand Jain passed with 83.87% votes in favor and 16.12% against.
Special resolution for re-appointment of MD Rahul Jain passed with 95.95% votes in favor.
Dividend for the financial year 2025-26 was approved with 100% of valid votes in favor.
A total of 2,20,43,766 valid votes were cast by 110 members for the primary resolutions.

💡 Monitor upcoming quarterly results to see if the management can successfully diversify revenue away from the US market (currently 80%) to mitigate the 50% tariff impact.

Pokarna Approves ₹0.60 Dividend and Re-appointment of Key Management at 35th AGM

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 27 Jul 2026, 01:23 PM

Pokarna Limited concluded its 35th Annual General Meeting on July 27, 2026, where shareholders approved a dividend of ₹0.60 per share (30% of face value). Key leadership continuity was maintained through the re-appointment of Gautam Chand Jain as Chairman and Managing Director and Rahul Jain as Managing Director. The company adopted its FY26 audited financial statements, which showed a TTM revenue of ₹571 Cr and PAT of ₹81 Cr. Auditor reports were notably unqualified, indicating no major accounting or compliance discrepancies.

Dividend of ₹0.60 per equity share (30% of ₹2 face value) approved for FY26
Re-appointment of Gautam Chand Jain as Chairman and Managing Director via special resolution
Re-appointment of Rahul Jain as Managing Director via special resolution
Audited Standalone and Consolidated Financial Statements for FY26 adopted by members
Statutory and Secretarial Auditor reports confirmed as unqualified with no adverse comments

💡 Investors should monitor the final voting results to be published within two working days and watch for the Chairman's full speech for updates on mitigating the 50% US tariff impact.

Pokarna Submits Routine Quarterly Share Dematerialization Certificate for June 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 07 Jul 2026, 04:49 PM

Pokarna Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The document, issued by KFin Technologies Limited (the Registrar and Share Transfer Agent), confirms that share dematerialization and rematerialization requests for the quarter ended June 30, 2026, were processed and reported to the exchanges. This is a standard administrative filing required for all listed entities and does not reflect any change in business operations or financial health.

Compliance certificate covers the quarter ended June 30, 2026
Certificate issued by Registrar and Share Transfer Agent, KFin Technologies Limited, on July 1, 2026
Official submission to BSE and NSE completed on July 7, 2026
Confirms adherence to SEBI (Depositories and Participants) Regulations, 2018

💡 No action is required as this is a routine procedural filing. Investors should instead monitor upcoming quarterly financial results for updates on the 50% US tariff impact mentioned in previous disclosures.

Pokarna to hold 35th AGM on July 27; proposes ₹0.60 dividend and MD re-appointments

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 02 Jul 2026, 06:13 PM

Pokarna Limited has scheduled its 35th Annual General Meeting (AGM) for July 27, 2026, to be conducted via video conferencing. The board has recommended a dividend of ₹0.60 per equity share (30% of face value) for FY 2025-26. Key agenda items include the re-appointment of Mr. Gautam Chand Jain as Chairman & Managing Director and Mr. Rahul Jain as Managing Director, both for five-year terms. The company also issued a corrigendum extending the remote e-voting deadline to July 26, 2026.

AGM scheduled for July 27, 2026, at 11:00 AM IST through video conferencing.
Proposed dividend of ₹0.60 per equity share of ₹2 face value for FY 2025-26.
Re-appointment of Gautam Chand Jain as Chairman & MD for a 5-year term from July 1, 2026, to June 30, 2031.
Re-appointment of Rahul Jain as MD for a 5-year term from May 2, 2026, to May 1, 2031.
Remote e-voting period revised to end on July 26, 2026, at 5:00 PM IST.

💡 Investors should monitor the AGM for management commentary regarding the mitigation of the 50% US tariff impact, which affects 80% of the company's revenue.

Pokarna Limited Announces Trading Window Closure from July 1, 2026 for Q1 FY27 Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 26 Jun 2026, 03:21 PM

Pokarna Limited has notified the exchanges that its trading window will be closed starting July 1, 2026, for designated persons and their relatives. This closure is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the Q1 FY27 financial results. The window will remain shut until 48 hours after the declaration of the unaudited standalone and consolidated financial results for the quarter ending June 30, 2026. The specific date for the board meeting to approve these results is yet to be announced.

Trading window closure effective from July 1, 2026, for Q1 FY27 results.
Applies to all Designated Persons and their immediate relatives under SEBI regulations.
Window to reopen 48 hours after the announcement of Unaudited Standalone and Consolidated Financial Results.
Board meeting date for result declaration to be intimated in due course.

💡 This is a routine regulatory announcement with no immediate impact on the company's fundamentals; investors should monitor for the upcoming board meeting date and subsequent Q1 FY27 earnings report.

Pokarna Clarifies Recent Stock Price Surge as Market-Driven

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 25 Jun 2026, 06:36 PM

Pokarna Limited has responded to clarification requests from the BSE and NSE regarding a significant increase in its stock price as of June 25, 2026. The company officially stated that it has no undisclosed material information or events that could impact its stock performance. Management maintains that all necessary disclosures under Regulation 30 of SEBI (LODR) have been made within stipulated timelines. Consequently, the company attributes the recent price volatility and upward movement entirely to market conditions and external trading factors.

Responded to NSE/BSE surveillance queries dated June 25, 2026, regarding price movement.
Confirmed full compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Stated that there is no pending material information that has a bearing on company operations.
Attributed the recent scrip price increase solely to market-driven forces rather than internal developments.

💡 Investors should remain cautious as the company has confirmed no new fundamental developments to justify the recent price spike. Focus on upcoming quarterly results and global quartz/granite demand rather than speculative price movements.

Pokarna Limited Clarifies Recent Stock Price Volatility to BSE and NSE

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 25 Jun 2026, 06:28 PM

Pokarna Limited has formally responded to clarification requests from BSE and NSE regarding the significant recent increase in its share price. The company maintains that it has strictly adhered to Regulation 30 of SEBI (LODR) Regulations, 2015, by disclosing all material events in a timely manner. Management stated that the price movement is purely market-driven and not linked to any undisclosed corporate developments. This response is a standard procedure to ensure market transparency and safeguard investor interests.

Response issued on June 25, 2026, following surveillance inquiries from NSE and BSE.
Company confirms all material information affecting performance has been disclosed previously.
Management attributes the recent price surge entirely to prevailing market conditions.
No new undisclosed events or information were reported in the clarification.

💡 Since the company denies any hidden material developments, investors should avoid speculative trading and focus on fundamental performance and upcoming earnings.

Pokarna Ltd Recommends ₹0.60 Final Dividend for FY 2025-26

🟢 POSITIVE ⭐ 7/10

DIVIDEND 📅 28 May 2026, 04:51 PM

Pokarna Limited's Board of Directors has recommended a final dividend of ₹0.60 per equity share, representing a 30% payout on the face value for the financial year ended March 31, 2026. The dividend is subject to shareholder approval at the upcoming 35th Annual General Meeting scheduled for July 27, 2026. The company has fixed July 20, 2026, as the record date to determine eligible shareholders for the payment. Additionally, the company reported its audited financial results for FY26 with an unmodified audit opinion, though standalone revenue saw a decline compared to the previous year.

Recommended a final dividend of ₹0.60 per equity share (30% of face value) for FY 2025-26.
Record date for dividend eligibility and AGM participation set for July 20, 2026.
35th Annual General Meeting (AGM) scheduled for July 27, 2026, via video conferencing.
Standalone total revenue for FY26 reported at ₹2,978.75 lakhs, down from ₹3,844.37 lakhs in FY25.
Statutory auditors issued an unmodified opinion on both standalone and consolidated financial results.

💡 Investors interested in the dividend should ensure they hold the stock before the record date of July 20, 2026. While the dividend is positive, investors should review the full earnings report to assess the reasons behind the year-on-year revenue contraction.

View All POKARNA Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Standalone revenue from operations for H1 FY26 was INR 9.52 Cr, representing a 34.4% decline compared to INR 14.52 Cr in H1 FY25. Standalone revenue for Q2 FY26 was INR 4.65 Cr, a 45.5% YoY decline from INR 8.53 Cr in Q2 FY25. The group operates in Granite and Engineered Quartz segments.

Geographic Revenue Split

Exports account for over 96% of the group's total revenue. The US market is the primary geographic driver, contributing over 80% of total revenue in fiscal 2025.

Profitability Margins

Standalone other income for Q2 FY26 was INR 2.14 Cr, which includes a dividend of INR 2.08 Cr from its subsidiary Pokarna Engineered Stone Limited (PESL), down 50% from the INR 4.17 Cr dividend received in Q2 FY25. Group operating margins are described as healthy but face pressure from US tariffs.

EBITDA Margin

The group maintains healthy operating margins; however, a revenue decline of 20-25% would significantly impact these margins. Expected annual net cash accrual is INR 170-200 Cr for fiscals 2026-2028.

Capital Expenditure

The group's networth stood at INR 777 Cr as of March 31, 2025. Unsecured loans from promoters and related parties totaling INR 55.34 Cr are treated as debt and are expected to be repaid by March 31, 2026.

Credit Rating & Borrowing

CRISIL A-/Stable (Long-term) and CRISIL A2+ (Short-term). Bank limit utilization averaged 38% for the 12 months through January 2025. Yearly term debt obligations are approximately INR 50-60 Cr.

⚙️ Operational Drivers

Raw Materials

Granite blocks (sourced from own quarries), Quartz, and Resins. Standalone cost of materials consumed was INR 0.59 Cr in H1 FY26, representing 6.2% of standalone revenue.

Import Sources

Granite blocks are sourced from owned quarries in Andhra Pradesh, Telangana, and Tamil Nadu. Manufacturing technology is sourced from Italy.

Key Suppliers

Breton S.p.A (Italy) provides patented technology and equipment for manufacturing engineered quartz surfaces.

Capacity Expansion

Pokarna is the largest exporter of quartz surfaces from India and a leading exporter of granite slabs and blocks. Specific MTPA capacity figures were not disclosed in the available documents.

Raw Material Costs

Standalone material costs decreased from INR 1.97 Cr in H1 FY25 to INR 0.59 Cr in H1 FY26, a 70% reduction following the decline in standalone operations.

Manufacturing Efficiency

Bank limit utilization of 38% indicates significant operational headroom and financial flexibility.

Logistics & Distribution

Distribution is heavily export-oriented (>96%), making the group sensitive to global shipping rates and container availability.

📈 Strategic Growth

Growth Strategy

The group is pursuing geographic diversification to reduce reliance on the US market following the 50% tariff imposition. This includes expanding sales reach in new international markets and leveraging its exclusive relationship with Breton S.p.A for high-quality quartz products.

Products & Services

Granite slabs, granite blocks, and engineered quartz surfaces.

Brand Portfolio

Pokarna, Pokarna Engineered Stone Limited (PESL).

Market Expansion

Targeting expansion in non-US global markets to offset the impact of US trade restrictions.

Market Share & Ranking

Largest exporter of quartz surfaces from India.

Strategic Alliances

Exclusive partnership with Breton S.p.A for patented quartz surface manufacturing technology.

🌍 External Factors

Industry Trends

The industry is facing increased protectionism in the US market, forcing Indian exporters to shift focus toward domestic and other international markets. Pokarna is positioned as a technology leader via its Breton partnership.

Competitive Landscape

Leading Indian exporter competing with global quartz and granite suppliers.

Competitive Moat

Durable competitive advantage through exclusive access to Breton S.p.A's patented technology and a 30-year track record in the stone industry. This technology moat allows for premium product differentiation in the quartz segment.

Macro Economic Sensitivity

Highly sensitive to US residential housing demand and global construction cycles.

Consumer Behavior

Demand is driven by consumer preferences for high-end engineered stone surfaces in kitchen and bathroom renovations.

Geopolitical Risks

Significant risk from US trade policy, specifically the 50% reciprocal tariff on Indian stone exports.

⚖️ Regulatory & Governance

Industry Regulations

Subject to US import regulations, including a 50% reciprocal tariff and a 2.34% countervailing duty. Operations must comply with mining regulations in AP, Telangana, and Tamil Nadu.

Legal Contingencies

The group notes 'Claims and contingencies' in its financial statements (Notes 18 and 34), but specific INR values were not disclosed in the provided text.

⚠️ Risk Analysis

Key Uncertainties

The primary uncertainty is the ability to maintain order flow and margins in the US market following the 50% tariff hike. Potential revenue decline of 20-25% is a key monitorable.