BSE: 526315
DIVYASHAKTI LIMITED
Manufactures and trades granite products for domestic and export markets, routing sales through own product sales and a traded goods export line. In FY26, total revenue was Rs 3,906.20 lakhs, of which revenue from operations was Rs 3,475.63 lakhs (down from Rs 6,387.22 lakhs in FY25). The traded goods export stream, which generated Rs 1,194.68 lakhs in Q3 FY25, collapsed to Rs 41.44 lakhs in Q3 FY26, a near-total disappearance that pulled nine-month FY26 revenue from operations down to Rs 2,604.49 lakhs. Materials are the largest cost at 45.4% of revenue, followed by employee costs at 11.8%, other operating expenses at 10.6%, and depreciation at 6.5%. Short-term borrowings rose to Rs 529.32 lakhs by year-end FY26 against cash and cash equivalents of only Rs 32.24 lakhs, and operating cash flow for the year was negative at Rs 289.86 lakhs. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Product sales, Traded goods sales. Small-scale granite manufacturing and export trading, with sharp year-on-year swings in the traded goods line
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 64 | 76 | 70 | 64 | 35 |
| EBITDA (ex other income) | 8 | 6 | 3 | 1 | (1) |
| margin % | 13.2 | 7.5 | 4.2 | 2.3 | (1.5) |
| Owners' profit | 7 | 8 | 2 | 3 | 1 |
| EPS, as reported (₹) | 0.00 | 7.62 | 2.26 | 2.47 | 1.02 |
| ROE % · ROCE % | 6.1 · 7.9 | 6.3 · 8.8 | 1.9 · 2.6 | 1.3 · 1.8 | 0.5 · 0.8 |
| Debt / equity (x) | 0.00 | 0.00 | 0.03 | 0.01 | 0.03 |
| Cash from operations | 3 | (9) | (2) | (4) | (3) |
| Capex | (2) | (1) | 0 | (0) | (0) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 16 | 19 | 18 | 15 | 7 | 4 | 9 | 8 |
| Profit before tax | 1 | 2 | 1 | 1 | (0) | 0 | 0 | 0 |
| Net profit | 1 | 1 | 0 | 1 | (0) | 0 | 0 | 0 |
| EPS (₹) | 0.55 | 1.22 | 0.46 | 0.92 | (0.08) | 0.11 | 0.07 | 0.21 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| RAMCO INDUSTRIES LIMITED | 2,504 | 7.6 | 0.55 | 10.0 | 6.8 | 4.3 | 8.2 | 19.2 |
| ARISINFRA SOLUTIONS LTD | 1,159 | 16.6 | 1.54 | 10.1 | 8.0 | 10.2 | — | 12.0 |
| BIRLANU LIMITED | 946 | — | 0.85 | 16.9 | (10.8) | (6.5) | 4.2 | 6.8 |
| EVEREST INDUSTRIES LTD | 766 | — | 1.55 | — | (20.6) | (16.0) | 3.1 | 31.7 |
| MARBLE CITY INDIA LIMITED | 393 | 51.9 | 4.21 | 17.3 | 9.5 | 7.0 | — | 23.5 |
| SAHYADRI INDUSTRIES LTD | 350 | 7.8 | 0.86 | — | 7.1 | 9.4 | — | 16.1 |
| MIDWEST ENERGY LIMITED | 348 | 221.9 | 0.87 | — | (3.5) | (2.3) | — | 19.4 |
| GLITTEK GRANITES LTD. | 199 | 226.9 | 18.19 | — | (3.6) | (3.6) | — | — |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 217.7 | 27.1 | 14 of 17 | 19% |
| P/B | 0.3 | 1.5 | 2 of 20 | 95% |
| ROCE | 0.7 | 2.8 | 14 of 22 | 38% |
| ROE | 0.5 | 2.5 | 13 of 20 | 37% |
| Debt / Equity | 0.0 | 0.1 | 6 of 20 | 74% |
| EBITDA margin | 9.6 | 16.7 | 14 of 16 | 13% |
| Revenue growth | (46.3) | 14.0 | 16 of 18 | 12% |
| Profit growth | (77.7) | 83.2 | 18 of 19 | 6% |
| Market cap | 69 | 49 | 10 of 22 | 57% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 17 Oct 2026 · Temporary production cut due to US tariffs and rising input costs | capex operations | high | — | — |
| 13 Oct 2026 · RTA compliance certificate for share dematerialisation, Q2 FY27 | compliance | minimal | — | — |
| 29 Sept 2026 · All 4 AGM resolutions passed; Rs 1/share dividend approved | compliance | minimal | — | — |
| 28 Sept 2026 · Trading Window Closed Ahead of Q2 FY27 Results | compliance | minimal | — | — |
| 28 Sept 2026 · 35th AGM held; 10% dividend declared; 4 resolutions passed | board shareholder meetings | medium | — | — |
| 3 Sept 2026 · Newspaper Publication - Corporate Notice | compliance | minimal | — | — |
| 1 Sept 2026 · 35th AGM on 28 Sep 2026; record date 21 Sep for dividend | board shareholder meetings | low | — | — |
| 1 Sept 2026 · Book Closure for 35th AGM and dividend payment - Sep 22 to 28, 2026 | corporate actions | medium | — | — |
| 1 Sept 2026 · 35th AGM on Sep 28, 2026 with Rs 1 dividend and RPT approval | board shareholder meetings | low | — | — |
| 1 Sept 2026 · Divyashakti 35th AGM on 28 Sep 2026, dividend and RPT approval sought | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.