BSE: 513528
GLITTEK GRANITES LTD.
Classified in Other Construction Materials, the listed entity had been sitting on old granite inventory that, as disclosed in its FY26 filings, was sold off at scrap value because the stock had not moved in over five years. One FY26 filing reports total income collapsed to Rs 140.59 lakh from Rs 3,332.91 lakh in FY25, with a pre-tax loss of Rs 39.45 lakh; two other FY26 filings record total income of Rs 3,126.28 lakh with profit after tax of Rs 685.86 lakh and Rs 2,603.66 lakh respectively, attributing the result to the inventory disposal. The Agarwal-family promoters sold their 62.99% stake under a Share Purchase Agreement, and an open offer at Rs 12.65 per share by the Thanki family and Rawmin Mining closed on 9 June 2026, lifting the new promoter group to 70.59%. The previous Managing Directors, Independent Directors and CFO have resigned, and three Thanki-family members have joined as Chairperson, Managing Director and Whole-time Director, with a nephew as CFO. The new board has approved a proposed rename to Rawmin Neo Elements Limited, a shift of the registered office from Karnataka to Maharashtra, and an alteration of the company's business objects. The operating activity that the listed entity will carry out going forward is not described in the available filings. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Granite inventory. BSE-listed micro-cap whose old granite inventory was wound down in FY26 and which is now under new promoter control with a proposed rename and altered business objects.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 9 | 13 | 7 | 2 | 0 |
| EBITDA (ex other income) | (0) | 1 | (4) | (22) | (2) |
| margin % | (3.8) | 9.5 | (60.0) | (1067.3) | (3640.4) |
| Owners' profit | (2) | (1) | (6) | 7 | (0) |
| EPS, as reported (₹) | (0.89) | (0.30) | 0.22 | 2.64 | (0.15) |
| ROE % · ROCE % | (19.6) · (7.0) | (7.0) · 4.9 | (123.8) · (46.5) | 59.4 · 81.5 | (3.6) · (3.6) |
| Debt / equity (x) | 1.73 | 1.99 | 4.09 | 0.00 | 0.00 |
| Cash from operations | (1) | (0) | 3 | 32 | (2) |
| Capex | (0) | (0) | (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 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | (13) | (3) | 27 | 0 | (0) | (0) | 0 | 0 |
| Net profit | (13) | (3) | 26 | 0 | (0) | (0) | 0 | 0 |
| EPS (₹) | (4.83) | (1.35) | 10.03 | 0.02 | 0.30 | (0.12) | 0.10 | 0.05 |
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 | 2,457 | 7.5 | 0.54 | 9.8 | 6.8 | 4.3 | 8.2 | 19.2 |
| ARISINFRA SOLUTIONS LTD | 1,145 | 16.4 | 1.52 | 9.9 | 8.0 | 10.2 | — | 12.0 |
| BIRLANU LIMITED | 943 | — | 0.85 | 16.8 | (10.8) | (6.5) | 4.2 | 6.8 |
| EVEREST INDUSTRIES LTD | 769 | — | 1.56 | — | (20.6) | (16.0) | 3.1 | 31.7 |
| MARBLE CITY INDIA LIMITED | 403 | 53.2 | 4.32 | 17.6 | 9.5 | 7.0 | — | 23.5 |
| MIDWEST ENERGY LIMITED | 336 | 214.1 | 0.84 | — | (3.5) | (2.3) | — | 19.4 |
| SAHYADRI INDUSTRIES LTD | 335 | 7.5 | 0.83 | — | 7.1 | 9.4 | — | 16.1 |
| GLITTEK GRANITES LTD. ◆ | 196 | 223.3 | 17.90 | — | (3.6) | (3.6) | — | — |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 223.3 | 26.4 | 16 of 17 | 6% |
| P/B | 17.9 | 1.5 | 20 of 20 | 0% |
| ROCE | (3.6) | 2.8 | 18 of 22 | 19% |
| ROE | (3.6) | 2.5 | 16 of 20 | 21% |
| Debt / Equity | 0.0 | 0.1 | 1 of 20 | 79% |
| Revenue growth | (100.0) | 14.0 | 17 of 18 | 0% |
| Profit growth | 158.9 | 83.2 | 6 of 19 | 72% |
| Market cap | 196 | 46 | 8 of 22 | 67% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 23 Oct 2026 · Board meeting set for October 29 results | results | low | — | — |
| 14 Oct 2026 · SEBI Regulation 74(5) compliance certificate filed for Q2 FY27 | compliance | minimal | — | — |
| 30 Sept 2026 · Trading Window Closure for Q2 FY27 Results | compliance | minimal | — | — |
| 24 Sept 2026 · All 19 resolutions passed at 36th AGM; name change to Rawmin Neo Elements approved | board shareholder meetings | low | — | — |
| 22 Sept 2026 · AGM approves Thanki family directors, name change to Rawmin Neo Elements | management changes | medium | — | — |
| 22 Sept 2026 · AGM approves new directors, name change to Rawmin Neo Elements, new auditors | management changes | medium | — | — |
| 22 Sept 2026 · AGM approves name change to Rawmin Neo Elements, office shift, new leadership | general | medium | — | — |
| 22 Sept 2026 · Glittek Granites renames to Rawmin Neo Elements, shifts office to Mumbai | general | high | — | — |
| 22 Sept 2026 · AGM approves name change to Rawmin Neo Elements, office shift to Maharashtra, new board | management changes | medium | — | — |
| 22 Sept 2026 · AGM clears Thanki family board takeover, name change and auditor change | management changes | medium | — | — |
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.