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.
| ₹ crore · consolidated | 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 |
| ₹ 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 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| MIDWEST ENERGY LIMITED | 4,601 | 551.6 | 11.55 | — | (3.5) | (2.3) | — | 19.4 |
| RAMCO INDUSTRIES LIMITED | 2,804 | 8.6 | 0.62 | 11.2 | 6.8 | 4.3 | 8.2 | 19.2 |
| BIRLANU LIMITED | 1,101 | — | 0.99 | 18.4 | (10.8) | (6.5) | 4.2 | 6.8 |
| ARISINFRA SOLUTIONS LTD | 1,025 | 14.7 | 1.37 | 8.8 | 8.0 | 10.2 | — | 12.0 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 29 Aug 2026 · Glittek Granites sends AGM notice and Annual Report web-link to shareholders | compliance | minimal | — | — |
| 29 Aug 2026 · Newspaper ad for 36th AGM on September 22, 2026 published | compliance | minimal | — | — |
| 28 Aug 2026 · Annual Report and 36th AGM notice: name change and pivot to clean energy | board shareholder meetings | low | — | — |
| 28 Aug 2026 · 36th AGM: control change, name change to Rawmin Neo Elements, pivot to critical minerals | board shareholder meetings | low | — | — |
| 28 Aug 2026 · Glittek Granites 36th AGM Sep 22: name change, pivot to critical minerals and batteries | board shareholder meetings | low | — | — |
| 28 Aug 2026 · Rawmin group takes control of Glittek Granites, plans pivot to critical minerals | board shareholder meetings | medium | — | — |
| 13 Aug 2026 · Glittek Granites diversifies into BESS, Rs 150 crore project; auditor and RTA changes | results | high | — | — |
| 13 Aug 2026 · Glittek Granites diversifies into BESS, Rs 150 crore project; new auditors, RTA change | results | high | — | — |
| 6 Aug 2026 · Board meeting on Aug 12 to consider Q1 results and auditor changes | management changes | medium | — | — |
| 6 Aug 2026 · Secretarial Auditor resigns mid-term after management change | management changes | medium | — | — |
| Where a broker report shows | This document shows |
|---|
| EVEREST INDUSTRIES LTD |
| 646 |
| — |
| 1.31 |
| — |
| (20.6) |
| (16.0) |
| 3.1 |
| 31.7 |
| MARBLE CITY INDIA LIMITED | 440 | 58.0 | 4.72 | 18.9 | 9.5 | 7.0 | — | 23.5 |
| SAHYADRI INDUSTRIES LTD | 429 | 9.6 | 1.06 | — | 7.1 | 9.4 | — | 16.1 |
| NIDHI GRANITES LTD. | 204 | 17.7 | 9.05 | 16.0 | 34.1 | 45.3 | — | 28.6 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 133.8 | 37.0 | 17 of 20 | 16% |
| P/B | 18.5 | 1.6 | 20 of 20 | 0% |
| ROCE | (3.6) | 2.8 | 18 of 22 | 19% |
| ROE | (3.6) | 2.8 | 17 of 21 | 20% |
| Debt / Equity | 0.0 | 0.1 | 2 of 21 | 75% |
| Revenue growth | (100.0) | 14.0 | 17 of 18 | 0% |
| Profit growth | 158.9 | 83.2 | 6 of 19 | 72% |
| Market cap | 203 | 49 | 9 of 22 | 62% |
| 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 |
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.
