BSE: 539119
Jain Marmo Industries Ltd.
Manufactures and trades marble, granite and allied stones from a base in Jaipur with its work office in Udaipur. It operates as a single business segment — the buying, processing and selling of natural stone — and reports no other lines of revenue. FY26 revenue from operations was ₹188.28 lakhs, with other income of ₹2.46 lakhs taking the top line higher. H1 FY26 revenue came in at ₹95.09 lakhs, down from ₹142.69 lakhs in H1 FY25, and Q2 FY26 alone posted ₹50.65 lakhs versus ₹35.80 lakhs in Q2 FY25. The cost base is roughly evenly split between raw materials (22.3% of revenue), employee costs (22.1%) and other operating expenses (23.4%), with depreciation at 5.7% and no capex reported in FY26. Long-term borrowings fell to ₹12.32 lakhs in H1 FY26 from ₹38.61 lakhs a year earlier, and the debt-to-equity ratio stood at 0.2268. It is a small, single-segment entity listed on BSE (and the Calcutta Stock Exchange), with 833 shareholders on record for its 44th AGM and a Whole Time Director, Mr. Sanjay Jain, whose remuneration was revised to ₹75,000 per month basic salary for two years from August 22, 2025. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Trading and manufacturing of marble, granite and allied stones (100%). Single-segment, small-cap stone manufacturer and trader with thin margins (net margin 1.49% in FY26).
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 2 | 1 | 2 | 2 | 2 |
| EBITDA (ex other income) | 0 | (0) | 0 | 0 | 0 |
| margin % | 6.2 | (10.2) | 10.8 | 10.1 | 11.9 |
| Owners' profit | (0) | 0 | 0 | (0) | 0 |
| EPS, as reported (₹) | (0.31) | 0.34 | 0.21 | 0.02 | 0.09 |
| ROE % · ROCE % | (2.6) · 0.8 | 2.7 · 6.7 | 1.7 · 3.4 | (0.1) · 2.5 | 0.7 · 3.5 |
| Debt / equity (x) | 0.37 | 0.30 | 0.38 | 0.33 | 0.23 |
| Cash from operations | 0 | 0 | (0) | 0 | 1 |
| Capex | 0 | (0) | 0 | 0 | 0 |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1 | 0 | 1 | 0 | 0 | 1 | 0 | 0 |
| Profit before tax | 0 | (0) | (0) | (0) | 0 | 0 | 0 | 0 |
| Net profit | 0 | (0) | (0) | (0) | 0 | 0 | (0) | 0 |
| EPS (₹) | 0.46 | (0.07) | (0.07) | (0.34) | 0.01 | 0.03 | 0.00 | 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 | 2,504 | 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) | 255.6 | 27.1 | 17 of 17 | 0% |
| P/B | 1.8 | 1.5 | 12 of 20 | 42% |
| ROCE | 1.2 | 2.8 | 13 of 22 | 43% |
| ROE | 0.7 | 2.5 | 12 of 20 | 42% |
| Debt / Equity | 0.2 | 0.1 | 12 of 20 | 42% |
| EBITDA margin | 16.6 | 16.7 | 9 of 16 | 47% |
| Revenue growth | 67.8 | 14.0 | 3 of 18 | 88% |
| Profit growth | 113.6 | 83.2 | 8 of 19 | 61% |
| Market cap | 7 | 49 | 22 of 22 | 0% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 1 Oct 2026 · 45th AGM voting results: all resolutions passed with required majority | compliance | minimal | — | — |
| 1 Oct 2026 · 45th AGM voting results: all resolutions approved | board shareholder meetings | low | — | — |
| 30 Sept 2026 · 45th AGM held on Sept 30, 2026; two ordinary resolutions transacted | board shareholder meetings | low | — | — |
| 26 Sept 2026 · Trading Window Closed from Oct 1 Ahead of Q2 Results | compliance | minimal | — | — |
| 5 Sept 2026 · Annual Report FY26: Revenue dips but firm returns to profit | results | high | — | — |
| 5 Sept 2026 · Book closure Sep 24-30 for 45th AGM; no dividend declared | corporate actions | low | — | — |
| 5 Sept 2026 · AGM notice and book closure from 24 to 30 September 2026 | board shareholder meetings | low | — | — |
| 5 Sept 2026 · Jain Marmo sets 45th AGM on Sep 30, no dividend for FY26 | board shareholder meetings | low | — | — |
| 5 Sept 2026 · Board approves 45th AGM notice and related items for September 30, 2026 | board shareholder meetings | low | — | — |
| 29 Aug 2026 · Board meeting on Sept 5 to approve FY26 board report, AGM notice | 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.