BSE: 515085
RESTILE CERAMICS LTD.
Makes and sells ceramic tiles under brands including Granamite, Mirrorstone, PearlRock, MarboGranit, Impacta and Gripmax. FY26 revenue was Rs 562.91 lakhs, up from Rs 143 lakhs the prior year, though the company remained marginally loss-making at Rs 5.64 lakhs. The auditor flagged material uncertainty about going-concern status citing negative operating cash flows, sustained operating losses and asset value erosion, with other equity deeply negative at Rs (12,995.04) lakhs from accumulated prior losses and net worth at Rs (3,172.46) lakhs against borrowings of Rs 3,687.45 lakhs. Management has cited proposed operational restructuring and a pending merger with another company as the response to these concerns. The FY26 cost base was dominated by depreciation at 6.8% of revenue and employee costs at 6.3%, with raw materials at just 0.7% of revenue and capex at 0%. Q1 FY27 revenue reached Rs 166.77 lakhs versus Rs 75.30 lakhs a year ago, but the net loss widened to Rs 16.10 lakhs. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Ceramic tiles. Small, loss-making ceramic tile maker under going-concern uncertainty with deeply negative equity
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1 | 2 | 1 | 1 | 6 |
| EBITDA (ex other income) | (1) | (1) | (1) | (1) | 0 |
| margin % | (96.4) | (47.8) | (76.5) | (40.3) | 5.8 |
| Owners' profit | (6) | (1) | (1) | (1) | (0) |
| EPS, as reported (₹) | (0.62) | (0.07) | (0.09) | (0.10) | 0.01 |
| ROE % · ROCE % | 20.8 · 20.8 | 2.2 · 2.2 | 3.0 · 3.0 | 3.0 · 3.0 | 0.2 · 0.2 |
| Debt / equity (x) | (1.34) | (1.31) | (1.27) | (1.20) | (1.16) |
| Cash from operations | 0 | (0) | (0) | 1 | 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 | 0 | 0 | 1 | 2 | 1 | 1 |
| Profit before tax | (0) | (0) | (0) | (0) | (0) | 0 | (0) | (0) |
| Net profit | (0) | (0) | (0) | (0) | (0) | 0 | (0) | (0) |
| EPS (₹) | (0.02) | (0.03) | (0.02) | (0.02) | (0.01) | 0.05 | (0.02) | (0.02) |
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. % |
|---|---|---|---|---|---|---|---|---|
| KAJARIA CERAMICS LTD | 17,760 | 32.5 | 5.67 | 20.4 | 15.6 | 20.3 | 11.7 | 20.9 |
| SOMANY CERAMICS LIMITED | 2,234 | 21.0 | 2.43 | 8.9 | 8.1 | 8.8 | 11.1 | 12.0 |
| NITCO LIMITED | 1,658 | — | 4.55 | 58.8 | 7.9 | 4.4 | 10.6 | (4.9) |
| ASIAN GRANITO IND. LTD. | 1,371 | 60.8 | 0.89 | 14.6 | 1.2 | 1.3 | 7.5 | 6.5 |
| ORIENT BELL LIMITED | 534 | 25.2 | 1.62 | 13.4 | 3.8 | 4.0 | 6.6 | 8.6 |
| EXXARO TILES LIMITED | 278 | 69.0 | 0.99 | 14.3 | 1.0 | 1.3 | — | 9.1 |
| MURUDESHWAR CERAMICS LTD | 160 | 16.3 | 0.42 | 7.3 | 2.8 | 2.9 | — | 19.2 |
| Manoj Ceramic Limited | 131 | 4.3 | — | — | — | 10.8 | — | — |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| ROCE | 0.2 | 2.9 | 10 of 11 | 10% |
| EBITDA margin | (10.4) | 7.5 | 10 of 10 | 0% |
| Revenue growth | 318.5 | 31.3 | 1 of 11 | 100% |
| Profit growth | (10.4) | 0.6 | 6 of 10 | 44% |
| Market cap | 91 | 278 | 9 of 11 | 20% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Extraordinary meeting considers Bell Granito acquisition and share swap | board shareholder meetings | low | — | — |
| 9 Oct 2026 · RTA compliance certificate under SEBI Regulation 74(5) for Q2 FY26 | compliance | minimal | — | — |
| 6 Oct 2026 · Corrigendum to EGM notice; share swap to acquire Bell Granito Ceramica | board shareholder meetings | medium | — | — |
| 6 Oct 2026 · Restile Ceramics EGM notice published, e-voting from Oct 24-27 | compliance | minimal | — | — |
| 5 Oct 2026 · EGM notice: Bell Granito Ceramica acquisition via share swap and capital hike | board shareholder meetings | low | — | — |
| 2 Oct 2026 · Restile Ceramics to hold EGM on October 28, 2026 via video conferencing | compliance | minimal | — | — |
| 28 Sept 2026 · Acquires 98.89% of Bell Granito Ceramica via share swap and preferential issue | corporate actions | medium | — | — |
| 28 Sept 2026 · Restile to acquire Bell Granito Ceramica via share swap and cash | corporate actions | medium | — | — |
| 28 Sept 2026 · Board approves Bell Granito Ceramica acquisition and 21 Cr share swap | corporate actions | medium | — | — |
| 28 Sept 2026 · Board approves acquisition of Bell Granito Ceramica via share swap | corporate actions | 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.