Ceramics/Marble/Granite/Sanitaryware · Founded 1984 · www.elegentmarbles.com · BSE 526705 · · ISIN INE095B01010
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Business
Elegant Marbles & Grani Industries Ltd. is engaged in the processing and trading of natural stones, primarily marble and granite. The company's core business model involves sourcing raw blocks of these stones, processing them into finished products such as slabs, tiles, and potentially cut-to-size products, and then selling them to customers. Its products cater to various sectors including residential and commercial real estate, infrastructure projects, and interior design. The company makes money through the value addition in processing raw stone and the sale of these finished natural stone products.
Revenue Mix
Specific revenue breakdown by product type (marble vs. granite), processing services, or sales channels is not publicly available. Based on the company name, its primary operations would be centered around:
Marble Products: Sourcing, processing, and sale of various types of marble.
Granite Products: Sourcing, processing, and sale of various types of granite.
These segments would likely include sales of raw slabs, polished tiles, and potentially custom-cut pieces for specific projects.
Industry
The Indian natural stone industry, encompassing marble and granite, is largely fragmented with a mix of organized and unorganized players. It is driven by the construction and real estate sectors. India is a significant producer and consumer of natural stones. Elegant Marbles & Grani Industries Ltd. operates within this competitive landscape, likely positioning itself based on the quality of its processing, range of stone varieties, and distribution network. Its positioning relative to larger, more established players might be as a specialized provider or one with a strong regional presence, competing on efficiency and customer service rather than pure scale.
MOAT
In the fragmented natural stone industry, durable competitive advantages are challenging to build. Potential sources of moat for Elegant Marbles could include:
Sourcing Relationships: Long-standing, exclusive, or preferential relationships with quarries for consistent supply of quality raw materials.
Processing Technology: Investment in advanced machinery and techniques that lead to superior product quality, reduced waste, or cost efficiencies.
Distribution Network: A strong, efficient supply chain and distribution network that ensures timely delivery and market reach, particularly in key demand centers.
Brand Reputation: A reputation for quality and reliability among architects, builders, and designers, although "Elegant Marbles" is a descriptive rather than a proprietary brand name in a broad sense.
Without specific details, it is difficult to ascertain if Elegant Marbles possesses a strong, enduring moat beyond operational efficiencies or localized brand recognition.
Growth Drivers
Urbanization & Infrastructure Development: Continued urbanization and government focus on infrastructure projects (roads, commercial hubs) in India will drive demand for building materials like natural stone.
Real Estate Growth: Growth in residential and commercial real estate sectors, particularly in Tier 1 and Tier 2 cities, will increase consumption of marble and granite.
Rising Disposable Incomes: Higher disposable incomes lead to increased spending on home improvements and premium building materials.
Shift to Organized Sector: A gradual shift from unorganized players to organized ones, driven by quality, consistency, and compliance standards, could benefit established companies.
Design & Aesthetics Trends: Evolving architectural and interior design trends favoring natural stone can create new demand.
Risks
Raw Material Price Volatility: Prices of raw marble and granite blocks can be volatile, influenced by quarrying costs, import duties (for imported varieties), and global supply-demand dynamics.
Intense Competition: The industry is highly competitive with numerous organized and unorganized players, which can put pressure on pricing and margins.
Real Estate Cyclicality: Demand for natural stones is closely tied to the real estate and construction cycles, making the company susceptible to economic downturns.
Environmental Regulations: Increasing scrutiny and regulations regarding quarrying, processing, and waste disposal could impact operations and costs.
Logistics & Transportation Costs: High and fluctuating logistics costs can erode margins given the weight and bulk of the products.
Currency Fluctuations: For companies importing raw materials or exporting finished products, currency volatility can impact profitability.
Management & Ownership
Detailed information regarding the promoters, specific management quality assessments, and precise ownership structure (e.g., promoter holding, institutional holding, public holding) is not provided in the prompt. However, typically in India, companies of this size in traditional industries are promoter-driven, with significant ownership and strategic control vested with the founding family or individuals. The quality of management would depend on their experience in the natural stone industry, operational efficiency, and capital allocation strategies.
Outlook
Elegant Marbles & Grani Industries Ltd. operates in an industry with long-term tailwinds from India's economic growth, urbanization, and expanding real estate sector. The increasing aspiration for premium finishes in construction and interiors bodes well for natural stone products. However, the company faces significant challenges including intense competition, the cyclical nature of its end-markets, and potential volatility in raw material prices. Sustained profitability and growth will largely depend on its ability to efficiently source and process stones, differentiate its products or services, maintain strong customer relationships, and navigate the fragmented and competitive market effectively.
| #(Fig in Cr.) | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 8 | 7 | 10 | 5 | 6 | 7 | 8 | 11 | 9 | 7 |
| Other Income | 1 | 0 | 1 | 1 | 1 | 1 | 1 | 0 | -0 | 0 |
| Total Income | 9 | 7 | 11 | 6 | 7 | 7 | 9 | 11 | 9 | 7 |
| Total Expenditure | 8 | 5 | 7 | 5 | 7 | 6 | 7 | 9 | 8 | 6 |
| Operating Profit | 0 | 2 | 3 | 1 | 1 | 2 | 2 | 2 | 1 | 1 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Exceptional Income / Expenses | -0 | 0 | 0 | 0 | 0 | -0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 0 | 2 | 3 | 1 | 0 | 1 | 2 | 1 | 1 | 1 |
| Provision for Tax | 0 | 0 | 1 | 0 | -0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Tax | 0 | 1 | 3 | 1 | 0 | 1 | 1 | 1 | 0 | 1 |
| Adjustments | 0 | -0 | 0 | 0 | -0 | -0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 0 | 1 | 3 | 1 | 0 | 1 | 1 | 1 | 0 | 1 |
| Adjusted Earnings Per Share | 0.7 | 4 | 8.6 | 1.9 | 1.4 | 2.8 | 4.1 | 3.8 | 0.6 | 2.2 |
| #(Fig in Cr.) | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 30 | 28 | 24 | 20 | 10 | 9 | 28 | 36 | 34 | 29 | 34 | 35 |
| Other Income | 7 | 6 | 4 | 3 | 3 | 3 | 2 | 2 | 3 | 3 | 2 | 1 |
| Total Income | 37 | 35 | 29 | 23 | 13 | 12 | 30 | 38 | 37 | 31 | 36 | 36 |
| Total Expenditure | 29 | 27 | 23 | 19 | 12 | 13 | 26 | 32 | 30 | 24 | 30 | 30 |
| Operating Profit | 8 | 8 | 5 | 4 | 2 | -1 | 3 | 6 | 7 | 7 | 6 | 6 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 0 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2 | -1 | 0 | -0 | 0 |
| Profit Before Tax | 8 | 8 | 5 | 4 | 1 | -1 | 3 | 4 | 5 | 6 | 5 | 5 |
| Provision for Tax | 1 | 2 | 1 | 1 | 0 | 0 | 0 | 1 | 1 | 1 | 1 | 0 |
| Profit After Tax | 6 | 6 | 4 | 3 | 1 | -1 | 3 | 3 | 4 | 5 | 3 | 3 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 6 | 6 | 4 | 3 | 1 | -1 | 3 | 3 | 4 | 5 | 3 | 3 |
| Adjusted Earnings Per Share | 14.4 | 13.2 | 11.9 | 8.9 | 4 | -2.1 | 7.3 | 8.3 | 13.7 | 15.9 | 11.3 | 10.7 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 17% | -2% | 30% | 1% |
| Operating Profit CAGR | -14% | 0% | 0% | -3% |
| PAT CAGR | -40% | 0% | 0% | -7% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -26% | -5% | 11% | 5% |
| ROE Average | 2% | 3% | 3% | 4% |
| ROCE Average | 4% | 4% | 4% | 5% |
| #(Fig in Cr.) | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 63 | 90 | 87 | 91 | 70 | 91 | 105 | 106 | 129 | 145 | 124 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | -1 | -1 | -1 | -1 | -1 | -1 | -1 | 1 | 1 | 1 | 1 |
| Total Current Liabilities | 11 | 12 | 12 | 3 | 2 | 2 | 3 | 7 | 4 | 5 | 5 |
| Total Liabilities | 73 | 101 | 98 | 93 | 70 | 93 | 108 | 113 | 135 | 151 | 131 |
| Fixed Assets | 1 | 1 | 1 | 1 | 1 | 1 | 2 | 2 | 5 | 9 | 8 |
| Other Non-Current Assets | 59 | 85 | 79 | 73 | 51 | 69 | 78 | 84 | 99 | 102 | 78 |
| Total Current Assets | 13 | 15 | 19 | 19 | 19 | 24 | 28 | 27 | 31 | 40 | 44 |
| Total Assets | 73 | 101 | 98 | 93 | 70 | 93 | 108 | 113 | 135 | 151 | 131 |
| #(Fig in Cr.) | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 1 | 1 | 1 | 1 | 1 | 2 | 2 | 4 | 2 | 4 | 7 |
| Cash Flow from Operating Activities | 4 | -2 | -5 | -9 | -2 | -7 | -3 | 5 | -6 | -5 | -1 |
| Cash Flow from Investing Activities | -3 | 1 | 22 | 8 | 3 | 8 | 4 | -6 | 42 | 9 | 1 |
| Cash Flow from Financing Activities | -1 | 0 | -17 | 0 | 0 | 0 | 0 | -1 | -34 | -1 | -0 |
| Net Cash Inflow / Outflow | 0 | -0 | 0 | -1 | 1 | 1 | 2 | -2 | 2 | 3 | -0 |
| Closing Cash & Cash Equivalent | 1 | 1 | 1 | 1 | 2 | 2 | 4 | 2 | 4 | 7 | 7 |
| # | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 14.42 | 13.23 | 11.93 | 8.93 | 4.03 | -2.15 | 7.35 | 8.3 | 13.68 | 15.87 | 11.31 |
| CEPS(Rs) | 14.87 | 13.65 | 12.39 | 9.7 | 4.39 | -1.78 | 7.89 | 9.12 | 15.38 | 19.34 | 15.66 |
| DPS(Rs) | 2 | 0 | 0 | 0 | 0 | 0 | 2.75 | 0 | 2.75 | 1 | 0 |
| Book NAV/Share(Rs) | 140.6 | 199.87 | 238.67 | 247.64 | 190.47 | 249.79 | 288.24 | 289.5 | 436.83 | 490.17 | 419.61 |
| Core EBITDA Margin(%) | 3.74 | 5.32 | 3.87 | 5.74 | -12.65 | -36.13 | 4.78 | 10.74 | 12.57 | 15.09 | 13.51 |
| EBIT Margin(%) | 26.26 | 27.01 | 21.82 | 19.84 | 14.59 | -8.47 | 11.26 | 11.84 | 15.94 | 20.39 | 13.73 |
| Pre Tax Margin(%) | 26.26 | 27.01 | 21.82 | 19.84 | 14.59 | -8.47 | 11.26 | 11.84 | 15.94 | 20.39 | 13.73 |
| PAT Margin (%) | 21.45 | 20.9 | 18.17 | 16.62 | 14.35 | -8.49 | 9.67 | 8.52 | 11.84 | 16.48 | 9.76 |
| Cash Profit Margin (%) | 22.12 | 21.57 | 18.86 | 18.05 | 15.63 | -7.04 | 10.38 | 9.36 | 13.31 | 20.08 | 13.51 |
| ROA(%) | 9.16 | 6.82 | 4.39 | 3.42 | 1.81 | -0.96 | 2.68 | 2.75 | 3.27 | 3.29 | 2.38 |
| ROE(%) | 10.72 | 7.77 | 4.93 | 3.67 | 1.84 | -0.98 | 2.73 | 2.87 | 3.44 | 3.42 | 2.49 |
| ROCE(%) | 13.12 | 10.04 | 5.92 | 4.38 | 1.87 | -0.97 | 3.18 | 3.99 | 4.64 | 4.24 | 3.5 |
| Receivable days | 18.61 | 16.66 | 19.15 | 24.56 | 36.79 | 38.57 | 31.34 | 38.44 | 28.74 | 19.09 | 21.51 |
| Inventory Days | 132.83 | 133.14 | 189.57 | 274.59 | 527.79 | 610.68 | 216.49 | 175.09 | 224.54 | 346.14 | 336.68 |
| Payable days | 125.92 | 156.95 | 197.49 | 141.66 | 33.1 | 4.67 | 1.56 | 2.53 | 8.85 | 30.56 | 14.64 |
| PER(x) | 6.55 | 8.69 | 15.84 | 12.1 | 16.1 | 0 | 15.05 | 12.85 | 18.05 | 14.61 | 13.01 |
| Price/Book(x) | 0.67 | 0.57 | 0.79 | 0.44 | 0.34 | 0.43 | 0.38 | 0.37 | 0.57 | 0.47 | 0.35 |
| Dividend Yield(%) | 2.12 | 0 | 0 | 0 | 0 | 0 | 2.49 | 0 | 1.11 | 0.43 | 0 |
| EV/Net Sales(x) | 1.36 | 1.78 | 2.82 | 1.97 | 2.15 | 4.02 | 1.31 | 1.04 | 2.03 | 2.15 | 1.07 |
| EV/Core EBITDA(x) | 5.05 | 6.42 | 12.53 | 9.26 | 13.56 | -57.2 | 10.96 | 6.14 | 10.08 | 8.98 | 5.87 |
| Net Sales Growth(%) | 13.75 | -5.9 | -15.59 | -18.2 | -47.74 | -9.91 | 200.48 | 28.16 | -4 | -16.62 | 20.35 |
| EBIT Growth(%) | 28.64 | -3.21 | -31.79 | -25.63 | -61.57 | -152.33 | 499.34 | 34.7 | 29.3 | 6.61 | -18.94 |
| PAT Growth(%) | 21.9 | -8.3 | -26.61 | -25.2 | -54.88 | -153.32 | 442.09 | 13.02 | 33.34 | 16.08 | -28.75 |
| EPS Growth(%) | 21.9 | -8.3 | -9.77 | -25.2 | -54.88 | -153.32 | 442.09 | 13.02 | 64.71 | 16.08 | -28.75 |
| Debt/Equity(x) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Current Ratio(x) | 1.18 | 1.26 | 1.59 | 6.15 | 11.29 | 10.81 | 9.75 | 4.02 | 6.96 | 8.58 | 8.58 |
| Quick Ratio(x) | 0.29 | 0.35 | 0.39 | 1.2 | 2.64 | 3.14 | 4.03 | 1.36 | 1.54 | 2.13 | 2.07 |
| Interest Cover(x) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Debt/Mcap(x) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 71.36 | 71.36 | 71.36 | 71.36 | 71.36 | 71.36 | 71.36 | 71.36 | 71.36 | 71.36 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 28.64 | 28.64 | 28.64 | 28.64 | 28.64 | 28.64 | 28.64 | 28.64 | 28.64 | 28.64 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.21 | 0.21 | 0.21 | 0.21 | 0.21 | 0.21 | 0.21 | 0.21 | 0.21 | 0.21 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | +17% | -2% | +30% | +1% |
| Operating Profit CAGR | -14% | 0% | — | -3% |
| PAT CAGR | -40% | 0% | — | -7% |
| Share Price CAGR | -26% | -5% | +11% | +5% |
| ROE Average | +2% | +3% | +3% | +4% |
| ROCE Average | +4% | +4% | +4% | +5% |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 71.36 | 71.36 | 71.36 | 71.36 | 71.36 | 71.36 | 71.36 | 71.36 | 71.36 | 71.36 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 28.64 | 28.64 | 28.64 | 28.64 | 28.64 | 28.64 | 28.64 | 28.64 | 28.64 | 28.64 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.21 | 0.21 | 0.21 | 0.21 | 0.21 | 0.21 | 0.21 | 0.21 | 0.21 | 0.21 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 |
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