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Inani Marbles & Inds Overview

1. Business Overview

Inani Marbles & Industries Ltd. is an Indian company primarily engaged in the business of manufacturing, processing, and trading of various building materials. Its core activities revolve around products within the Ceramics, Marble, Granite, and Sanitaryware sectors. This likely includes quarrying and processing natural stones like marble and granite, manufacturing ceramic tiles, and potentially dealing in sanitaryware products. The company's business model involves supplying these materials to construction projects, real estate developers, retailers, and possibly individual consumers. It makes money through the sale of these processed and manufactured building materials with a margin.

2. Key Segments / Revenue Mix

Specific segment breakdown and their contribution to revenue are not available from the provided information. However, based on its name and sector description, the company's major segments likely include:

Marble & Granite: Quarrying, processing, and trading of natural stone slabs, tiles, and cut-to-size products.

Ceramics: Manufacturing and sale of ceramic tiles (floor, wall, vitrified).

Sanitaryware: Trading or manufacturing of bathroom fittings and sanitary products.

The exact revenue mix among these segments is not disclosed.

3. Industry & Positioning

The Indian Ceramics, Marble, Granite, and Sanitaryware industry is characterized by a mix of organized and unorganized players, high fragmentation, and intense competition. It is closely linked to the health of the real estate and construction sectors. The marble and granite segment relies on access to quarries and processing capabilities, while ceramics and sanitaryware involve manufacturing and distribution networks. Inani Marbles & Industries Ltd. likely operates as a regional or mid-tier player, potentially specializing in certain product categories or geographic markets within this competitive landscape. Its positioning relative to major national brands is not ascertainable from the given data, but it likely competes on product range, quality, and price point within its operational footprint.

4. Competitive Advantage (Moat)

Based solely on the provided information, a clear, durable competitive advantage for Inani Marbles & Industries Ltd. is not immediately apparent. Potential sources of competitive advantage in this industry could include:

Access to Quality Quarries: Ownership or exclusive access to superior marble or granite quarries.

Cost Efficiency: Highly efficient manufacturing processes and supply chain management.

Strong Regional Distribution: A robust and extensive distribution network in its key markets.

Brand Recognition: While "Inani" might have regional recognition, a national brand moat is not evident.

Without further details, it's challenging to confirm any strong, long-lasting competitive moats.

5. Growth Drivers

Key factors that could drive growth for Inani Marbles & Industries Ltd. over the next 3-5 years include:

Real Estate & Infrastructure Growth: Continued expansion in India's residential, commercial, and infrastructure sectors.

Urbanization & Rising Incomes: Increasing demand for quality housing and better finishing materials as disposable incomes rise.

Government Initiatives: Policy support and investment in housing for all and smart city projects.

Renovation & Remodelling: Growing market for upgrading existing homes and commercial spaces.

Product Diversification: Expanding into new product lines or higher-value segments within its core offerings.

6. Risks

Cyclicality of Real Estate: The company's performance is highly dependent on the inherently cyclical real estate and construction industries.

Input Cost Volatility: Fluctuations in the cost of raw materials (stone blocks, clay, chemicals), energy (gas, electricity), and logistics can impact profitability.

Intense Competition: The fragmented nature of the market leads to significant price competition from both organized and unorganized players.

Regulatory & Environmental Risks: Changes in mining policies, environmental regulations, and licensing requirements can affect operations, particularly for natural stone segments.

Substitution Risk: Threat from alternative building materials or cheaper imports.

7. Management & Ownership

Inani Marbles & Industries Ltd. is typically expected to be a promoter-driven company, common for many Indian businesses, with the founding family or group holding a significant ownership stake. Specific details regarding the promoters' background, management team's experience, or the precise ownership structure are not provided. The quality of management and corporate governance cannot be assessed without further information.

8. Outlook

Inani Marbles & Industries Ltd. operates in a sector with significant long-term growth potential, driven by India's ongoing urbanization, infrastructure development, and rising living standards. The demand for quality building materials is expected to remain robust. However, the company faces inherent challenges from the cyclical nature of its core markets, intense competition, and volatile input costs. Its ability to achieve sustained growth will depend on efficient operations, effective supply chain management, product innovation, strong distribution channels, and prudent financial management amidst these industry dynamics.

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Inani Marbles & Inds Key Financials

Market Cap ₹21 Cr.

Stock P/E 30.2

P/B 0.4

Current Price ₹11.5

Book Value ₹ 28.7

Face Value 2

52W High ₹23.9

Dividend Yield 0.35%

52W Low ₹ 8.3

Inani Marbles & Inds Share Price

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Volume
Price

Inani Marbles & Inds Quarterly Price

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Inani Marbles & Inds Peer Comparison

Inani Marbles & Inds Quarterly Results

#(Fig in Cr.) Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025
Net Sales 10 14 18 13 9 10 11 15 13 9
Other Income 0 2 0 0 1 0 0 0 0 0
Total Income 10 15 19 13 9 10 11 15 13 9
Total Expenditure 9 13 16 11 7 9 11 14 12 8
Operating Profit 1 3 3 2 2 1 0 1 1 1
Interest 1 1 0 0 0 1 0 0 0 0
Depreciation 1 1 1 1 1 1 1 1 1 1
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0
Profit Before Tax -0 1 2 1 1 -0 -1 0 -0 -0
Provision for Tax 0 0 0 0 0 -0 0 0 -0 -0
Profit After Tax -0 1 1 1 1 -0 -1 0 -0 -0
Adjustments -0 0 -0 0 0 -0 0 -0 0 0
Profit After Adjustments -0 1 1 1 1 -0 -1 0 -0 -0
Adjusted Earnings Per Share -0.1 0.7 0.7 0.4 0.4 -0.1 -0.4 0.1 -0 -0.2

Inani Marbles & Inds Profit & Loss

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
Net Sales 71 51 45 40 37 32 61 82 72 57 43 48
Other Income 1 0 1 1 1 2 1 3 2 2 1 0
Total Income 71 52 45 41 38 33 61 84 74 59 44 48
Total Expenditure 57 42 38 35 32 29 54 74 67 51 38 45
Operating Profit 14 10 8 6 6 4 8 10 7 8 6 3
Interest 3 3 2 2 2 2 3 2 3 2 2 0
Depreciation 3 3 3 3 3 3 3 3 3 3 3 4
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 -0 0 0 0
Profit Before Tax 8 4 2 0 1 -0 2 4 1 2 1 -1
Provision for Tax 2 1 1 0 0 -0 1 1 0 0 0 0
Profit After Tax 5 3 2 0 1 -0 2 3 1 2 1 -1
Adjustments 0 0 0 0 0 0 0 0 0 0 0 0
Profit After Adjustments 5 3 2 0 1 -0 2 3 1 2 1 -1
Adjusted Earnings Per Share 3.2 1.6 1 0.2 0.5 -0.2 0.8 1.7 0.3 0.8 0.4 -0.5

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR -25% -19% 6% -5%
Operating Profit CAGR -25% -16% 8% -8%
PAT CAGR -50% -31% 0% -15%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR -45% -18% -7% -12%
ROE Average 1% 2% 3% 4%
ROCE Average 4% 5% 6% 7%

Inani Marbles & Inds Balance Sheet

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Shareholder's Funds 38 41 42 43 43 43 48 51 52 53 54
Minority's Interest 0 0 0 0 0 0 0 0 0 0 0
Borrowings 2 3 2 2 1 7 9 7 6 3 2
Other Non-Current Liabilities 2 2 2 2 1 1 2 2 2 2 2
Total Current Liabilities 39 40 38 38 29 33 38 43 34 29 33
Total Liabilities 81 86 85 84 75 84 96 104 94 88 91
Fixed Assets 29 27 27 24 22 31 30 36 33 30 28
Other Non-Current Assets 3 2 3 3 4 3 3 2 2 3 3
Total Current Assets 50 56 56 57 49 50 62 65 58 55 61
Total Assets 81 86 85 84 75 84 96 104 94 88 91

Inani Marbles & Inds Cash Flow

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Opening Cash & Cash Equivalents 2 2 1 0 0 1 0 0 0 0 0
Cash Flow from Operating Activities 10 4 6 3 4 5 0 9 4 7 4
Cash Flow from Investing Activities -4 -1 -3 -1 -1 -12 -3 -6 -1 0 -2
Cash Flow from Financing Activities -6 -3 -4 -2 -3 7 3 -3 -3 -8 -3
Net Cash Inflow / Outflow 0 -1 -0 0 1 -1 0 -0 0 0 -0
Closing Cash & Cash Equivalent 2 1 0 0 1 0 0 0 0 0 0

Inani Marbles & Inds Ratios

# Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Earnings Per Share (Rs) 3.17 1.57 1.02 0.25 0.53 -0.19 0.82 1.75 0.3 0.85 0.38
CEPS(Rs) 5.07 3.39 2.7 2.02 2.26 1.4 2.44 3.36 2.12 2.57 1.8
DPS(Rs) 0.2 0.1 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04
Book NAV/Share(Rs) 23.51 24.96 25.98 26.18 26.66 26.42 25.77 27.48 27.73 28.62 28.84
Core EBITDA Margin(%) 19.11 17.73 15.76 12.2 12.7 8.51 11.52 8.82 7.35 9.81 10.56
EBIT Margin(%) 15.51 12.92 11.04 6.74 8.25 5.3 7.57 8.31 4.92 7.85 7.37
Pre Tax Margin(%) 10.76 7.38 5.49 1.16 2.72 -1.47 3.38 5.25 1.21 3.5 2.47
PAT Margin (%) 7.27 4.95 3.68 1 2.35 -0.98 2.51 3.99 0.79 2.78 1.65
Cash Profit Margin (%) 11.63 10.69 9.76 8.14 10.06 7.12 7.49 7.67 5.49 8.45 7.83
ROA(%) 6.41 3.06 1.94 0.48 1.08 -0.39 1.69 3.26 0.57 1.73 0.79
ROE(%) 14.35 6.47 4 0.95 2 -0.73 3.35 6.57 1.1 3 1.32
ROCE(%) 18.86 11.02 8.06 4.41 4.94 2.59 6.24 8.63 4.41 5.68 4.14
Receivable days 116.85 193.38 239.4 264.14 254.01 231.23 116.13 89.68 106.26 127.18 179.17
Inventory Days 101.05 141.68 169.16 176.25 194.08 247.06 159.9 139 145.33 164.35 227.53
Payable days 168.29 405.42 483.6 445.5 557.32 328.15 203.51 151.14 126.76 90.57 144.69
PER(x) 7.26 24.49 36.45 62.47 42.73 0 20.6 12.86 69.91 25.11 38.56
Price/Book(x) 0.98 1.54 1.43 0.59 0.85 0.22 0.65 0.82 0.76 0.74 0.51
Dividend Yield(%) 0.87 0.26 0.11 0.26 0.18 0.7 0.24 0.18 0.19 0.19 0.27
EV/Net Sales(x) 0.81 1.61 1.78 1.08 1.45 1.13 0.99 0.87 0.95 1.11 1.15
EV/Core EBITDA(x) 4.08 8.6 10.34 7.78 9.09 8.41 7.87 7.24 9.37 8.17 8.46
Net Sales Growth(%) -5.11 -27.36 -12.79 -9.82 -9.26 -12.71 89.75 34.65 -11.91 -21.22 -24.38
EBIT Growth(%) -9.74 -39.42 -25.4 -45.29 10.97 -43.95 171.19 47.69 -47.8 25.8 -29.1
PAT Growth(%) -5.27 -50.49 -35.16 -75.54 112.01 -136.48 585.93 113.85 -82.65 178.98 -55.14
EPS Growth(%) -5.27 -50.49 -35.15 -75.54 112.01 -136.48 524.83 113.87 -82.65 178.97 -55.14
Debt/Equity(x) 0.56 0.51 0.47 0.44 0.4 0.63 0.61 0.57 0.55 0.44 0.41
Current Ratio(x) 1.27 1.42 1.46 1.5 1.68 1.51 1.65 1.5 1.73 1.89 1.83
Quick Ratio(x) 0.78 0.9 0.91 1.03 0.97 0.84 0.83 0.78 0.96 1.03 0.98
Interest Cover(x) 3.27 2.33 1.99 1.21 1.49 0.78 1.81 2.72 1.33 1.8 1.51
Total Debt/Mcap(x) 0.57 0.33 0.33 0.74 0.48 2.91 0.93 0.69 0.73 0.59 0.81

Inani Marbles & Inds Shareholding Pattern

# Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Promoter 62.51 62.51 62.51 62.51 62.51 62.51 62.51 62.51 62.51 62.88
FII 0 0 0 0 0 0 0 0 0 0
DII 0 0 0 0 0 0 0 0 0 0
Public 37.49 37.49 37.49 37.49 37.49 37.49 37.49 37.49 37.49 37.12
Others 0 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

Inani Marbles & Inds News

Inani Marbles & Inds Pros & Cons

Pros

  • Stock is trading at 0.4 times its book value
  • Company has reduced debt.
  • Company is almost debt free.

Cons

  • Company has a low return on equity of 2% over the last 3 years.
  • Debtor days have increased from 90.57 to 144.69days.
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