WEBSITE BSE:513699 NSE: SOLID STONE Inc. Year: 1990 Industry: Ceramics/Marble/Granite/Sanitaryware My Bucket: Add Stock
Last updated: 11:27
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1. Business Overview
Solid Stone Company Ltd. operates in the construction materials sector, specifically focusing on products like ceramics, marble, granite, and sanitaryware. Its core business involves the manufacturing, processing, and distribution of these materials. The company likely makes money through direct sales to builders and contractors (B2B), as well as through a network of distributors and retailers catering to individual customers for home renovation and construction (B2C). Revenue is generated from the sale of tiles, natural stone slabs, sanitary fittings, and related building products.
2. Key Segments / Revenue Mix
Specific revenue contributions by segment are not provided. However, based on its industry, Solid Stone Company Ltd. likely has segments that include:
Ceramic Tiles: Floor tiles, wall tiles, vitrified tiles, porcelain tiles.
Natural Stone: Processed marble slabs, granite slabs, and custom stone products.
Sanitaryware: Toilets, wash basins, faucets, showers, and other bathroom fittings.
The mix would depend on the company's manufacturing capabilities, market focus, and brand strength within each category.
3. Industry & Positioning
The Ceramics/Marble/Granite/Sanitaryware industry in India is characterized by a mix of large organized players and numerous unorganized local manufacturers. It is a highly competitive and somewhat fragmented market. Solid Stone Company Ltd. likely competes on factors such as product quality, design innovation, pricing, brand recognition, and distribution reach. Its positioning relative to peers would depend on its ability to offer a comprehensive product range, maintain cost efficiency, and build a strong brand presence across various price points (value to premium).
4. Competitive Advantage (Moat)
Without specific information, potential competitive advantages for Solid Stone Company Ltd. could include:
Brand Reputation: A long-standing brand name known for quality and reliability in the Indian market.
Distribution Network: An extensive and efficient network of dealers, distributors, and showrooms ensuring wide product availability.
Manufacturing Scale/Efficiency: Large-scale, vertically integrated manufacturing operations that allow for cost leadership and consistent product quality.
Design & Innovation: Ability to offer contemporary designs and technologically advanced products that appeal to evolving consumer preferences.
Raw Material Sourcing: Established relationships and efficient processes for sourcing quality raw materials like clay, feldspar, or natural stone.
5. Growth Drivers
Key factors that can drive growth for Solid Stone Company Ltd. over the next 3-5 years include:
Urbanization & Housing Demand: Rapid urbanization and sustained demand for residential and commercial spaces in India.
Government Infrastructure Push: Increased government spending on infrastructure projects (airports, metro, smart cities) driving demand for building materials.
Rising Disposable Incomes: Growth in disposable income leading to higher spending on home improvement and premium products.
Renovation & Remodeling Market: A growing market for renovation of existing homes and commercial spaces.
Shift from Unorganized to Organized Sector: Consumers increasingly preferring branded and quality-assured products from organized players.
6. Risks
Key business risks for Solid Stone Company Ltd. include:
Real Estate Cyclicality: The company's performance is closely tied to the health of the real estate and construction sector, which is inherently cyclical.
Raw Material Price Volatility: Fluctuations in the cost of raw materials (clay, chemicals, fuel for kilns, natural stone blocks) can impact profitability.
Intense Competition: High competition from both domestic and international players, leading to pricing pressures.
Regulatory & Environmental Compliance: Strict environmental regulations regarding mining, manufacturing processes, and waste disposal could increase operating costs.
Labor Costs: Rising labor costs in manufacturing and distribution.
Import Competition: Influx of cheaper imports, particularly in the tiles and sanitaryware segments.
7. Management & Ownership
As an Indian company, Solid Stone Company Ltd. is likely promoter-led, meaning the founding family or individuals maintain significant ownership and control. Specific details on the quality of management, their experience, or the exact ownership structure are not provided. Typically, promoter-led companies in this sector emphasize long-term growth and market share, with management focused on operational efficiency, brand building, and distribution expansion.
8. Outlook
Solid Stone Company Ltd. operates in a market with significant structural tailwinds driven by India's demographic dividend, urbanization, and economic growth, which should sustain demand for its products. The company has an opportunity to capitalize on the shift towards branded, quality products and the expansion of organized retail. However, it faces intense competition from both domestic and international players, necessitating continuous innovation, cost control, and strong brand building to maintain market share and profitability. Its ability to navigate raw material price volatility, adapt to evolving consumer tastes, and efficiently manage its distribution network will be critical for sustained success in this dynamic industry.
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Market Cap ₹14 Cr.
Stock P/E 17.2
P/B 0.6
Current Price ₹26.4
Book Value ₹ 42.6
Face Value 10
52W High ₹40.2
Dividend Yield 0%
52W Low ₹ 21.7
Price goes above X
Price falls below X
PE goes above X
PE falls below X
₹ | |
| #(Fig in Cr.) | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 5 | 7 | 4 | 7 | 9 | 8 | 6 | 6 | 5 | 9 |
| Other Income | 0 | 0 | 0 | 0 | 0 | -0 | 0 | 0 | 0 | 0 |
| Total Income | 5 | 7 | 4 | 7 | 9 | 8 | 6 | 6 | 5 | 9 |
| Total Expenditure | 4 | 6 | 3 | 6 | 7 | 7 | 5 | 5 | 4 | 8 |
| Operating Profit | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 2 |
| Interest | 1 | 1 | 1 | 0 | 0 | 1 | 0 | 1 | 0 | 1 |
| 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 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Provision for Tax | -0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Adjustments | -0 | 0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | 0 |
| Profit After Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Adjusted Earnings Per Share | 0.4 | 0.5 | 0.1 | 0.6 | 0.5 | 0.4 | 0.1 | 0.2 | 0.1 | 0.6 |
| #(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 | 58 | 60 | 66 | 61 | 41 | 37 | 17 | 24 | 31 | 24 | 28 | 26 |
| Other Income | 2 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Income | 60 | 61 | 66 | 62 | 41 | 37 | 17 | 24 | 31 | 24 | 28 | 26 |
| Total Expenditure | 54 | 57 | 62 | 58 | 38 | 33 | 15 | 22 | 27 | 20 | 24 | 22 |
| Operating Profit | 6 | 3 | 4 | 4 | 4 | 4 | 2 | 2 | 4 | 4 | 4 | 5 |
| Interest | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 |
| Depreciation | 1 | 1 | 1 | 0 | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 0 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 3 | 1 | 1 | 2 | 1 | 1 | -1 | -1 | 1 | 1 | 1 | 0 |
| Provision for Tax | 1 | 0 | 0 | 0 | 0 | 0 | -0 | -0 | 0 | 0 | 0 | 0 |
| Profit After Tax | 2 | 0 | 1 | 1 | 1 | 1 | -1 | -1 | 1 | 1 | 1 | 0 |
| Adjustments | 0 | 0 | 0 | 0 | -0 | 0 | -0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 2 | 1 | 1 | 1 | 1 | 1 | -1 | -1 | 1 | 1 | 1 | 0 |
| Adjusted Earnings Per Share | 3.7 | 0.9 | 1.5 | 2.3 | 1.2 | 1.3 | -1.4 | -1.4 | 1.1 | 1.6 | 1.5 | 1 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 17% | 5% | -5% | -7% |
| Operating Profit CAGR | 0% | 26% | 0% | -4% |
| PAT CAGR | 0% | 0% | 0% | -7% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -28% | -1% | 4% | -3% |
| ROE Average | 4% | 4% | 1% | 3% |
| ROCE Average | 8% | 8% | 6% | 8% |
| #(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 | 18 | 18 | 19 | 20 | 21 | 22 | 21 | 20 | 21 | 22 | 22 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 1 | 1 | 1 | 1 | 2 | 1 | 2 | 8 | 7 | 6 | 5 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 0 | 1 |
| Total Current Liabilities | 33 | 30 | 29 | 26 | 22 | 22 | 21 | 16 | 23 | 26 | 24 |
| Total Liabilities | 52 | 50 | 49 | 47 | 45 | 45 | 45 | 45 | 52 | 54 | 52 |
| Fixed Assets | 3 | 3 | 2 | 2 | 1 | 2 | 1 | 3 | 2 | 1 | 4 |
| Other Non-Current Assets | 3 | 1 | 1 | 1 | 1 | 1 | 2 | 2 | 2 | 2 | 2 |
| Total Current Assets | 45 | 46 | 46 | 44 | 42 | 42 | 42 | 41 | 48 | 51 | 46 |
| Total Assets | 52 | 50 | 49 | 47 | 45 | 45 | 45 | 45 | 52 | 54 | 52 |
| #(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 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash Flow from Operating Activities | 1 | 1 | -0 | 3 | 3 | 1 | 1 | 3 | 3 | 5 | 4 |
| Cash Flow from Investing Activities | -0 | -0 | -0 | -0 | -0 | -0 | 0 | -0 | -0 | -0 | -1 |
| Cash Flow from Financing Activities | -1 | -1 | 0 | -2 | -3 | -1 | -1 | -2 | -3 | -4 | -3 |
| Net Cash Inflow / Outflow | -0 | -0 | 0 | 0 | -0 | 0 | -0 | 0 | -0 | 0 | -0 |
| Closing Cash & Cash Equivalent | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 |
| # | 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) | 3.71 | 0.94 | 1.53 | 2.27 | 1.21 | 1.31 | -1.44 | -1.36 | 1.09 | 1.59 | 1.53 |
| CEPS(Rs) | 5.2 | 2.26 | 2.77 | 3.18 | 2.16 | 3.05 | -0.34 | 0.06 | 2.7 | 3.24 | 3.24 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 33.19 | 34.26 | 35.99 | 37.71 | 38.97 | 40.33 | 38.92 | 37.67 | 38.73 | 40.28 | 41.61 |
| Core EBITDA Margin(%) | 6.7 | 5.33 | 5.94 | 5.8 | 8.42 | 10.63 | 11.18 | 9 | 12.76 | 17.33 | 14.52 |
| EBIT Margin(%) | 8.45 | 4.31 | 5.07 | 6.13 | 7.77 | 8.48 | 7.99 | 5.83 | 10.35 | 13.98 | 11.49 |
| Pre Tax Margin(%) | 5.35 | 1.34 | 1.83 | 2.69 | 2.47 | 2.92 | -5.62 | -3.94 | 2.69 | 4.68 | 4.41 |
| PAT Margin (%) | 3.35 | 0.82 | 1.25 | 1.99 | 1.64 | 1.92 | -4.49 | -3.16 | 1.9 | 3.55 | 2.98 |
| Cash Profit Margin (%) | 4.83 | 2.01 | 2.26 | 2.79 | 2.83 | 4.49 | -1.05 | 0.14 | 4.72 | 7.26 | 6.3 |
| ROA(%) | 4.2 | 0.98 | 1.67 | 2.53 | 1.47 | 1.56 | -1.71 | -1.7 | 1.21 | 1.61 | 1.56 |
| ROE(%) | 11.53 | 2.74 | 4.36 | 6.17 | 3.28 | 3.29 | -3.63 | -3.72 | 2.85 | 4.01 | 3.75 |
| ROCE(%) | 16.34 | 8.16 | 9.77 | 10.32 | 8.67 | 8.2 | 3.52 | 3.56 | 7.91 | 8.36 | 7.94 |
| Receivable days | 47.63 | 61.88 | 63.07 | 88.61 | 147.27 | 161.08 | 304.84 | 178.5 | 136.65 | 137.54 | 79.14 |
| Inventory Days | 154.31 | 154.26 | 131.51 | 124.94 | 179.48 | 202.81 | 426.05 | 316.46 | 288.52 | 448.85 | 409.79 |
| Payable days | 46.82 | 47.87 | 19.91 | 27.51 | 40.81 | 19.33 | 54.78 | 27.29 | 25.03 | 56.78 | 68.81 |
| PER(x) | 14.28 | 37.54 | 57.11 | 29.46 | 77.7 | 14.48 | 0 | 0 | 30.9 | 20.08 | 22.47 |
| Price/Book(x) | 1.6 | 1.03 | 2.43 | 1.78 | 2.41 | 0.47 | 1.24 | 0.64 | 0.87 | 0.79 | 0.83 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 0.72 | 0.55 | 0.96 | 0.85 | 1.6 | 0.73 | 2.58 | 1.33 | 1.23 | 1.46 | 1.32 |
| EV/Core EBITDA(x) | 7.21 | 9.93 | 15.75 | 12.28 | 17.91 | 6.59 | 22.62 | 14.63 | 9.32 | 8.27 | 8.8 |
| Net Sales Growth(%) | 15.25 | 4.3 | 9.44 | -7.19 | -32.92 | -11.23 | -52.85 | 41.14 | 26.65 | -22.03 | 15.24 |
| EBIT Growth(%) | 68.31 | -46.78 | 28.61 | 12.26 | -14.97 | -3.15 | -55.54 | 2.9 | 124.95 | 5.27 | -5.26 |
| PAT Growth(%) | 102.98 | -74.37 | 65.73 | 48.35 | -44.73 | 3.78 | -210.21 | 0.8 | 176.33 | 45.58 | -3.18 |
| EPS Growth(%) | 105.14 | -74.6 | 62.59 | 48.35 | -46.81 | 7.91 | -210.64 | 5.72 | 179.95 | 45.59 | -3.18 |
| Debt/Equity(x) | 0.75 | 0.77 | 0.86 | 0.82 | 0.76 | 0.78 | 0.89 | 0.98 | 0.95 | 0.83 | 0.8 |
| Current Ratio(x) | 1.38 | 1.51 | 1.59 | 1.73 | 1.91 | 1.88 | 1.97 | 2.61 | 2.07 | 1.93 | 1.97 |
| Quick Ratio(x) | 0.58 | 0.68 | 0.8 | 0.98 | 0.95 | 1.01 | 1 | 1.24 | 0.89 | 0.72 | 0.68 |
| Interest Cover(x) | 2.72 | 1.45 | 1.57 | 1.78 | 1.47 | 1.53 | 0.59 | 0.6 | 1.35 | 1.5 | 1.62 |
| Total Debt/Mcap(x) | 0.47 | 0.74 | 0.35 | 0.46 | 0.31 | 1.67 | 0.72 | 1.53 | 1.09 | 1.05 | 0.97 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 70.09 | 70.09 | 70.09 | 70.09 | 70.09 | 70.09 | 70.09 | 70.09 | 70.09 | 70.09 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 29.91 | 29.91 | 29.91 | 29.91 | 29.91 | 29.91 | 29.91 | 29.91 | 29.91 | 29.91 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.38 | 0.38 | 0.38 | 0.38 | 0.38 | 0.38 | 0.38 | 0.38 | 0.38 | 0.38 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.16 | 0.16 | 0.16 | 0.16 | 0.16 | 0.16 | 0.16 | 0.16 | 0.16 | 0.16 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.54 | 0.54 | 0.54 | 0.54 | 0.54 | 0.54 | 0.54 | 0.54 | 0.54 | 0.54 |
* The pros and cons are machine generated.
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