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Solid Stone Co Overview

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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Solid Stone Co Key Financials

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

Solid Stone Co Share Price

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Volume
Price

Solid Stone Co Quarterly Price

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Solid Stone Co Quarterly Results

#(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

Solid Stone Co 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 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

Growth Rates

# 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%

Solid Stone Co 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 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

Solid Stone Co 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 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

Solid Stone Co 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) 3.71 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

Solid Stone Co Shareholding Pattern

# 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

Solid Stone Co News

Solid Stone Co Pros & Cons

Pros

  • Stock is trading at 0.6 times its book value
  • Company has reduced debt.

Cons

  • Company has a low return on equity of 4% over the last 3 years.
  • Debtor days have increased from 56.78 to 68.81days.
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