At a Glance

Once a sleepy granite exporter, Glittek just shocked Dalal Street by reporting ₹26 Cr PAT in FY25—on ₹2 Cr sales. How? Not by selling stone, but by offloading real estate and bank debt. From -₹6 Cr losses to +₹6.8 Cr profits, and zero debt—this turnaround is either genius or a one-time anomaly. Let’s dig in.

1. 🧱 Introduction with Hook

What happens when your core business dies but your land survives?
You sell the land.
Repay the bank.
Book a ₹31 Cr other income.
And boom: Glittek Granites is suddenly the hottest penny stock this side of Hosur.

The stock is up 240%+ in a year, ROE = 83%, ROCE = 51%, and sales = LOL.

2. 🧰 WTF Do They Even Do?

• Glittek is a manufacturer and exporter of granite slabs, tiles, and engineered stones.
• Based in Karnataka, it exports to Europe, USA, and the Middle East.
• Offers finishes like mirror-polish, flamed, honed, and leathered (no, not your ex’s Instagram filter).

🪨 But here’s the plot twist:
Sales have collapsed from ₹40 Cr in FY14 to ₹2 Cr in FY25.

So… why is this stock up 3x?

3. 💸 Financials Overview – Profit, Margins, ROE, Growth

⚠️ All of FY25’s profit = Other income = One-time gain.

4. 📊 Valuation – Is It Cheap, Meh, or Crack?

• CMP: ₹8.50
• Market Cap: ₹22 Cr
• P/E: 3.2x
• Book Value: ₹4.45 ⇒ P/B ~ 1.91x

If you believe FY25 profit is repeatable, the P/E is crack-cheap.
If not, you’re buying leftover granite dreams.

5. 🍛 What’s Cooking – News, Triggers, Drama

🔥 Key Events:

• Mar 2024: NCLT approves promoter shareholding restructure after family dispute.
• Mar 2025: Company sells land to repay SBI debt.
• FY25: Reports ₹31 Cr other income—used to repay debt.
• Debt is now ZERO. Clean slate.

💬 Market’s guess: Promoter clean-up + land monetization + no debt = Possible revival?

6. 🧾 Balance Sheet – How Much Debt, How Many Dreams?

They sold off fixed assets.
Debt repaid.
Net worth turned positive after years of red.

7. 💵 Cash Flow – Sab Number Game Hai

• FY25 CFO: ₹0.08 Cr (LOL)
• Investing Cash Inflow: ₹31.8 Cr
• Financing Cash Outflow: -₹22.2 Cr (debt repayment)

Net cash flow = ₹9.7 Cr
Basically, this wasn’t an operating profit revival. This was a one-time liquidation bonanza.

8. 📐 Ratios – Sexy or Stressy?

Clearly, ratios have gone wild due to non-core profits. Don’t read too much into the heat.

9. 🧾 P&L Breakdown – Show Me the Money

So yes, operationally still bleeding. But a single land sale turned everything green.

10. 🏁 Peer Comparison – Who Else in the Game?

*Heavily distorted by one-time gains.

11. 🧪 Miscellaneous – Shareholding, Promoters

• Promoter stake: ~64.76%
• Public stake: ~27.6%
• 10,000+ retail shareholders
• Promoter restructuring via NCLT in FY24—family dispute resolved
• No DII/FII action recently

This could be a shell clean-up before a reverse merger or business re-pivot.

12. 📦 EduInvesting Verdict™

“This is not a turnaround play. It’s a ‘turned-something-into-cash’ play.”

💡 Unless they use this clean balance sheet to:

• Relaunch operations?
• Merge new biz into the shell?
• Or just stay dormant until another land parcel is discovered?

We don’t know.

But what we do know:

• Sales = gone
• Ops = loss-making
• One-time land sale = profit
• Stock = already up 3x
• P/E = 3x but misleading

13. 📉 Fair Value Estimate (Speculative)

Let’s try two cases:

🧮 EduInvesting FV Range: ₹3 – ₹15, depending on whether this was a magic trick or a new act.

✍️ Written by Prashant | 📅 9 July 2025
Tags: Glittek Granites, Penny Stock, Land Sale Profit, NCLT Order, Debt Free, Special Situation, Granite Stocks, EduInvesting