01 — At a Glance
The Company That Exports Shiny Stones And Now Gets Taxed For It
- 52-Week High / Low₹1,359 / ₹693
- Q3 FY26 Revenue₹135 Cr
- Q3 FY26 PAT₹20.4 Cr
- Q3 FY26 EPS₹6.57
- Annualised EPS (Q1-Q3 Avg × 4)₹24.4
- Book Value / Share₹262
- Price to Book3.17x
- ROE (Last Year)27.4%
- ROCE (Last Year)28.4%
- Debt/Equity0.34x
Flash Summary: Pokarna is India’s #1 exporter of premium quartz surfaces — think fancy kitchen countertops sold to American homeowners who suddenly discovered that ₹50,000 slabs are now 50% more expensive. Q3 FY26 was a disaster: revenue down 40%, PAT down 60%. Why? Because in August 2025, Uncle Sam slapped a 50% reciprocal tariff on Indian exports. The company’s trying to find new markets. Spoiler: they’re not easy to find when you’ve spent 30 years selling only to the USA. Rating agencies just downgraded the outlook from Positive to Stable. Ouch.
02 — Introduction
The Quartz King Who Doesn’t Know Any Other Customers
Imagine building a business for 30 years. You become the best. You export to 23 countries. But 83% of your revenue comes from one customer: America. Then one Tuesday morning, America says, “Thank you for the beautiful quartz. Now it costs 50% more.” What do you do? You panic. Internally. Professionally. Like Gautam Chand Jain and family are doing right now.
Pokarna Limited started in 1991 as a granite mining operation. Two decades later, they realized quartz engineered surfaces were the future — fancier, more durable, more expensive. They bought Italian technology from Breton SpA, started a subsidiary called Pokarna Engineered Stone Ltd (PESL), and became the world’s largest exporter of premium quartz surfaces. Revenue grew from ₹295 crore in FY21 to ₹930 crore in FY25. Profit grew even faster. Life was good. Life was very good.
Then came August 27, 2025. The US tariff hit like a cricket ball to the windpipe. Q1 FY26 revenues were down 11%. By Q3, they were down 40%. The company is now frantically trying to diversify into Canada, Mexico, France, Russia, and anywhere that doesn’t have a 50% tariff wall. Good luck with that strategy in 2026.
CRISIL Ratings Note (Sep 2025): Outlook revised from ‘Positive’ to ‘Stable’; CRISIL A-/Stable. The agency confirmed that while the company has strong fundamentals and financial metrics, the US tariff has made the business environment “highly uncertain.” Translation: they love the company, but geopolitics scares them more than a Bollywood plot twist.
03 — Business Model: WTF Do They Even Do?
They Mine Rocks, Polish Them, and Sell Them Overseas For ₹50,000 Per Slab
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