1. At a Glance
Elegant Marbles and Grani Industries Ltd is that rare Indian listed company where the marble on the floor might be shinier than the numbers on the balance sheet — and yet, somehow, the stock market keeps staring at it like it’s hiding a secret. With a market capitalisation of roughly ₹65 crore and a current price hovering around ₹220, this company trades at 0.45x book value, which already sounds like a value investor’s pickup line. The latest quarter (Q2 FY26, September 2025) reported revenue of ₹8.17 crore and PAT of ₹1.21 crore, translating into an EPS of ₹4.08 for the quarter. Annualise that and you’re staring at an EPS north of ₹16, while the stock P/E sits around 19–20. ROE and ROCE are low-single-digit numbers, returns are nothing to brag about, and quarterly growth has been volatile enough to give conservative investors mild anxiety. But then comes the plot twist: listed investments worth over ₹100 crore sit quietly on the balance sheet, more than the company’s own market cap. Is Elegant Marbles a marble company pretending to be an investment firm, or an investment firm cosplaying as a marble exporter? Stick around, because this stone has layers.
2. Introduction
Elegant Marbles was incorporated in 1984, back when importing Italian marble was considered peak luxury and not every second influencer had Carrara floors in their reels. The company has survived multiple cycles — real estate booms, real estate busts, demonetisation, GST, pandemics, and probably a few family weddings that delayed board meetings. Today, it operates in manufacturing and trading of marble, granite, and other natural stones, with a strong tilt towards premium and exotic varieties.
But Elegant Marbles is not your typical “volume player”. This is not a company chasing mass-market tiles for budget housing. This is the kind of firm whose clientele includes luxury hotels, global brands, and projects where the stone bill alone could fund a mid-cap IPO. The business looks glamorous on the outside — Italian marble, Versace ceramics, Lamborghini tiles — but the financials tell a slower, more conservative story.
Revenue growth has been inconsistent. Profitability exists, but returns on capital are modest. And yet, the balance sheet quietly builds wealth through investments rather than factories. This creates a strange identity crisis: should investors judge Elegant Marbles as a cyclical building-materials company, or as a conservative capital allocator that just happens to sell stones on the side? That confusion is exactly why the stock remains ignored, misunderstood, and occasionally mispriced.
3. Business Model – WTF
Do They Even Do?
At its core, Elegant Marbles imports, processes, manufactures, and trades natural stones — marbles, granites, onyx, travertine, and precious stone slabs. The company boasts an online catalogue of over 800 natural stone varieties, sourced from across the world. Yes, eight hundred. That’s not a product line, that’s a Netflix menu.
Its manufacturing facility in Rajasthan has the capacity to produce roughly 2.5 million square feet per annum, processing over 200 colours of granite alone. The products cater to residential, hospitality, and commercial projects, both in India and overseas. Export markets include North America, GCC, Europe, and Africa.
What makes Elegant different is its positioning. It operates at the premium end — designer surfaces, engineered marble, mosaics, quartz surfaces — and holds dealership rights for ultra-luxury brands like Versace Ceramics, Lamborghini tiles, Roberto Cavalli, and Valentino. If your bathroom tiles cost more than your neighbour’s car, there’s a decent chance Elegant Marbles had something to do with it.
But here’s the twist: despite all this manufacturing and branding jazz, a large chunk of the company’s balance sheet sits in financial investments, not machinery. This means operational growth is steady but not aggressive, while capital appreciation quietly compounds elsewhere. Is that conservative wisdom or missed opportunity? Depends on who you ask — and what return expectations you carry.
4. Financials Overview
Result Type Detected: Quarterly Results
EPS Annualisation Rule Applied: Quarterly EPS × 4
Quarterly Comparison Table (Figures in ₹ Crores)
| Metric | Latest Quarter (Sep FY26) | Same Qtr Last Year | Previous Qtr | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 8.17 | 10.38 | 6.82 | -21.3% | +19.8% |
| EBITDA | 1.36 | 2.94 | 1.13 | -53.7% | +20.4% |
| PAT | 1.21 | 2.55 | 0.84 | -52.6% | +44.0% |
| EPS (₹) | 4.08 | 8.61 | 2.83 | -52.6% | +44.2% |
Annualised EPS = ₹4.08 × 4 = ₹16.32
Commentary time. On a YoY basis, this quarter looks ugly —
