1. At a Glance – The Stone That Refuses to Die
Market Cap: ₹171 Cr.
Current Price: ₹66.
Stock P/E: 6.75.
Price to Book: 15.1.
ROE (Last Year): -280%.
Sales (TTM): ₹0 Cr.
Profit After Tax (TTM): ₹25.4 Cr.
3-Month Return: 380%.
1-Year Return: 1,601%.
Yes, you read that right.
This is a granite company that currently has zero quarterly sales, yet the stock has delivered 1,600% in one year. Its TTM profit is ₹25 Cr, but annual sales have practically evaporated. It trades at 15x book value while reporting negative ROE for three straight years.
Ladies and gentlemen, welcome to Glittek Granites Ltd, where stones don’t move — but the stock price does.
The latest Q3 FY26 results (quarter ended December 2025) show:
- Sales: ₹0.00 Cr
- Net Profit: -₹0.30 Cr
- EPS: -₹0.12
And yet, the market cap sits comfortably at ₹171 Cr.
Curious? Confused? Slightly concerned?
Good. Let’s dig.
2. Introduction – From Export Star to Financial Mystery
Incorporated in 1990, Glittek Granites started as a typical export-oriented granite player. Bengaluru-based manufacturing unit. Capacity of 126,000 square meters per annum. 100% Export Oriented Unit status.
In FY21, 91% of revenue came from the USA. That’s not diversification. That’s emotional dependence.
Top 3 customers contributed 42% of revenue. That’s concentration risk wearing a tuxedo.
Then something happened.
Sales steadily declined. Over the last five years, compounded sales growth is -35%. Over three years, -39%. TTM sales growth? -89%.
And yet…
TTM profit growth shows 215%.
How?
Because ₹32 Cr of “Other Income” entered the chat.
If you are wondering whether this is a granite company or a financial engineering lab, you’re not alone.
Let’s understand what they actually do.
3. Business Model – WTF Do They Even Do?
Officially, Glittek manufactures, trades, and exports:
- Granites
- Marbles
- Sandstone
- Semi-precious stone
- Quartz
Applications include flooring, countertops, table-tops, and wall cladding.
Manufacturing unit: Bengaluru.
Installed capacity: 126,000 square meters annually.
Sounds solid. Literally.
But here’s the detective twist.
Recent quarterly sales are near zero. The P&L statement shows negligible operating activity. Operating margins have been deeply negative. OPM in TTM stands at -1,611%.
So if operations are barely alive, what is driving
