Glittek Granites Limited

Industrials — Building Products & Equipment · BSE

₹71.15−₹1.37 (−1.89%)

DalalBaazaar Score

30 / 100

🔴 Weak

Verdict

CAUTION

Risk

Very High

Driven by negative free cash flow, the company is currently loss-making, micro-cap size, which brings thin liquidity.

In simple words: The company is currently losing money, but sales are shrinking. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:47 pm

Understanding the Business

Company site ↗

The 60-second version of Glittek Granites Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Glittek Granites Limited manufactures and sells granite tiles and slabs in India and internationally. The company provides marble, sandstone, semi-precious stone, and quartz products. Its products are used in flooring, countertop, and wall cladding applications.

IndustryBuilding Products & Equipment

SectorIndustrials

Employees11

Annual revenue₹0 Cr

How does it make money?

Turns over ₹0 Cr a year. Of every ₹100 of sales, about ₹-843 reaches shareholders as profit, with ₹-1297 left at the operating level before interest, tax and depreciation. Each of its 11 employees supports ₹42,545 of revenue a year, the signature of a people-led business.

Revenue / employee₹42,545

Who are its competitors?

The closest listed comparisons in its industry are LARSEN & TOUBRO LTD., SIEMENS LTD, ABB INDIA LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?Little sign of one

Returns on capital of -3.2% are at or below what the capital likely costs. That is the financial pattern of a business competing largely on price, where advantage has to come from execution rather than position.

Peer median ROE15.2%

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved -100% while net margin moved +14388% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect-100%

Margin effect+14388%

DalalBaazaar Score

30/ 100

Weak

Weighted across six categories. Every point is explained below.

✗ No meaningful P/E — the company is lossmaking
✗ P/B of 16.79x is a steep premium to book

Quality vs. Valuation

Company Quality

33/ 100

Weak

How good the business is, ignoring the share price entirely.

Valuation

21/ 100

Expensive

What you are being asked to pay, ignoring how good the business is.

Weak on business quality and not cheap enough to compensate.

vs. its own history

Not enough price and earnings history

vs. sector peers

Not enough peers with a usable P/E

vs. generic bands

N/A

No P/E — the company is lossmaking

EV/EBITDA

—

PEG

—

What's Good / What's Bad

🟢 What's Going Well1

Return on equity is rising
ROE has improved from -7.0% to -3.6%.

🔴 What Needs Attention1

Return on capital is falling
ROCE has declined from 3.4% to -3.2% — often a sign of competition or overexpansion.

Red Flags

5 items require attention · 3 high · 2 watch

🔴Thin interest coverageFinancial
Operating profit covers interest only -8.6x — little room if earnings dip.
🔴The company is lossmakingFinancial
Net profit of -₹0 Cr in the latest reported year.
🔴Significant margin compressionFinancial
EBITDA margin has fallen 1307.0 points, from 10.2% to -1296.8%.
🟡Interest coverage is deterioratingFinancial
Cover has fallen from 5.2x to -8.6x.
🟡Free cash flow is negativeFinancial
Free cash flow was -₹2 Cr in the latest year.

Investment Thesis

🟢 Bull CaseWhat could make this work?

No clear supporting case emerges from the available numbers.

🔴 Bear CaseWhat could go wrong?

Margins are being competed away
EBITDA margin has fallen from 10.2% to -1296.8%. If the trend continues, profit falls even on flat sales — and margin decline rarely reverses quickly.
Earnings are hard to forecast
Profit has swung sharply from year to year, so any single year — good or bad — is a weak guide to the next. Cyclical earnings deserve lower multiples for that reason.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.
Several serious flags at once
3 high-severity checks triggered. Individually each has an explanation; together they raise the chance that something structural is wrong rather than a one-off.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1EBITDA margin holds above -1299%✓ -1296.8%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Free cash flow remains positive✗ -₹2 Cr
Profit that never becomes cash eventually stops being profit.
3Interest cover stays above 3x✗ -8.6x
How much operating profit can fall before interest stops being comfortably covered.
4ROCE stays above 8%✗ -3.2%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

5 / 10 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✗ Strong return on capital employed (ROCE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✗ Generates positive free cash flow
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✗ Revenue growing year-over-year
✓ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✓ Short-term technical trend isn't bearish

Price history

Quick Metrics

1 good · 3 neutral · 7 weak

Market Cap

₹185 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

Not meaningful

Loss-making

Earnings are negative, so a P/E multiple can't be read here

P/B Ratio

16.79x

Rich

Steep premium to book — needs high, durable returns to justify

EPS (TTM)

₹-0.12

Loss-making

Negative earnings per share — the business is losing money

ROE

-3.6%

Weak

Weak capital efficiency

ROCE

-3.2%

Weak

Low return on total capital employed

Debt/Equity

Not available

No data

Source didn't return this field

Revenue Growth (YoY)

-97.7%

Shrinking

Sales are contracting

Profit Growth (YoY)

150.0%

Healthy

Profits growing at a healthy clip

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

-₹2 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

Operating Margin

0.0%

Weak

Thin margins leave little room for error

Net Margin

0.0%

Weak

Very little revenue reaches the bottom line

Current Ratio

197.72

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

1.19

Market-like

Moves roughly in line with the market

52W Range Position

83%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

75.3 / 71.8

Bullish alignment (short > long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

36.5

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹13 Cr	₹7 Cr	₹2 Cr	₹0 Cr	-84.8%
EBITDA	₹1 Cr	-₹4 Cr	-₹20 Cr	-₹1 Cr	—
EBITDA Margin	10.2%	-55.9%	-986.7%	-1296.8%	—
PAT (Net Profit)	-₹1 Cr	-₹6 Cr	₹7 Cr	-₹0 Cr	—
EPS	₹-0.3	₹-2.37	₹2.64	₹-0.15	—
ROE	-7.0%	-123.8%	59.4%	-3.6%	—
ROCE	3.4%	-48.1%	80.1%	-3.2%	—
Total Debt	₹22 Cr	₹20 Cr	—	—	—
Free Cash Flow	-₹0 Cr	₹3 Cr	₹0 Cr	-₹2 Cr	—

🔴 Revenue has shrunk at 84.8% a year over 3 years.

🔴 EBITDA has turned negative, from ₹1 Cr to -₹1 Cr.

🔴 EBITDA Margin has fallen from 10.2% to -1296.8% over 3 years (-1307.0 pts).

🟢 ROE has risen from -7.0% to -3.6% over 3 years (+3.4 pts).

🔴 ROCE has fallen from 3.4% to -3.2% over 3 years (-6.6 pts).

Balance Sheet & Cash Flow — FY2026

Total Assets

₹11 Cr

Total Liabilities

₹0 Cr

Cash & Equivalents

₹7 Cr

Operating Cash Flow

-₹2 Cr

Capex

—

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

72.8%

Peer Comparison

Company	P/E	ROE
LARSEN & TOUBRO LTD.	30.1x	15.2%
SIEMENS LTD	88.8x	10.5%
ABB INDIA LIMITED	92.6x	19.1%

Recent News

1 mixed1 negative4 general

Glittek Granites Upper Circuit Today: Price, Data and Peers

Univest, 08 Oct

Glittek Granites Open Offer at ₹12.65 Starts May 19

scanx.trade, 12 May

Glittek Granites Ltd. Upper Circuit Streak: Day 6 Price and Data

Univest, 30 Sept

Glittek Granites promoters exit after 70.59% stake sale

scanx.trade, 25 JunOwnership

🔴Potentially negativePromoter selling or pledging is a signal worth understanding, though the reason is often personal rather than about the business.

5 Under the Radar Multibagger Stocks that Rallied Up to 200% in 2026 so Far

Equitymaster, 25 Apr

Glittek Granites submits AGM voting results; approves name change

scanx.trade, 23 SeptResults

🟡Mixed / dependsA results event. The figures on this page update once the new statements reach the data feed, which usually lags the announcement.

Watch Items

Revenue growth is negative (-97.7%) on the latest reported period — check if this is one-off or a trend.
Cross-check against the company's latest quarterly filing / investor presentation before acting.
1 metric couldn't be retrieved for this stock — this is more common for smaller or thinly-covered listings.

DalalBaazaar Thesis

WeakBusiness Quality · Financial Health · Growth · Profitability · Valuation · Risk

Points for each in the Score ↑

Weak on the fundamentals

Poor scores on business quality without a price low enough to compensate. There is no obvious argument for owning this over a stronger company at a similar valuation. 3 high-severity red flags sit above this conclusion and should be read first.

3 of 4 tripwires tripped — Free cash flow remains positive; Interest cover stays above 3x; ROCE stays above 8% · see Key things to watch ↑