Inani Marbles and Industries Limited

Basic Materials — Building Materials · BSE

₹11.73−₹0.55 (−4.48%)

DalalBaazaar Score

41 / 100

🟡 Moderate

Verdict

CAUTION

Risk

High

Driven by micro-cap size, which brings thin liquidity, a very high earnings multiple, which leaves little margin for disappointment, falling profits.

In simple words: The business is earning a fairly low return on the money invested in it, but sales are shrinking. Valuation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 8:26 pm

Understanding the Business

Company site ↗

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

What does this company do?

Inani Marbles and Industries Limited engages in manufacturing, processing, and trading of granite, stone and marble blocks, slabs, tiles, and allied products in India. The company offers quartz slabs, stone finishes, and sandstone. It also exports its products.

IndustryBuilding Materials

SectorBasic Materials

Employees159

Annual revenue₹46 Cr

How does it make money?

Turns over ₹46 Cr a year. Of every ₹100 of sales, about ₹0 reaches shareholders as profit, with ₹9 left at the operating level before interest, tax and depreciation. Each of its 159 employees supports ₹28.9 lakh of revenue a year, the signature of a people-led business.

Revenue / employee₹28.9 lakh

Who are its competitors?

The closest listed comparisons in its industry are ULTRATECH CEMENT LIMITED, GRASIM INDUSTRIES LTD, AMBUJA CEMENTS LTD, SHREE CEMENT 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 ROE7.4%

What has been driving growth?

Sales and margins have both contributed to where profit is now. Over 3 years revenue moved -36% while net margin moved -49% 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-36%

Margin effect-49%

DalalBaazaar Score

41/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ Revenue has contracted at 13.9% a year
✗ Profit has declined at 31.3% a year
✗ Latest-year revenue growth of -29.7% is below the longer-term trend — momentum is fading
✗ Profit fell 11.1% in the latest year

Quality vs. Valuation

Company Quality

41/ 100

Weak

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

Valuation

37/ 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.

Historical Valuation

Current P/E

146.6x

3Y Median

49.2x

40 monthly readings · mean 54.2x · range 17.2x–117.3x

Sector Median

36.2x

median of 4 sector peers

⚠️Current valuation is approximately 198% above its 3y median of 49.2x. Paying more than usual needs a reason — faster growth, a better balance sheet, or a re-rating you believe in.

⚠️Against its sector it trades 305% above the peer median of 36.2x.

vs. its own history

Expensive

49.2x median over 40 months · +198%

vs. sector peers

Expensive

36.2x median of 4 peers · +305%

vs. generic bands

Expensive

Above 35x

EV/EBITDA

9.8x

PEG

—

What's Good / What's Bad

🟢 What's Going Well2

Debt is being paid down
Total debt is down 26% over 3 years.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention1

Return on capital is falling
ROCE has declined from 5.2% to 3.2% — often a sign of competition or overexpansion.

Red Flags

2 items require attention · 1 high · 1 watch

🔴Thin interest coverageFinancial
Operating profit covers interest only 1.1x — little room if earnings dip.
🟡Profit is decliningFinancial
Net profit is down 68% over 3 years.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Deleveraging frees up earnings
Debt is down 26% over 3 years. Every rupee of interest not paid drops to the bottom line, so profit can grow even if revenue does not.
Self-funding with balance-sheet headroom
Positive free cash flow of ₹2 Cr alongside low debt means growth, buybacks or dividends need no outside money — and a downturn can be absorbed rather than refinanced.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

The debt load needs earnings to hold up
Debt is 4.8x EBITDA. At that level a downturn in earnings turns a manageable balance sheet into a refinancing problem, and lenders get paid before shareholders.
The price already assumes success
The stock trades 198% above its own median multiple. At this level the business has to deliver just to stand still, and a stumble is repriced twice — lower earnings on a lower multiple.
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.

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

1EBITDA margin holds above 7%✓ 9.5%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Debt / EBITDA falls below 3x✗ 4.8x
Already stretched, so this is a reduction target rather than a level to hold. Around 3x is where lenders typically start attaching conditions.
3Interest cover stays above 3x✗ 1.1x
How much operating profit can fall before interest stops being comfortably covered.
4Free cash flow remains positive✓ ₹2 Cr
Profit that never becomes cash eventually stops being profit.
5ROCE 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 / 11 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✗ Strong return on capital employed (ROCE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✓ Manageable leverage (Debt/Equity < 1.0)
✓ 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

4 good · 2 neutral · 5 weak

Market Cap

₹22 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

146.6x

Expensive

Expensive — verify against sector peers

P/B Ratio

0.41x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹0.08

Profitable

Profitable on a per-share basis

ROE

0.3%

Weak

Weak capital efficiency

ROCE

3.2%

Weak

Low return on total capital employed

Debt/Equity

0.39x

Low

Conservative leverage

Revenue Growth (YoY)

-29.7%

Shrinking

Sales are contracting

Profit Growth (YoY)

-11.1%

Falling

Profits are shrinking

Dividend Yield

0.34%

Modest

Small cash return — most of the return has to come from the price

Free Cash Flow

₹2 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

Operating Margin

2.0%

Weak

Thin margins leave little room for error

Net Margin

0.4%

Weak

Very little revenue reaches the bottom line

Current Ratio

1.87

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.89

Market-like

Moves roughly in line with the market

52W Range Position

25%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

11.7 / 10.4

Bullish alignment (short > long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

57.2

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹72 Cr	₹56 Cr	₹42 Cr	₹46 Cr	-13.9%
EBITDA	₹7 Cr	₹7 Cr	₹5 Cr	₹4 Cr	-14.1%
EBITDA Margin	9.5%	12.6%	12.2%	9.5%	—
PAT (Net Profit)	₹1 Cr	₹2 Cr	₹1 Cr	₹0 Cr	-31.3%
EPS	₹0.3	₹0.85	₹0.38	₹0.1	-30.7%
ROE	1.1%	3.0%	1.3%	0.3%	—
ROCE	5.2%	7.3%	5.2%	3.2%	—
Total Debt	₹29 Cr	₹23 Cr	₹22 Cr	₹21 Cr	-9.7%
Free Cash Flow	₹3 Cr	₹6 Cr	₹3 Cr	₹2 Cr	-12.0%

🔴 Revenue has shrunk at 13.9% a year over 3 years.

🔴 EBITDA has shrunk at 14.1% a year over 3 years.

🟡 EBITDA Margin has held roughly flat at 9.5% over 3 years.

🔴 PAT (Net Profit) has shrunk at 31.3% a year over 3 years.

🔴 EPS has shrunk at 30.7% a year over 3 years.

🟡 ROE has held roughly flat at 0.3% over 3 years.

🔴 ROCE has fallen from 5.2% to 3.2% over 3 years (-2.0 pts).

🟢 Total Debt has shrunk at 9.7% a year over 3 years.

🔴 Free Cash Flow has shrunk at 12.0% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹89 Cr

Total Liabilities

₹35 Cr

Cash & Equivalents

₹0 Cr

Operating Cash Flow

₹3 Cr

Capex

-₹1 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

72.7%

Corporate Actions

Dividend Rate

₹0.04

Ex-Dividend Date

23 Sept 2026

Peer Comparison

Company	P/E	ROE
ULTRATECH CEMENT LIMITED	37.6x	11.1%
GRASIM INDUSTRIES LTD	34.8x	5.5%
AMBUJA CEMENTS LTD	20.4x	7.4%
SHREE CEMENT LIMITED	49.7x	7.0%

Recent News

3 positive2 negative1 general

Inani Marbles adopts FY26 results, declares 2% dividend at AGM

scanx.trade, 30 SeptCapital return

🟢Potentially positiveCash or shares returned to holders. A buyback is only good value if the shares were cheap when bought.

Inani Marbles & Industries Ltd Upgraded to Sell on Valuation Improvement

MarketsMojo, 07 OctAnalyst view

🟢Potentially positiveAn analyst opinion changing, which moves the price without changing the business.

Inani Marbles sets Sept 23 record date for FY26 dividend

scanx.trade, 07 SeptCapital return

🟢Potentially positiveCash or shares returned to holders. A buyback is only good value if the shares were cheap when bought.

Shilchar Technologies standalone net profit declines 49.72% in the June 2026 quarter

Business Standard, 12 AugResults

🔴Potentially negativeReported deterioration, which feeds the growth and margin inputs on this page directly.

Inani Marbles Q1FY27 net profit falls 18% as revenue drops 30%

scanx.trade, 11 AugResults

🔴Potentially negativeReported deterioration, which feeds the growth and margin inputs on this page directly.

Varsha Inani Acquires 10,000 Equity Shares in Inani Marbles & Industries Ltd

scanx.trade, 30 Mar

Watch Items

Revenue growth is negative (-29.7%) 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.

DalalBaazaar Thesis

StrongFinancial Health

WeakBusiness Quality · 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. 1 high-severity red flag sits above this conclusion and should be read first.

3 of 5 tripwires tripped — Debt / EBITDA falls below 3x; Interest cover stays above 3x; ROCE stays above 8% · see Key things to watch ↑