Shiva Granito Export Limited

Basic Materials — Building Materials · BSE

₹16.74+₹0.79 (+4.95%)

DalalBaazaar Score

57 / 100

🟡 Moderate

Verdict

CAUTION

Risk

High

Driven by the company is currently loss-making, micro-cap size, which brings thin liquidity, falling profits.

In simple words: The company is currently losing money, though profits are falling even as sales grow. The direction of profits is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:09 pm

Caution warranted. Multiple fundamental metrics — flagged in red below — point to either valuation stretch, leverage risk, or weakening profitability. This doesn't mean avoid the stock outright, but it does mean the burden of proof is on the growth story to justify the current price.

Understanding the Business

Company site ↗

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

What does this company do?

Shiva Granito Export Limited engages in the manufacture and export of quartz stone slabs, various grades of resins, and quartz stone powder and statues. It offers mineral powders, artificial quartz slabs, chemicals, counter tops, marbles, granite, and porcelain slabs.

IndustryBuilding Materials

SectorBasic Materials

Annual revenue₹12 Cr

How does it make money?

Turns over ₹12 Cr a year. Of every ₹100 of sales, about ₹-0 reaches shareholders as profit, with ₹6 left at the operating level before interest, tax and depreciation.

EBITDA margin6.1%

Net margin-0.5%

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.

ULTRATECH CEMENT LIMITEDP/E 37.6x · ROE 11.1%

GRASIM INDUSTRIES LTDP/E 34.8x · ROE 5.5%

AMBUJA CEMENTS LTDP/E 20.4x · ROE 7.4%

SHREE CEMENT LIMITEDP/E 49.7x · ROE 7.0%

What is its competitive advantage?Little sign of one

Returns on capital of 1.4% 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.

ROCE1.4%

ROE-0.2%

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 +142% while net margin moved -100% 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+142%

Margin effect-100%

DalalBaazaar Score

57/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ Return on equity is negative
✓ ROE has improved by 114.6 points over the period

Quality vs. Valuation

Company Quality

60/ 100

Average

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

Valuation

30/ 100

Expensive

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

A reasonable business at a reasonable price — neither the quality nor the valuation stands out in either direction.

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

P/E (Trailing)

Not meaningful

P/B

0.92x

EV/EBITDA

35.7x

PEG

—

Dividend Yield

None

What's Good / What's Bad

🟢 What's Going Well4

Cash flow has turned positive
Free cash flow moved from negative to positive over 3 years.
Return on equity is rising
ROE has improved from -114.8% to -0.2%.
Return on capital is rising
ROCE has improved from -79.1% to 1.4%.
Very low debt
Debt/Equity of 0.17x leaves the balance sheet with plenty of headroom.

🔴 What Needs Attention2

Margins are compressing
EBITDA margin has slipped from 18.9% to 6.1% over 3 years.
Receivables growing faster than sales
Receivables are up 2375% against revenue growth of 142% — customers are taking longer to pay.

Red Flags

4 items require attention · 4 high

🔴Thin interest coverageFinancial
Operating profit covers interest only 1.0x — 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 12.8 points, from 18.9% to 6.1%.
🔴Receivables growing faster than salesFinancial
Receivables up 2375% against revenue up 142% — sales are being booked faster than they are collected.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Self-funding with balance-sheet headroom
Positive free cash flow of ₹1 Cr alongside low debt means growth, buybacks or dividends need no outside money — and a downturn can be absorbed rather than refinanced.

🔴 Bear CaseWhat could go wrong?

Margins are being competed away
EBITDA margin has fallen from 18.9% to 6.1%. If the trend continues, profit falls even on flat sales — and margin decline rarely reverses quickly.
The debt load needs earnings to hold up
Debt is 5.8x EBITDA. At that level a downturn in earnings turns a manageable balance sheet into a refinancing problem, and lenders get paid before shareholders.
Sales are being booked faster than collected
Receivables are up 2375% against revenue up 142%. If customers keep taking longer to pay, reported profit will not turn into cash — and write-offs follow if some never do.
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

1Revenue growth stays above 26% a year✓ 34.3% CAGR
Latest reported year was 41.2%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 4%✓ 6.1%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Debt / EBITDA falls below 3x✗ 5.8x
Already stretched, so this is a reduction target rather than a level to hold. Around 3x is where lenders typically start attaching conditions.
4Interest cover stays above 3x✗ 1.0x
How much operating profit can fall before interest stops being comfortably covered.
5Free cash flow remains positive✓ ₹1 Cr
Profit that never becomes cash eventually stops being profit.

Investment Checklist

6 / 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)

Not meaningful

Loss-making

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

P/B Ratio

0.92x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹-0.04

Loss-making

Negative earnings per share — the business is losing money

ROE

-0.2%

Weak

Weak capital efficiency

ROCE

1.4%

Weak

Low return on total capital employed

Debt/Equity

0.17x

Low

Conservative leverage

Revenue Growth (YoY)

41.2%

Healthy

Healthy top-line growth

Profit Growth (YoY)

-333.1%

Falling

Profits are shrinking

Dividend Yield

None

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

Free Cash Flow

₹2 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

CMP

₹16.74

ROA

0.8%

Weak

Assets generate little profit

Operating Margin

2.6%

Weak

Thin margins leave little room for error

Net Margin

-0.5%

Weak

Very little revenue reaches the bottom line

Current Ratio

2.44

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.05

Defensive

Steadier than the market

52W Range Position

100%

Near high

Near its 52-week high

Technical Snapshot

SMA 20 / SMA 50

11.6 / 10.6

Bullish alignment (short > long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

100.0

Overbought zone

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹5 Cr	₹5 Cr	₹9 Cr	₹12 Cr	+34.3%
EBITDA	₹1 Cr	₹2 Cr	₹1 Cr	₹1 Cr	-8.1%
EBITDA Margin	18.9%	28.1%	8.9%	6.1%	—
PAT (Net Profit)	-₹8 Cr	₹1 Cr	₹0 Cr	-₹0 Cr	—
EPS	₹-5.76	₹0.63	₹0.02	—	—
ROE	-114.8%	5.5%	0.1%	-0.2%	—
ROCE	-79.1%	8.4%	2.0%	1.4%	—
Total Debt	₹4 Cr	₹5 Cr	₹5 Cr	₹4 Cr	-0.1%
Free Cash Flow	-₹7 Cr	₹7 Cr	-₹8 Cr	₹1 Cr	—

🟢 Revenue has grown at 34.3% a year over 3 years.

🔴 EBITDA has shrunk at 8.1% a year over 3 years.

🔴 EBITDA Margin has fallen from 18.9% to 6.1% over 3 years (-12.8 pts).

🟢 ROE has risen from -114.8% to -0.2% over 3 years (+114.6 pts).

🟢 ROCE has risen from -79.1% to 1.4% over 3 years (+80.6 pts).

🟡 Total Debt has been broadly flat over 3 years (-0.1% a year).

🟢 Free Cash Flow has turned positive, from -₹7 Cr to ₹1 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹37 Cr

Total Liabilities

₹13 Cr

Total Debt

₹4 Cr

Cash & Equivalents

₹1 Cr

Operating Cash Flow

₹1 Cr

Capex

-₹0 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

54.7%

Corporate Actions

Ex-Dividend Date

19 Sept 2019

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

1 mixed5 general

Shiva Granito to raise ₹9.40 crore via preferential share and warrant issue

scanx.trade, 18 Oct

52 Week High Shares BSE | 52 Week High Today | Shares Trading 52 Week High BSE

Livemint, 16 Oct

Shiva Granito Export Limited announced a financing transaction

www.marketscreener.com, 01 Oct

Shiva Granito board approves ₹9.4 crore preferential share and warrant issue

scanx.trade, 06 Oct

Shiva Granito Export Board Approves ₹9.40 Crore Fundraising via Preferential Issue of Equity Shares and Warrants

EquityBulls, 06 OctFunding

🟡Mixed / dependsNew funding changes the capital structure. Debt raises leverage; an equity raise dilutes existing holders.

Shiva Granito AGM: 100% vote for FY26 accounts, one resolution fails

scanx.trade, 30 Sept

Watch Items

Trading very close to its 52-week high — momentum-driven entries here carry more mean-reversion risk.
Cross-check against the company's latest quarterly filing / investor presentation before acting.
RSI is in overbought territory — momentum entries here carry more short-term pullback risk.

DalalBaazaar Thesis

🔴Business QualityWeak7.5/20

🟢Financial HealthStrong14.2/20

🟢GrowthStrong18.4/20

🔴ProfitabilityWeak5/15

🟡ValuationFair7.1/15

🔴RiskHigh4.4/10

Unremarkable in both directions

A reasonable business at a reasonable price. Nothing here is alarming and nothing is compelling, which usually means the decision rests on things this data cannot see — the industry's direction, management's intent, and what else is available to you. 4 high-severity red flags sit above this conclusion and should be read first.

This thesis breaks if

✓Revenue growth stays above 26% a year34.3% CAGR
✓EBITDA margin holds above 4%6.1%
✗Debt / EBITDA falls below 3x5.8x
✗Interest cover stays above 3x1.0x
✓Free cash flow remains positive₹1 Cr