Valuation Update With 7 Day Price Move • Apr 23
Investor sentiment deteriorates as stock falls 23% After last week's 23% share price decline to ₹42.48, the stock trades at a trailing P/E ratio of 4.3x. Average trailing P/E is 25x in the Basic Materials industry in India. Total returns to shareholders of 1,391% over the past three years. Valuation Update With 7 Day Price Move • Apr 03
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹41.07, the stock trades at a trailing P/E ratio of 4.2x. Average trailing P/E is 24x in the Basic Materials industry in India. Total returns to shareholders of 1,274% over the past three years. New Risk • Mar 24
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: ₹906.8m (US$9.67m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (9.9% average weekly change). Revenue is less than US$1m (₹3.6m revenue, or US$38k). Market cap is less than US$10m (₹906.8m market cap, or US$9.67m). Minor Risk Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • Mar 09
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ₹61.33, the stock trades at a trailing P/E ratio of 6.3x. Average trailing P/E is 25x in the Basic Materials industry in India. Total returns to shareholders of 1,924% over the past three years. Reported Earnings • Feb 16
Third quarter 2026 earnings released: ₹0.12 loss per share (vs ₹1.35 loss in 3Q 2025) Third quarter 2026 results: ₹0.12 loss per share (improved from ₹1.35 loss in 3Q 2025). Net loss: ₹3.04m (loss narrowed 91% from 3Q 2025). Over the last 3 years on average, earnings per share has increased by 64% per year but the company’s share price has increased by 154% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jan 14
Investor sentiment improves as stock rises 27% After last week's 27% share price gain to ₹17.76, the stock trades at a trailing P/E ratio of 2.1x. Average trailing P/E is 29x in the Basic Materials industry in India. Total returns to shareholders of 558% over the past three years. Announcement • Jan 06
Maheshkumar Jatashankar Thanki, Bhargav Girjashankar Thanki, Bhavin Harihar Thanki, Kalpana Ashwinkumar Thanki,Hema Bhargav Thanki, Gautam Ashwinkumar Thank agreed to acquire 62.99% stake in Glittek Granites Limited (BSE:513528) from Manjula Agarwal, Tushar Agarwal, Ashoke Agarwal, Ashoke Agarwal & Others HU and Kosen Ventures Private Limited. Maheshkumar Jatashankar Thanki, Bhargav Girjashankar Thanki, Bhavin Harihar Thanki, Kalpana Ashwinkumar Thanki,Hema Bhargav Thanki, Gautam Ashwinkumar Thank agreed to acquire 62.99% stake in Glittek Granites Limited (BSE:513528) from Manjula Agarwal, Tushar Agarwal, Ashoke Agarwal, Ashoke Agarwal & Others HU and Kosen Ventures Private Limited on January 6, 2026.
The transaction is subject to approval by regulatory board / committee. Recent Insider Transactions • Dec 31
Joint MD & Chairman recently sold ₹1.8m worth of stock On the 23rd of December, Ashoke Agarwal sold around 149k shares on-market at roughly ₹11.78 per share. This transaction amounted to 6.0% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Ashoke's only on-market trade for the last 12 months. Reported Earnings • Nov 11
Second quarter 2026 earnings released: ₹0.15 loss per share (vs ₹4.83 loss in 2Q 2025) Second quarter 2026 results: ₹0.15 loss per share (improved from ₹4.83 loss in 2Q 2025). Net loss: ₹4.02m (loss narrowed 97% from 2Q 2025). Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has increased by 64% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Sep 20
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₹10.19, the stock trades at a trailing P/E ratio of 2.6x. Average trailing P/E is 35x in the Basic Materials industry in India. Total returns to shareholders of 211% over the past three years. Valuation Update With 7 Day Price Move • Sep 05
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₹10.09, the stock trades at a trailing P/E ratio of 2.6x. Average trailing P/E is 33x in the Basic Materials industry in India. Total returns to shareholders of 195% over the past three years. Reported Earnings • Aug 14
First quarter 2026 earnings released: EPS: ₹0.02 (vs ₹1.21 loss in 1Q 2025) First quarter 2026 results: EPS: ₹0.02 (up from ₹1.21 loss in 1Q 2025). Net income: ₹528.0k (up ₹32.0m from 1Q 2025). Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has increased by 44% per year, which means it is well ahead of earnings. Announcement • Jul 29
Glittek Granites Limited to Report Q1, 2026 Results on Aug 13, 2025 Glittek Granites Limited announced that they will report Q1, 2026 results on Aug 13, 2025 Valuation Update With 7 Day Price Move • Jul 11
Investor sentiment improves as stock rises 27% After last week's 27% share price gain to ₹9.36, the stock trades at a trailing P/E ratio of 3.5x. Average trailing P/E is 44x in the Basic Materials industry in India. Total returns to shareholders of 140% over the past three years. New Risk • Jul 04
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 7.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks High level of non-cash earnings (52% accrual ratio). Revenue is less than US$1m (₹20m revenue, or US$238k). Market cap is less than US$10m (₹191.1m market cap, or US$2.24m). Minor Risk Share price has been volatile over the past 3 months (7.4% average weekly change). Valuation Update With 7 Day Price Move • Jun 25
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₹6.37, the stock trades at a trailing P/E ratio of 2.4x. Average trailing P/E is 41x in the Basic Materials industry in India. Total returns to shareholders of 76% over the past three years. Reported Earnings • May 30
Full year 2025 earnings released: EPS: ₹2.64 (vs ₹2.37 loss in FY 2024) Full year 2025 results: EPS: ₹2.64 (up from ₹2.37 loss in FY 2024). Revenue: ₹333.0m (up 381% from FY 2024). Net income: ₹68.6m (up ₹130.0m from FY 2024). Profit margin: 21% (up from net loss in FY 2024). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 59% per year but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. New Risk • Mar 04
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Indian stocks, typically moving 9.4% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (9.4% average weekly change). Negative equity (-₹107m). Earnings have declined by 51% per year over the past 5 years. Revenue is less than US$1m (₹33m revenue, or US$382k). Market cap is less than US$10m (₹98.6m market cap, or US$1.13m). Reported Earnings • Feb 11
Third quarter 2025 earnings released: ₹1.35 loss per share (vs ₹0.57 loss in 3Q 2024) Third quarter 2025 results: ₹1.35 loss per share (further deteriorated from ₹0.57 loss in 3Q 2024). Revenue: ₹4.83m (down 53% from 3Q 2024). Net loss: ₹34.9m (loss widened 137% from 3Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 91 percentage points per year, which is a significant difference in performance. New Risk • Dec 24
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 7.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Negative equity (-₹107m). Earnings have declined by 43% per year over the past 5 years. Revenue is less than US$1m (₹39m revenue, or US$456k). Market cap is less than US$10m (₹129.0m market cap, or US$1.52m). Minor Risk Share price has been volatile over the past 3 months (7.6% average weekly change). Board Change • Dec 01
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. No experienced directors. 1 highly experienced director. Joint MD & Chairman Ashoke Agarwal is the most experienced director on the board, commencing their role in 1990. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Reported Earnings • Nov 16
Second quarter 2025 earnings released: ₹4.83 loss per share (vs ₹0.44 loss in 2Q 2024) Second quarter 2025 results: ₹4.83 loss per share (further deteriorated from ₹0.44 loss in 2Q 2024). Revenue: ₹2.20m (down 91% from 2Q 2024). Net loss: ₹125.4m (loss widened ₹114.0m from 2Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 90 percentage points per year, which is a significant difference in performance. Board Change • Oct 07
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. No experienced directors. 1 highly experienced director. Joint MD & Chairman Ashoke Agarwal is the most experienced director on the board, commencing their role in 1990. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Announcement • Sep 28
Glittek Granites Limited Approves Appointment of Mr. Siddhartha Agarwal as Director Glittek Granites Limited approved Appointment of Mr. Siddhartha Agarwal as director of company . Announcement • Sep 13
Glittek Granites Limited Appoints Ratan Kumar Bajaj as Additional Director Independent Glittek Granites Limited at its meeting of the Board of Directors held on 13 September, 2024, Mr. Ratan Kumar Bajaj has been appointed as additional Director independent director). Educational Qualification: B.com expertise in management. Brief Profile In Business from more then 50 years. Reported Earnings • Aug 15
First quarter 2025 earnings released: ₹1.21 loss per share (vs ₹0.18 loss in 1Q 2024) First quarter 2025 results: ₹1.21 loss per share (further deteriorated from ₹0.18 loss in 1Q 2024). Revenue: ₹10.8m (down 46% from 1Q 2024). Net loss: ₹31.5m (loss widened ₹26.7m from 1Q 2024). Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has increased by 21% per year, which means it is well ahead of earnings. New Risk • Aug 03
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Indian stocks, typically moving 9.7% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (9.7% average weekly change). Earnings have declined by 17% per year over the past 5 years. Revenue is less than US$1m (₹69m revenue, or US$827k). Market cap is less than US$10m (₹126.7m market cap, or US$1.51m). Announcement • Aug 02
Glittek Granites Limited to Report Q1, 2025 Results on Aug 14, 2024 Glittek Granites Limited announced that they will report Q1, 2025 results on Aug 14, 2024 Reported Earnings • Jun 04
Full year 2024 earnings released: ₹2.37 loss per share (vs ₹0.30 loss in FY 2023) Full year 2024 results: ₹2.37 loss per share (further deteriorated from ₹0.30 loss in FY 2023). Revenue: ₹70.6m (down 47% from FY 2023). Net loss: ₹61.4m (loss widened ₹53.7m from FY 2023). Over the last 3 years on average, earnings per share has increased by 8% per year whereas the company’s share price has increased by 10% per year. Announcement • May 17
Glittek Granites Limited to Report Q4, 2024 Results on May 30, 2024 Glittek Granites Limited announced that they will report Q4, 2024 results on May 30, 2024 Reported Earnings • Feb 14
Third quarter 2024 earnings released: ₹0.57 loss per share (vs ₹0.12 profit in 3Q 2023) Third quarter 2024 results: ₹0.57 loss per share (down from ₹0.12 profit in 3Q 2023). Revenue: ₹10.4m (down 72% from 3Q 2023). Net loss: ₹14.8m (down ₹17.9m from profit in 3Q 2023). Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has increased by 44% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jan 20
Glittek Granites Limited to Report Q3, 2024 Results on Feb 13, 2024 Glittek Granites Limited announced that they will report Q3, 2024 results on Feb 13, 2024 Announcement • Oct 21
Glittek Granites Limited to Report Q2, 2024 Results on Nov 14, 2023 Glittek Granites Limited announced that they will report Q2, 2024 results on Nov 14, 2023 Announcement • Aug 29
Glittek Granites Limited, Annual General Meeting, Sep 29, 2023 Glittek Granites Limited, Annual General Meeting, Sep 29, 2023, at 12:30 Indian Standard Time. Location: registered office of the Company at 42, K.I.A.D.B. Industrial Area Hoskote Karnataka India Agenda: To receive, consider and adopt the audited profit and loss Account for the financial year ended 31 March, 2023 and Balance Sheet as at that date together with the Reports of the Directors and Auditors thereon; to elect a director in place of Mr. Tushar Agarwal who retires by rotation and is eligible for reappointment; and to consider Ratification of Remuneration payable to M/s GRV & PK, Chartered Accountants. Reported Earnings • Aug 13
First quarter 2024 earnings released: ₹0.18 loss per share (vs ₹0.01 profit in 1Q 2023) First quarter 2024 results: ₹0.18 loss per share (down from ₹0.01 profit in 1Q 2023). Revenue: ₹19.9m (down 30% from 1Q 2023). Net loss: ₹4.78m (down ₹5.15m from profit in 1Q 2023). Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has increased by 41% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jul 28
Glittek Granites Limited to Report Q1, 2023 Results on Aug 11, 2023 Glittek Granites Limited announced that they will report Q1, 2023 results on Aug 11, 2023 Reported Earnings • Jan 26
Third quarter 2023 earnings released: EPS: ₹0.12 (vs ₹0.14 in 3Q 2022) Third quarter 2023 results: EPS: ₹0.12 (down from ₹0.14 in 3Q 2022). Revenue: ₹36.9m (up 20% from 3Q 2022). Net income: ₹3.17m (down 14% from 3Q 2022). Profit margin: 8.6% (down from 12% in 3Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has increased by 31% per year, which means it is well ahead of earnings. Reported Earnings • Nov 16
Second quarter 2023 earnings released: ₹0.65 loss per share (vs ₹0.50 loss in 2Q 2022) Second quarter 2023 results: ₹0.65 loss per share (further deteriorated from ₹0.50 loss in 2Q 2022). Revenue: ₹11.0m (down 52% from 2Q 2022). Net loss: ₹17.0m (loss widened 31% from 2Q 2022). Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has increased by 40% per year, which means it is well ahead of earnings. Board Change • Mar 29
High number of new directors Additional Independent Director Malvika Sureka was the last director to join the board, commencing their role in 2022. Announcement • Feb 22
Glittek Granites Limited Announces Removal of Kamal Kumar Agarwal as Director Glittek Granites Limited announced removal of Mr. Kamal Kumar Agarwal from his office as the director of the company with immediate effect. Reported Earnings • Feb 09
Third quarter 2022 earnings: Revenues and EPS in line with analyst expectations Third quarter 2022 results: EPS: ₹0.14 (up from ₹0.20 loss in 3Q 2021). Revenue: ₹32.0m (down 33% from 3Q 2021). Net income: ₹3.71m (up ₹8.82m from 3Q 2021). Profit margin: 12% (up from net loss in 3Q 2021). The move to profitability was driven by lower expenses. Revenue was in line with analyst estimates. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 101 percentage points per year, which is a significant difference in performance. Announcement • Feb 08
Glittek Granites Limited Announces Board Changes Glittek Granites Limited announced that at its board meeting held on February 7, 2022, Smt. Malvika Sureka has been appointed as additional independent director and Mr. Tushar Agarwal has been appointed as additional non-executive director. The company also announced that Shri Kamal Kumar Agarwal is demitted from the Office of Managing Director. Now he is Non-executive Director of the Company. Reported Earnings • Nov 18
Second quarter 2022 earnings released: ₹0.50 loss per share (vs ₹0.22 loss in 2Q 2021) The company reported a poor second quarter result with increased losses, weaker revenues and weaker control over costs. Second quarter 2022 results: Revenue: ₹23.5m (down 46% from 2Q 2021). Net loss: ₹13.0m (loss widened 126% from 2Q 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 95 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 09
Full year 2021 earnings released: ₹1.19 loss per share (vs ₹0.53 loss in FY 2020) The company reported a poor full year result with increased losses, weaker revenues and weaker control over costs. Full year 2021 results: Revenue: ₹143.5m (down 20% from FY 2020). Net loss: ₹31.0m (loss widened 125% from FY 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 110 percentage points per year, which is a significant difference in performance. Announcement • Feb 02
Glittek Granites Limited to Report Q3, 2021 Results on Feb 12, 2021 Glittek Granites Limited announced that they will report Q3, 2021 results on Feb 12, 2021 Is New 90 Day High Low • Jan 07
New 90-day high: ₹1.90 The company is up 65% from its price of ₹1.15 on 06 October 2020. The Indian market is up 20% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Basic Materials industry, which is up 23% over the same period. Is New 90 Day High Low • Dec 22
New 90-day high: ₹1.69 The company is up 41% from its price of ₹1.20 on 23 September 2020. The Indian market is up 17% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Basic Materials industry, which is up 23% over the same period. Announcement • Dec 06
Glittek Granites Limited, Annual General Meeting, Dec 29, 2020 Glittek Granites Limited, Annual General Meeting, Dec 29, 2020, at 12:00 Indian Standard Time. Is New 90 Day High Low • Dec 02
New 90-day high: ₹1.43 The company is up 43% from its price of ₹1.00 on 03 September 2020. The Indian market is up 13% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Basic Materials industry, which is up 26% over the same period. Is New 90 Day High Low • Nov 03
New 90-day high: ₹1.33 The company is up 22% from its price of ₹1.09 on 05 August 2020. The Indian market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Basic Materials industry, which is up 13% over the same period. Announcement • Sep 09
Glittek Granites Limited to Report Q1, 2021 Results on Sep 15, 2020 Glittek Granites Limited announced that they will report Q1, 2021 results on Sep 15, 2020 Announcement • Sep 06
Glittek Granites Limited to Report Q4, 2020 Results on Sep 11, 2020 Glittek Granites Limited announced that they will report Q4, 2020 results on Sep 11, 2020 
