Divyashakti Ltd is a stone-surfaces manufacturer that has spent three decades turning raw granite blocks and quartz raw materials into polished slabs and tiles for export - originally as a 100% export unit, and since April 2023 as a domestic-tariff-area company after export-promotion benefits dried up. Founded in 1991 in Hyderabad, the company operates a single integrated factory in Medak, Telangana, and describes itself as a premier exporter of granite and quartz products. The recurring approach is simple: import or buy raw stone, process it under one roof with in-house quality control, and sell the finished surface almost entirely to a handful of related-party distributors in the United States - a model that concentrates both the customer base and the credit risk.
Business segments
A single-engine business - manufacturing and exporting polished granite and engineered quartz slabs - where one factory, one product family, and one dominant export channel explain the entire operation.
1. Stone surfaces: a single-factory exporter selling through related distributors
The company makes polished granite slabs, tiles, and quartz (engineered stone) slabs at one Medak plant and sells them almost entirely for export, with the United States as the dominant market and three related-party firms in the US as its main route to customers.
- Two materials, one process - it cuts and polishes natural granite blocks into slabs and tiles, and separately manufactures quartz slabs as an engineered stone product, all from the same factory complex in Narsapur Village, Medak District. The quartz operation got a dedicated factory building and plant machinery during a focused expansion in FY20, signalling that engineered stone is the growth bet.
- Exports are the business - the company was a 100% Export Oriented Unit until April 2023, and even after de-bonding, its revenue remains export-driven, with the United States alone accounting for Rs. 6,330.83 Lakhs of exports in FY25. Germany and several other countries appear as secondary markets, but the US concentration is the defining feature of the revenue profile.
- Sold through family-linked distributors - three US-based partnership firms - Cosmos Granite (West) in Seattle, Cosmos Granite (South East) in Atlanta, and Cosmos Granite (South West) in Oakland - are the primary export channels, and they qualify as related parties because the Managing Director is a Director in those firms. In FY21, sales to these three Cosmos entities alone reached Rs. 55.35 Crores, and the trade receivables due from them stood at Rs. 69.00 Crores at year-end, meaning the company effectively finances its own sales to its distributor network.
- No middlemen, no technology partners - the company uses no outside technology for manufacturing and runs its own in-house R&D directed entirely at maintaining and improving product quality, so the know-how sits inside the factory walls. It sells directly to export customers with no dealer, distributor, or online channel mentioned in any filing - the Cosmos firms are the route to market.
- A captive power cushion - a rooftop solar plant commissioned in February 2017 generated 670,425 units in FY25, worth about Rs. 45.92 Lakhs at avoided grid cost, alongside diesel generator backup, which partially insulates the single factory from power-cost swings.
Group structure and partners
The company is a standalone entity with no subsidiaries or joint ventures, but it is deeply intertwined with related-party firms that are both its main customers and its largest receivables exposure.
- No subsidiaries, one proposed bet - as of FY25, Divyashakti has no subsidiaries, joint ventures, or associate companies, and holds no investments in other entities. The board has proposed diversifying into solar power generation by acquiring a 51-55% stake in an existing third-party solar project company for up to Rs. 150 Crores, to be held through a subsidiary structure - a departure from the single-entity model.
- The Cosmos Granite network is the commercial backbone - the three Cosmos Granite partnership firms in Seattle, Atlanta, and Oakland are the primary export channel, with proposed annual transaction limits of Rs. 25 Crores, Rs. 45 Crores, and Rs. 10 Crores respectively. As of March 2024, trade receivables from the Cosmos entities totalled Rs. 97.78 Crores, meaning the company’s balance sheet is effectively anchored to the payment cycles of these three firms.
- Other related-party ties exist but are smaller - the company also transacts with Universal Marketing Agencies Pvt. Ltd. (where the Managing Director is a director) for third-party polished granite exports, and with N.V. Rattaiah & Co. (a partnership where the Managing Director is a partner) for granite slab sales and other services. Trade receivables from Universal Marketing stood at Rs. 7.10 Crores as of March 2023.
- Promoter control is high and stable - promoter shareholding was 73.20% as of March 2025, with the Managing Director and Smt. Anuradha Anne (CFO) in key executive roles, and a Global Executive Director heading business development who is also a relative and receives consultancy remuneration.