Elegant Marbles and Grani Industries Ltd is a curator of the world’s rarest natural stones for India’s most demanding spaces - a single-roof destination where an industrialist or a celebrity can walk into a Mumbai gallery and hand-pick a slab of Italian marble that was sourced directly from a quarry in the Carrara Mountains. Incorporated in 1984 with a factory in Abu Road, Rajasthan, and listed on the Bombay Stock Exchange a decade later, the company spent its first twenty years as a manufacturer before a pivotal shift in 2004 toward international design partnerships with brands like Versace, transforming it from a processor of stone into a luxury surfacing house. The recurring approach that explains everything else is a refusal to compromise on the stone itself: every slab is mirror-polished, reinforced, and presented for client inspection before delivery, and only material that scores a 9 or 10 on the international quality standard scale is kept in its yards. # Business segments A single luxury-surfacing engine, run lean and debt-free, that imports, processes and retails premium natural stone to both project builders and individual buyers - with a small treasury operation on the side. ## 1. Premium natural stones: where the world’s quarries meet India’s luxury builds **The company hand-picks rare marbles, granites and onyxes from 30 countries, processes them in its Rajasthan plant, and sells them through Mumbai galleries and a digital storefront - owning the relationship from quarry to living room.** - **Direct quarry access, not middlemen** - exclusive relationships at the source, stretching from the Carrara Mountains to quarries across Europe, give the company a direct supply of large, consistent quantities and first look at the newest materials before they reach the open market. - **A factory built for precision** - the Abu Road plant is capable of producing two-and-a-half million square feet of tiles and slabs per year, using gang saws and cutters to process hand-picked blocks into finished surfaces with tight dimensional tolerances. - **Quality control in three acts** - before shipping, every batch is checked for shade consistency (all material is procured from the same mines), dimensional accuracy (advanced technology holds size and thickness to specification), and surface finish (more than eight finishing options are available on marble alone). - **Sold by the slab, to projects and people** - revenue comes from selling tiles and slabs on a per-unit basis to both B2B customers (premium residential projects, hotels, hospitals, commercial towers) and B2C buyers walking into its retail galleries, with a project portfolio that includes the Fairmont Hotel, Indiabulls Finance Centre, Bombay Hospital and Reliance Centre. - **Galleries as the showroom** - the company operates retail outlets at prime Mumbai locations including Lower Parel and Vile Parle, anchored by what it describes as India’s largest marble gallery, dedicated to White Apuan Marble slabs of 20mm thickness and opened in 2024. ## 2. Investment activities: a small treasury that puts idle cash to work **The company deploys surplus funds into equity markets and other opportunities, generating other income alongside its stone business - a by-product of being debt-free, not a separate strategy.** - **Cash-rich, so it invests** - with no debt on its books throughout the period covered, the company has the flexibility to earn other income from investments in equity markets and other opportunities, which appears as a distinct segment in its reporting. - **Ancillary, not operational** - this activity is a treasury function that sits alongside the natural-stone business rather than competing with it for management attention or capital. # Group structure and partners **A standalone, promoter-held company with no subsidiaries or joint ventures - one listed entity, one factory, and a tight shareholder register.** - **No corporate layers** - the company has no subsidiaries, joint ventures or associate companies, operating entirely as a single listed entity on the Bombay Stock Exchange. - **Promoters firmly in control** - as of March 31, 2026, the promoter group holds 71.36% of the equity, led by Rajesh Agrawal (Chairman & Managing Director) and Rakesh Agrawal (Managing Director). - **A lean capital base** - the paid-up equity share capital stands at ₹2,96,30,000 (29,63,000 shares of ₹10 each), reduced from an earlier ₹3,66,00,000 following a buyback completed in early 2024. - **Banking relationships without borrowing** - the company’s bankers include ICICI Bank, HDFC Bank, Kotak Mahindra Bank and State Bank of India, though it carries no debt.