1. Whitewall India scale-up - WIPL, Garnet's 81%-owned subsidiary, sold ₹531.83 lakh of products in FY25 versus ₹45.53 lakh in FY24, with 11,000 tons of ready-mix plaster and 8,000 tons of tile adhesive capacity. The Indian tile adhesive market is projected to grow from USD 122.23 billion to USD 208.13 billion by 2030, and WIPL's sole-distributor position with Mars Universal gives it a direct line into that demand.
2. Warrant forfeiture cash - The Board forfeited 27,00,000 unexercised warrants on August 14, 2026, transferring ₹8.84 crores of upfront money to the Capital Reserve Account. That cash is now permanently on the balance sheet with no dilution overhang, and the lapsed issue removes the 18-month conversion overhang that capped the stock.
3. Rajasthan Studio recognition - The group venture's CEO received the Global Responsible Tourism award at CRT Global Awards 2024. The award raises the studio's profile in the responsible-travel segment, where Garnet's patient-capital model can fund expansion.