Gujarat Toolroom Ltd began life in 1983 as a textile company, then spent decades as a dormant shell with no revenue and no operations before a radical reset in 2022. Today it is a diversified trading house that buys and sells whatever it can source and move - agricultural commodities, construction steel, rough diamonds, gold, silver conductive ink, fabrics, and listed shares - while simultaneously sketching out a 97.5 MW hybrid solar-wind power plant in Gujarat that remains in the planning phase. The recurring approach is simple: the company takes bulk orders from large buyers, places corresponding orders with its own suppliers, and captures the spread, managing the inevitable commodity-price and currency swings by spreading its bets across many unrelated goods rather than by owning hard assets or proprietary technology. # Business segments Five trading desks and one green-energy project at the drawing-board stage - agricultural commodities and construction materials provide the bulk of activity today, while precious stones, a niche conductive-ink import line, and a residual fabrics-and-shares book round out the portfolio, all run from a single balance sheet. ## 1. Agricultural products: the biggest trading book **The company moves grains, pulses, oilseeds and millets in bulk for traders and wholesalers, and has recently rewritten its legal objects to step beyond pure trading into farming and processing.** - **Fulfilled back-to-back** - bulk orders arrive from traders, wholesalers and large institutions; the company then places matching orders with its own dealer network to procure the goods, so it does not need to hold large standing inventories of its own. - **A wide commodity basket** - the products traded include bajra (pearl millet), castor seeds, sorghum, mustard, grains and pulses, which spreads price exposure across several crop cycles rather than betting on a single harvest. - **From trader to grower** - in June 2025 the company amended its constitutional objects to permit cultivation, farming, livestock, poultry, aquaculture, processing, packaging, and even running retail and wholesale outlets for agricultural goods, signalling an intent to integrate backwards into production. ## 2. Construction materials: supplying India’s largest industrial customer **Steel and TMT bars sourced from manufacturers and delivered to major conglomerates - with Reliance Industries alone placing cumulative orders worth ₹60 crore in 2024.** - **One marquee relationship** - Reliance Industries Limited awarded the company a ₹29 crore order in March 2024, followed by a further ₹31 crore order in October 2024 for its Jamnagar facility, bringing the total from that single customer to ₹60 crore. - **Procurement, not production** - the company does not manufacture steel or building materials; it takes orders from large industrial buyers, places corresponding orders with manufacturers, and arranges delivery. - **Supplier partnerships for pricing** - it has built relationships with suppliers to secure materials at competitive prices, which is the main lever for protecting its margin in a commodity where it has no pricing power of its own. ## 3. Rough diamonds and gold: a Dubai-based precious-stone desk **Imported rough diamonds and gold traded through wholly owned subsidiaries in the UAE and Zambia, with no formal contracts tying the company to its suppliers or customers.** - **Subsidiary-led structure** - the gems and jewellery business operates through GTL GEMS DMCC in Dubai, a second Dubai entity (GTL DIAM Trading FZCO) registered and announced on 13 January 2025, and a Zambian subsidiary aspiring to gold exploration and mining. - **Imported from reputed suppliers** - diamonds are procured from international-market suppliers, and the company states it deals only with reputable counterparties, though it has not entered into formal long-term contracts with any of them. - **Sold to the trade** - polished diamonds go to jewellery manufacturers, wholesalers and retailers; rough diamonds go to traders and diamond manufacturers, making this a business-to-business pipeline rather than a consumer-facing brand. ## 4. Silver conductive ink: a single-supplier import line **A niche conductive material imported from one Hong Kong supplier and sold to domestic industrial users - the company holds no stock and is still building its distribution network.** - **One product, one supplier** - the company imports silver conductive ink from Imperial Business Trading Limited in Hong Kong, with a single completed import transaction valued at ₹150 crore in August 2023. - **No warehouse, no inventory** - it generally does not maintain stock of the ink and does not own a warehouse facility, meaning it operates on a back-to-back order model. - **Sold into advanced manufacturing** - the ink (a paste of 99.9% pure silver nanopowder, binder and solvent with resistivity below 0.003 ohms/sq.cm) is used to print conductive circuits on flexible surfaces for touchscreens, wearables, RFID tags, solar cells and printed circuit boards. - **Distribution still under construction** - the company is in the process of creating an independent domestic sales and distribution network for the ink, suggesting the route to market is not yet mature. ## 5. Fabrics and equity shares: the legacy tail **A residual book that combines the company’s original textile line - mainly polyester fabrics - with a proprietary share-trading desk run by an in-house team.** - **The original business, now a footnote** - the company’s 1983 incorporation objects centred on textiles, and it still trades polyester fabrics, but the segment is now reported under “Others” alongside smaller activities. - **Shares traded for the company’s own account** - a team of experienced professionals buys and sells equity shares in domestic and international markets, making this a proprietary trading book rather than a broking or advisory service. # Hybrid-Green Energy Power Plant **A 97.5 MW solar-wind project planned for 65 leased acres in Gujarat - the technology is specified and the cost is estimated at ₹572.5 crore, but the project is still awaiting government approvals and has not yet broken ground.** - **Solar plus wind on one site** - the design pairs 60 acres of bifacial solar panels (TOPCon, N-type, 580+ Watt peak, mounted on horizontal single-axis trackers) with 15 onshore wind turbines of 2.5 MW each, aiming for a combined 97.5 MW per hour. - **Land secured on lease** - the 65-acre site in Gujarat is held on a long-term lease, with roughly 60 acres for panels and 5 acres for power-management infrastructure. - **Costed but not committed** - the estimated one-time infrastructure cost is ₹572.5 crore (about ₹5.72 crore per MW), with recurring annual costs projected at ₹17-24 crore, but the company cautions that all figures are estimates and the project remains in the planning phase pending government clearances. # Group structure and partners **A listed Indian parent with three wholly owned subsidiaries - two in Dubai’s gem-trading free zones and one in Zambia targeting gold - funded by a series of equity raises in 2024 that brought in foreign institutional capital.** - **Listed in India, operating through subsidiaries abroad** - the parent is listed on the BSE (Scrip Code: 513337) and holds 100% of GTL GEMS DMCC in Dubai, GTL DIAM Trading FZCO in Dubai Airport Freezone, and Gujarat Toolroom Zambia Limited. - **Promoters hold a minimal stake** - as of March 2023, the promoter group owned just 1.39% of the equity, with three non-promoter shareholders - Noble Polymers Limited (9.33%), Kapadia Finwealth LLP (6.09%) and Nishil Financial Advisors LLP (6.09%) - each holding more than 5%. - **Funded by rights and QIP issues** - in 2024 the company raised capital through a rights issue of 61.1 crore shares at ₹8 apiece, a first QIP of ₹50 crore at ₹11.50 per share, and a second QIP of ₹95.66 crore at ₹13.30 per share, with participants including Zeta Global Funds, Eminence Global Fund, Bridge India Fund and Multitude Growth Funds. - **A bonus issue to expand the share base** - in January 2025 the board recommended a 5:1 bonus issue that would increase the paid-up equity share count from roughly 23.2 crore shares to about 139.2 crore shares.