Nidhi Granites began in 1981 as a trader in dyes and chemicals, later shifting into the manufacturing and trading of granite and marble products. Facing persistent challenges in that legacy stone business, the company pivoted to a holding-company model, deploying its capital to acquire and scale a collection of wholly owned subsidiaries in unrelated industries. The recurring approach is to buy 100% of a business, often outside its original expertise, and then use the parent structure to provide resources for growth - a strategy that has transformed it from a struggling granite trader into a diversified entity with its largest presence now in paper packaging and a new bet on financial technology.
Business segments
Three engines at different stages - a paper-packaging workhorse, a nascent fintech platform, and a legacy stone business that has largely wound down - held together by a parent that acquires and allocates capital.
1. Paper and Paperboard: the group's manufacturing workhorse
This segment, run through a wholly owned subsidiary, is a straightforward manufacturer and trader of paper and paperboard products, and it now generates the bulk of the group's revenue.
- Built through acquisition and divestiture - the subsidiary SPNP Paper and Pack was incorporated in FY22 with a ₹4 crore equity investment from the parent, and it immediately bought 100% of Fine Papyrus, a company in the same line of business, for ₹2.5 crore. That step-down unit was later sold in March 2026 for ₹3.25 crore as part of a restructuring, so the segment is now a single operating entity.
- Makes and buys what it sells - the business both manufactures and trades, consuming ₹15.9 crore in raw materials and purchasing another ₹22.3 crore in finished products during FY26, which means it blends its own production with goods sourced from others.
- Asset-light for a manufacturer - the segment carries land worth ₹3.67 crore and plant and machinery of just ₹75 lakh, while holding ₹6.26 crore in inventory, almost all of it finished stock ready for sale rather than raw materials.
- Working capital ties up cash - trade receivables stand at ₹9.15 crore, including ₹1.91 crore in unbilled revenue, against trade payables of ₹4.63 crore, so the business is a net provider of credit to its customers.
2. Financial Technology and related services: the new growth bet
Acquired in April 2025, this wholly owned subsidiary sells payment-domain services through APIs and web-based platforms, instantly becoming a meaningful contributor to group revenue.
- Bought, not built - the parent acquired a 100% stake in Auro Fintech (later renamed Paynov8) for ₹60.6 lakh, a company that was already generating ₹6.36 crore in turnover and had been operating since March 2022.
- A software business, not a lending business - the segment's assets are intangible: ₹3.68 crore in computer software and another ₹53 lakh being spent to develop a mobile application, with goodwill of just ₹20.5 lakh on the books.
- Funded by a mix of debt - the group carries secured overdrafts and cash credit, unsecured loans, and a small vehicle loan, alongside ₹3.88 crore in cash, suggesting the fintech operations are supported by working-capital borrowings.
- Operates from a rented office - the subsidiary works out of leased premises in Thane, with right-of-use assets of ₹1.17 crore on the consolidated balance sheet, so it does not own the real estate it occupies.
3. Construction material: the legacy that faded
The original granite and marble business now generates negligible revenue and has no employees, existing only as a shell of its former self within the parent company.
- Once a manufacturer, now a trader in name only - the segment is described as manufacturing and trading granite, marble, sandstone and limestone, but in FY24 the company stated it "does not have any business during the year" in its core activities.
- No operating assets to speak of - as of FY24, the parent company's standalone fixed assets consisted solely of office equipment worth ₹10,000, and no employees were appointed during FY26.
- Imports with no exports - the company recorded ₹4.71 crore in imports on a CIF basis in FY26 but zero foreign-exchange earnings, indicating it may still be bringing in stone products while generating no export sales.
Group structure and partners
The company is a holding entity with four wholly owned subsidiaries, each ring-fenced in its own industry, and a promoter who controls two-thirds of the votes.
- Two subsidiaries, no joint ventures - the group has two reportable segments, each housed in a separate wholly owned subsidiary: SPNP Paper and Pack (paper) and Yug Fashion Garments (garments), and the parent itself for construction material.
- Promoter control is concentrated - Devan Narendra Pandya holds 66.75% of the equity after an inter-se transfer from the other promoter in February 2025 consolidated his stake, giving him decisive control over the group's direction.
- The garments unit is tiny and dormant - Yug Fashion Garments, acquired in May 2023 for just ₹1.2 lakh, generated only ₹6,000 in revenue in FY26, making it a negligible part of the group despite having ₹4.24 crore in share capital.
- Not regulated as a financial business - despite financial assets exceeding half of total assets, income from those assets stays below the 50% threshold, so the company does not need RBI registration as a non-banking financial company.