Pacific Industries began with a simple conviction: that the country deserved the finest marbles, and for over three decades it has scoured the world for the most exquisite natural stone to supply to global buyers. What started as a granite trading house has repeatedly used its export relationships to step into adjacent opportunities - first into manufacturing engineered quartz surfaces under the brand “TAANJ QUARTZ” in 2019, and later into a quiet financial-investment engine. The recurring approach is to spot a niche in the global arena, build a business to tap it using the cash flows of the existing operation, and then consolidate everything around a single industrial hub in Udaipur, Rajasthan.
Business segments
Three engines at different stages - a stone-manufacturing core that earns nearly all the revenue, a dormant trading side-pocket, and a small investment-returns stream - each built on the export relationships of the one before.
1. Stone - Granite and Quartz: the manufacturer-exporter that carries the group
The company makes and ships natural granite and marble slabs, and engineered quartz countertops, to construction markets across America, Europe and Asia from a single consolidated plant in Udaipur.
- One roof, every natural stone - it is one of the few companies that offers buyers all natural stone products under one roof, acting as a single supplier for distributors who would otherwise need multiple sources.
- Quartz turned it into a manufacturer - the launch of the “TANNJ QUARTZ” brand in 2019 moved the company beyond trading by mixing pure natural quartz with resin to produce non-porous, scratch-resistant slabs used mainly as kitchen and bath worktops.
- Exports are the lifeblood - historically over 95% of turnover comes from exports, with major destinations being the USA, Europe, Indonesia, Vietnam and the Middle East, and the company operates as a 100% Export Oriented Unit with a “Star Export House” certification from the Indian government.
- A single plant after consolidation - the Bangalore unit was closed permanently in October 2020 during the pandemic, so all manufacturing and processing now runs from the Udaipur site, where the company is also adding a new production line for artificial quartz slabs.
- The American duty gamble - quartz exports to the USA, the primary market, are highly sensitive to anti-dumping and countervailing duties; exports halted for several months in 2019-20 when the US imposed duties, then resumed after partial relief, and the outcome of ongoing duty reviews will determine the viability of future shipments.
2. Trading other than Marble & Granite: an intermittent side-pocket
The company occasionally trades in unspecified goods outside its core stone business, but this segment has been inactive in two of the last three reported years.
- On-again, off-again activity - the segment generated revenue in FY21 and FY22, and again in FY24, but recorded zero revenue in FY23 and FY25, making it a sporadic contributor rather than a steady business line.
- Nature of goods is undisclosed - filings describe the segment only as trading in products “other than Marble & Granite,” with no further detail on what is bought and sold.
Group structure and partners
The company sits atop a web of Indian and American subsidiaries, a US distribution outpost, and a recently restructured promoter holding, all consolidated around the Agarwal family.
- Three subsidiaries, one American - as of March 2025, the company holds two wholly-owned Indian subsidiaries (Gaze Fashiontrade Ltd and Gist Minerals Technologies Ltd) and a US subsidiary, Taanj Quartz INC, incorporated in Delaware specifically to serve American customers who are unwilling to import from India because of the anti-dumping duty issue.
- Subsidiaries have been reshuffled - Gaze Fashiontrade merged three of its own wholly-owned subsidiaries into itself in 2021, while Gist Minerals Technologies absorbed its subsidiary Saha Coloured & Flavour Spirit Manufacturer in 2020, simplifying the group structure beneath the listed parent.
- A preference-share link to another stone company - Saha Coloured & Flavour Spirit Manufacturer Private Limited (now merged with Gist Minerals Technologies Limited) holds 5% Convertible Redeemable Preference Shares in Ojaswi Marbles & Granites Private Limited, and in January 2025 agreed to extend the redemption or conversion window from nine years to nineteen years from the original 2015 allotment.
- Promoters diluted in the rights issue - a 1:1 rights issue in February 2023 raised fresh equity at ₹139 per share and was oversubscribed about 1.41 times, but the promoter group subscribed to only 46.44% of the issue despite having committed to their full 73.99% entitlement, reducing their proportional stake.
- Promoter holding reshuffled within the family - in December 2023, Grandlife Healthcare Private Limited acquired shares from Ankit Agarwal through an inter-se promoter transfer, lifting Grandlife’s holding from 2.22% to 7.16% while Ankit Agarwal’s stake fell from roughly 8.38%.