Shiva Granito Export Ltd

SHIVAEXPO

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Market Cap

₹ 11 Cr

P/E

402.00

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Performance

STEADY PERFORMER

Valuation

OVERVALUED

Growth

SLUGGISH

Profitability

MODERATE MARGIN

Technicals

Bearish

Risk

MODERATE RISK

Investment Checklist

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Price

PE Ratio

Price

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Overview

Detailed Summary

Shiva Granito Export Limited specializes in exporting marble and granite globally and has been a market leader for over a decade.

The company expanded its operations by venturing into the manufacturing of Engineered Quartz Stone Slabs, marking a significant diversification in its product line.

Shiva Granito's products are CE certified, aligning with European standards, enhancing its credibility and marketability in international markets.

The company upgraded its manufacturing capabilities in 2012 by acquiring plant and machinery from China and commenced production in 2014.

Its current manufacturing facilities include not only quartz stone slabs but also different grades of resins, quartz powders, and statues.

Sector

Consumer Durables

Industry

Granite & Marble - Large

Market Cap

11 Cr

Volatility

Low Risk

P/E Ratio

402.0

Industry P/E

29.7

PEG Ratio

—

P/B Ratio

0.5

52W High

25.51

52W Low

7.01

Sales CAGR

58.09%

-1.52%

-9.88%

10Y

5.52%

Profit CAGR

-97.59%

-38.13%

—

10Y

—

ROE

TTM

0.04%

-15.04%

-9.08%

10Y

-3.84%

ROCE

TTM

1.76%

-9.47%

-4.39%

10Y

0.50%

Technicals

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Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
GLITTEKG	12.90	33 Cr	1.51	3.03	0.00	195.88	198.09	183.02
VIKASPROP	0.30	15 Cr	—	0.08	0.00	-7.77	-6.81	-3.74
MILESTONE	28.15	14 Cr	45.78	1.46	0.00	3.18	4.23	2.91
SHIVAEXPO	8.04	11 Cr	402.00	0.46	0.00	0.04	1.76	0.03
MAYURFL	18.39	9 Cr	141.46	2.30	0.00	1.58	4.46	-15.06
NEELKAN	16.35	8 Cr	30.28	1.03	0.00	3.39	4.21	3.37
JAINMARMO	18.80	6 Cr	—	1.48	0.00	-2.87	-0.74	-2.10

Financial Statements

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Standalone Half Yearly Results (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2021	Sep 2021	Mar 2022	Sep 2022	Mar 2023	Sep 2023	Mar 2024	Sep 2024	Mar 2025	Sep 2025
Sales	7.64	3.25	5.76	2.65	2.20	0.92	4.51	1.82	6.78	2.15
Expenses	6.72	2.84	4.97	2.30	1.64	0.68	4.37	1.72	6.18	1.97
Interest	0.41	0.16	0.19	0.15	0.18	0.16	0.15	0.13	0.35	0.18
Operating Profit	0.92	0.41	0.79	0.35	0.56	0.24	0.14	0.10	0.60	0.18
OPM %	12.04	12.62	13.72	13.21	25.45	26.09	3.10	5.49	8.85	8.37
Other Income	0.09	0.03	0.02	0.00	-7.53	0.00	1.27	0.04	0.02	0.00
Depreciation	0.55	0.00	0.71	0.00	0.56	0.00	0.18	0.00	0.22	0.00
Profit Before Tax	0.04	0.28	-0.09	0.20	-7.71	0.09	1.08	0.02	0.06	0.00
Tax %	275.00	14.29	-44.44	0.00	-1.30	0.00	31.48	0.00	83.33	—
Net Profit	-0.07	0.23	-0.13	0.20	-7.81	0.09	0.75	0.02	0.01	0.00
EPS in Rs	—	—	—	—	—	—	—	—	—	—

Standalone Profit Loss (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Sales	5.30	21	22	15	14	6.37	9.01	4.85	5.44	8.60
Expenses	4.86	16	19	13	13	4.89	7.81	3.94	5.05	7.90
Operating Profit	0.44	4.40	2.75	2.17	1.37	1.49	1.20	0.91	0.39	0.71
OPM %	8.27	21.27	12.73	14.06	9.45	23.33	13.34	18.71	7.10	8.24
Other Income	0.02	0.07	0.06	0.11	0.49	0.09	0.04	-7.53	1.27	0.06
Interest	0.34	1.02	0.58	0.73	1.07	0.61	0.35	0.32	0.31	0.48
Depreciation	0.46	1.55	1.31	1.09	0.62	0.81	0.71	0.56	0.18	0.22
Profit Before Tax	-0.55	0.31	0.64	0.47	0.16	0.16	0.19	-7.51	1.17	0.07
Tax %	-14.52	-403.67	47.53	40.82	201.49	101.00	43.36	-1.38	28.80	65.84
Net Profit	-0.63	1.57	0.34	0.28	-0.16	-0.00	0.11	-7.61	0.83	0.02
EPS in Rs	—	—	—	—	—	—	—	—	—	—
Dividend Payout %	0.00	16.81	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

Standalone Balance Sheet (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	9.02	13	13	13	13	13	13	13	13	13
Reserves	-1.79	0.64	0.98	1.26	0.92	0.92	1.02	-6.59	1.81	10
Borrowings	8.93	8.71	9.73	7.48	7.44	5.48	5.05	4.13	5.36	5.19
Other Liabilities	1.96	3.66	3.54	6.44	4.22	3.97	4.24	3.94	2.80	4.19
Total Liabilities	18	26	27	28	26	24	24	15	23	33
Fixed Assets	10	8.75	7.46	6.41	5.85	5.36	4.65	4.97	4.42	4.86
CWIP	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Investments	0.19	0.21	0.23	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Other Assets	7.80	17	20	22	20	18	19	9.73	19	28
Total Assets	18	26	27	28	26	24	24	15	23	33

Standalone Cash Flows (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	-8.07	-2.28	-0.46	1.75	-0.29	2.38	0.90	-0.06	0.07	-0.01
Cash from Investing Activity	-9.53	-0.66	0.04	1.11	1.34	0.19	-0.13	0.08	-0.08	0.00
Cash from Financing Activity	18	2.97	0.43	-2.81	-1.12	-2.57	-0.78	-0.01	0.01	0.01
Net Cash Flow	0.01	0.02	0.01	0.05	-0.07	-0.00	-0.01	0.00	0.00	0.00

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Mar 2021	Sep 2021	Mar 2022	Sep 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Sep 2024	Mar 2025	Sep 2025
Promoters	68.22%	68.22%	68.22%	68.22%	68.22%	68.22%	66.17%	54.45%	53.08%	44.46%	44.46%	44.46%
FIIs	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
DIIs	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Public	31.78%	31.78%	31.78%	31.78%	31.78%	31.78%	33.83%	45.55%	46.92%	55.54%	55.54%	55.54%
Total Shareholders	220	220	247	242	240	240	238	236	239	250	271	271

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Feb 01, 2025	Ishwin kharbanda	Bulk	Sell	22.54	0.16 Cr	70,000	0.52
Jan 28, 2025	Rex pipes and cables industri...	Bulk	Sell	24.56	0.17 Cr	70,000	0.52
Dec 27, 2024	Ramesh bhandappa munnoli	Bulk	Sell	20.75	0.15 Cr	70,000	0.52
Dec 19, 2024	Ramesh bhandappa munnoli	Bulk	Buy	19.50	0.20 Cr	1,00,000	0.75
Dec 19, 2024	Basavaraj channappa mahashetti	Bulk	Buy	19.50	0.20 Cr	1,00,000	0.75
Dec 19, 2024	Pravin gajanan gudekar	Bulk	Sell	19.50	0.35 Cr	1,80,000	1.36
Sep 20, 2024	Abhinav upadhyay	Insider - Promoter & Director	Disposal	14.80	0.15 Cr	1,00,000	0.75
Sep 19, 2024	Abhinav upadhyay	Insider - Promoter & Director	Disposal	14.50	0.09 Cr	60,000	0.45
Sep 19, 2024	Abhinav upadhyay	Insider - Promoter & Director	Disposal	13.95	0.01 Cr	10,000	0.07
Sep 18, 2024	Abhinav upadhyay	Bulk	Sell	14.80	0.15 Cr	1,00,000	0.75

Projection

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Presentations

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Overall

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Financial Statements

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Standalone Half Yearly Results (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2021	Sep 2021	Mar 2022	Sep 2022	Mar 2023	Sep 2023	Mar 2024	Sep 2024	Mar 2025	Sep 2025
Sales	7.64	3.25	5.76	2.65	2.20	0.92	4.51	1.82	6.78	2.15
Expenses	6.72	2.84	4.97	2.30	1.64	0.68	4.37	1.72	6.18	1.97
Interest	0.41	0.16	0.19	0.15	0.18	0.16	0.15	0.13	0.35	0.18
Operating Profit	0.92	0.41	0.79	0.35	0.56	0.24	0.14	0.10	0.60	0.18
OPM %	12.04	12.62	13.72	13.21	25.45	26.09	3.10	5.49	8.85	8.37
Other Income	0.09	0.03	0.02	0.00	-7.53	0.00	1.27	0.04	0.02	0.00
Depreciation	0.55	0.00	0.71	0.00	0.56	0.00	0.18	0.00	0.22	0.00
Profit Before Tax	0.04	0.28	-0.09	0.20	-7.71	0.09	1.08	0.02	0.06	0.00
Tax %	275.00	14.29	-44.44	0.00	-1.30	0.00	31.48	0.00	83.33	—
Net Profit	-0.07	0.23	-0.13	0.20	-7.81	0.09	0.75	0.02	0.01	0.00
EPS in Rs	—	—	—	—	—	—	—	—	—	—

Standalone Profit Loss (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Sales	5.30	21	22	15	14	6.37	9.01	4.85	5.44	8.60
Expenses	4.86	16	19	13	13	4.89	7.81	3.94	5.05	7.90
Operating Profit	0.44	4.40	2.75	2.17	1.37	1.49	1.20	0.91	0.39	0.71
OPM %	8.27	21.27	12.73	14.06	9.45	23.33	13.34	18.71	7.10	8.24
Other Income	0.02	0.07	0.06	0.11	0.49	0.09	0.04	-7.53	1.27	0.06
Interest	0.34	1.02	0.58	0.73	1.07	0.61	0.35	0.32	0.31	0.48
Depreciation	0.46	1.55	1.31	1.09	0.62	0.81	0.71	0.56	0.18	0.22
Profit Before Tax	-0.55	0.31	0.64	0.47	0.16	0.16	0.19	-7.51	1.17	0.07
Tax %	-14.52	-403.67	47.53	40.82	201.49	101.00	43.36	-1.38	28.80	65.84
Net Profit	-0.63	1.57	0.34	0.28	-0.16	-0.00	0.11	-7.61	0.83	0.02
EPS in Rs	—	—	—	—	—	—	—	—	—	—
Dividend Payout %	0.00	16.81	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

Standalone Balance Sheet (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	9.02	13	13	13	13	13	13	13	13	13
Reserves	-1.79	0.64	0.98	1.26	0.92	0.92	1.02	-6.59	1.81	10
Borrowings	8.93	8.71	9.73	7.48	7.44	5.48	5.05	4.13	5.36	5.19
Other Liabilities	1.96	3.66	3.54	6.44	4.22	3.97	4.24	3.94	2.80	4.19
Total Liabilities	18	26	27	28	26	24	24	15	23	33
Fixed Assets	10	8.75	7.46	6.41	5.85	5.36	4.65	4.97	4.42	4.86
CWIP	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Investments	0.19	0.21	0.23	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Other Assets	7.80	17	20	22	20	18	19	9.73	19	28
Total Assets	18	26	27	28	26	24	24	15	23	33

Standalone Cash Flows (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	-8.07	-2.28	-0.46	1.75	-0.29	2.38	0.90	-0.06	0.07	-0.01
Cash from Investing Activity	-9.53	-0.66	0.04	1.11	1.34	0.19	-0.13	0.08	-0.08	0.00
Cash from Financing Activity	18	2.97	0.43	-2.81	-1.12	-2.57	-0.78	-0.01	0.01	0.01
Net Cash Flow	0.01	0.02	0.01	0.05	-0.07	-0.00	-0.01	0.00	0.00	0.00

Overview

Detailed Summary

Shiva Granito Export Limited specializes in exporting marble and granite globally and has been a market leader for over a decade.

The company expanded its operations by venturing into the manufacturing of Engineered Quartz Stone Slabs, marking a significant diversification in its product line.

Shiva Granito's products are CE certified, aligning with European standards, enhancing its credibility and marketability in international markets.

The company upgraded its manufacturing capabilities in 2012 by acquiring plant and machinery from China and commenced production in 2014.

Its current manufacturing facilities include not only quartz stone slabs but also different grades of resins, quartz powders, and statues.

Sector

Consumer Durables

Industry

Granite & Marble - Large

Market Cap

11 Cr

Volatility

Low Risk

P/E Ratio

402.0

Industry P/E

29.7

PEG Ratio

—

P/B Ratio

0.5

52W High

25.51

52W Low

7.01

Sales CAGR

58.09%

-1.52%

-9.88%

10Y

5.52%

Profit CAGR

-97.59%

-38.13%

—

10Y

—

ROE

TTM

0.04%

-15.04%

-9.08%

10Y

-3.84%

ROCE

TTM

1.76%

-9.47%

-4.39%

10Y

0.50%

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
GLITTEKG	12.90	33 Cr	1.51	3.03	0.00	195.88	198.09	183.02
VIKASPROP	0.30	15 Cr	—	0.08	0.00	-7.77	-6.81	-3.74
MILESTONE	28.15	14 Cr	45.78	1.46	0.00	3.18	4.23	2.91
SHIVAEXPO	8.04	11 Cr	402.00	0.46	0.00	0.04	1.76	0.03
MAYURFL	18.39	9 Cr	141.46	2.30	0.00	1.58	4.46	-15.06
NEELKAN	16.35	8 Cr	30.28	1.03	0.00	3.39	4.21	3.37
JAINMARMO	18.80	6 Cr	—	1.48	0.00	-2.87	-0.74	-2.10