Glittek Granites Ltd has announced its audited financial results for the fourth quarter and fiscal year ended March 31, 2026. The Board of Directors approved the results during a meeting held on May 21, 2026.

Financial Performance Overview

For the fiscal year 2026, the company reported a total income of ₹140.59 lakh, a sharp decrease from ₹3,329.91 lakh in the previous year. Revenue from operations stood at ₹4.68 lakh, significantly lower than the ₹203.63 lakh reported in FY25. Other income for the year was recorded at ₹135.90 lakh, down from ₹3,126.28 lakh in the prior year.

The company's total expenses for the year amounted to ₹180.03 lakh, a reduction from ₹2,574.05 lakh in FY25. Consequently, Glittek Granites reported a net loss of ₹39.45 lakh for the year ended March 31, 2026, compared to a net profit of ₹685.86 lakh in the corresponding period last year. Basic and diluted earnings per share (EPS) stood at (0.15) for FY26, compared to 2.64 in the previous year.

Quarterly Results

In the fourth quarter of FY26, the company reported a total income of ₹29.86 lakh. Revenue from operations were nil for the quarter, while other income contributed ₹29.86 lakh. Total expenses for the quarter were ₹4.03 lakh, resulting in a profit for the period of ₹25.83 lakh. In the corresponding quarter of the previous year, the company had reported a total income of ₹3,151.67 lakh and a profit of ₹2,603.66 lakh.

Key Financial Metrics

The following table summarizes the key financial figures for the year ended March 31, 2026, compared to the prior year:

Operational Notes

The company noted that during the year, it sold most of its inventory at scrap value as the stock was very old and had not seen any movement for more than five years. The statutory auditors, M/s. GRV & PK Chartered Accountants, have issued an unqualified audit opinion on the standalone financial results. However, they drew attention to the fact that the company has not provided and paid interest on delayed payments to MSMEs as per the MSME Act, 2006, though vendors have agreed to accept delayed payment without interest.

An open offer has been announced to acquire up to 67,50,000 fully paid-up equity shares of Glittek Granites Limited , representing 26% of the company's equity share capital, at a price of ₹12.65 per equity share payable in cash, aggregating to a total consideration of ₹8,53,87,500. The acquirers include Maheshkumar Jatashankar Thanki, Bhargav Girjashankar Thanki, Bhavin Harihar Thanki, Kalpana Ashwinkumar Thanki, Hema Bhargav Thanki, and Gautam Ashwinkumar Thanki, along with Rawmin Mining And Industries Private Limited acting as the Person Acting in Concert (PAC).

Independent Directors Committee Recommendation

The Committee of Independent Directors (IDC) of Glittek Granites held its meeting on May 13, 2026, pursuant to Regulation 26(7) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The IDC unanimously concluded that the offer price of ₹12.65 per equity share is fair and reasonable, having been determined in accordance with Regulation 8 of the SEBI (SAST) Regulations as the highest among the prescribed parameters.

The IDC's recommendation was based on the following key considerations:

• The offer price of ₹12.65 per share is equal to the negotiated price under the Share Purchase Agreement (SPA)
• The offer price is higher than the volume-weighted average market price of ₹12.39 per equity share for the sixty trading days immediately preceding the date of the Public Announcement on BSE Limited
• The offer price has been determined in accordance with Regulation 8(2) of the SEBI (SAST) Regulations
• The acquirers intend to strengthen and improve the operational efficiencies of the target company

However, the IDC drew attention to the closing market price of the equity shares on BSE Limited as on May 12, 2026, being ₹44.78 per equity share, which is significantly higher than the offer price. Public shareholders were advised to independently evaluate the open offer and the market performance of the company's scrip before making a decision on tendering their shares.

Committee Composition and Independence

The IDC comprises three Non-Executive Independent Directors of the target company. The committee members confirmed no conflict of interest in relation to the open offer, enabling them to provide an unbiased and objective recommendation.

None of the IDC members hold any directorship or equity shares in the acquirers or the PAC. Mr. Manish Killa holds 770 equity shares in the target company, acquired through the open market on March 05, 2026. He also sold 700 equity shares through the open market on February 03, 2026. No other IDC member holds equity shares in the target company, and there are no material pecuniary relationships or transactions between the IDC members and the target company.

Offer Schedule and Key Details

The open offer follows a Share Purchase Agreement dated January 6, 2026, under which the acquirers agreed to purchase 1,63,51,010 equity shares, representing 62.99% of the equity share capital, at ₹12.65 per share. The mandatory open offer is triggered by the substantial acquisition of shares and voting rights, leading to a change in control and management. The acquirers have deposited ₹2,13,50,001 into an escrow account with ICICI Bank Limited, representing more than 25% of the total consideration payable under the offer.

The following table summarises the key parameters of the open offer:

The offer is not conditional upon any minimum level of acceptance, and upon completion, the acquirers and PAC will be classified as the promoters and promoter group of the company.