Glittek Granites Limited has announced its unaudited financial results for the third quarter of FY26 ended December 31, 2025, showing a significant improvement in its loss position compared to the previous year. The company reported a net loss of ₹30.37 lakhs for Q3 FY26, substantially lower than the ₹349.29 lakhs loss recorded in Q3 FY25.

Financial Performance Overview

The company's financial performance for Q3 FY26 reflects operational challenges, with no revenue generated from operations during the quarter. The total income of ₹15.66 lakhs came entirely from other income sources, compared to ₹48.26 lakhs total income in Q3 FY25.

Expense Analysis

Total expenses for Q3 FY26 stood at ₹46.03 lakhs, significantly lower than ₹397.55 lakhs in Q3 FY25. The major expense components included employee benefits expense of ₹21.66 lakhs, other expenditure of ₹22.11 lakhs, and finance costs of ₹2.12 lakhs.

Nine-Month Performance

For the nine-month period ended December 31, 2025, Glittek Granites reported a net loss of ₹65.27 lakhs on total income of ₹110.72 lakhs. This compares to a net loss of ₹1,917.80 lakhs on total income of ₹178.24 lakhs in the corresponding period of FY25, showing substantial improvement in loss reduction.

Other Comprehensive Income

The company recorded other comprehensive income of ₹10.01 lakhs in Q3 FY26, primarily from fair value changes on investments. This resulted in total comprehensive income (loss) of ₹20.36 lakhs for the quarter.

Board Meeting and Compliance

The Board of Directors approved these unaudited financial results at their meeting held on February 13, 2026, from 11:30 AM to 12:40 PM. The results have been prepared in accordance with Indian Accounting Standards (Ind-AS) and have undergone limited review by statutory auditors GRV & PK Chartered Accountants. The company maintains 259.59 lakh equity shares with a face value of ₹5 each, and reported no outstanding defaults on loans or debt securities.

Six acquirers led by the Thanki family have announced a mandatory open offer for Glittek Granites Limited, marking a significant change in control for the granite manufacturing company. The comprehensive acquisition involves multiple family members and their associated mining company, targeting a substantial stake in the BSE-listed firm.

Open Offer Structure and Valuation

The open offer seeks to acquire up to 67.50 lakh fully paid-up equity shares of face value ₹5 each, representing 26% of the company's equity share capital. The offer has been priced at ₹12.65 per share, resulting in a total consideration of ₹853.88 crores assuming full acceptance.

The offer price represents the highest value among various regulatory parameters, including the negotiated price under the share purchase agreement and volume-weighted average market price of ₹12.39 for 60 trading days preceding the public announcement.

Acquirer Profile and Experience

The acquisition is being led by six individual acquirers, all members of the Thanki family, along with Rawmin Mining And Industries Private Limited as a person acting in concert. The lead acquirer, Maheshkumar Jatashankar Thanki, brings over 45 years of experience in mining and mineral trading.

Rawmin Mining And Industries Private Limited, the person acting in concert, reported a net worth of ₹3,677.21 lakhs as of December 31, 2025, and is engaged in mining metallurgical grade bauxite, cement grade bauxite, and iron ore across Gujarat, Maharashtra, and Goa.

Background Transaction and Seller Details

The open offer follows a share purchase agreement executed on January 6, 2026, for acquiring 1.64 crore equity shares (62.99% stake) from existing promoters at the same price of ₹12.65 per share. The total value of this underlying transaction amounts to ₹2,068.40 crores.

The sellers include prominent stakeholders such as Kosen Ventures Private Limited (49.98% stake), Manjula Agarwal (5.77% stake), Ashoke Agarwal (4.64% stake), and Tushar Agarwal (2.57% stake). Upon completion, these sellers will cease to be members of the promoter group.

Financial Arrangements and Regulatory Compliance

The acquirers have established robust financial arrangements to support the acquisition. An escrow account has been opened with ICICI Bank Limited, with ₹213.50 crores deposited as escrow amount, representing more than 25% of the total consideration payable.

The offer complies with SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, and has been structured as a mandatory offer following the substantial acquisition triggering regulatory requirements.

Target Company Overview

Glittek Granites Limited, incorporated in 1990, is engaged in manufacturing, processing, and trading of granite slabs and tiles. The company's equity shares are listed on BSE Limited with scrip code GLITTEKG. The company has an authorized share capital of ₹14 crores and paid-up capital of ₹12.98 crores comprising 2.60 crore equity shares.

Recent financial performance shows mixed results, with the company reporting revenue of ₹95.06 lakhs and a net loss of ₹34.90 lakhs for the six months ended September 30, 2025. However, the previous financial year showed strong performance with revenue of ₹3,329.91 lakhs and net profit of ₹685.86 lakhs.

Strategic Implications and Timeline

The acquirers intend to leverage their extensive experience in mining and mineral products to expand and diversify the target company's business activities. They plan to retain the listing status and have no immediate plans to dispose of significant assets except in the ordinary course of business.

Upon completion assuming full acceptance, the acquirers will hold 2.31 crore equity shares representing 88.99% of the company's equity share capital. This will result in public shareholding falling below the minimum 25% requirement, necessitating compliance with relevant regulations to restore adequate public float.

The detailed public statement has been published in multiple newspapers including Financial Express, Jansatta, Navshakti, and Udaykala, with the offer scheduled to commence on March 10, 2026, and close on March 24, 2026.