SolidStone Company Reports Revenue Decline and Lower Profits in Q2 FY2026

Solid Stone Company , a player in the natural stones and building materials sector, has released its financial results for the quarter ended September 30, 2025, revealing a mixed performance with declining revenue and profits.

Revenue and Profit Analysis

The company reported a significant drop in revenue from operations, which stood at Rs. 726.82 crore for the quarter, compared to Rs. 948.25 crore in the corresponding quarter of the previous year, marking a decrease of about 23.4%.

Net profit for the quarter also saw a substantial decline:

Metric	Q2 FY2026	Q2 FY2025	YoY Change
Net Profit	12.10	50.58	-76.1%
EPS	0.23	0.94	-75.5%

All figures in Rs. crore, except EPS in Rs.

The earnings per share (EPS) decreased from Rs. 0.94 to Rs. 0.23, reflecting the impact of reduced profitability on shareholder returns.

Balance Sheet Highlights

As of September 30, 2025, SolidStone's balance sheet showed:

Total assets of Rs. 5,325.71 crore, a slight increase from Rs. 5,272.14 crore as of March 31, 2025.
Inventory levels rose to Rs. 3,096.67 crore from Rs. 3,041.14 crore.
Trade receivables increased marginally to Rs. 525.43 crore from Rs. 519.68 crore.

Liabilities and Equity

Total equity stood at Rs. 2,252.98 crore, up from Rs. 2,241.38 crore at the end of the previous fiscal year.
Current borrowings increased to Rs. 1,321.78 crore from Rs. 1,264.94 crore.

Cash Flow and Liquidity

The company's cash and cash equivalents remained relatively stable at Rs. 6.50 crore, compared to Rs. 6.48 crore at the end of the previous fiscal year.

Outlook

The significant decline in both revenue and profits may raise concerns about the company's near-term performance. Factors such as increased inventory levels and higher current borrowings could indicate potential cash flow pressures.

Investors and analysts may look for additional context regarding the factors behind the revenue decline and strategies to improve profitability in the coming quarters. The company's ability to manage its working capital and debt levels will be crucial areas to watch as it navigates through this period.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
+2.29%	-0.54%	+1.02%	+7.84%	-0.63%	-46.57%

Solid Stone Company Limited, a leading player in the natural stones and building materials industry, has announced its financial results for the first quarter ended June 30, 2025 (Q1 FY2026).

Financial Highlights

Revenue from operations increased by 33.7% to Rs. 567.44 lakhs in Q1 FY2026, compared to Rs. 424.47 lakhs in Q1 FY2025.
Net profit rose by 15.5% to Rs. 5.08 lakhs, up from Rs. 4.40 lakhs in the corresponding quarter of the previous year.
Earnings per share (EPS) for the quarter stood at Rs. 0.09, compared to Rs. 0.08 in Q1 FY2025.

Operational Performance

The company witnessed significant growth in its top line, driven by strong demand for its natural stone products and building materials. Despite the increase in revenue, net profit growth was moderated due to higher expenses across various categories.

Expense Analysis

Expense Category	Q1 FY2026	Q1 FY2025
Cost of raw materials consumed	Rs. 7.40	Rs. 1.47
Employee benefits expenses	Rs. 74.52	Rs. 64.82
Finance costs	Rs. 44.91	Rs. 51.04
Depreciation and amortization	Rs. 32.09	Rs. 23.31

All figures in lakhs

Management Commentary

Milan B. Khakhar, Chairman and Managing Director of Solid Stone Company Limited, commented on the results: "We are pleased with our strong start to the fiscal year 2026. The 33.7% growth in revenue demonstrates the robust demand for our products and the strength of our market position. While we have seen an increase in some cost components, we remain focused on operational efficiency and sustainable growth."

Consolidated Results

On a consolidated basis, which includes the company's associate Global Instile Solid Industries Limited, the net profit for Q1 FY2026 stood at Rs. 4.38 lakhs, compared to Rs. 4.01 lakhs in the same period last year.

Outlook

The company continues to focus on expanding its product range and market presence in the natural stones and building materials segment. With the construction and real estate sectors showing signs of recovery, Solid Stone Company Limited is well-positioned to capitalize on the growing demand for quality building materials.

The Board of Directors has reviewed and approved these financial results at their meeting held on August 13, 2025. The statutory auditors have carried out a limited review of the financial statements and have issued an unmodified review report.

Solid Stone Company Limited remains committed to delivering value to its shareholders and maintaining its leadership position in the industry.