Pokarna Ltd(POKARNA)

NSE: POKARNABSE: 532486

₹ 663-4.37%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 2,056 crWebsite: www.pokarna.comUpdated: 24 Oct 2026

About

Pokarna Ltd is an Indian manufacturer of engineered quartz surfaces and granite, operating through its subsidiary PESL (Pokarna Engineered Stone Ltd). Its quartz surfaces segment accounted for 96% of revenue in FY26, with full-year FY25 revenue of ₹930.13 cr. The company completed the disposal of its apparel business in FY25, making it a focused two-segment stone products business.^[1][2][3]

Business segments

Quartz Surfaces (PESL): revenue ₹548.92 cr, 96% of total, EBIT margin 28.3% in FY26. Engineered stone slabs sold primarily to the US market.^[1]
Granite: revenue ₹22.69 cr, 4% of total, EBIT loss of ₹14.53 cr (EBIT margin −64%) in FY26. Quartz share has grown 40.9 percentage points since FY18.^[1]
Apparel business disposal was completed as of Q4 FY25, simplifying the corporate structure to two segments.^[2]

Products and brands

Core product is engineered quartz stone slabs (Bretonstone technology), targeting premium and mid-tier US residential and commercial markets.^[4]
KREOS: new design-led product line; capitalized during FY25, production commenced and deliveries underway as of Q1 FY26. New collection showcased at Italy trade show in September 2025.^[5][2]
Chromia: digital printing line installed and sample production completed by Q4 FY25; final commissioning was awaited as of the May 2025 earnings call.^[2]
Low crystalline silica product formulation is under R&D; no launch date announced as of Q4 FY25.^[2]

Manufacturing and capacity

Two Bretonstone engineered stone production lines operate at Mekaguda, Telangana. A third line is under construction at the same site.^[4][2]
Third production line: ₹440 cr capex committed, funded via ₹250 cr new bank debt and balance from internal accruals; revenue contribution expected from Q2 FY27.^[4][5]
At full optimal utilisation, the third production line is expected to add approximately ₹500 cr of incremental annual turnover.^[5]
Net debt stood at ₹279 cr as of Q3 FY25 (December 2024); total debt (excluding working capital) was expected to reach ~₹450 cr by FY26 year-end as capex drawdowns proceed.^[4][2]

Key operating numbers

Quartz segment revenue Q1 FY26: ₹166.09 cr; Q4 FY25: ₹254.86 cr; Q3 FY25: ₹216.96 cr.^[5][2][4]
Granite segment revenue has declined sequentially: ₹8.53 cr → ₹6.67 cr → ₹5.98 cr over three quarters through Q3 FY25, with EBITDA negative at ₹−1.88 cr in Q3 FY25.^[4]
Consolidated EBITDA margin: 34% in Q1 FY26 (flat YoY), 40% in Q4 FY25, 40% in Q3 FY25, and 37% for full-year FY25.^[5][2][4]

Customers and distribution

The US is the dominant export market. Customers include distributors, fabricators, and homeowners; large-scale home improvement orders were deferred from April 2025 due to US tariff uncertainty.^[5]
Non-US markets (Czech Republic, Canada, France, Mexico, Russia) are growing gradually each quarter; management is actively expanding the non-US distributor network.^[5]
Non-US revenue targeted at 15 - 20% of total over the next 2 - 3 years; US to remain dominant but diversification is actively pursued.^[4]
India domestic build-out: experience centre under development in Hyderabad; distributors being appointed in metro cities as of Q3 FY25.^[4][5]

Expansion and capex

Third Bretonstone line at Mekaguda, Telangana: ₹440 cr total investment; LCs opened and machines ordered as of Q1 FY26; revenue contribution expected from beginning of FY27 (Q2 FY27).^[5][2]
KREOS line was capitalized in FY25; Chromia digital printing line was installed with sample production done by end of FY25.^[2]

Recent developments

India imposed a 25% US tariff effective post-7 August 2025 (10% during Q1 FY26 window); management cited this as suppressing demand and order flow since April 2025.^[5]
Q1 FY26 consolidated revenue fell 11% YoY to ₹170.96 cr and 35% QoQ from ₹262.68 cr in Q4 FY25; EBITDA margin held flat at 34% YoY.^[5]
Granite segment EBITDA was ₹−1.88 cr in Q1 FY26 (vs ₹−0.79 cr in Q4 FY25 and positive ₹3.16 cr in Q1 FY25); management noted efforts underway to improve the division.^[5]
New KREOS and Chromia collection launched at Italy trade show in September 2025.^[5]
Underutilised capacities in India and Southeast Asia have led newer players to aggressively undercut US market prices, creating downward pressure on ASPs especially in mid-to-lower-tier categories.^[5][2]

Market Cap

₹2,056 Cr

High / Low

₹1,147 / 655

Stock P/E

23.5

Price / Book

2.6

Book Value

₹276

EPS

₹26.0

No. of Shares

3.1 Cr

ROCE

11.5%

ROE

9.9%

OPM

23.7%

Debt / Equity

0.50

Sales

₹572 Cr

Net Profit

₹81 Cr

Promoter holding

56.7%

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Pokarna Ltd(POKARNA)

About

Business segments

Products and brands

Manufacturing and capacity

Key operating numbers

Customers and distribution

Expansion and capex

Recent developments

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