Pokarna financials and balance sheet

NSE: POKARNABSE: 532486Consumer DurablesSmall Cap

₹660.45₹31.70 (4.58%)BSE ₹663.10

Share price at the NSE close on 23 Oct 2026. Previous close ₹692.15.

52-week range of traded prices to 23 Oct 2026

₹650.20Low, 23 Oct 2026₹1,146.20High, 5 Feb 2026

Market cap: ₹2,048 Cr1,018th largest listed
P/E: 21.6
P/B: 2.4
Dividend yield: 0.09%
ROE: 11.6%
ROCE: 10.0%
Debt to equity: 0.50
Volume, NSE: 81,48548.4% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Pokarna annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 1.4% of operating profit in the first full year.

The years either side of a change of basis do not compare. From the year to Mar 2019, the company's revenue for that year, ₹462 Cr, differs from its quarters added, ₹457 Cr.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue572
Materials and goods−163
Employee costs−83
Other expenses−158
Operating profit168
Depreciation−49
Other income+22
One-off items0.0
Finance costs−30
Profit before tax111
Tax−30
Net profit81

What the company owns

Plant, investments and other assets₹1,267 Cr
Receivables₹144 Cr
Inventory₹142 Cr
Cash and bank₹63 Cr

What pays for it: net worth and liabilities

Net worth₹857 Cr
Borrowings₹426 Cr
Other liabilities₹283 Cr
Owed to suppliers₹50 Cr

Pokarna business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them. A segment at a loss has no share of profit.Pokarna segment results by quarter

Revenue by segment

₹572 CrTotal

Quartz Surfaces₹549 Cr96.0% of total
Granite₹23 Cr4.0% of total

Profit by segment

Quartz Surfaces₹155 Cr100.0% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Quartz Surfaces
Revenue, ₹ crore
317
219
581
901
549
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
115
62
134
314
155
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Granite
Revenue, ₹ crore
139
71
74
66
58
38
29
23
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
24
2
10
6
3
−9
−11
−15
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	462	394	296	651	729	688	930	572
Company revenue, as in its results	462	394	295	650	728	688	930	572
Revenue	–	317	219	581	–	–	901	549
Revenue growth	–	–	−31.0%	165.7%	–	–	–	−39.1%
Profit	–	115	62	134	–	–	314	155
Profit growth	–	–	−46.6%	118.2%	–	–	–	−50.5%
Margin	–	36.4%	28.2%	23.1%	–	–	34.8%	28.3%
Return on capital	–	42.9%	20.6%	35.8%	–	–	43.1%	19.0%
Assets	–	768	853	1,028	–	–	1,298	1,514
Liabilities	–	500	554	653	–	–	571	696
Capital employed	–	268	299	375	–	–	728	818
Revenue	139	71	74	66	58	38	29	23
Revenue growth	–	−48.7%	4.5%	−10.8%	−12.7%	−34.5%	−23.6%	−21.8%
Profit	24	2	10	6	3	−9	−11	−15
Profit growth	–	−92.9%	473.7%	−41.9%	−45.2%	–	–	–
Margin	16.9%	2.3%	12.9%	8.4%	5.3%	−22.4%	−37.0%	−64.0%
Return on capital	39.7%	3.0%	17.9%	9.9%	5.4%	−14.9%	−21.4%	−37.7%
Assets	139	126	129	125	116	113	105	102
Liabilities	80	70	76	69	60	56	55	63
Capital employed	59	56	54	56	57	57	50	39
	–	–	–	–	–	0	0	–
Profit	–	–	–	–	–	0	0	–
Return on capital	–	–	–	–	–	0.0%	–	–
Assets	–	–	–	–	–	2	0	–
Liabilities	–	–	–	–	–	0	0	–
Capital employed	–	–	–	–	–	2	0	–
Revenue	316	–	–	–	668	650	–	–
Revenue growth	–	–	–	–	–	−2.7%	–	–
Profit	111	–	–	–	138	187	–	–
Profit growth	–	–	–	–	–	35.8%	–	–
Margin	35.1%	–	–	–	20.6%	28.8%	–	–
Return on capital	57.4%	–	–	–	31.3%	35.1%	–	–
Assets	440	–	–	–	971	1,101	–	–
Liabilities	247	–	–	–	531	567	–	–
Capital employed	193	–	–	–	440	534	–	–
Revenue	7	6	2	3	3	–	–	–
Revenue growth	–	−17.4%	−59.0%	–	–	–	–	–
Profit	−8	−4	−5	−2	−2	–	–	–
Margin	−105.2%	−66.0%	−190.1%	−57.9%	−52.9%	–	–	–
Return on capital	−42.5%	−26.9%	−35.5%	−16.7%	−15.6%	–	–	–
Assets	24	26	21	18	17	–	–	–
Liabilities	6	11	8	6	7	–	–	–
Capital employed	18	15	13	12	11	–	–	–

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.Pokarna quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 2 Jun	Mar 2020Filed 29 Jun	Mar 2021Filed 22 Jun	Mar 2022Filed 10 Jun	Mar 2023Filed 26 May	Mar 2024Filed 22 May	Mar 2025Filed 16 Jun	Mar 2026Filed 28 May
Revenue from operations	380	329	462	394	295	650	728	688	930	572
	248	232	319	263	213	476	558	478	604	404
Materials and goods bought	80	76	146	120	88	235	305	247	309	163
Employee costs	37	–	42	43	36	53	59	67	96	83
Other expenses	132	–	131	100	90	188	194	164	199	158
Operating profit before depreciation	132	97	143	131	82	174	170	210	326	168
Operating margin	34.7%	29.5%	31.0%	33.2%	27.7%	26.8%	23.3%	30.5%	35.0%	29.3%
Materials, % of revenue	21.0%	–	31.5%	30.5%	29.7%	36.2%	41.9%	35.9%	33.2%	28.4%
Employee costs, % of revenue	9.6%	–	9.1%	11.0%	12.2%	8.1%	8.1%	9.8%	10.3%	14.6%
Other expenses, % of revenue	34.7%	–	28.4%	25.3%	30.5%	29.0%	26.7%	23.8%	21.4%	27.6%
Depreciation and amortisation	20	20	26	23	21	39	42	43	44	49
Operating profit after depreciation	112	77	118	107	60	135	128	167	282	119
Other income	10	6	9	5	6	3	11	12	21	22
Finance costs	33	28	25	22	21	36	48	39	37	30
One-off items	0	0	0	0	0	0	0	0	0	0
Profit before tax	89	55	101	91	45	102	91	140	266	111
	19	9	21	20	17	24	25	48	78	30
Current tax	7	10	18	31	2	11	22	47	74	31
Deferred tax	12	−1	2	−11	15	12	3	2	5	−1
Profit from discontinued businesses	–	–	–	–	–	–	–	−4	0	–
Net profit	70	42	81	71	28	78	66	87	188	81
Other comprehensive income	–	–	1	0	0	1	0	0	0	0
Total comprehensive income	–	–	81	70	29	79	66	87	188	81
Net margin	18.3%	12.8%	17.5%	18.0%	9.6%	12.0%	9.0%	12.7%	20.2%	14.1%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the year to Mar 2018 they do not, so they are left blank.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 2 Jun	Mar 2020Filed 29 Jun	Mar 2021Filed 22 Jun	Mar 2022Filed 10 Jun	Mar 2023Filed 26 May	Mar 2024Filed 22 May	Mar 2025Filed 16 Jun	Mar 2026Filed 28 May
	270	339	366	443	507	592	778	857
Share capital	6	6	6	6	6	6	6	6
Reserves	264	332	359	437	501	586	772	851
	208	274	289	510	459	389	327	426
Repayable after a year	152	224	226	384	349	304	215	303
Repayable within a year	56	50	62	126	110	85	112	123
	171	156	207	313	218	212	274	303
Trade payables	39	34	46	108	59	75	89	50
Other financial liabilities	31	16	19	0	0	2	3	3
Other liabilities	33	39	60	55	36	39	47	110
Provisions	6	9	11	12	12	11	11	11
Tax owed	6	9	9	12	1	0	11	5
	162	425	430	416	379	411	351	457
Other financial liabilities	0	6	4	3	–	11	39	29
Other liabilities	0	187	186	9	2	43	32	57
Provisions	4	6	7	7	8	9	11	12
Deferred tax	6	3	8	12	21	44	54	56
Liabilities going with businesses held for sale	–	–	–	–	–	0	–	–
	603	920	1,003	1,172	1,104	1,216	1,403	1,616
Held for sale or for a demerger	–	–	–	–	–	2	–	–
	385	743	795	774	748	798	873	1,216
Plant in use, after depreciation	258	269	699	758	732	709	793	786
Plant being built	55	431	65	1	1	65	41	386
Intangible assets	1	1	0	0	1	1	1	1
Loans given	7	7	7	2	1	1	1	1
Other financial assets	4	23	15	7	11	14	14	13
Deferred tax	7	2	0	0	0	1	0	3
Other assets	53	12	9	6	2	7	24	25
	218	176	208	398	356	415	530	401
Inventories	100	91	111	183	182	164	157	142
Trade receivables	68	34	43	143	109	120	186	144
Cash and cash equivalents	8	11	12	23	19	68	78	14
Other bank balances	29	21	14	8	11	15	46	49
Loans given	2	2	2	4	3	2	3	9
Other financial assets	1	2	1	1	0	2	3	2
Tax paid in advance	0	0	0	0	0	3	1	1
Other assets	10	16	24	36	31	42	57	40
Net debt	171	242	262	479	428	306	204	364

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 22 Jun	Mar 2022Filed 10 Jun	Mar 2023Filed 26 May	Mar 2024Filed 22 May	Mar 2025Filed 16 Jun	Mar 2026Filed 28 May
	98	69	136	188	191	183
	108	84	164	220	248	221
	23	−88	−17	7	−88	40
Receivables	−11	−98	34	−9	−65	47
Inventories	−21	−72	1	15	7	15
Payables	12	74	−49	16	15	−40
Other working capital	42	8	−4	−15	−44	19
Tax paid	−10	−15	−28	−30	−55	−37
Capital spending	88	217	33	43	98	327
Free cash flow	11	−149	104	146	93	−143
	−86	−214	−32	−38	−94	−321
Plant and property sold	0	2	1	4	2	2
Interest received	1	2	1	1	1	4
	−13	151	−115	−108	−101	62
Borrowings raised	87	215	24	−9	24	159
Borrowings repaid	−75	−25	−97	−58	−89	−70
Interest paid	−21	−36	−38	−37	−32	−23
Lease payments	−1	−1	−1	−1	−1	−3
Dividends paid	2	2	2	2	2	2
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	0	0	0
Net change in cash	0	6	−10	42	−4	−76

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.Pokarna dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 2 Jun	Mar 2020Filed 29 Jun	Mar 2021Filed 22 Jun	Mar 2022Filed 10 Jun	Mar 2023Filed 26 May	Mar 2024Filed 22 May	Mar 2025Filed 16 Jun	Mar 2026Filed 28 May
	₹22.48	₹13.59	₹26.02	₹22.81	₹9.12	₹25.25	₹21.23	₹28.18	₹60.49	₹26.00
As stated that year	₹112.40	₹13.59	₹26.02	₹22.81	₹9.12	₹25.25	₹21.23	₹28.18	₹60.49	₹26.00
	₹22.48	₹13.59	₹26.02	₹22.81	₹9.12	₹25.25	₹21.23	₹28.18	₹60.49	₹26.00
As stated that year	₹112.40	₹13.59	₹26.02	₹22.81	₹9.12	₹25.25	₹21.23	₹28.18	₹60.49	₹26.00
	₹0.60	₹0.60	₹0.60	₹0.60	₹0.60	₹0.60	₹0.60	₹0.60	₹0.60	₹0.60
As declared that year	₹3.00	₹0.60	₹0.60	₹0.60	₹0.60	₹0.60	₹0.60	₹0.60	₹0.60	₹0.60
Book value per share	–	–	₹87.23	₹109.24	₹117.91	₹142.85	₹163.58	₹191.05	₹250.93	₹276.41
Dividend payout	2.7%	4.4%	2.3%	2.6%	6.6%	2.4%	2.8%	2.1%	1.0%	2.3%
Shareholder yield	–	–	–	–	0.2%	0.1%	0.2%	0.1%	0.0%	0.1%
Market cap at the year end (₹ crore)	648	551	530	155	816	2,312	758	1,321	3,969	2,575

Every year is restated for later splits and bonuses, so they do not break the line. The figure the company stated that year is under each line it differs from.

Ratios

Consolidated, years to March.Pokarna PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 2 Jun	Mar 2020Filed 29 Jun	Mar 2021Filed 22 Jun	Mar 2022Filed 10 Jun	Mar 2023Filed 26 May	Mar 2024Filed 22 May	Mar 2025Filed 16 Jun	Mar 2026Filed 28 May
Revenue growth	–	−13.5%	–	−14.8%	−25.1%	120.4%	12.0%	−5.5%	35.3%	−38.5%
Operating profit growth	–	−26.3%	–	−8.7%	−37.4%	112.8%	−2.5%	23.6%	55.4%	−48.6%
Net profit growth	–	−39.5%	91.5%	−12.3%	−60.0%	176.8%	−16.0%	32.7%	114.7%	−57.0%
Earnings per share growth	–	−39.5%	91.5%	−12.3%	−60.0%	176.9%	−15.9%	32.7%	114.7%	−57.0%
	–	–	29.8%	23.2%	8.0%	19.4%	13.9%	15.9%	27.4%	9.9%
	–	–	–	−6.6 pts	−15.2 pts	11.3 pts	−5.5 pts	2.0 pts	11.5 pts	−17.5 pts
From the net margin	–	–	–	0.9 pts	−10.8 pts	2.1 pts	−4.8 pts	5.6 pts	9.3 pts	−8.2 pts
From asset turnover	–	–	–	−10.0 pts	−5.0 pts	9.6 pts	1.0 pts	−1.4 pts	5.0 pts	−8.9 pts
From borrowing	–	–	–	2.5 pts	0.7 pts	−0.3 pts	−1.7 pts	−2.1 pts	−2.8 pts	−0.3 pts
Return on capital employed	–	–	24.6%	17.5%	9.2%	14.2%	13.2%	17.0%	25.5%	9.3%
Cash conversion	–	–	–	–	347.5%	87.6%	207.4%	215.3%	101.9%	227.5%
Interest cover	3.4	2.8	4.6	4.9	2.8	3.8	2.6	4.3	7.6	4.0
Debt to equity	–	–	0.77	0.81	0.79	1.15	0.90	0.66	0.42	0.50
Receivable days	–	–	54	31	54	80	55	64	73	92
Inventory days	–	–	251	278	463	285	218	242	185	319
Payable days	–	–	98	102	192	167	71	110	105	112
Cash conversion cycle, days	–	–	207	207	324	198	202	195	153	299
Working capital days	–	–	53	36	46	101	109	109	96	101
Asset turnover	–	–	0.77	0.52	0.31	0.60	0.64	0.59	0.71	0.38
Assets per rupee of net worth	–	–	2.23	2.50	2.73	2.69	2.40	2.11	1.91	1.85
Sales per rupee of plant	–	–	1.79	1.47	0.42	0.86	0.99	0.97	1.17	0.73
Capital spending to depreciation	–	–	–	–	4.10	5.64	0.79	1.00	2.21	6.68
Plant being built, % of plant in use	–	–	21.4%	160.3%	9.3%	0.1%	0.1%	9.1%	5.1%	49.2%

Revenue growth and operating profit growth are left blank for the year to Mar 2019: between the two periods the company restated its earlier figures, so the two are on different bases and the change is not worked out. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 5.3%
Cash from operations against operating profit: 109.4%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	–	14.1%	−7.7%
Profit growth, yearly rate	–	23.3%	7.0%
Return on equity, average	–	17.3%	17.7%
Return on capital employed, average	–	15.8%	17.3%
Operating margin, average	30.1%	29.0%	31.6%
Net margin, average	14.4%	13.6%	15.7%
Asset turnover, average	–	0.58	0.56
Cash conversion cycle, days, average	–	209	216
Interest cover, average	4.1	4.5	5.3
Debt to equity, average	–	0.73	0.52

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	768	563	183
Cash from investing	−699	−453	−321
Cash from financing	−111	−147	62
Capital spending	717	467	327
Dividends paid	9	6	2
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings raised	–	–	159
Borrowings repaid	339	217	70

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	6	6	6	9	8	5
Altman Z-scorePublished threshold 1.81	–	–	3.12	1.53	1.78	3.46	2.62	3.20	6.17	3.49
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.56	−1.36	−2.85	−1.02	−2.10	−1.54
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	1.66	20.55	−3.43	−5.43	6.90	14.47
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	1.76	1.70	1.51	1.58
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	−35.80	53.58	109.37	−35.59	14.98	19.85	16.26
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	8.84	48.62	−103.28	−30.59	9.05	−29.42	38.05
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	1.70	2.73	1.65	−0.70	2.29	1.55	−3.24
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	12.88	0.14	0.01	0.04	3.33	0.32	9.11
Effective tax ratePublished threshold 17.16 per cent	21.63	15.79	20.31	22.10	37.42	23.15	27.62	34.57	29.49	27.39
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	8.01	−3.10	12.99	8.77	−6.11

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
5 Sep 2025	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil A2+Review, Re-affirm		20
5 Sep 2025	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil A-Review, Other	Stable	4.98

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.