Milestone Global Limited

Milestone Global Limited (MILESTONE) is primarily engaged in the manufacturing and trading of polished granite monuments and related products. The company processes extracted granite blocks into various value-added products such as polished slabs, tiles, monuments, countertops, and customized architectural components. Its customers include both domestic and international markets, with significant exports to the United States, Europe, and Canada.

Key facts (FY 2025-2026)

• For FY 2025-2026, consolidated revenue from operations was Rs. 1,396.87 lakhs, with a consolidated net profit after tax of Rs. 75.29 lakhs.
• The company operates through two wholly-owned subsidiaries: Milestone Global (UK) Limited (UK) and Milestone Imports Inc. (USA).
• Promoters Ms. Alka Agarwal (Whole Time Director & CEO) and M/s. Ketki Investment & Consultancy Pvt Ltd. collectively held 73.26% of shares as of March 31, 2026.
• Total permanent employees on the company's rolls were 14 as of FY26.
• The Indian granite industry, where the company operates, positions India as one of the world's leading producers and exporters of natural stone.

Recent developments (from AR FY 2025-2026)

• Management is focused on expanding its customer base, strengthening market presence, and improving operational efficiencies, with a specific initiative to develop a strong network of new retail customers across key international markets.
• The company is actively pursuing market diversification to mitigate external factors affecting its operations and is expanding its presence in European and UK markets, with its U.S. subsidiary showing gradual business improvement.
• Continuous investments in modern quarrying techniques, automation, digital measurement systems, and advanced processing technologies are expected to improve productivity, reduce wastage, and enhance product quality.
• The management anticipates that it will take approximately 1.5 to 2 years to achieve meaningful sales volumes from new retail customer relationships.
• The long-term outlook for the Indian granite industry remains positive, supported by increasing urbanization, infrastructure development, and sustained demand for natural stone products.

Key risks flagged by management (from AR FY 2025-2026)

• Geopolitical uncertainties and conflicts, along with elevated shipping costs and extended transit times, impact global trade and logistics.
• Fluctuations in raw material availability and costs, particularly for premium quality granite blocks, exert pressure on operating margins and production efficiency.
• Increasing competition from global players and alternative materials such as engineered quartz and porcelain slabs poses a challenge to market share.
• Frequent changes in mining regulations, lease policies, and environmental compliance requirements create uncertainty and can lead to additional costs and operational obligations.

Pros (evidenced in AR FY 2025-2026)

• The company primarily funds its operations through internal accruals, indicating financial stability and self-sufficiency.
• It maintains robust internal financial controls and a comprehensive risk management framework, ensuring operational and financial integrity.
• Exports to major international markets like the USA, Europe, and Canada provide geographical revenue diversification.

Cons (evidenced in AR FY 2025-2026)

• The company experienced a marginal decline in standalone revenue from operations and a decrease in standalone net profit after tax for FY 2025-2026.
• Turnover was negatively impacted by the loss of a major customer, and the company expects it will take 1.5 to 2 years to achieve meaningful volumes from new retail customer relationships.
• The broader Indian granite industry faces challenges such as relatively lower productivity, higher material wastage, and significant capital investment required for modernization.