Marudhar Rocks, established in 2010, is the largest manufacturer of Premium Engineered Quartz Surfaces (Premium EQS) in India. The company operates three facilities located in Jaipur, Rajasthan, and Hosur, Tamil Nadu, with a total production capacity of about 2 million square meters per year. Marudhar also produces Premium Stone Plastic Composite Flooring (Premium SPC Flooring) and generates all of its revenue from exports.

Bharat Value Fund, managed by Pantomath Capital Management Pvt Ltd and led by Chief Investment Officer Madhu Lunawat, focuses on investments in companies that enhance India’s export capabilities and support domestic manufacturing. Since its launch in August 2024, BVF has raised INR 1200 crores from 950 investors, with INR 150 crores allocated to Marudhar Rocks.

Marudhar’s recent acquisition of a Bretonstone-powered Engineered Quartz Surfaces facility from ASI Industries Limited has expanded its production capacity by 6 lakh square meters per year. The global market for Premium Engineered Quartz is valued at USD 25-30 billion, with the SPC market estimated at USD 30 billion.

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Marudhar reported revenues of INR 518 crores in FY24, with a CAGR of 73% from Fiscal 2020 to 2024, an EBITDA margin of 36%, and a PAT margin of 27%. The company’s average ROE and ROCE were 46% and 31%, respectively, for FY24.

The partnership with BVF is expected to support Marudhar’s growth and market expansion.

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