Marudhar Rocks secures Rs 150 crore investment from Bharat Value Fund

Marudhar Rocks International Pvt Ltd raised Rs 150 crore from Bharat Value Fund (BVF) in a private placement deal, according to a company statement. The investment, which secures BVF a 6.5 per cent stake in the company, values Marudhar at approximately Rs 2,300 crore.

The funds were raised through BVF, the second series of the Category II Alternative Investment Fund (AIF) under the India Inflection Opportunity Trust (IIOT) launched last month. The fund, managed by Pantomath Capital Management, has a corpus target of Rs 2,000 crore and has already secured Rs 1,200 crore from 950 investors. BVF focuses on pre-IPO investments in growth-stage Indian enterprises.

Founded in 2010, Marudhar is engaged in the manufacturing of premium engineered quartz surfaces. The company has a production capacity of 2 million square metres per annum, spread across Rajasthan and Tamil Nadu. The company stated that 100 per cent of its revenue comes from exports to countries including the USA, Canada, and Italy, said the press release.

The premium engineered quartz market is valued at $30 billion globally, and India is one of the largest exporters to the USA, the largest market for quartz globally, according to the company statement.

The investment will enable Marudhar to enhance its production capacity and adopt newer technologies across its facilities. "This infusion of capital comes at a crucial time as we expand our operations and meet growing demand globally," stated the company’s directors.

The company reported revenue of Rs 518 crore in FY24, achieving a compound annual growth rate (CAGR) of 73 per cent between FY2020 and FY2024. The company had an Ebitda margin of 36 per cent, a profit after tax (PAT) margin of 27 per cent, a return on equity (ROE) of 46 per cent, and an average return on capital employed (ROCE) of 31 per cent for FY24.