The investment was made through a private placement round, with BVF acquiring a 6.5% stake in Marudhar, valuing the company at approximately Rs 2,300 crore.
05 Sep 2024 | 1152 Views | By Autocar Pro News Desk
Marudhar Rocks International Private Limited, a leading building materials company in India, has secured an investment of INR 150 crore from Bharat Value Fund (BVF), managed by Pantomath Capital Management Pvt Ltd.
The investment was made through a private placement round, with BVF acquiring a 6.5% stake in Marudhar, ...
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Marudhar Rocks International Private Limited, a leading building materials company in India, has secured an investment of INR 150 crore from Bharat Value Fund (BVF), managed by Pantomath Capital Management Pvt Ltd.
The investment was made through a private placement round, with BVF acquiring a 6.5% stake in Marudhar, valuing the company at approximately Rs 2,300 crore.
Bharat Value Fund, launched in August 2024 as a Category II Alternative Investment Fund (AIF) under the India Inflection Opportunity Trust, focuses on pre-IPO investment opportunities in Indian growth-stage enterprises. Managed by industry leader Madhu Lunawat, the fund has raised Rs 1,200 crore from 950 investors so far, with a target corpus of Rs 2,000 crore.
BVF emphasizes investments in companies that promote the "Made in India" ethos, substitute imports, foster exports, and support rural consumption in India.
Marudhar Rocks, founded in 2010, is the largest manufacturer of Premium Engineered Quartz Surfaces (EQS) in India, with a production capacity of approximately 2 million square meters per annum.
The company operates three facilities in Jaipur, Rajasthan; State Industries Promotion Corporation of Tamil Nadu (Hosur, Tamil Nadu); and Kelamangalam (Hosur, Tamil Nadu).
In addition to EQS, Marudhar also produces Premium Stone Plastic Composite (SPC) Flooring, catering to growing demand in both domestic and international markets. The company derives all its revenue from exports to markets including the USA, UK, Canada, Australia, Italy, the Middle East, and Vietnam.
Madhu Lunawat, Chief Investment Officer of Bharat Value Fund, explained that the decision to invest in Marudhar was based on the company's track record, robust business model, premium product portfolio, and commitment to quality and sustainability. She expressed confidence in Marudhar's potential for growth and market expansion.
Marudhar reported revenue of Rs 518 crore for the fiscal year 2024, with a compound annual growth rate (CAGR) of 73% from fiscal 2020 to 2024. The company maintained an EBITDA margin of 36% and a profit after tax (PAT) margin of 27%, with average return on equity (ROE) and return on capital employed (ROCE) of 46% and 31%, respectively, during FY24.