Glittek Granites Appoints Gautam Thanki as New CFO

BENGALURU — Glittek Granites Limited (GLITTEKG) has announced the appointment of Gautam Thanki as its Chief Financial Officer (CFO), effective immediately. The move marks another significant leadership change for the granite processing company as it undergoes a comprehensive corporate restructuring following a recent change in management control.

Gautam Thanki, who brings over 15 years of experience in the mining and mineral sectors, assumes the financial helm at a pivotal time for the company. His appointment follows the successful conclusion of a mandatory open offer by the Thanki family, which has resulted in the new promoter group securing a 70.59% controlling stake in the BSE-listed entity.

Corporate Restructuring and Leadership Change

The appointment of Mr. Thanki is part of a broader strategy by the new promoters to streamline operations and reinvigorate the company's financial health. The Thanki family, led by Maheshkumar Jatashankar Thanki, completed a multi-stage acquisition process that included an initial share purchase agreement for a 62.99% stake, followed by a mandatory open offer that concluded in June 2026.

This transition in leadership comes as Glittek Granites navigates a challenging fiscal environment. The company reported a net loss of ₹0.39 crore for the fiscal year ended March 31, 2026, and is now tasked with turning around its production and export operations. The new management is expected to leverage its deep industry background in mining and mineral trading to optimize the company's granite processing capabilities.

Operational Outlook and Strategic Focus

With the new management team now in place, stakeholders are closely watching for updates regarding the company’s future operational roadmap. The recent exit of institutional investors, including ICICI Bank—which divested its entire 8.55% stake in early June—has cleared the path for the Thanki family to implement their long-term growth strategy without existing ownership constraints.

The company, which operates primarily in the building materials and natural stone sector, has faced sluggish revenue in recent quarters. Mr. Thanki’s role will be instrumental in managing the company's capital allocation, improving liquidity, and ensuring rigorous compliance with regulatory standards under the new promoter-led governance structure.

Official Sources

According to recent regulatory filings submitted to the Bombay Stock Exchange (BSE), Glittek Granites has officially communicated changes to its board and key management personnel in compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Further details regarding the company's financial governance and long-term planning are expected to be addressed in the upcoming shareholder meetings.

Quote Section

"According to officials, the appointment of Mr. Gautam Thanki is intended to bolster the company’s financial oversight and facilitate the operational integration of the new management group. Organizers stated that the board remains committed to stabilizing the company's performance and restoring value to shareholders through improved operational efficiency."

Why It Matters

For investors, the appointment of a new CFO is a critical indicator of the direction Glittek Granites will take following its ownership transition. As the granite manufacturing sector demands high operational agility, the addition of experienced financial leadership from the mining sector suggests a push toward better cost management and potential expansion of the company's raw material sourcing and processing capabilities.

Key Facts at a Glance

• New CFO: Gautam Thanki, bringing 15+ years of experience in the mining and mineral sectors.

• Ownership Status: The Thanki family group now holds a 70.59% controlling stake in the company.

• Context: Appointment follows the recent conclusion of a mandatory open offer and a shift in promoter control.

• Fiscal Performance: The company is focusing on operational recovery following a net loss in FY26.

FAQ

What is the significance of this CFO appointment? The appointment signals the consolidation of control by the new promoter group and marks a step toward professionalizing the financial management of Glittek Granites under its new leadership.

How does this fit into the recent acquisition of the company? Following the 70.59% stake acquisition, the Thanki family is now installing their own management team to oversee the company’s turnaround strategy.

What is the focus of the new management? The management is focused on stabilizing the company's granite processing operations and leveraging their extensive expertise in mining and mineral trading to improve business performance.

Source: BSE Limited (Script Code: 513528), Glittek Granites Corporate Filings