Formulation and some results for the analysis of particulate composite materials undergoing stress induced dilatational phase transformation are presented. Analyses are carried out by using a boundary element method (BEM), which is developed based on integral equations and analytical solutions for ellipsoidal inclusions such as Eshelby's tensor. The homogenization method is then adopted for meso-scale unit cell analyses. Present approach does not require any interior discretizations and is quite efficient even when there are a number of particles in the unit cell. Furthermore, by using present approach, the detailed meso-stress field in particulate composite material can be analyzed and visualized. Some numerical results are presented.