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Asian Granito India Limited (ASIANTILES)

📊 NSE: ASIANTILES 🏢 Ceramics - Tiles / Sanitaryware 📅 Last Updated: 12/13/2025 18:35

📢 Recent Corporate Announcements

Asian Granito Shareholders Approve All Resolutions at 31st AGM with Re-appointment of Key MDs

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 09 Sep 2026, 05:48 PM

Asian Granito India Limited announced the results of its 31st Annual General Meeting held on September 09, 2026. Shareholders approved all four proposed resolutions with over 99% majority, including the adoption of FY26 financial statements (100% approval). Crucially, the re-appointment of Mr. Kamleshkumar Bhagubhai Patel as Chairman and Managing Director, and Mr. Mukeshbhai Jivabhai Patel as Managing Director, were both approved with 100% voting in favor. Director Mr. Bhaveshkumar Vinodbhai Patel was also re-appointed by rotation with 99.34% approval.

Adoption of FY26 Audited Financial Statements approved with 100.00% votes in favor (119,106,670 votes)
Re-appointment of Chairman & MD Kamleshkumar Patel approved with 100.00% votes in favor (99,978,568 votes)
Re-appointment of MD Mukeshbhai Patel approved with 100.00% votes in favor (81,906,794 votes)
Re-appointment of retiring Director Bhaveshkumar Patel approved with 99.34% votes in favor (99,723,839 votes)

💡 Track the upcoming Q2 FY27 earnings to monitor whether strategic initiatives in export markets and margins from new product lines are translating into sustained profitability.

Asian Granito Concludes 31st AGM; CMD and MD Re-appointments Put to Vote

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 09 Sep 2026, 01:12 PM

Asian Granito India Limited conducted its 31st Annual General Meeting on September 9, 2026, with 77 members in attendance via video conferencing. The meeting transacted ordinary business, including the adoption of FY26 standalone and consolidated financial statements, alongside the re-appointment of retiring director Bhaveshkumar Vinodbhai Patel. Key special resolutions presented for remote e-voting included the re-appointment of Kamleshkumar Bhagubhai Patel as Chairman & Managing Director and Mukeshbhai Jivabhai Patel as Managing Director. Formal voting results under Regulation 44(3) will be submitted separately.

31st Annual General Meeting held on September 09, 2026, lasting 37 minutes (11:00 AM to 11:37 AM)
A total of 77 members attended the meeting via VC/OAVM
Special resolutions tabled for the re-appointment of CMD Kamleshkumar B. Patel and MD Mukeshbhai J. Patel
Adoption of FY26 financial statements (FY26 revenue stood at Rs 1,795.0 Cr) transacted via e-voting

💡 Track the upcoming Regulation 44(3) disclosure for the exact voting outcomes and shareholder approval percentages for the key executive re-appointments.

Asian Granito Resubmits Q1 FY27 Financial Results in Machine Readable Format

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 25 Aug 2026, 06:42 PM

Asian Granito India Limited has resubmitted its unaudited standalone and consolidated financial results for the quarter ended June 30, 2026, in response to an NSE query requesting a machine-readable format. The company clarified that there are no changes or modifications to the financial figures or notes originally reported on August 11, 2026. For Q1 FY27, standalone revenue from operations stood at ₹277.77 crore with a net profit of ₹2.24 crore.

Resubmission made solely to comply with NSE's machine-readable formatting requirements following an exchange email dated August 25, 2026.
Zero modifications or alterations to the underlying financial results reported on August 11, 2026.
Q1 FY27 standalone revenue from operations reported at ₹277.77 crore compared to ₹259.64 crore in Q1 FY26.
Q1 FY27 standalone net profit stood at ₹2.24 crore compared to ₹5.25 crore in Q1 FY26.

💡 No action required as this is a purely administrative compliance filing. Investors should continue tracking operating margin recovery and natural gas price trends in upcoming quarterly updates.

Asian Granito Schedules 31st AGM for Sept 9, 2026; Dispatches FY26 Annual Report

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 14 Aug 2026, 04:00 PM

Asian Granito India Limited has initiated the dispatch of the 31st Annual General Meeting (AGM) notice and the Annual Report for FY 2025-26. The AGM is scheduled for September 9, 2026, at 11:00 AM IST via video conferencing. This filing is a procedural requirement to ensure shareholders without registered email addresses can access the report via a provided web link. Investors should note the company's TTM revenue of ‑1,795 crore and a net loss of ‑16 crore as they review the full annual disclosures.

31st Annual General Meeting scheduled for September 9, 2026
Annual Report released for the Financial Year 2025-26
TTM Revenue stands at ‑1,795 crore with an OPM of 4.8%
Promoter holding increased to 38.79% as of March 2026 from 33.72% in December 2025
Company targeting 8% growth through global expansion in Thailand, Dubai, and UK

💡 Investors should download the Annual Report to review management's outlook on natural gas price volatility and the execution timeline for the newly acquired Thailand operations.

Asian Granito to Hold 31st AGM on Sept 9; Proposes Re-appointment of CMD and MD

🟡 NEUTRAL ⭐ 4/10

BOARD_MEETING 📅 14 Aug 2026, 03:21 PM

Asian Granito has scheduled its 31st Annual General Meeting (AGM) for September 09, 2026, to adopt the FY26 financial statements and approve key leadership extensions. The company is seeking shareholder approval to re-appoint Kamleshkumar Bhagubhai Patel as CMD and Mukeshbhai Jivabhai Patel as MD for three-year terms starting in 2027. Proposed monthly salaries for these roles range from Rs. 5 lakh to Rs. 15 lakh. This comes as the company reported a net loss of Rs 15.5 crore in FY26 despite a revenue of Rs 1795 crore.

31st Annual General Meeting scheduled for September 09, 2026, via video conferencing.
Proposed re-appointment of CMD for a 3-year term from January 1, 2027, to December 31, 2029.
Proposed re-appointment of MD for a 3-year term from April 1, 2027, to March 31, 2030.
Managerial salary range proposed between Rs. 5,00,000 and Rs. 15,00,000 per month.
Adoption of FY26 results where the company reported a net loss of Rs 15.5 Cr on Rs 1795 Cr revenue.

💡 Monitor the voting results of the AGM, particularly regarding the remuneration of management given the company's recent loss-making performance and low ROCE of 1.0%.

Rs 530.95 Cr Revenue: Asian Granito Q1 FY27 Revenue Up 28.5% YoY, Returns to Profit Sequentially

🟡 NEUTRAL ⭐ 6/10

EARNINGS 📅 11 Aug 2026, 06:10 PM

Asian Granito reported a strong 28.5% YoY growth in consolidated revenue to Rs 530.95 Cr for Q1 FY27, primarily driven by a 64.9% surge in subsidiary revenue. The company returned to a consolidated PAT of Rs 8.08 Cr, recovering from a significant loss of Rs 32.66 Cr in the preceding quarter (Q4 FY26), though PAT remains 28.5% lower than Q1 FY26. EBITDA margins compressed to 6.19% from 7.74% YoY, impacted by higher fuel costs and a shift in the sales mix toward traded goods. Subsidiaries now contribute 47.7% of total revenue, up from 37.2% a year ago.

Consolidated revenue increased 28.5% YoY to Rs 530.95 Cr, representing ~29.6% of TTM revenue.
Subsidiary revenue grew 64.9% YoY to Rs 253.18 Cr, now accounting for nearly half of total sales.
Consolidated EBITDA margin declined to 6.19% from 7.74% in the same quarter last year.
Reported a consolidated PAT of Rs 8.08 Cr, a sharp turnaround from the Rs 32.66 Cr loss in Q4 FY26.
Standalone EBITDA margins showed slight improvement, rising to 3.26% from 3.05% YoY.

💡 Investors should monitor the company's ability to sustain subsidiary growth while improving consolidated margins, which are currently pressured by gas prices. Watch for updates on the export order book and the impact of fuel cost fluctuations on the bottom line.

Trading Window to Open 48 Hours After Q1 FY2027 Results Announcement

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 11 Aug 2026, 05:46 PM

Asian Granito India Limited has announced the opening of its trading window for insiders following the board meeting held on August 11, 2026. The window was previously closed on June 26, 2026, to comply with SEBI insider trading regulations during the preparation of the Q1 FY2027 financial results. Trading by designated persons will be permitted 48 hours after the results for the quarter ended June 30, 2026, are disclosed to the exchanges. This is a standard regulatory filing and does not reflect any change in business fundamentals.

Board meeting held on August 11, 2026, to approve unaudited financial results for the quarter ended June 30, 2026
Trading window was closed for approximately 46 days starting from June 26, 2026
Trading window to reopen after a mandatory 48-hour cooling-off period following the results announcement

💡 Investors should focus on the actual Q1 FY2027 financial results released on August 11, 2026, rather than this administrative filing, to assess the company's recovery from the Rs 33 Cr loss reported in the previous quarter.

Asian Granito Approves Q1 FY27 Financial Results; Follows Rs 1795 Cr TTM Revenue

🟡 NEUTRAL ⭐ 6/10

EARNINGS 📅 11 Aug 2026, 05:19 PM

Asian Granito India Limited (AGL) has approved its unaudited financial results for the quarter ended June 30, 2026. This follows a volatile FY26 where the company reported a TTM revenue of Rs 1795 Cr but a net loss of Rs 16 Cr. Investors are looking for a recovery from the March 2026 quarter, which saw a significant net loss of Rs 33 Cr and negative operating margins. The company's focus remains on its global expansion strategy and high-margin product shifts like parking tiles and frit.

Board approved unaudited standalone and consolidated financial results for the quarter ended June 30, 2026.
Company reported a TTM revenue of Rs 1795 Cr leading into this quarter.
Previous quarter (March 2026) recorded a net loss of Rs 33 Cr on revenue of Rs 538 Cr.
Promoter holding has seen a recent increase to 38.79% as of March 2026, up from 33.46% in September 2025.
Operating profit margins (OPM) stood at 4.8% on a TTM basis prior to these results.

💡 Investors should examine the detailed Q1 results to see if the operating profit margin has recovered from the -3.9% seen in the March 2026 quarter and monitor the progress of the Thailand (HSTL) acquisition integration.

₹440.96 Cr Rights Issue: Asian Granito Reports Fund Utilization Deviations as of June 2026

🟡 NEUTRAL ⭐ 4/10

REGULATORY 📅 10 Aug 2026, 06:41 PM

Asian Granito India Limited has provided a quarterly update on the utilization of ₹440.96 crores raised through a Rights Issue in May 2022. The company reported deviations from the original objects of the issue, including a total withdrawal of ₹32.17 crores originally allocated to AGL Surfaces Pvt. Ltd. and a ₹9.40 crore reduction in greenfield working capital. These variations were previously approved by shareholders on March 30, 2023, and funds have been redirected toward other subsidiaries like Future Ceramic Pvt. Ltd. (₹173.37 crore) and AGL Sanitaryware Pvt. Ltd. (₹45.26 crore).

Total funds raised via Rights Issue on May 10, 2022, amounted to ₹440.96 Crores.
Allocation to AGL Surfaces Pvt. Ltd. was reduced by ₹32.17 Crores to Nil following shareholder approval.
Working capital for Greenfield Projects was reduced by ₹9.40 Crores from an original ₹39.40 Crores.
Modified allocation for Future Ceramic Pvt. Ltd. manufacturing units stands at ₹173.37 Crores.
Shareholder approval for these variations was obtained via Postal Ballot on March 30, 2023.

💡 Investors should track the project completion and revenue generation timelines for the subsidiaries Future Ceramic and AGL Sanitaryware, which are now the primary beneficiaries of the redirected capital.

Asian Granito Clarifies Recent Stock Price Movement as Market Driven

🟡 NEUTRAL ⭐ 2/10

REGULATORY 📅 29 Jul 2026, 06:21 PM

Asian Granito India Limited (ASIANTILES) issued a clarification to the BSE and NSE on July 29, 2026, regarding significant recent movements in its share price. The company stated that it has consistently disclosed all material events and price-sensitive information as required under Regulation 30 of SEBI (LODR) Regulations, 2015. Management explicitly noted that the price movement is purely market-driven and not based on any undisclosed internal developments. This response follows a formal inquiry from the exchanges intended to safeguard investor interests amidst unusual trading activity.

Response submitted on July 29, 2026, following surveillance queries from both BSE and NSE.
Company confirmed compliance with Regulation 30 of SEBI (LODR) Regulations, 2015.
Management stated that all price-sensitive information has been previously disclosed to the exchanges.
The price movement was characterized as purely market-driven with no undisclosed information relating to it.

💡 Investors should monitor the stock for fundamental changes in upcoming quarterly results, as the company has officially denied the existence of any undisclosed material news at this time.

51% Stake Dilution in UAE Subsidiary HSM Sharjah via Fresh Equity Issue

🟡 NEUTRAL ⭐ 5/10

M&A 📅 15 Jul 2026, 12:47 PM

Asian Granito India Limited (AGL) is diluting its stake in its UAE-based wholly-owned subsidiary, HSM Sharjah, from 100% to 51%. This change occurs through a fresh issue of equity by the subsidiary to third-party investors to raise expansion capital. Before the dilution, AGL will convert approximately ₹3.38 crore (AED 13,00,430) of outstanding loans and expenses into equity. HSM Sharjah contributed 4.17% to AGL's consolidated revenue in FY26, representing a growing segment of the business.

Stake in HSM Sharjah to be diluted from 100% to 51% following a fresh issue to third-party investors
Conversion of ₹3.38 crore (AED 13,00,430) in outstanding loans into 372 equity shares at AED 3,496 per share
HSM Sharjah reported a turnover of AED 3,17,48,106 (~₹77.52 crore) for FY26
The subsidiary accounts for 4.17% of consolidated revenue and 1.17% of consolidated net worth
Loan conversion process is expected to be completed by October 31, 2026

💡 Investors should monitor the valuation at which third-party investors are entering the UAE subsidiary and track if the fresh capital leads to accelerated growth in the international trading segment.

₹3.38 Cr Loan Conversion and 49% Stake Dilution in UAE Subsidiary HSM Sharjah

🟡 NEUTRAL ⭐ 5/10

M&A 📅 15 Jul 2026, 12:32 PM

Asian Granito India Limited (AGL) is restructuring its UAE-based subsidiary, Harmony Surfaces Marbles TR. LLC S.P (HSM Sharjah). The company will first convert ₹3.38 crore (AED 1.3 million) of outstanding loans and receivables into equity. Subsequently, HSM Sharjah will issue fresh equity to third-party investors, diluting AGL's stake from 100% to 51%. HSM Sharjah is a growing unit, contributing 4.17% (₹77.52 crore) to AGL's consolidated revenue in FY26.

Conversion of AED 13,00,430 (~₹3.38 crore) loan into 372 equity shares at AED 3,496 per share.
Stake in HSM Sharjah to be diluted from 100% to 51% following fresh issue to third-party investors.
HSM Sharjah revenue grew significantly from AED 1.6 million in FY24 to AED 31.7 million in FY26.
The subsidiary contributed 4.17% to consolidated revenue and 1.17% to consolidated net worth in FY26.
Transaction expected to be completed on or before October 31, 2026.

💡 Investors should monitor the valuation at which third-party investors enter the UAE subsidiary and the subsequent impact on consolidated margins, as the parent company is currently reporting TTM losses.

₹3.38 Cr Loan Conversion and 49% Stake Dilution in UAE Subsidiary HSM Sharjah

🟡 NEUTRAL ⭐ 5/10

BOARD_MEETING 📅 15 Jul 2026, 12:23 PM

Asian Granito India Limited (AGL) is restructuring its UAE-based subsidiary, Harmony Surfaces Marbles TR. LLC S.P (HSM Sharjah). The board approved converting ₹3.38 crore (AED 1.3 million) of outstanding loans into equity, followed by a stake dilution from 100% to 51% through a fresh issue to third-party investors. HSM Sharjah is a growing entity, with its turnover increasing from AED 1.6 million in FY24 to AED 31.7 million (₹77.52 crore) in FY26. This move aims to raise external capital for the subsidiary's expansion while AGL retains majority control.

Conversion of AED 1,300,430 (~₹3.38 crore) loan into 372 equity shares of HSM Sharjah at AED 3,496 per share.
Stake dilution in HSM Sharjah from 100% to 51% via fresh equity issuance to third-party investors.
HSM Sharjah contributed 4.17% (₹77.52 crore) to consolidated revenue and 1.17% (₹18.03 crore) to net worth in FY26.
Subsidiary turnover grew significantly from AED 1.6 million in FY24 to AED 31.7 million in FY26.
The loan conversion process is expected to be completed by October 31, 2026.

💡 Investors should monitor the final valuation and the identity of the third-party investors entering the UAE subsidiary to assess the quality of the capital partner and the implied valuation of the international business.

Asian Granito Submits Quarterly Dematerialization Certificate for June 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 06 Jul 2026, 11:44 AM

Asian Granito India Limited has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The certificate, provided by its Registrar and Share Transfer Agent (RTA), MUFG Intime India Private Limited, confirms the processing of dematerialization requests for the quarter ended June 30, 2026. The RTA verified that security certificates received were mutilated and cancelled, with the depositories' names substituted in the register of members. This is a standard procedural filing required for all listed companies in India.

Compliance certificate issued for the quarter ended June 30, 2026
Confirmation provided by RTA MUFG Intime India Private Limited
Verification that dematerialized certificates were mutilated and cancelled as per SEBI norms
Substitution of depository names in the register of members completed within prescribed timelines

💡 This is a routine administrative filing. Investors should monitor the company's upcoming quarterly financial results for actual business performance updates.

Asian Granito completes transfer of 26% stake in two associates to WOS

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 27 Jun 2026, 03:56 PM

Asian Granito India Limited has finalized the transfer of its 26% equity stake in two associate companies, AGL Proteins Private Limited and Allomex Steel Private Limited, to its wholly-owned subsidiary, AGL Industries Limited. The transaction was completed on June 27, 2026, following an initial disclosure on May 30, 2026. As a result, these two entities are now associates of the subsidiary rather than the parent company. This move represents an internal corporate restructuring with no change in the ultimate beneficial ownership of the group.

26% equity stake in AGL Proteins Private Limited transferred to a subsidiary
26% equity stake in Allomex Steel Private Limited transferred to a subsidiary
Transfer completed on June 27, 2026
Recipient AGL Industries Limited is a 100% wholly-owned subsidiary

💡 This is a procedural internal restructuring; investors should monitor if this precedes a full divestment or further consolidation of these non-core associate businesses in future filings.

View All ASIANTILES Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Consolidated revenue for FY25 was INR 1,558.52 Cr, up 1.79% YoY. For Q2FY26, Ceramic Tiles revenue grew 8% YoY to INR 353 Cr, Marble & Quartz grew 3% YoY to INR 52 Cr, and Sanitaryware revenue increased 35% YoY to INR 26 Cr.

Geographic Revenue Split

Domestic revenue is split across West (53%), North (20%), South (19%), and East (9%). Exports contribute 19% of total sales, reaching INR 291 Cr in FY25 across 100+ countries.

Profitability Margins

Consolidated Net Profit Margin for FY25 was 2.37%, a turnaround from a net loss in FY24. Q2FY26 PAT margin improved to 4% (INR 16 Cr) compared to 0.30% in H1FY25.

EBITDA Margin

Consolidated EBITDA for FY25 was INR 75.72 Cr (4.8% margin). Q2FY26 EBITDA grew 148% YoY to INR 37 Cr, achieving a 9% margin due to higher product realizations and softening gas prices.

Capital Expenditure

The company increased its Authorized Share Capital from INR 150 Cr to INR 320 Cr in August 2024 to support expansion. Specific historical INR Cr spend not disclosed.

Credit Rating & Borrowing

Infomerics reaffirmed the rating at 'Stable' in May 2025. Borrowing costs are sensitive to high working capital intensity and debt protection parameters.

⚙️ Operational Drivers

Raw Materials

Natural Gas and raw materials (clay, chemicals) represent 70% to 75% of total operating expenses.

Import Sources

Sourced domestically and through international operations in Thailand, Dubai, UK, Indonesia, and Senegal.

Key Suppliers

ONGC is a key supplier of gas, though recent supply issues have forced reliance on spot market prices.

Capacity Expansion

Current tile capacity utilization is 70%, while Marble and Quartz utilization is 40%. Authorized capital was increased to INR 320 Cr to facilitate future expansion.

Raw Material Costs

Raw material and fuel costs account for 70-75% of revenue. Profitability is highly sensitive to these costs as passing on price increases to customers is challenging.

Manufacturing Efficiency

Capacity utilization stands at 70% for tiles and 40% for marble and quartz. Efficiency is driven by AGL's own plants in Dalpur, Dholka, Idar, and Mehsana.

Logistics & Distribution

Distribution is managed through a pan-India network and exports to 100+ countries; costs are impacted by global shipping disruptions like the Red Sea crisis.

📈 Strategic Growth

Expected Growth Rate

Growth Strategy

Growth is targeted through global expansion (new operations in Thailand, Dubai, UK), product mix optimization (shifting to high-margin parking tiles and frit), and leveraging a strong retail presence which accounts for 54% of sales.

Products & Services

Wall Tiles, Vitrified Tiles, Ceramic Tiles, Marble, Quartz, Sanitaryware, Bathware, Frit, and Parking Tiles.

Brand Portfolio

AGL, Asian Granito.

New Products/Services

Expansion into parking tiles and frit manufacturing in subsidiaries to capture better margins.

Market Expansion

Market expansion into Thailand via the HSTL acquisition and new operations in Dubai, UK, Indonesia, and Senegal.

Market Share & Ranking

AGL holds a strong brand recall position in the organized tiles market; specific market share % not disclosed.

Strategic Alliances

JVs and subsidiaries established in the USA, UK, UAE, and Nepal to mitigate geographic concentration risk.

🌍 External Factors

Industry Trends

India is emerging as a global sourcing hub for tiles due to competitive costs. There is a rising industry shift toward ESG compliance and sustainable manufacturing.

Competitive Landscape

Faces intense competition from the unorganized tile market, addressed through innovation and cost-efficient processes.

Competitive Moat

Moat consists of a pan-India distribution network, strong brand recall in the organized segment, and an extensive export footprint (100+ countries). Sustainability is supported by a shift to higher-margin specialized products.

Macro Economic Sensitivity

Highly sensitive to the cyclical real estate industry and global construction trends.

Consumer Behavior

Shift toward innovative lifestyle solutions and premium products in the retail segment (54% of sales).

Geopolitical Risks

Red Sea crisis and potential trade wars are cited as risks to global output and shipping timelines.

⚖️ Regulatory & Governance

Industry Regulations

Compliant with Section 134(5)(e) of the Companies Act, 2013 regarding internal financial controls. Subject to environmental and HSE regulations across all plants.

Environmental Compliance

Implemented wind energy in manufacturing and effluent treatment systems; aligned with BRSR and international ESG benchmarks.

Taxation Policy Impact

The company reported deferred taxes in FY25, which contributed to the reporting of a consolidated net profit of INR 20.56 Cr.

Legal Contingencies

A complex legal matter is pending where the final outcome remains uncertain, making it impossible for management to determine the potential financial impact at this time.