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ASIANTILES - Asian Granito

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

📢 Recent Corporate Announcements

Asian Granito Appoints Dibyendu Dey as CFO; Updates KMP Materiality Authorization

🟡 NEUTRAL ⭐ 6/10

MANAGEMENT 📅 13 Mar 2026, 04:07 PM

Asian Granito India Limited has appointed Mr. Dibyendu Dey as the Chief Financial Officer (CFO) and Key Managerial Personnel (KMP) effective March 13, 2026. Mr. Dey brings over 28 years of experience in finance leadership, having worked with prominent groups like Essar and RPG. The Board also updated the list of authorized personnel for determining the materiality of events, which now includes the Chairman, Managing Director, and the new CFO. This appointment is expected to bolster the company's financial controlling, debt restructuring, and M&A capabilities.

Appointment of Mr. Dibyendu Dey as CFO and KMP effective March 13, 2026
Mr. Dey brings over 28 years of experience in finance, reporting, and debt restructuring
Previous leadership roles held at NITCO Ltd, Essar Group, and RPG Group
Updated KMP list for materiality includes Chairman, MD, and the new CFO

💡 Investors should observe if the new CFO's extensive experience in debt restructuring and turnarounds leads to improved financial health. No immediate portfolio changes are suggested.

Asian Granito Appoints Dibyendu Dey as CFO; Brings 28+ Years of Finance Experience

🟡 NEUTRAL ⭐ 6/10

MANAGEMENT 📅 13 Mar 2026, 03:56 PM

Asian Granito India Limited has appointed Mr. Dibyendu Dey as the Chief Financial Officer (CFO) and Key Managerial Personnel, effective March 13, 2026. Mr. Dey is a seasoned professional with over 28 years of experience in finance leadership, including roles at NITCO Ltd, Essar Group, and RPG Group. His expertise includes debt restructuring, fundraising, and M&A, which may assist the company in its strategic financial planning. The board also updated its list of authorized personnel for determining the materiality of events under SEBI regulations.

Appointment of Mr. Dibyendu Dey as CFO and Key Managerial Personnel effective March 13, 2026.
The new CFO brings over 28 years of experience in financial reporting, controlling, and debt restructuring.
Previous experience includes leadership roles at major organizations such as NITCO Ltd, Essar Group, and RPG Group.
Updated the list of KMPs authorized to determine materiality of events, including the CMD, MD, and the new CFO.

💡 Investors should observe if the new CFO's extensive experience in debt restructuring and turnarounds leads to improved balance sheet management. No immediate action is required as this is a standard management transition.

Asian Granito Faces Gas Supply Restrictions Due to Middle East Conflict; Production Impacted

🔵 WATCH ⭐ 6/10

REGULATORY 📅 06 Mar 2026, 12:57 PM

Asian Granito has been notified by Gujarat Gas and Sabarmati Gas regarding gas supply limitations due to force majeure from Middle East tensions. The restrictions affect Daily Contracted Quantity (DCQ) and Non-MGO gas usage at certain manufacturing units, potentially impacting production. However, the company is currently fulfilling orders through existing inventory and exploring alternate fuel sources. Management does not expect a material impact on overall operations at this time but continues to monitor the situation.

Received force majeure notice from Gujarat Gas and Sabarmati Gas regarding supply restrictions.
Limitations imposed on Daily Contracted Quantity (DCQ) and Non-MGO gas usage for manufacturing.
Current dispatches remain unaffected as the company utilizes existing inventory levels.
Actively evaluating and implementing alternate fuel options to mitigate production downtime.
No material impact on overall business operations anticipated based on current assessments.

💡 Monitor the duration of the gas supply disruption and the cost implications of switching to alternate fuels. Any prolonged restriction could pressure operating margins in the upcoming quarters.

Asian Granito Allots 6.45 Cr Equity Shares Following Scheme of Arrangement

🔵 WATCH ⭐ 8/10

M&A 📅 05 Mar 2026, 06:17 PM

Asian Granito India Limited has approved the allotment of 6,45,63,636 equity shares of Rs. 10 each as part of a Composite Scheme of Arrangement with Adicon Ceramica Tiles. This allotment increases the company's total paid-up equity share capital from 23.19 crore shares to 29.65 crore shares, representing a significant equity expansion. The move follows the NCLT Ahmedabad Bench's sanction of the scheme on February 17, 2026. The newly allotted shares will rank pari-passu with existing equity and will be listed on both BSE and NSE.

Allotment of 6,45,63,636 equity shares of Rs. 10 each to shareholders of Adicon Ceramica Tiles.
Total paid-up equity capital increased from Rs. 231.91 crore to Rs. 296.48 crore.
Equity share count expanded by approximately 27.8% to a total of 29,64,75,285 shares.
The allotment is pursuant to the NCLT Ahmedabad Bench order pronounced on February 17, 2026.

💡 Investors should evaluate the potential dilution of Earnings Per Share (EPS) given the 27.8% increase in share capital. Monitor the integration progress of the acquired business units to see if synergies offset the equity dilution.

Asian Granito Announces March 1, 2026 as Effective Date for Scheme of Arrangement

🟢 POSITIVE ⭐ 7/10

M&A 📅 01 Mar 2026, 01:51 PM

Asian Granito India Limited (ASIANTILES) has announced that its Composite Scheme of Arrangement has officially become effective as of March 1, 2026. This follows the filing of the certified NCLT order with the Registrar of Companies, Ahmedabad, completing the legal requirements under Sections 230-232 of the Companies Act. The scheme involves a restructuring process between Asian Granito India Limited, Adicon Ceramica Tiles Private Limited, and Adicon Ceramics Limited. This milestone marks the formal completion of the regulatory process for the corporate reorganization.

Effective date of the Composite Scheme of Arrangement is confirmed as March 1, 2026.
The scheme involves Asian Granito India Ltd, Adicon Ceramica Tiles Pvt Ltd, and Adicon Ceramics Ltd.
Follows the final order from the NCLT Ahmedabad Bench dated February 17, 2026.
E-Form INC-28 filed with the Registrar of Companies on March 1, 2026, to finalize the legal process.

💡 Investors should monitor upcoming corporate actions related to this scheme, such as the announcement of a record date for share entitlements or adjustments. The restructuring is expected to streamline the company's business segments.

Asian Granito Wins Best Integrated Home and Surface Solutions Brand at Times Realty Awards 2026

🟢 POSITIVE ⭐ 3/10

OTHER 📅 26 Feb 2026, 06:23 PM

Asian Granito India Limited (AGL) has been recognized as the 'Best Integrated Home and Surface Solutions Brand' at the Times Realty Awards Gujarat 2026. The company has scaled its production capacity significantly to 54.5 million sq. mtrs. per annum as of FY 2025, representing a 65-fold increase since FY 2000. With 14 manufacturing units and a distribution network of over 18,000 touchpoints, AGL is currently the 4th largest listed ceramic tile company in India. This award highlights the brand's successful transition into a comprehensive provider of tiles, marble, quartz, and bathware solutions.

Awarded Best Integrated Home and Surface Solutions Brand at Times Realty Awards Gujarat 2026
Production capacity reached 54.5 million sq. mtrs. per annum in FY 2025 across 14 manufacturing units
Extensive distribution network with 18,000+ touchpoints and 277+ exclusive franchisee showrooms
Ranked as the 4th largest listed ceramic tile company in India with exports to over 100 countries

💡 While this award enhances brand equity and market positioning, investors should focus on whether this prestige translates into improved margins and volume growth in upcoming financial statements.

Asian Granito Receives NCLT Approval for Composite Scheme of Arrangement

🟢 POSITIVE ⭐ 8/10

M&A 📅 20 Feb 2026, 05:58 PM

Asian Granito India Limited has received the certified true copy of the order from the Hon'ble NCLT, Ahmedabad Bench, regarding its Composite Scheme of Arrangement. The scheme involves the company along with Adicon Ceramica Tiles Private Limited and Adicon Ceramics Limited. This legal clearance, dated February 17, 2026, marks a major milestone in the company's corporate restructuring process. The receipt of the certified copy allows the company to proceed with the final implementation steps of the arrangement.

Received certified true copy of the NCLT Ahmedabad Bench order dated February 17, 2026
Involves a Composite Scheme of Arrangement with Adicon Ceramica Tiles Private Limited and Adicon Ceramics Limited
Compliance filing completed under Regulation 30 of SEBI (LODR) Regulations, 2015
Follows the initial announcement of the NCLT order made on February 17, 2026

💡 Investors should track the effective date of the scheme and look for updates on how this restructuring will impact the consolidated financials and operational efficiency. The move is likely aimed at streamlining the group structure.

Asian Granito Receives NCLT Approval for Composite Scheme of Arrangement

🟢 POSITIVE ⭐ 8/10

M&A 📅 17 Feb 2026, 07:07 PM

Asian Granito India Limited has received formal approval from the NCLT Ahmedabad Bench for its Composite Scheme of Arrangement involving Adicon Ceramica Tiles Private Limited and Adicon Ceramics Limited. The order was pronounced on February 17, 2026, following the company's petition filed under C.P. (CAA)/48(AHM)2025. This regulatory milestone clears the path for the planned corporate restructuring and consolidation within the group. Investors should expect the scheme to become effective once the final order is filed with the Registrar of Companies.

NCLT Ahmedabad Bench approved the Composite Scheme of Arrangement on February 17, 2026.
The scheme involves the merger or restructuring of Asian Granito with Adicon Ceramica Tiles and Adicon Ceramics.
The approval follows the successful petition C.P. (CAA)/48(AHM)2025 in C.A. (CAA)/45(AHM)2025.
The restructuring is aimed at streamlining group operations and consolidating the ceramics business.

💡 Investors should monitor the company's upcoming filings for the 'Effective Date' of the scheme and any updates on share swap ratios. This consolidation could lead to operational efficiencies and a cleaner corporate structure in the long term.

Asian Granito to Host Q3 FY26 Post-Earnings Conference Call on February 12, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 09 Feb 2026, 03:34 PM

Asian Granito India Limited has scheduled a post-earnings conference call for investors and analysts on February 12, 2026, at 4:00 PM IST. The primary objective of the call is to discuss the unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025. This is a standard regulatory procedure following the disclosure of quarterly financial performance. Investors will have the opportunity to hear management's perspective on the company's operational and financial trajectory.

Conference call scheduled for February 12, 2026, at 16:00 IST.
Focus on Unaudited Standalone and Consolidated Financial Results for Q3 and 9M FY26.
Compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Management will refer to publicly available information with no UPSI to be discussed.

💡 Investors should track the Q3 FY26 financial results release and attend the call to understand management's outlook on demand trends and margin sustainability. No immediate trading action is required based on this scheduling notification.

Asian Granito Achieves CII GreenPro Certification for Key Tile Portfolios

🟢 POSITIVE ⭐ 4/10

OTHER 📅 05 Feb 2026, 06:33 PM

Asian Granito India Limited (AGL) has received the prestigious GreenPro certification from the Confederation of Indian Industry (CII) for its major tile categories, including wall, porcelain, and vitrified tiles. This certification enhances AGL's standing in the green building materials sector, a segment seeing increased demand from architects and developers. As the 4th largest listed ceramic tile company in India, AGL reported a consolidated turnover of INR 1,628 crore in FY 2025. The company currently operates with a massive production capacity of 54.5 million sq. mtrs per annum across 14 manufacturing units.

GreenPro certification covers wall tiles, porcelain body tiles, and all vitrified tile variants.
AGL is the 4th largest listed ceramic tile company in India with FY 2025 turnover of INR 1,628 crore.
Production capacity has grown from 0.83 million sq. mtrs in FY 2000 to 54.5 million sq. mtrs in FY 2025.
The company maintains a vast distribution network with over 18,000 touchpoints and 277+ exclusive showrooms.
Certification aligns with global ESG trends and supports the transition toward sustainable construction.

💡 Investors should recognize this as a positive brand-building move that could improve AGL's preference in high-value green building projects. Monitor for potential margin improvements as the company targets the premium, eco-friendly segment.

Asian Granito Q3FY26 Net Profit at ₹18.5 Cr; EBITDA Surges 210% YoY to ₹41 Cr

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 04 Feb 2026, 07:41 PM

Asian Granito reported a strong turnaround in Q3FY26, with consolidated revenue growing 16% YoY to ₹424 crore. The company achieved a significant profit after tax of ₹18.49 crore, compared to a loss in the previous year, driven by a 210% surge in EBITDA. Improved margins were supported by a sharp reduction in fuel costs, with average gas prices dropping from ₹35.98 to ₹28.06 per scm. The sanitaryware segment showed robust growth of 49% YoY, while the company maintains a long-term revenue target of ₹6,000 crore.

Consolidated Q3FY26 revenue increased 16% YoY to ₹424 crore, with 9MFY26 revenue reaching ₹1,219 crore.
EBITDA for the quarter jumped 210% YoY to ₹41 crore, with margins expanding by 603 bps to 9.62%.
Turned profitable with a PAT of ₹18.49 crore in Q3FY26 against a loss of ₹4.15 crore in Q3FY25.
Average natural gas costs declined significantly to ₹28.06/scm from ₹35.98/scm a year ago.
Sanitaryware segment revenue grew by 49% YoY to ₹35.09 crore, reflecting successful diversification.

💡 The company's successful turnaround from losses to profitability and significant margin expansion due to lower input costs are highly positive. Investors should monitor the sustainability of these margins and the progress toward their ambitious ₹6,000 crore revenue vision.

Asian Granito to Reopen Trading Window Post Q3 FY26 Financial Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 04 Feb 2026, 05:56 PM

Asian Granito India Limited has announced the reopening of its trading window for dealing in company securities. This follows the conclusion of the board meeting held on February 4, 2026, where the unaudited financial results for the quarter and nine months ended December 31, 2025, were approved. The trading window, which had been closed since December 27, 2025, will reopen 48 hours after the results were filed with the exchanges. This is a standard regulatory procedure under SEBI's Prohibition of Insider Trading Regulations.

Trading window to reopen 48 hours after the board meeting held on February 4, 2026
Window was previously closed starting December 27, 2025, for financial result preparation
Covers the unaudited standalone and consolidated results for the period ended December 31, 2025
Compliance maintained under SEBI (Prohibition of Insider Trading) Regulations, 2015

💡 This is a routine administrative update and does not impact the company's valuation. Investors should focus on the Q3 FY26 financial performance data released on the same date.

Asian Granito Reports Robust 9MFY26 Net Profit of ₹43.83 Crore, Turning Profitable YoY

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 04 Feb 2026, 04:07 PM

Asian Granito India Limited (AGL) reported a significant financial turnaround for 9MFY26, posting a consolidated net profit of ₹43.83 crore compared to a loss of ₹4.97 crore in the previous year. Consolidated net sales grew by 10.60% YoY to ₹1,219.10 crore, while EBITDA surged by 134.43% to ₹102.34 crore. The company's Q3FY26 performance was particularly strong, with net profit reaching ₹20.07 crore and EBITDA margins expanding by 603 basis points to 9.62%. This growth is attributed to buoyant demand in real estate and infrastructure, alongside improved operational efficiencies.

9MFY26 Net Profit turned positive at ₹43.83 Crore versus a loss of ₹4.97 Crore in 9MFY25.
Consolidated EBITDA for 9MFY26 grew 134.43% YoY to ₹102.34 Crore, with margins improving by 443 bps to 8.39%.
Q3FY26 revenue increased 15.80% YoY to ₹423.93 Crore, with a quarterly net profit of ₹20.07 Crore.
Exports accounted for 15% of 9MFY26 turnover, with favorable US tariff reductions to 18% expected to boost future competitiveness.
The company completed a 26% stake acquisition in Allomex Steel Private Limited, making it an associate company.

💡 Investors should view this turnaround as a strong positive signal of operational recovery and margin expansion. The stock may see interest due to the significant improvement in profitability and the potential for export growth following favorable trade agreements with the US and EU.

Asian Granito Q3 Net Profit Jumps to ₹4.45 Cr; Plans Vietnam Expansion

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 04 Feb 2026, 03:48 PM

Asian Granito India Limited reported a standalone net profit of ₹4.45 crore for the quarter ended December 31, 2025, a significant increase from ₹1.13 crore in the year-ago period. Revenue from operations saw a modest rise to ₹268.42 crore compared to ₹257.99 crore YoY. The company's board has also given in-principle approval to establish a wholly-owned subsidiary in Vietnam to trade large format slabs. While the financial performance shows strong recovery, the company remains under a cloud regarding a 2022 Income Tax search operation currently under appeal.

Standalone Net Profit surged to ₹445.18 lakhs in Q3 FY26 from ₹113.44 lakhs in Q3 FY25
Total Income for the nine-month period reached ₹817.21 crore, up from ₹799.64 crore YoY
Basic EPS for the quarter improved to ₹0.19 from ₹0.05 in the corresponding previous quarter
Approved the incorporation of a Foreign Wholly Owned Subsidiary in Vietnam for trading activities
Notes to accounts highlight an ongoing Income Tax search case from May 2022 with pending appeals

💡 Investors should view the sharp profit turnaround and global expansion positively, but maintain caution regarding the unresolved tax litigation which could have an unascertainable impact.

Asian Granito Q3 Consolidated Net Profit Jumps to ₹3.85 Cr; Board Approves Vietnam Expansion

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 04 Feb 2026, 03:41 PM

Asian Granito India reported a consolidated net profit of ₹3.85 crore for the quarter ended December 31, 2025, marking a substantial recovery from ₹0.13 crore in the year-ago period. Consolidated revenue for the quarter stood at ₹375.08 crore, showing marginal growth compared to ₹370.56 crore in Q3 FY25. The company announced plans to incorporate a subsidiary in Vietnam to trade large format slabs, signaling international expansion. However, the company continues to contest Income Tax department orders following a 2022 search, with the final financial impact still uncertain.

Consolidated Net Profit surged to ₹3.85 crore in Q3 FY26 from ₹0.13 crore in Q3 FY25.
Nine-month consolidated revenue reached ₹1,120.29 crore compared to ₹1,114.61 crore YoY.
Board gave in-principle approval for a Wholly Owned Subsidiary in Vietnam for trading activities.
Standalone Profit Before Tax improved significantly to ₹6.80 crore from a loss of ₹1.56 crore YoY.
Unutilized Rights Issue proceeds of ₹5.00 crore are currently held in scheduled commercial banks.

💡 The sharp YoY turnaround in profitability and international expansion plans are positive triggers; however, investors should track the outcome of pending tax appeals and sequential margin trends.

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.