NSE: ASIANTILES · BSE: 532888
ASIAN GRANITO IND. LTD.
Makes and sells ceramic tiles, marble and quartz surfacing products through two reporting segments, with a smaller overseas trading arm in the UAE. Operations were disrupted during FY26 — the Quartz plant was shut for around two months under US anti-dumping duties, and ceramic plants faced temporary closure from gas shortages tied to the West Asia conflict. The Tiles & Others segment is the larger revenue line, while Marble & Quartz is the more profitable one, with the latter's EBIT of ₹22.60 crore dwarfing the former's ₹2.43 crore. On the cost side, materials account for 21.2% of revenue, employee costs 9.0%, and other operating expenses 25.0%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Tiles & Others (88%), Marble & Quartz (12%). Asset-heavy ceramics, marble and quartz manufacturer exposed to trade tariffs and energy supply
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,564 | 1,563 | 1,531 | 1,559 | 1,858 |
| EBITDA (ex other income) | 125 | (68) | 51 | 76 | 104 |
| margin % | 8.0 | (4.4) | 3.3 | 4.9 | 5.6 |
| Owners' profit | 92 | (73) | (12) | 28 | 21 |
| EPS, as reported (₹) | 20.63 | (6.10) | (0.97) | 2.03 | 0.70 |
| ROE % · ROCE % | 9.7 · 12.6 | (6.8) · (6.2) | (1.6) · 1.2 | 1.5 · 2.3 | 1.2 · 3.3 |
| Debt / equity (x) | 0.20 | 0.17 | 0.18 | 0.19 | 0.28 |
| Cash from operations | 2 | (49) | (82) | 81 | 94 |
| Capex | (78) | (257) | (79) | (179) | (134) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 384 | 360 | 472 | 388 | 407 | 424 | 538 | 531 |
| Profit before tax | (3) | (2) | 16 | 9 | 20 | 24 | (43) | 10 |
| Net profit | 5 | (1) | 16 | 7 | 17 | 19 | (33) | 8 |
| EPS (₹) | 0.51 | 0.02 | 1.29 | 0.32 | 0.70 | 0.87 | (1.08) | 0.27 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| KAJARIA CERAMICS LTD | 19,084 | 35.0 | 6.10 | 21.9 | 15.6 | 20.3 | 11.7 | 20.9 |
| SOMANY CERAMICS LIMITED | 2,419 | 22.8 | 2.63 | 9.6 | 8.1 | 8.8 | 11.1 | 12.0 |
| NITCO LIMITED | 2,141 | — | 5.87 | 73.5 | 7.9 | 4.4 | 10.6 | (4.9) |
| ASIAN GRANITO IND. LTD. ◆ | 1,523 | 67.6 | 0.99 | 15.8 | 1.2 | 1.3 | 7.5 | 6.5 |
| ORIENT BELL LIMITED | 579 | 27.3 | 1.76 | 14.5 | 3.8 | 4.0 | 6.6 | 8.6 |
| EXXARO TILES LIMITED | 279 | 69.3 | 1.00 | 14.3 | 1.0 | 1.3 | — | 9.1 |
| MURUDESHWAR CERAMICS LTD | 172 | 17.5 | 0.45 | 7.6 | 2.8 | 2.9 | — | 19.2 |
| Manoj Ceramic Limited | 111 | 3.7 | — | — | — | 10.8 | — | — |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 67.6 | 31.1 | 6 of 8 | 29% |
| P/B | 1.0 | 1.6 | 2 of 8 | 86% |
| ROCE | 1.3 | 2.9 | 8 of 11 | 30% |
| ROE | 1.2 | 4.7 | 8 of 10 | 22% |
| Debt / Equity | 0.3 | 0.3 | 6 of 10 | 44% |
| EBITDA margin | 6.5 | 7.5 | 6 of 10 | 44% |
| Revenue growth | 36.8 | 31.3 | 5 of 11 | 60% |
| Profit growth | 11.5 | 0.6 | 5 of 10 | 56% |
| Market cap | 1523 | 279 | 4 of 11 | 70% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 9 Sept 2026 · All four resolutions approved at Asian Granito India 31st AGM | board shareholder meetings | low | — | — |
| 9 Sept 2026 · 31st AGM held on 9 Sept 2026; resolutions on financials and director re-appointments | board shareholder meetings | low | — | — |
| 1 Sept 2026 · Promoter group reshuffle with gift and small open market sale | ownership changes | high | — | — |
| 25 Aug 2026 · Q1 FY27 results filed; revenue up 28% on consolidated basis | results | low | — | — |
| 17 Aug 2026 · Newspaper ad submitted for 31st AGM and e-voting procedure | compliance | minimal | — | — |
| 14 Aug 2026 · Annual Report FY 2025-26 and 31st AGM notice sent to shareholders | compliance | minimal | — | — |
| 13 Aug 2026 · AGM notice in newspapers, 31st AGM on 9 September 2026 via video call | compliance | minimal | — | — |
| 11 Aug 2026 · Q1 FY27 results: consolidated revenue up 28.5% YoY to Rs 530.95 Crore | compliance | low | — | — |
| 11 Aug 2026 · Trading window opens after Q1 results announcement | compliance | minimal | — | — |
| 11 Aug 2026 · Q1 FY27 standalone loss Rs 14 cr, consolidated loss Rs 33 cr | results | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.