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 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 360 | 472 | 388 | 407 | 424 | 538 | 531 | 529 |
| Profit before tax | (2) | 16 | 9 | 20 | 24 | (43) | 10 | 6 |
| Net profit | (1) | 16 | 7 | 17 | 19 | (33) | 8 | 5 |
| EPS (₹) | 0.02 | 1.29 | 0.32 | 0.70 | 0.87 | (1.08) | 0.27 | 0.20 |
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 | 18,554 | 31.1 | 6.07 | 21.5 | 11.8 | 14.7 | 11.7 | 19.5 |
| SOMANY CERAMICS LIMITED | 2,254 | 17.0 | 2.32 | 9.2 | 7.8 | 8.2 | 11.1 | 11.6 |
| NITCO LIMITED | 2,127 | — | 4.92 | 96.1 | (3.8) | (2.3) | 10.6 | (2.3) |
| ASIAN GRANITO IND. LTD. ◆ | 1,331 | 172.7 | 0.85 | 16.5 | 0.9 | 0.9 | 7.5 | 5.3 |
| ORIENT BELL LIMITED | 535 | 25.3 | 1.63 | 14.0 | 3.8 | 4.0 | 6.6 | 8.1 |
| EXXARO TILES LIMITED | 283 | 48.7 | 0.99 | 14.9 | 1.8 | 1.8 | — | 7.8 |
| MURUDESHWAR CERAMICS LTD | 174 | 17.8 | 0.46 | 9.9 | 2.8 | 2.9 | — | 19.1 |
| Manoj Ceramic Limited | 126 | 4.2 | — | — | — | 10.8 | — | 10.7 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 172.7 | 25.3 | 7 of 7 | 0% |
| P/B | 0.8 | 1.4 | 2 of 8 | 86% |
| ROCE | 0.9 | 1.8 | 8 of 11 | 30% |
| ROE | 0.8 | 3.3 | 7 of 8 | 14% |
| Debt / Equity | 0.3 | 0.3 | 3 of 8 | 71% |
| EBITDA margin | 5.3 | 7.8 | 7 of 11 | 40% |
| Revenue growth | 29.9 | 42.6 | 7 of 11 | 40% |
| Profit growth | (68.8) | (39.2) | 8 of 10 | 22% |
| Market cap | 1331 | 283 | 4 of 11 | 70% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 3 Nov 2026 · Trading window reopens after quarterly results announcement | compliance | minimal | — | — |
| 3 Nov 2026 · Q2 revenue rises 18.8%, but power and fuel costs squeeze profit | compliance | low | — | — |
| 3 Nov 2026 · Consolidated Sep 2026 quarter revenue Rs 52,850 lakh vs Sep 2025 Rs 44,475 lakh; profit down 75.4%. | results | high | — | — |
| 31 Oct 2026 · HSM Sharjah acquisition delayed to on or before March 31, 2027 | strategic transactions | medium | — | — |
| 26 Oct 2026 · Board meeting set for November 3 to approve quarterly results | results | low | — | — |
| 21 Oct 2026 · AGIL reallocates around 78.8 Cr from capex to Ahmedabad display centre and stock point | compliance | minimal | — | — |
| 21 Oct 2026 · ICRA Monitoring Report on Rights Issue Proceeds Usage Q2 FY27 | fund raising | medium | — | — |
| 15 Oct 2026 · AGL Industries sells 16 percent stake in Allomex Steel to director relatives | strategic transactions | high | — | — |
| 13 Oct 2026 · Asian Granito clarifies no undisclosed info behind volume surge | regulatory legal | medium | — | — |
| 12 Oct 2026 · Non-promoter HUF picks up 11.20 percent in Asian Granito via open market | ownership changes | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
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| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
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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.