Asian Granito India Limited has submitted its quarterly monitoring agency report for Q3FY26, detailing the utilization of proceeds from its rights issue conducted in 2022. The report, prepared by ICRA Limited as the appointed monitoring agency, covers the quarter ended December 31, 2025, and was submitted to BSE and NSE on January 30, 2026.

Rights Issue Proceeds Overview

The company raised INR 440.96 crore through its rights issue conducted between April 25, 2022, and May 10, 2022, resulting in net proceeds of INR 422.17 crore after excluding issue-related expenses. The monitoring agency report indicates substantial progress in fund utilization across the stated objects.

Object-wise Fund Deployment

The company has made significant progress across its stated objects, with most projects reaching completion or full utilization status.

Capital Expenditure Projects

The manufacturing unit establishments under wholly-owned subsidiaries have been completed:

Both Future Ceramics Private Limited and AGL Sanitaryware Private Limited projects faced initial delays of 9 months due to heavy and delayed monsoons in Morbi, but were successfully commissioned by December 31, 2023.

Working Capital and Corporate Purposes

The company has fully utilized INR 30.00 crore for working capital requirements of the proposed projects and INR 94.75 crore for general corporate purposes. Under general corporate purposes, INR 86.35 crore was deployed as loans and advances to subsidiary Crystal Ceramic Industries Limited for term loan repayment, while INR 8.40 crore was used for creditor payments and statutory dues.

Display Center and Trading Business Developments

The company has allocated INR 73.80 crore for setting up a display center cum office in Ahmedabad, Gujarat. However, this project has experienced contractual transitions with multiple vendors. Initially, an advance of INR 55.00 crore was paid to an EPC contractor in Q2FY24, which was later cancelled. The arrangement was subsequently transferred to another developer with an advance of INR 69.00 crore in Q3FY24, but this was also terminated in Q4FY25.

As of the reporting period, a new agreement has been signed with a different vendor, and INR 73.52 crore has been transferred to the new contractor, including INR 0.06 crore as fresh advance during Q3FY26. The company expects to recover the remaining INR 0.29 crore from the previous contractor in Q4FY26.

Unutilized Funds Management

The remaining INR 5.00 crore, earmarked for setting up a stock point for trading business of building construction materials, remains unutilized due to delays in identifying suitable options. The company has invested these funds in a fixed deposit with IndusInd Bank, earning 6.30% returns with a maturity date of January 29, 2026, bringing the total value to INR 5.14 crore.

Regulatory Compliance

The monitoring agency report confirms no material deviations from the disclosed objects, with shareholder approval obtained for object alterations through postal ballot dated February 28, 2023. All necessary government and statutory approvals for the greenfield projects have been secured, and technical assistance arrangements are operational.

Asian granito India Limited has announced the resignation of its Chief Financial Officer, Mr. Mehul Shah, effective from January 28, 2026. The company disclosed this key managerial personnel change to stock exchanges in compliance with regulatory requirements.

Resignation Details

Mr. Mehul Shah tendered his resignation from the position of Chief Financial Officer and Key Managerial Personnel, effective from the close of business hours on Wednesday, January 28, 2026. In his resignation letter addressed to the Board of Directors, Shah stated that he is leaving to pursue alternate career opportunities.

Regulatory Compliance

The resignation was formally disclosed to both BSE Limited (Company Code: 532888) and National Stock Exchange of India Limited (Company Code: ASIANTILES) pursuant to Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The disclosure was signed by Dhruti Trivedi, Company Secretary and Compliance Officer, and submitted on January 28, 2026. The company confirmed that Mr. Shah had stated there are no other material reasons for the resignation beyond those mentioned in his resignation letter.

Company Acknowledgment

Asian Granito India Limited placed on record its sincere appreciation for the valuable services rendered by Mr. Mehul Shah during his tenure as CFO. The company acknowledged his contributions and expressed gratitude for his service to the organization.

In his resignation letter, Mr. Shah expressed appreciation to the Board of Directors and management for their support and cooperation during his tenure. He wished the company continued success in the future and requested the Board to arrange for necessary disclosures and filings with stock exchanges and statutory authorities.

About the Company

Asian Granito India Limited operates in the tiles, marble, quartz, and bathware segments. The company is headquartered at 202, Dev Arc, opposite Iskcon Temple, S.G. Highway, Ahmedabad, Gujarat, and has been in operation for over 20 years.