Asian Granito India Limited announced its unaudited financial results for the quarter and nine months ended December 31, 2025, pursuant to Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The Board of Directors approved these results at their meeting held on February 4, 2026, which commenced at 11:30 a.m. and concluded at 15:30 p.m., alongside key strategic business decisions.

Financial Performance Overview

The company delivered strong financial results across both standalone and consolidated operations for Q3FY26. The consolidated performance particularly showcased the group's diversified business portfolio and operational efficiency, with consolidated revenue reaching ₹4.24 billion compared to ₹3.66 billion in the corresponding quarter of the previous year, representing a year-over-year growth of 15.80%. The company demonstrated significant operational leverage with EBITDA reaching ₹408 million compared to ₹132 million in the previous year, while EBITDA margin expanded substantially to 9.62% from 3.59%.

Standalone Financial Results

For the nine months ended December 31, 2025, standalone revenue from operations reached ₹80,048.32 lakhs compared to ₹78,263.55 lakhs in the corresponding period of the previous year. Net profit for the nine-month period stood at ₹1,748.70 lakhs, significantly higher than ₹182.94 lakhs in the previous year.

Consolidated Financial Results

The consolidated nine-month performance showed revenue from operations of ₹1,21,910.03 lakhs against ₹1,10,224.30 lakhs in the previous year, representing growth of 10.60%. Net profit for the nine-month period was ₹4,248.10 lakhs compared to a loss of ₹450.62 lakhs in the corresponding previous period.

Strategic Business Expansion

The Board of Directors approved a significant strategic initiative to enter the Vietnam market through incorporation of a Foreign Wholly Owned Subsidiary (WOS) or Foreign Subsidiary Company. This expansion focuses on trading activities pertaining to large format slabs, representing the company's commitment to international market penetration.

Corporate Restructuring Updates

The financial results reflect the impact of the Scheme of Arrangement approved by the National Company Law Tribunal (NCLT) on June 12, 2025. The scheme involved demerger, slump sale, and amalgamation activities with effect from the appointed date of October 16, 2023. Key aspects include transfer of "Marble & Quartz undertaking" to AGL Industries Limited and composite scheme for manufacturing undertakings of multiple subsidiary companies.

Operational Highlights

The company operates in the tiles and marbles segment as a single reportable business segment. The improved financial performance reflects enhanced operational efficiency and market positioning. Employee benefit expenses for the consolidated entity were ₹3,588.44 lakhs for Q3FY26, while power and fuel expenses stood at ₹4,915.25 lakhs, indicating continued focus on operational management.

The company maintains its paid-up equity share capital at ₹23,191.16 lakhs with face value of ₹10 per share across all reporting periods. The financial results have been prepared in accordance with Indian Accounting Standards and reviewed by statutory auditors R R S & Associates, Chartered Accountants.

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.