Asian Granito India Limited announced robust financial results for Q3FY26 and nine months ended December 31, 2025, demonstrating strong operational performance and strategic market positioning. The company reported these results in compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, through an official media release dated February 4, 2026.

Q3FY26 Financial Performance

The company delivered impressive consolidated financial results for Q3FY26, with net sales growing 15.80% year-on-year to ₹423.93 crore compared to ₹366.09 crore in Q3FY25. The quarter marked a significant turnaround in profitability, with net profit reaching ₹20.07 crore against a loss of ₹4.53 crore in the corresponding previous period.

Nine Months Performance (9MFY26)

For the nine months ended December 2025, Asian Granito demonstrated consistent growth momentum with consolidated net sales increasing 10.60% to ₹1,219.10 crore from ₹1,102.24 crore in the corresponding previous period. The company achieved a remarkable turnaround with net profit of ₹43.83 crore compared to a loss of ₹4.97 crore in 9MFY25.

Standalone Results

The standalone performance also showed strong improvement, with Q3FY26 net profit rising 336.25% to ₹4.42 crore on revenues of ₹268.42 crore. EBITDA reached ₹7.91 crore against a loss of ₹1.61 crore in the previous year. For 9MFY26, standalone revenues stood at ₹800.48 crore with net profit of ₹17.39 crore.

Strategic Market Expansion and Export Growth

Exports account for nearly 15% of the company's total turnover in 9MFY26. The company recently completed acquisition of 26% stake in Allomex Steel Private Limited, which has become an associate company. The India-US trade deal and India-EU Free Trade Agreement are expected to significantly benefit the company's export business, with US import tariffs on Indian products reduced to 18% compared to China's 34% tariff burden.

Management Commentary

Commenting on the performance, Mr. Kamlesh Patel, Chairman and Managing Director, stated: "Innovating product mix and robust growth in demand backed by booming real estate market and a strong uptick in infrastructure projects supported by various government initiatives support. The strong performance is a testament of the buoyant demand. We have launched a number of new products across various categories which are expected to give a further fillip to sales moving forward."

Company Profile

Established in 2000, Asian Granito India Limited has emerged as India's leading Luxury Surfaces and Bathware Solutions brand. The company is the 4th largest listed ceramic tile company in India with production capacity of 54.5 Million Sq. Mtrs. per annum and operates 14 state-of-the-art manufacturing units across Gujarat. With 277 plus exclusive franchisee showrooms and exports to more than 100 countries, AGL maintains an extensive distribution network of 18,000 plus touchpoints across India.

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.