Corporate Report     

Published: March 15, 2026
Updated: March 15, 2026

Asian Granito India

On the Indian tile makers’ autobahn

Based at Ahmedabad, NSE-BSE listed Asian Granito (AGL) has emerged as India’s leading luxury surfaces and bathware solutions brand in the last two decades. The company manufactures and markets a wide range of tiles, engineered marble and quartz, bathware and faucets. ‘AGL’ products are synonymous with reliability, innovation and quality consciousness; hence, the company has created a strong brand identity and a loyal customer base across these segments.

Ranked as the fourth largest listed company amongst the top Indian ceramic tiles companies, AGL has achieved a 65- fold growth in production capacity from 0.83 million sq m per annum in FY 2000 to 54.5 million sq m per annum in FY 2025. It has 14 state-of-the-art manufacturing units spread across Gujarat, supported by 277-plus exclusive franchisee showrooms and 13 company- owned display centres across India. Further, the company has an extensive marketing and distribution network pan-India with 18,000 plus touchpoints, including distributors, dealers and sub-dealers, in addition to a 400-plus field force of its own.

For the nine months ended December 2025, on a consolidated basis net sales reached Rs 1,219 crore (10% up), EBITDA Rs 102.34 crore (134% up), and EBITDA margin 8.39% (443 bps up), whereas net profit is Rs 43.83 crore vis-àvis a Rs 4.97 crore loss in FY25. The significant improvement in EBITDA margin is remarkable.

The net profit of Rs 20.07 crore in Q3 and Rs 43.83 crore during the first nine months of FY26 is a game changer and a big positive indicator for the company. Clearly, AGL has started an aggressive exercise of marketing and better sales realisation through innovation and valueadded products.

GROWTH FACTORS

Commenting on the company’s ninemonth performance, Kamlesh Patel, Chairman & MD, said, “An innovative product mix and robust demand, backed by a booming realty sector and a strong uptick in infrastructure projects, have contributed to our continued and improved growth. We have also launched new products across various categories, which are expected to give a further fillip to sales. We are expecting good growth in both top- and bottom lines in the coming quarters.”

AGL exports to over 100 countries. Despite current geopolitical disruptions, the company has achieved 15% of its revenue from exports during the three quarters of the current fiscal. After facing big headwinds over the last year in the US due to the steep tariff hike, AGL is relieved now as the India-US trade deal has reduced the duty from 50% to 18%. This tariff fall will benefit AGL as it will improve its competitiveness and open up multiple opportunities in the US.

It is worth mentioning that in FY24, the US accounted for nearly 9%, or $ 250-260 million, of India’s ceramic tiles exports. Now, with a favourable tariff and greater supply-chain certainty, its exports to the US are poised for accelerated growth. Another big advantage on the Indian side is the disadvantage to China, as the US levies around 34% duty on Chinese imports and 18% on India; hence, this will help Indian exporters penetrate the US market more aggresively. Likewise, the land mark India-EU free trade agreement marks a decisive inflection point for India’s ceramic tiles and quartz industry, and reinforces the country’s position as a trusted business partner.

NEPAL FORAY

In another favourable development, the company has entered into several joint venture agreements (JVAs) with individuals in Nepal and has incorporated a new company called Nepovit Ceramic Pvt Ltd as a joint venture, primarily to set up a wall tiles manufacturing plant in Nepal. The required initial investment has already been made in this regard. In order to streamline and simplify the organisational structure, the management has initiated a restructuring exercise of demerger, slump sale and amalgamation between AGL and its subsidiaries, associates and companies under the same management. This will facilitate better utilisation of manpower, overheads reduction, avoid duplication, improve efficiency, etc., and will eventually benefit the company in all vital operational areas.

On an equity capital of Rs 231.91 crore, the company has shareholder reserves of Rs 1,185 crore while the promoter group holds a 33.72% stake. At its current market price of Rs 73 (Rs 10 face value), the market capitalisation is Rs 1,692 crore. With a book value of Rs 61 per share, improved performance and bright future prospects, the scrip looks attractive for investment. Investors with a medium-term outlook can enter at the current level for decent appreciation.