ASIANTILESConsumer Discretionary

Asian Granito India Limited

Ceramics · ISIN INE022I01019 · BSE 532888 · NSE EQ · FV ₹10
Last price
₹50
+0.08%today
What this company does

Asian Granito India Limited operates in Ceramics, part of the Consumer Discretionary sector. It booked ₹531 cr of revenue in its latest quarter (Q1 FY27) and kept 1.5% of sales as profit. It is the 4th largest of 8 Ceramics companies we track, by market value.

In the report:
49out of 100
Equitytale Health Score
Mixed

Healthier than 49% of companies in Consumer Discretionary, on all six measures of filed financials. Each measure is ranked against the 63–421 companies that reported it.

Measures financial condition, not whether to buy. Learn what this score means · How this is calculated

Price momentum
neutral
RSI (14)
55

At close. Not part of the score.

Profitability & returns27

How much profit it earns on the money it employs

Balance sheet47

How much it owes, and whether earnings cover the interest

Cash quality47

Whether reported profit actually arrives as cash

Growth & consistency59

Whether sales and profit have grown, and how steadily

Valuation55

What today's price implies, against our models or its peers

Governance & risk86

How much of the promoters' stake is pledged, and how much they hold

Is this company doing well?
not investment advice
Strengths
Makes a profit
Sales up 37% vs last year
Profit up 9% vs last year
No promoter shares pledged
Turns profit into real cash
Watch-outs
! Thin 1.5% net margin
! Low 2.1% return on equity

What if I invest in ASIANTILES?

Set a growth rate and see what a monthly SIP would add up to. Your assumption, our arithmetic.

You would put in
₹12.00 lakh
120 instalments
At 10% a year, it would become
₹20.15 lakh

The starting rate is a round number, not a view on this company — this is your assumption, and the figure above is arithmetic on it. Returns are not steady year to year, and a real holding would not grow in a straight line. We do not publish price targets or predict returns.

Key ratios · latest quarter + price
₹50 +0.08%
latest close · 2026-09-17
1-year return
-69.0%
52-wk low ₹4052-wk high ₹176
Is it cheap or expensive?
What you pay for the profits, book value and cash flow. Higher isn't automatically worse — it can signal faster growth.
P/E ratio46.3High
LowAverageHigh
P/B ratio0.97Below book
Below bookModerateHigh
EV / EBITDA13.6Average
LowAverageHigh
How good is the business?
How much profit it earns from its money and its sales.
Return on equity2.1%Weak
WeakFairStrong ▸15%
Return on capital4.2%Weak
WeakFairStrong
Net margin1.5%Thin
ThinDecentStrong
EBITDA margin6.5%Thin
ThinDecentHealthy
Is it financially safe?
How much it owes, and whether it can comfortably cover it.
Debt to equity0.28Comfortable
LowModerateHigh ▸1
Interest cover2.1×Okay
RiskyOkayStrong ▸5×
Current ratio1.75Healthy
Tight ◂1HealthyAmple
More figures
Market cap
₹1,481 cr
Book value
₹51
EPS
₹0.27
latest quarter
Net debt
₹383 cr
owes more than its cash
Enterprise value
₹1,864 cr
EBITDA
₹137 cr
annualised
EBIT
₹73 cr
annualised
Operating margin
3.5%
Return on assets
1.3%
Earnings yield
2.16%
P/S
0.70
Sales / share
₹71.6
Tax rate
17.7%
Face value
₹10
Shares
29.6 cr
Working capital
₹551 cr
Current assets
₹1,291 cr
Current liabilities
₹740 cr
Delivery %
41.6%
Strong / safeFairWeak / riskyValuation — a level, not good/badBands are general rules of thumb, not advice.

P/E, ROE, ROCE and margins are annualised from the latest quarter; per-share and balance-sheet ratios use the most recent balance sheet on file · prices as of 2026-09-17.

Worth vs price · from the FY 2025 report & filings
not investment advice
Looks overpricedMedium confidence
Median of 2 models ₹35 vs market price ₹50 — price is 42% above it
Safety cushion-41.8%(target ≥ +20%)
Models span ₹34₹37, midpoint ₹35
Model ₹35
Price ₹50
Cheap sideExpensive side

An educational model from the company's own filings, every assumption shown — not investment advice or a price target. Prices can stay above or below any model for years.

P&L · Q1 FY27 (consolidated)
Revenue from Operations₹531 cr
Other Income₹1 cr
Total Income₹532 cr
Cost of Materials₹91 cr
Purchases of Stock-in-Trade₹249 cr
Inventory Change (±)₹-9 cr
Employee Benefit Expense₹40 cr
Finance Costs₹9 cr
Depreciation & Amortisation₹16 cr
Other Expenses₹126 cr
Total Expenses₹523 cr
Profit before Tax₹10 cr
Tax Expense₹2 cr
Share of JV / Associates₹-0.58 L
Net Profit₹8 cr
Net margin on total income1.5%
Where the money goes · Q1 FY27
% of total income
Materials + stock-in-trade₹332 cr62.4%
Employee benefit expense₹40 cr7.6%
Finance costs₹9 cr1.6%
Depreciation & amortisation₹16 cr3.0%
Other expenses₹126 cr23.6%
Tax expense₹2 cr0.3%
Profit for the period₹8 cr1.5%
Total income ₹532 cradds up to ₹100 ✓
Quarterly results · consolidated (₹ cr)
MetricQ3 FY26Q4 FY26Q1 FY27
Revenue424 cr538 cr531 cr
Total income427 cr542 cr532 cr
Expenses403 cr585 cr523 cr
Profit before tax24 cr-43 cr10 cr
Tax5 cr-10 cr2 cr
Net profit (owners' share)20 cr-32 cr8 cr
Net margin (owners' share, on revenue)4.7%-5.9%1.5%
EPS (₹)0.87-1.080.27
YoY (latest quarter): total income +35.5% · net profit +8.8%
Balance sheet & cash flow · as of Mar 2026
Low debt
Total assets
₹2,472 cr
Shareholder equity
₹1,523 cr
parent shareholders
Total debt
₹428 cr
Cash
₹45 cr
Cash flow · H1 FY26
Operating
₹27 cr
Investing
₹-5 cr
Financing
₹-19 cr
Peer comparison
Ceramics · by market value
CompanyPriceMarket capP/E
Kajaria Ceramics Limited₹1,217₹19,390 cr28.6
Somany Ceramics Limited₹566₹2,320 cr16.3
Nitco Limited₹86₹2,067 cr
Asian Granito India Limitedthis company₹50₹1,481 cr46.3
Orient Bell Limited₹387₹569 cr17.1
Exxaro Tiles Limited₹6₹280 cr31.3
Murudeshwar Ceramics Limited₹29₹173 cr55.1
Regency Ceramics Limited₹35₹93 cr
Same industry · latest reported numbers · not a recommendation.
Corporate actions
Dividend yield
trailing 12 months
Dividend / share (TTM)
Last dividend
₹0.7
ex 9 Jun 2022
ActionDetailEx-date
Dividend₹0.7 / share9 Jun 2022
Rights issue37:3011 Apr 2022
Dividend₹0.5 / share11 Oct 2021
Rights issue29:198 Sep 2021
Dividend₹0.7 / share9 Nov 2020
Dividend₹0.6 / share20 Sep 2019
Who owns it · 2026-06-30
No pledge
Promoter
38.8%
FII / Foreign
1.4%
DII / Domestic
0.1%
Retail / others
59.7%
Promoter stake up 11.4% over the last 12 quarters.
Smart-money activity
Insider trades
BoughtMukeshbhai J. Patel · Promoters3.00 L · ₹2.2 cr23 Dec 25
BoughtKamleshkumar Bhagubhai Patel · Promoters3.00 L · ₹2.2 cr22 Dec 25
SoldBhanuben M Patel · Promoter Group15 · ₹96311 Sep 23
Bulk / block deals
BoughtTHAKKAR NILESHKUMAR FARSHURAM HUF · NSE28.14 L @ ₹50.3411 Sep 26
BoughtTHAKKAR NILESHKUMAR FARSHURAM HUF · NSE25.19 L @ ₹49.963 Sep 26
SoldCORE INC · NSE14.84 L @ ₹49.963 Sep 26
Stake changes
SoldMukeshbhai J Patel · promoter→ 12.89% · 10.00 L27 Aug 26
BoughtMukeshbhai J Patel · promoter→ 10.78% · 3.00 L23 Dec 25
BoughtKamleshkumar B Patel · promoter→ 7.14% · 3.00 L22 Dec 25
Promoter pledges
ReleasedMotilal Oswal Financial services limited7.23 L · 2.11% held23 Jun 21
ReleasedMotilal Oswal Financial Services Ltd2.12 L · 0.61% held21 Jun 21
ReleasedMotilal Oswal Financial Services Ltd72,310 · 0.82% held19 Jun 21
What shareholders were asked to approve

A company cannot decide everything on its own. Things like a top executive’s pay, issuing new shares, or re-appointing a director have to be put to the people who own the company, and they vote — one vote per share. So whoever owns the most shares has the most say.

Yearly shareholder meeting · 9 Sep 2026
See the official result
1
To receive, consider and adopt the Standalone and Consolidate Financial Statements including the Audited Balance Sheet, the Statement of Profit and Loss for the financial year ended on that date and reports of the Board of Directors and Auditors thereon for the financial year ended 31 March, 2026.
Backed by 100% of shareholders other than promotersneeded 50%
1.60 cr votes for, 545 against · 0% of mutual funds and other big investors said no
2
To appoint a director in place of Mr. Bhaveshkumar Vinodbhai Patel (DIN: 03382527), Director, who retires by rotation and being eligible offers himself for re-appointment.
Promoters had a personal stake in this
Backed by 96% of shareholders other than promotersneeded 50%
1.53 cr votes for, 6.67 L against · 73% of mutual funds and other big investors said no
3
Re-appointment of Mr. Kamleshkumar Bhagubhai Patel (DIN: 00229700) as a Chairman and Managing Director.
Promoters had a personal stake in this
Backed by 100% of shareholders other than promotersneeded 75%
1.60 cr votes for, 3,380 against · 0% of mutual funds and other big investors said no
4
Re-appointment of Mr. Mukeshbhai Jivabhai Patel (DIN: 00406744) as a Managing Director.
Promoters had a personal stake in this
Backed by 100% of shareholders other than promotersneeded 75%
1.60 cr votes for, 3,380 against · 0% of mutual funds and other big investors said no

Every vote count above is taken from the result the company filed with the stock exchange, certified by an independent counter. To work out what would have happened without the promoters, we simply remove their votes and re-apply the same legal bar the proposal had to clear. Nothing here is an estimate or an opinion.

Who controls this company, and what it pays them

Most Indian companies are controlled by a family or group — the promoters. The exchange requires them to be listed by name, including members who own no shares at all, and requires the company to disclose any business it does with them.

The promoter group — 53 named members
owning 38.8% between them · as of 2026-06-30
Kamleshkumar Bhagubhai Patel4.22%
Patel Hiren Sureshkumar3.25%
Shaunakkumar M Patel2.62%
Mukeshbhai Jivabhai Patel2.43%
Vipulbhai Vinodbhai Patel2.31%
Bhaveshbhai Vinodbhai Patel2.04%
Pankaj M Patel1.93%
Dipak Narayanbhai Patel1.91%
Business done with them
FY2025 · 2 of the group
The company paid ₹1 cr to companies in the promoter group last year — about 0.1% of its ₹1,559 cr revenue.
SURESHBHAI JIVABHAI PATEL
Other payments to them · As Per Textual Information given herewith
also owns 1.84% of the company
₹55.3 L
company paid
MUKESHBHAI JIVABHAI PATEL
Other payments to them · As Per Textual Information given herewith
also owns 2.43% of the company
₹55.3 L
company paid

The company also transacted with 22 other related parties — subsidiaries, joint ventures, directors and others — that we could not match by name to the promoter list above. Some may still be connected to the family; we only count the ones the filings let us match with certainty.

Names and holdings from the company’s shareholding pattern filed with the exchange; transactions from the related-party note in its annual report. Every figure is as filed — these are legal, disclosed dealings, and what to make of them is your call.

Money it raised, and what it did with it
1 fundraise spent differently than promised

When a company raises money from investors, it has to say up front what the money is for. The rules then make it report, every three months until the money is gone, how much of each of those things it has actually paid for — so a promise made while asking for the money can be checked afterwards.

₹441 cr raised in May 2022 by offering new shares to existing shareholders
⚑ company reported a change of plan

As of Jun 2026, the company says it has spent 84% of what it set aside. ICRA Limited watches the spending on the exchange’s behalf.

Postal Ballot Notice alongwith Explanatory Statement Attachedthe company’s own explanation, as filed · shareholders approved the change
Funding of Capital Expenditure for Setting up of new manufacturing units under the newly incorporated wholly owned subsidiaries of the company - Future Ceramic Pvt. Ltd.
100%
of what was set aside
Funding of Capital Expenditure for Setting up of new manufacturing units under the newly incorporated wholly owned subsidiaries of the company - AGL Sanitaryware Pvt. Ltd
100%
of what was set aside
Funding of Capital Expenditure for Setting up of new manufacturing units under the newly incorporated wholly owned subsidiaries of the company - AGL Surfaces Pvt. Ltd.
now filed as: Yes
0%
of what was set aside
Working Capital for Greenfield Projects
now filed as: Yes
76%
of what was set aside
Capex for Setting up Display Centre at Morbi
now filed as: Yes
0%
of what was set aside
General Corporate Purpose
100%
of what was set aside
Capex for Setting up Display Centre cum Office at Ahmedabad
now filed as: Yes
budget changed
100%
of what was set aside
Setting up of Stock Point for Trading of Building Construction Material
now filed as: Yes
budget changed
100%
of what was set aside

The rupee amounts in this company’s own breakdown don’t add up to the amount it says it raised — a common filing slip, where a table meant to be read in lakhs is entered as whole rupees. Rather than guess which is right, we show only the percentages, which are unaffected.

Every figure above is taken from the statement the company files with the stock exchange each quarter, for as long as money it has raised remains unspent. The only thing we work out is how much of each stated purpose has been paid for — one number divided by another from the same filing. Whether a plan that changed was a good change is not something a filing can tell you. See the filing

How the stock has moved · adjusted for splits & bonuses
Data from primary exchange filings · analysis tool, not investment advice.