Asian Granito India Ltd

AGM notice and access

• 31st AGM scheduled for 9 September 2026 at 11:00 IST via VC/OAVM.
• Notice and Annual Report for FY2025-26 sent electronically to registered emails; others provided web access link.
• Web link and access path provided; shareholders asked to update emails with RTA/DPs.

AGM Details

• 31st AGM on 09 September 2026 at 11:00 AM.
• Mode: VC/OAVM (Video Conference / OAVM).
• Cut-off for voting: 02 September 2026; remote e-voting 04–08 September 2026.
• Deemed venue: Registered Office; meeting conducted via VC/OAVM.

Ordinary Resolutions

• Adopt standalone and consolidated financial statements for year ended 31 March 2026.
• Reappointment of Bhaveshkumar Patel as Director by rotation.

Special Resolutions – MD/CMD

• Kamleshkumar Patel reappointed as Chairman and MD for 01 Jan 2027–31 Dec 2029.
• Kamleshkumar Patel remuneration: 5–15 lakh per month; perquisites; no sitting fees; board may vary within Schedule V.
• Minimum remuneration in loss years within Schedule V ceilings.
• Mukeshbhai Patel reappointed as MD for 01 Apr 2027–31 Mar 2030.
• Mukeshbhai Patel remuneration: 5–15 lakh per month; perquisites; no sitting fees.
• Sitting fees shall not be payable to either MD.
• Board authorized to alter terms and execute related documents.

Director/Management Terms

• Kamleshkumar Patel's current term expires 31 Dec 2026; proposed 2027–2029.
• Mukeshbhai Patel's current term expires 31 Mar 2027; proposed 2027–2030.

Financial snapshot

• Consolidated revenue: ₹1,858.06 crore, up 8.6% YoY.
• EBITDA: ₹120.42 crore; margin ~6.5%.
• PAT: ₹18.74 crore; up 89.7% YoY.
• Export share of revenue: 15%; medium-term target 18-20%.
• Net debt to equity ratio: 0.22x; net debt ₹33,960.49 lakh.

Growth & strategic vision

• ESIP targets ₹6,000 crore revenue by FY31; activated FY26.
• Pillar 1: premiumisation and product-mix transformation.
• Pillar 2: 500 exclusive showrooms; premium渠道 expansion.
• Pillar 3: international expansion; four-continent warehousing.
• Pillar 4: Sanitaryware growth; Artwares expansion.

Operations and capacity

• Total capacity of 54.5 million sq mtr/year across 14 plants.
• Sanitaryware Morbi plant capacity: 660,000 pieces/year.
• Exports to 100+ countries; warehouses in Dubai, UK, Indonesia, Senegal.
• Retail network: 18,000+ touchpoints; 277 exclusive showrooms; 13 company-owned displays.

Capital structure & funding

• Equity capital post ESIP: ₹296.47 crore (29.6475 crore shares).
• Rights issue total: ₹4,221.746 crore; utilized ₹41,717.46 lakh; unutilised ₹5 crore.
• Consolidated borrowings: ₹42,804.75 lakh; current ₹25,166.75 lakh; non-current ₹17,638.00 lakh.
• Net debt to equity: 0.22x; gearing remains comfortable.

Governance & audit

• CFO transition: Dibyendu Dey appointed 13 March 2026; Mehul Shah resigned 28 Jan 2026.
• Audits: RR S & Associates; no qualifications; Emphasis of Matter on IT search notes.
• Secretarial: RPAP & Co; compliant governance; multiple board/committee structures.

CSR & sustainability

• CSR expenditure ₹7.64 lakh; requirement ₹5.84 lakh; excess ₹1.79 lakh.
• CSR programs include education, hunger alleviation, health; flagship AIT Vadali initiative.
• CSR committee met 4 times; annual CSR report attached.

Market, export & outlook

• Exports to 100+ countries; robust global footprint supported by four-continent warehousing.
• Global tiles market shows healthy growth; India shifting to premium, branded offerings.

Consolidated results

• Revenue from operations Rs 530.95 crore, up 28.5% YoY.
• EBITDA Rs 32.88 crore; EBITDA margin 6.19%.
• Profit After Tax Rs 8.08 crore; turnaround from Q4 FY26 loss.

Standalone results

• Standalone revenue Rs 277.77 crore, up 7.0% YoY.
• Standalone EBITDA Rs 9.04 crore; margin 3.26%.
• Standalone PAT Rs 2.24 crore.

Subsidiary contribution

• Subsidiary revenue rose 64.9% YoY to Rs 253.18 crore; 47.7% of consolidated revenue.
• Subsidiaries continued scaling during the quarter.
• Fuel price increases impacted consolidated results.

Management commentary / Outlook

• Chairman cites capacity expansion and premiumisation; focus on export orders and efficiency.
• Management aims to rebuild export order book and improve profitability.

Trading Window Opening

• Trading window opens 48 hours after the unaudited Q1 2026 results announcement (quarter ended 30 June 2026).

Financial results

• Board approved unaudited standalone and consolidated results for the quarter ended 30 June 2026 with limited review reports.
• Results uploaded on the company's website.

Purpose and overview

• Deviation in use of funds raised; variation in object clause approved by shareholders.

Fund raising details

• Mode: Rights Issue; Date of fund raising: 10-05-2022.
• Amount raised: Rs. 440.96 crores.

Deviation and approvals

• Deviation: Variation in the Object Clause of the offer letter dated 06-04-2022.
• Shareholder approval obtained on 30-03-2023.
• Explanation via Postal Ballot Notice with Explanation Statement Attached.

Governance and monitoring

• Monitoring agency: ICRA Limited (Applicable).
• Audit Committee: No comments; Auditors: No comments.

Allocations and utilisation overview

• Table summarises revised allocations across objects; funds utilised per object disclosed.

Utilisation status

• Overall status: partly utilised with several allocations deployed.
• Some items refunded or pending finalisation, including Ahmedabad display centre.

Issue Overview

• Rights issue of equity shares.
• Total issue size and net proceeds reported; alterations in objects approved by shareholders.
• Main objectives include capex for new manufacturing units, working capital, display centers, GCP, and stock point.

Utilisation of Proceeds

• Utilisation aligns with shareholder-approved object changes; no material deviation from the offer document.
• Notable changes include working capital revised to 30 crore and display centre capex reallocated.
• FCPL utilized 173.37 crore; ASWPL 45.26 crore; ASFPL 0 crore.
• Working capital utilised 30 crore; Display Morbi 73.80 crore; Stock point 5 crore; GCP 94.75 crore.
• Total unutilised funds at quarter-end: 5.00 crore.
• Display Centre Morbi shows no material progress; monitoring continues.

Governance and Compliance

• Shareholder approval obtained for alteration of objects; government approvals for projects obtained.
• No material unfavorable events; delays in some projects due to heavy monsoon.
• All government/statutory approvals confirmed; no adverse regulatory actions reported.

General Corporate Purpose (GCP)

• GCP utilised ₹94.75 crore; includes ₹86.35 crore to subsidiary and payments to creditors and statutory dues.
• ₹86.35 crore loan to Crystal Ceramics aligns with proposed GCP use.
• Board approval status for GCP allocations not detailed in MA.