Asian Granito India Limited (ASIANTILES) AI Stock Analysis

• Market Cap: ₹14.50B
• Dividend Yield: N/A
• Average Volume (3M): 32.67K
• Price to Earnings (P/E): 21.8
• Beta (1Y): 1.85
• Revenue Growth: 6.90%
• EPS Growth: N/A
• Country: IN
• Employees: 6,000
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Construction
• EPS (TTM): 0.86
• Shares Outstanding: 231,911,650
• 10 Day Avg. Volume: 35,923
• 30 Day Avg. Volume: 32,672
• PEG Ratio: -0.07
• Price to Book (P/B): 0.45
• Price to Sales (P/S): 0.39
• P/FCF Ratio: -5.17
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 68 Neutral
• Price Target: ₹81.00 ▲(5.63% Upside)
• Action: Reiterated Date: 11/05/25
• Date: Action: Reiterated 11/05/25

The overall stock score is driven by strong technical indicators and a stable financial structure. However, the high valuation and modest profitability metrics weigh on the score. The absence of earnings call data and corporate events means these factors do not influence the score.

Positive Factors

Balance Sheet Strength

The company’s equity ratio (65.21%) and low debt-to-equity (0.20) indicate conservative leverage and a robust capital base. This strengthens financial resilience across construction cycles, preserves borrowing capacity for strategic investments, and lowers refinancing risk over the medium term.

Sustained Revenue Growth

Revenue growth near 12% shows sustained demand for its tile and surface products, reflecting distribution reach and market acceptance. Durable top-line expansion supports operational scale, helps absorb fixed costs, and underpins medium-term capacity utilization improvements in the building-materials segment.

Improving Operating Cash Conversion

Operating cash flow turning positive and an OCF-to-net-income ratio of 2.20 suggest earnings are converting efficiently to cash. That improvement enhances liquidity management, working-capital flexibility and the firm’s ability to fund operations without persistent external short-term financing.

Negative Factors

Low Net Profit Margin

A net margin of ~1.8% (with modest EBIT/EBITDA margins) means limited earnings buffer after costs. This compresses retained earnings available for reinvestment or shareholder returns and makes profitability highly sensitive to raw material, energy, or freight cost volatility common in ceramics manufacturing.

Negative Free Cash Flow

Persistent negative free cash flow despite positive operating cash flow signals ongoing capital expenditure or working-capital strain. That constrains capacity to reduce debt, return capital, or fund expansion internally, increasing reliance on external financing or equity for long-term investments.

Low Return on Equity

ROE of ~2% indicates modest returns on the company’s equity base, suggesting capital is not generating strong incremental profits. Over the medium term this can limit shareholder value creation and indicate inefficient capital allocation relative to peers in construction-related manufacturing.

Asian Granito India Limited Business Overview & Revenue Model

Company Description

Asian Granito India Limited, together with its subsidiaries, manufactures and sells tiles, marbles, and quartz products in India. The company offers ceramic wall and floor tiles, glazed vitrified tiles, polished glazed vitrified tiles, and composite marble and quartz stone products. It also provides bath ware products, such as water closet, basin, EWC and Orissa pan, cistern, bathroom furniture, and faucets. The company distributes its products through a network of dealers and sub-dealers, display centers, and exclusive showrooms. It also exports its products internationally. The company was incorporated in 1995 and is headquartered in Ahmedabad, India.

How the Company Makes Money

Asian Granito India Limited generates revenue primarily through the sale of its ceramic and vitrified tiles. The company operates on a business model that includes both wholesale and retail distribution, allowing it to reach a broad customer base, including builders, architects, and end consumers. Key revenue streams include direct sales from its manufacturing facilities, partnerships with distributors and retailers, and exports to international markets. Additionally, ASIANTILES invests in marketing and branding initiatives to enhance its market presence, and it may also engage in strategic collaborations with construction firms to secure large-scale projects, further contributing to its earnings. The company continuously seeks to enhance its product offerings and expand its market reach, which plays a crucial role in driving its financial performance.

Asian Granito India Limited Financial Statement Overview

Summary

Asian Granito India Limited shows a mixed financial performance. Revenue growth and a stable balance sheet with low leverage are strengths. However, profitability metrics are modest, and cash flow challenges persist with negative free cash flow.

Income Statement

Asian Granito India Limited has demonstrated resilience in its revenue growth with a modest increase from the previous year. The company's gross profit margin stands at 13.08% for the latest year, which is a positive indicator of its core operational efficiency. However, the net profit margin is relatively low at 1.77%, pointing towards limited profitability after accounting for all expenses. While EBIT and EBITDA margins have improved compared to the previous year, they remain modest at 1.61% and 5.45%, respectively, suggesting room for improvement in operational leverage.

Balance Sheet

The company's balance sheet shows a solid equity position with an equity ratio of 65.21%, indicating a stable financial structure. The debt-to-equity ratio is 0.20, reflecting conservative leverage, which reduces financial risk. Return on equity stands at a low 2.01%, suggesting limited returns to shareholders relative to the equity base. Overall, the company maintains a robust balance sheet with low leverage and significant equity, though profitability could be enhanced.

Cash Flow

Asian Granito India Limited has shown improvement in its operating cash flow, turning positive from a negative position in the previous year. The free cash flow remains negative, indicating challenges in generating excess cash after capital expenditures. The operating cash flow to net income ratio is favorable at 2.20, suggesting efficient cash conversion from earnings. However, the negative free cash flow to net income ratio highlights ongoing pressure from capital investments.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	16.27B	15.59B	15.24B	15.63B	15.64B	12.86B
Gross Profit	5.38B	2.04B	1.19B	593.26M	2.04B	1.86B
EBITDA	1.22B	849.00M	634.06M	-557.03M	1.69B	1.38B
Net Income	429.66M	275.40M	-122.55M	-726.95M	919.46M	570.00M
Balance Sheet
Total Assets	22.88B	20.98B	19.07B	19.22B	15.29B	13.67B
Cash, Cash Equivalents and Short-Term Investments	1.40B	616.44M	779.70M	2.27B	1.06B	379.89M
Total Debt	2.95B	2.72B	2.48B	2.27B	1.99B	2.95B
Total Liabilities	8.20B	7.21B	6.27B	6.44B	5.76B	7.11B
Stockholders Equity	14.42B	13.68B	12.67B	12.56B	9.18B	6.26B
Cash Flow
Free Cash Flow	-89.39M	-1.18B	-1.61B	-3.06B	-856.08M	52.75M
Operating Cash Flow	159.47M	604.67M	-824.36M	-493.44M	-74.68M	459.02M
Investing Cash Flow	69.17M	-1.62B	707.51M	-4.23B	-232.87M	-256.50M
Financing Cash Flow	-188.80M	936.60M	80.70M	4.07B	977.16M	99.55M

Asian Granito India Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 76.68
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:ASIANTILES, the sentiment is Negative. The current price of 76.68 is above the 20-day moving average (MA) of 68.61, above the 50-day MA of 71.14, and above the 200-day MA of 64.62, indicating a bearish trend. The MACD of -2.02 indicates Positive momentum. The RSI at 35.46 is Neutral, neither overbought nor oversold. The STOCH value of 23.45 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:ASIANTILES.

Asian Granito India Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ASIANTILES	68 Neutral	₹14.50B	21.78	―	―	6.90%	―
JBMA	64 Neutral	₹115.09B	67.30	―	0.15%	7.63%	11.25%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
MAHSCOOTER	61 Neutral	₹141.52B	987.71	―	1.57%	―	―
GREENPLY	59 Neutral	₹24.23B	58.33	―	0.19%	4.40%	-20.15%
EXIDEIND	58 Neutral	₹250.84B	39.67	―	0.54%	2.19%	-5.70%
CENTURYPLY	55 Neutral	₹143.45B	72.08	―	0.12%	16.88%	6.77%

Asian Granito India Limited Corporate Events

Asian Granito Confirms Effective Date for Composite Scheme of Arrangement

Asian Granito India Limited has announced a key milestone in its composite scheme of arrangement involving Asian Granito India Limited as Resulting Company 1, Adicon Ceramica Tiles Private Limited as the Demerged Company, and Adicon Ceramics Limited as Resulting Company 2, along with their respective shareholders and creditors. The scheme, carried out under Sections 230 to 232 of the Companies Act, 2013, aims to reorganise these entities’ business and capital structure.

Following the National Company Law Tribunal, Ahmedabad Bench’s sanction order dated February 17, 2026, the companies have filed E-Form INC-28 with the Registrar of Companies, Ahmedabad, on March 1, 2026, in compliance with Section 232(5) of the Companies Act. With this filing, the scheme’s effective date is confirmed as March 1, 2026, marking the legal implementation of the restructuring, which is expected to impact the companies’ operational framework and stakeholder arrangements going forward.

Asian Granito Files SEBI Demat Compliance Certificate for December Quarter

Asian Granito India Limited has submitted a certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended 31 December 2025, confirming compliance with dematerialisation and related securities processing requirements. Registrar and share transfer agent MUFG Intime India Private Limited certified that all securities received for dematerialisation during the quarter were duly confirmed, listed on the appropriate stock exchanges, and that physical certificates were cancelled with depositories recorded as registered owners within prescribed timelines, underscoring the company’s adherence to regulatory norms in handling its equity shares.