Asian Granito India Limited (AGL) has announced the outcome of its board meeting held on 15 July 2026. The Board of Directors approved the conversion of outstanding loans and expense reimbursements from its wholly-owned subsidiary, Harmony Surfaces Marbles TR. LLC S.P (HSM Sharjah), into equity shares. Additionally, the Board took note of a proposed fresh issue of equity shares by HSM Sharjah to third-party investors, which will result in the dilution of AGL’s shareholding in the entity from 100% to 51%, transitioning HSM Sharjah into a subsidiary of the company.

The conversion of the loan involves the subscription to 372 equity shares of HSM Sharjah at an issue price of AED 3,496 per share, totaling approximately ₹3.38 crore. This move is intended to facilitate the subsidiary’s business expansion and operational needs. Following the dilution caused by the fresh share issue to third parties, AGL will retain majority control and ownership with a 51% stake. The company clarified that the buyers of the new shares are not part of the promoter or promoter group, and the transaction is not considered a related party transaction.

Headquartered in Ahmedabad, Asian Granito India Limited is a prominent Indian brand specializing in luxury surfaces and bathware solutions, including ceramic and porcelain tiles, engineered marble, quartz, sanitaryware, and faucets. In 2025 and 2026, the company focused on operational turnarounds and internal restructuring, including the transfer of its 26% stake in associate companies like AGL Proteins Private Limited and Allomex Steel Private Limited to its wholly-owned subsidiary, AGL Industries Limited. The company operates extensive manufacturing facilities in Gujarat and maintains a vast pan-India distribution network.

In its financial results for the quarter ended 31 March 2026, Asian Granito reported revenue of ₹538.50 crore, marking a 16.64% increase QoQ and a 4.61% increase YoY. However, the company faced significant challenges during the period, recording a net loss of ₹32.67 crore, a decline compared to the profit of ₹18.96 crore in the previous quarter and the loss of ₹4.9 crore in the corresponding quarter of the previous year. These results were impacted by temporary closures of its quartz plant due to US anti-dumping duties and gas supply shortages. While specific retail investors are involved, institutional holdings include entities like Maithan Alloys Limited and Dimensional Fund Advisors LP.