Asian Granito Makes Debut In Sanitaryware Manufacturing, Shares Up 9%

Shares of small cap company operating in building materials sector Asian Granito India Shares witnessed a rally of nearly 9% today on BSE after the company informed taking stride into sanitaryware manufacturing with AGL Sanitaryware Pvt Ltd. Current market price of Asian Granito India share on BSE is Rs 77.10 per share with intraday gain of 7.56%

According to the BSE filing of the company dated today, "Asian Granito India Limited (AGL), a leading brand in luxury surface products such as Tiles, Marbles, Quartz, and Bathware solutions has taken a strategic leap into sanitaryware production. The Company has commenced commercial operations at its wholly-owned subsidiary, AGL Sanitaryware Pvt. Ltd at Morbi. With a strategic shift from third-party sourcing to internal manufacturing and a comprehensive product portfolio, company aims to position itself as a top player in the sanitaryware space, paralleling the success it has achieved in the tiles sector."

Asian Granito Share Performance & Return: The stock's 52-week high price is Rs 86.04 per share and 52-week low price is Rs 34.22 per share, respectively. The company has a market capitalisation of Rs 986.08 crore. Asian Granito shares gained 22% in last 3-months, soared 50% year-to-date, jumped 64% in last 1-year, and fell 30% in last 2-years.

AGL Sanitaryware Pvt. Ltd has successfully completed the construction of the cutting-edge plant, marking a significant shift from third-party sourcing to internal manufacturing. Installed capacity of the sanitaryware plant is 0.66 million pieces per annum and the company commence commercial operation on 1st October 2023, added the regulatory filing of the company.

Kamlesh Patel, Chairman and Managing Director, Asian Granito India Ltd said, "Previously relying on third-party manufacturers and imports, the company aims to leverage its extensive marketing and distribution network for tiles to establish a formidable presence in the sanitaryware sector. And to fortify its presence and enhance brand experience, AGL has strategically appointed a Chief Operating Officer with over 25 years of expertise in the Bathware industry, encompassing Sanitaryware and Faucetware. This move aligns with the company's commitment to strengthening its footprint and navigating new avenues for growth."

Morbi, known as India's hub for Ceramic Tiles & Sanitaryware, plays a pivotal role in AGIL's expansion strategy. The region accounts for more than 80% of the country's total production in this sector.
Hiren Patel, Associate, AGL Bathware division said, "The Company envisions rapid growth and an increased market share in the sanitaryware space in the coming time. Company expect turnover of around Rs. 400 crore from Sanitaryware & Bathware division in five years."

About Asian Granito: Established in the year 2000, Asian Granito India Ltd. (AGL) has emerged as India's leading Luxury Surfaces and Bathware Solutions brand in a short span of two decades. The Company manufactures and markets a wide range of Tiles, Engineered Marble and Quartz, Sanitaryware and Faucets. AGL products are synonymous with reliability, adaptability, innovation, quality consciousness and the company has created a strong brand identity, well recognized globally and loyal customer following across segments. Today it is 4th largest listed ceramic tile company in India with employee strength of 6,000 plus.