Asian Granito India Limited (AGIL) has submitted its Monitoring Agency Report for the quarter ended December 31, 2025, prepared by ICRA Limited. The report details the utilization of proceeds from the company's Rights Issue, which opened on April 25, 2022, and closed on May 10, 2022, with a total issue size of ₹440.96 crore and net proceeds of ₹422.17 crore. ICRA's report indicates no material deviation from the objects of the issue, although there have been alterations in the objects approved by shareholders' resolutions. For the 'Setting up of Display Centre cum office at Ahmedabad, Gujarat' object, there have been contractual transitions and termination of agreements with EPC contractors, leading to a delay in implementation. As of the end of the quarter, INR 73.739 crore of the allocated INR 73.8015 crore for this object has been utilized, with INR 0.063 crore unutilized. The company expects to recover a pending advance of INR 0.285 crore from the previous contractor in Q4FY26. Capital expenditure for new manufacturing units under subsidiaries Future Ceramics Private Limited (₹173.3727 crore), AGL Sanitaryware Private Limited (₹45.2553 crore), and AGL Surfaces Private Limited (₹32.1683 crore) have been fully utilized or have no revised cost. Working capital for Greenfield Projects in Morbi has seen a revision from ₹39.4000 crore to ₹30.0000 crore, with the full amount utilized. General corporate purposes, amounting to ₹94.7451 crore, have also been fully utilized, including ₹86.35 crore for loans and advances to its subsidiary Crystal Ceramic Industries Limited for term loan repayment. The report also details the deployment of unutilized proceeds, with ₹5.000 crore invested in a fixed deposit with IndusInd Bank, maturing on January 29, 2026, earning ₹0.1400 crore with a return of 6.30%. Delays in implementation were noted for the 'Funding the capex - Future Ceramic Private Limited' (9 months delay, commissioned), 'Funding the capex – AGL Sanitaryware Private Limited' (9 months delay, commissioned), 'Working Capital – Proposed Capex' (9 months delay due to object clause change), 'Funding the capex – Stock Point for Trading of Building Construction Material' (12 months delay), and 'Funding the capex – Display Center' (12 months delay due to property identification).
