LEXUS - Lexus Granito
📢 Recent Corporate Announcements
Lexus Granito (India) Limited has approved the allotment of 3,00,000 equity shares following the conversion of warrants by a non-promoter investor, Mr. Mal Chand Dugar. The shares were issued at a price of Rs 45.20 each, bringing in a capital infusion of approximately Rs 1.02 crore representing the 75% balance payment. This conversion has increased the company's total paid-up equity capital from Rs 20.49 crore to Rs 20.79 crore. This is part of a larger warrant issuance, with over 89 lakh warrants still outstanding for potential future conversion.
- Allotment of 3,00,000 equity shares at an issue price of Rs 45.20 per share
- Receipt of Rs 1,01,70,000 as the final 75% balance payment for warrant conversion
- Total paid-up equity shares increased to 2,07,90,724 from 2,04,90,724
- Investor Mal Chand Dugar's stake increased from 0.10% to 1.54% post-allotment
- Approximately 89.04 lakh warrants remain outstanding from the original pool of 95.04 lakh
Lexus Granito (India) Limited has approved the receipt of Rs. 45 lakhs as the second tranche of consideration for convertible warrants from Mr. Mal Chand Dugar. These warrants are part of a larger preferential issue priced at Rs. 45.20 per unit, which includes a premium of Rs. 35.20. The company previously secured Rs. 10.40 crore in the first tranche (25% payment) for over 92 lakh warrants. This ongoing fundraise involves both promoter and non-promoter groups, indicating continued capital infusion into the company.
- Receipt of Rs. 45,00,000 from Mr. Mal Chand Dugar for the 2nd tranche of warrants.
- Warrants issued at a price of Rs. 45.20 each, including a premium of Rs. 35.20.
- Total first tranche consideration received across all allottees stands at Rs. 10.40 crore.
- Out of 95,04,424 total warrants, 3,00,000 were already converted into equity shares in November 2025.
Lexus Granito (India) Limited has filed its statement of deviation for the quarter ended December 31, 2025, confirming that funds raised through the preferential issue of warrants are being utilized as per the stated objects. The company has received a total consideration of Rs 11.25 crore as of the quarter-end. Key utilization areas include the repayment of unsecured loans and meeting working capital requirements, with no reported deviations in the actual spending versus the planned allocation.
- Received Rs 1.02 crore during the quarter from the conversion of 3,00,000 warrants at an issue price of Rs 45.20 each.
- Total funds received from the warrant issue as of December 31, 2025, reached Rs 11.25 crore.
- Utilized Rs 20.74 crore for the repayment of unsecured loans against a modified allocation of Rs 29.76 crore.
- Deployed Rs 3.10 crore toward working capital requirements out of a total planned allocation of Rs 10 crore.
- The Independent Auditor's report for the quarter ended December 2025 contains no material misstatements.
Lexus Granito (India) Limited has released its financial results for the quarter ended December 31, 2025, alongside a fund utilization report. The company successfully converted 3,00,000 warrants into equity at ₹45.20 per share, aggregating to ₹1.017 crore. Out of the total funds raised, significant portions have been deployed for debt reduction, with ₹29.76 crore utilized for unsecured loan repayment. The auditor's report is clean with an unmodified opinion, and the company maintains a no-default status on its loans.
- Raised ₹1.017 crore through the conversion of 3,00,000 warrants at ₹45.20 each on November 18, 2025.
- Total funds received from preferential issues reached ₹11.25 crore by the end of Q3 FY26.
- Utilized ₹29.76 crore for the repayment of unsecured loans to strengthen the balance sheet.
- Allocated ₹3.1 crore towards meeting working capital requirements out of a ₹10 crore planned allocation.
- Independent auditors Keyur Shah & Associates issued an unmodified limited review report.
Lexus Granito (India) Limited has approved its unaudited financial results for the quarter and nine months ended December 31, 2025. The company reported receiving a total of ₹11.25 crore through preferential issues as of the end of the quarter. A significant portion of these funds, approximately ₹20.74 crore, has been utilized for the repayment of unsecured loans, while ₹3.10 crore has been deployed for working capital. The board also confirmed the conversion of 3,00,000 warrants into equity at a price of ₹45.20 per share.
- Approved unaudited financial results for the quarter and nine months ended December 31, 2025.
- Received ₹1.02 crore from the conversion of 3,00,000 warrants at an issue price of ₹45.20 per warrant.
- Total funds received from preferential issues reached ₹11.25 crore by December 31, 2025.
- Utilized ₹20.74 crore for repayment of unsecured loans against a modified allocation of ₹29.76 crore.
- Deployed ₹3.10 crore toward working capital requirements out of a ₹10.00 crore allocation.
Lexus Granito (India) Limited has responded to a surveillance query from the National Stock Exchange regarding significant movement in its share price. The company officially stated that it has no undisclosed price-sensitive or material information that could be impacting the stock price. All necessary disclosures under SEBI (LODR) Regulations, 2015, have been filed within the stipulated timelines. Management has attributed the recent volatility to natural, market-driven factors rather than internal corporate developments.
- NSE issued a surveillance query (Ref: NSE/CM/Surveillance/16461) on February 10, 2026.
- Company confirmed no undisclosed price-sensitive information exists as of February 11, 2026.
- Management maintains that all disclosures under SEBI (LODR) Regulations are up to date.
- The stock price movement is described by the company as purely natural and market-driven.
Lexus Granito (India) Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations for the period ended December 31, 2025. The company's Registrar and Share Transfer Agent, Bigshare Services Private Limited, confirmed that no requests for dematerialization or rematerialization were received during the quarter. Importantly, the RTA noted that the entire shareholding of the company is already held in dematerialized form. This is a standard regulatory filing confirming the maintenance of the company's share registry.
- Compliance certificate filed for the quarter ended December 31, 2025.
- Confirmed that 100% of the company's shares are currently held in dematerialized form.
- Zero requests for dematerialization or rematerialization were received during the three-month period.
- The filing was issued by Bigshare Services Private Limited, the company's Registrar and Share Transfer Agent.
Lexus Granito (India) Limited has received trading approval from the National Stock Exchange (NSE) for 3,00,000 equity shares. These shares were issued following the conversion of warrants on a preferential basis, which is part of a larger pool of 95,04,424 convertible warrants. The newly allotted shares are admitted for trading effective December 31, 2025. These specific shares are subject to a lock-in period until July 20, 2026, preventing immediate liquidation by the allottees.
- Trading approval granted for 3,00,000 fully paid-up equity shares of Rs. 10 each.
- Shares allotted pursuant to conversion of warrants out of a total 95,04,424 warrants issued on a preferential basis.
- New shares are listed and admitted for dealing on the NSE from December 31, 2025.
- Lock-in period for the newly issued 3,00,000 shares is applicable until July 20, 2026.
Lexus Granito (India) Limited has officially announced the closure of its trading window starting January 1, 2026. This move is a standard regulatory requirement under SEBI (Prohibition of Insider Trading) Regulations, 2015. The restriction applies to all directors, promoters, and designated persons to prevent insider trading before financial disclosures. The window will remain closed until 48 hours after the announcement of the unaudited financial results for the quarter ending December 31, 2025.
- Trading window closure begins on Thursday, January 1, 2026.
- Applies to all Directors, Promoters, Designated Persons, and Insiders of the company.
- Window will reopen 48 hours after the publication of Unaudited Financial Results for the quarter ended December 31, 2025.
- Compliance is maintained under Clause 4 of Schedule B of SEBI (Prohibition of Insider Trading) Regulations, 2015.
Financial Performance
Revenue Growth by Segment
Not explicitly disclosed by segment, but the company achieved a significant turnaround with a Net Profit before tax of INR 88.42 Lakhs for H1 FY26 compared to a loss of INR 585.45 Lakhs in H1 FY25.
Profitability Margins
The company moved from a net loss position to a Net Profit before tax of INR 88.42 Lakhs in H1 FY26. Operating profit before working capital changes stood at INR 602.95 Lakhs, representing a massive 1,687% increase from INR 33.73 Lakhs in H1 FY25.
EBITDA Margin
Operating profit before working capital changes was INR 602.95 Lakhs for H1 FY26, up from INR 33.73 Lakhs YoY. This surge indicates a substantial improvement in core operational profitability and cost management.
Capital Expenditure
The company invested INR 14.60 Lakhs in the purchase of fixed assets during H1 FY26, while realizing INR 24.62 Lakhs from the sale of fixed assets.
Credit Rating & Borrowing
Total borrowings as of September 30, 2025, stood at INR 5,371.39 Lakhs (INR 3,120.40 Lakhs non-current and INR 2,250.99 Lakhs current). Finance costs decreased by 16.4% YoY to INR 173.83 Lakhs, indicating a reduction in the interest burden.
Operational Drivers
Raw Materials
Not specifically named, but the business involves granite and vitrified tile manufacturing, requiring raw materials like clay, feldspar, and silica sand.
Capacity Expansion
Current installed capacity is not disclosed; however, the company recently approved the allotment of 3,00,000 fully paid-up equity shares on November 18, 2025, to strengthen its capital base.
Raw Material Costs
Not disclosed as a specific percentage of revenue, but inventory levels increased by 2.2% to INR 6,492.11 Lakhs as of September 30, 2025.
Manufacturing Efficiency
Operating profit before working capital changes improved by 1,687% YoY, suggesting a significant leap in manufacturing efficiency and cost optimization during H1 FY26.
Strategic Growth
Growth Strategy
The company is focusing on capital restructuring and liquidity management, evidenced by the allotment of 3,00,000 equity shares in November 2025 and the repayment of INR 978.53 Lakhs in long-term borrowings during H1 FY26 to reduce interest costs.
Products & Services
Granite slabs, vitrified tiles, and ceramic products used in construction and home improvement.
Brand Portfolio
Lexus Granito
External Factors
Industry Trends
The ceramics and granite industry is evolving with a shift toward high-end vitrified tiles and sustainable manufacturing; Lexus is positioning itself by improving operational profitability and cleaning up its balance sheet.
Competitive Landscape
Operates in the highly competitive Morbi ceramic cluster against both organized and unorganized players.
Competitive Moat
The company's moat is linked to its established brand 'Lexus Granito' and its manufacturing base in Morbi, Gujarat, a global hub for ceramics, providing cost advantages in sourcing and logistics.
Macro Economic Sensitivity
The business is sensitive to the real estate and construction sectors; a slowdown in infrastructure development would directly reduce demand for granite and tiles.
Regulatory & Governance
Industry Regulations
Subject to environmental norms for ceramic manufacturing and mining regulations for granite sourcing.
Taxation Policy Impact
The company has a significant Deferred Tax Asset of INR 777.77 Lakhs as of September 30, 2025, which can be used to offset future tax liabilities.
Legal Contingencies
The company has disclosed pending litigation as of March 31, 2025, in Note 32 of its financial statements, though the specific INR value was not detailed in the summary.
Risk Analysis
Key Uncertainties
High financial leverage (Debt-to-Equity ratio of approximately 3.3x) and high inventory concentration (54% of total assets) pose significant liquidity and solvency risks.
Geographic Concentration Risk
Manufacturing is concentrated in Morbi, Gujarat, making it vulnerable to regional regulatory or infrastructure disruptions.
Third Party Dependencies
The company relies on sanctioned working capital limits in excess of INR 5 Crores from banks, indicating high dependency on external banking partners for daily operations.
Technology Obsolescence Risk
The company is maintaining its audit trail features in accounting software as per regulatory requirements, indicating a move toward digital compliance.
Credit & Counterparty Risk
Receivables quality appears to be improving with an 11.9% reduction in trade receivables to INR 735.40 Lakhs, reducing credit risk.