Varmora Granito IPO Details
Varmora Granito IPO Summary
Varmora Granito IPO opens for subscription on 22 Sep 2026 and closes on 24 Sep 2026.The IPO will be listed on NSE, BSE with the tentative listing date set for 29 Sep 2026.
Varmora Granito IPO price band has been fixed at ₹140 – ₹148 per share. The face value is ₹2 per share with a lot size of 101.
Varmora Granito IPO total issue size comprises 4,78,38,855 shares (aggregating up to ₹708.02 Cr). This includes a fresh issue of 2,16,21,621 shares (aggregating up to ₹320.00 Cr). Offer for Sale consists of 2,62,17,234 shares (aggregating up to ₹388.02 Cr). Pre-issue shareholding stands at 20,43,90,203, which will increase to 22,60,11,824 post-issue.
Varmora Granito IPO carries a ₹15 (10.14%) GMP, reflecting investor sentiment.
Varmora Granito IPO Lot Size :Retail Minimum is 1 lot (101 shares) amounting to ₹14,948. Retail Maximum is 13 lots (1,313 shares) amounting to ₹1,94,324. SHNI Minimum is 14 lots (1,414 shares) amounting to ₹2,09,272. SHNI Maximum is 66 lots (6,666 shares) amounting to ₹9,86,568. BHNI Minimum is 67 lots (6,767 shares) amounting to ₹10,01,516.
Varmora Granito IPO Details
Varmora Granito IPO Dates
- 22 Sep 2026Opening dateOpen
- 24 Sep 2026Closing dateClose
- 25 Sep 2026Allotment Date Allotment
- 28 Sep 2026Initiation of RefundsRefund
- 28 Sep 2026Credit of SharesCredit
- 29 Sep 2026Listing dateListing
Varmora Granito IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 1 | 101 | ₹14,948 |
| Retail Maximum | 13 | 1313 | ₹1,94,324 |
| SHNI Minimum | 14 | 1414 | ₹2,09,272 |
| SHNI Maximum | 66 | 6666 | ₹9,86,568 |
| BHNI Minimum | 67 | 6767 | ₹10,01,516 |
Varmora Granito IPO Reservation
Promoter Holding
Documents
Varmora Granito IPO Valuations
Varmora Granito Financial Information
| Period Ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 1,509.87 | 1,589.80 | 1,476.16 |
| Total Income | 1,562.53 | 1,492.68 | 1,472.58 |
| Profit After Tax | 55.09 | 30.77 | 44.94 |
| EBITDA | 221.56 | 198.29 | 150.33 |
| NET Worth | 796.88 | 722.90 | 678.59 |
| Reserves and Surplus | 765.70 | 691.72 | 630.20 |
| Total Borrowing | 357.95 | 505.16 | 412.89 |
| Amount in ₹ Crore | |||
About Varmora Granito IPO
Varmora Granito Limited, incorporated in 2003, manufactures and markets ceramic and vitrified tiles, including Glazed Vitrified Tiles (GVT), Polished Vitrified Tiles (PVT) and ceramic tiles. The company focuses on premium, technology-driven products, with GVT and technical tiles accounting for around 84% of its tile revenue in Fiscal 2026.
The company operates eight manufacturing facilities in the Morbi cluster of Gujarat, with 81.72% of its revenue in Fiscal 2026 generated from in-house manufactured products. It has also adopted Integrated Stone Technology (IST) through a technology partnership with Italy-based SACMI, supporting its focus on innovative and premium tile products.
Varmora has a wide distribution network comprising 305 exclusive brand outlets and 2,758 multi-brand outlets across India and overseas, along with B2B sales to builders, contractors, developers and government entities.
The company also focuses on sustainability, with 16.22 MW of renewable energy capacity from wind and solar. As of March 2026, it had 1,153 permanent employees.
Strength Of Varmora Granito IPO
- Established player operating in the tile industry in India in a large attractive market.
- Comprehensive premium product portfolio.
- Customer centric innovation led approach resulting in multiple new product launches.
- Well diversified pan-India distribution network focused on EBOs that strengthen our brand recall.
- Strategically located and technologically advanced in-house manufacturing to maintain control over quality and supply chain.
- Entrepreneurial founder led management team, independent Board with strong focus on sustainability.
Risk Of Varmora Granito IPO
- We are dependent on our manufacturing facilities for a significant portion of our revenues (81.72% of our total revenue from operations in Fiscal 2026). Further, certain of our products are produced at dedicated manufacturing facilities. Any delay in production at, or shutdown of, or any interruption in these manufacturing facilities may significantly and adversely affect our business, financial condition, cash flows and results of operations.
- We derive a substantial portion of our revenue from the sale of glazed vitrified tiles ("GVT") and technical products (73.98% of our total revenue from operations in Fiscal 2026), and any slowdown in the demand for GVT and technical products could have a material adverse effect on our business, financial condition, cash flows and results of operations.
- All the company's revenue is attributable to manufacturing facilities (owned and operated by the Company or Subsidiaries, or third-party contract manufacturers) situated in Morbi, Gujarat, India. Any disruption in the Morbi region, may significantly and adversely affect its business, financial condition, cash flows and results of operations.
- The company has an extensive retail distribution network and derives a significant portion of its revenue from operations from the company B2C retail chain (comprising exclusive brand outlets ("EBOs") and multi brand outlets ("MBOs")) (accounting for 66.80% of its total domestic sales in Fiscal 2026). The company operates all its EBOs and MBOs through franchisees and any non-performance by the company franchisees may adversely affect its business, results of operations and financial condition.
- The company's Subsidiaries, Associates and Joint Ventures (some of which are also Group Companies) have common pursuits vis-à-vis the Company and are in a similar line of business as the company, which may lead to a conflict of interest in the future that in turn may adversely impact the company's business, financial condition, cash flows and results of operations.
- The company may undertake strategic acquisitions or investments, which may prove to be difficult to integrate and manage or may not be successful.
- The company operations are subject to volatility in the supply and pricing of raw materials and packing materials. The company is also dependent on its top suppliers for the supply for certain raw materials (top 10 suppliers contributed to 8.10% of the company's total expenses in Fiscal 2026). Any loss of suppliers or interruptions in the timely delivery of supplies or price escalations could have an adverse impact on its business, financial condition, cash flows and results of operations.
- The company derives a portion of its revenue from operations from outside India (revenue from contracts with customers from outside India was 21.11% of the company Sale of Products in Fiscal 2026) which exposes it to risks inherent to operations in these foreign jurisdictions. The company's global operations expose it to risks such as compliance with local laws, and any failures to comply with applicable laws or regulations could lead to civil, administrative or regulatory proceedings which could adversely affect the company's business, results of operations and financial condition.
- The company operates in highly competitive markets in each of its product categories and an inability to compete effectively may adversely affect the company's business, financial condition, cash flows and results of operations.
- The Offer Price of the company's Equity Shares, market capitalization to revenue from operations ratio, market capitalization to tangible assets ratio and EV to EBITDA before exceptional items (EBITDA) ratio may not be indicative of the trading price of the Equity Shares upon listing on the Stock Exchanges subsequent to the Offer and, as a result, you may lose a significant part or all of your investment.
Objectives Varmora Granito IPO
1. Repayment/ pre-payment, in full or in part, of all or certain outstanding borrowings and accrued interest thereon availed by: The company and wholly-owned subsidiaries namely Covertek Ceramica Private Limited and Varmora Sanitarywares Private Limited (formerly, Varmora Sanitarywares LLP), and of the subsidiary, Simola Tiles LLP, through investment in such Subsidiaries; and
2. General corporate purposes.
Company Contact Details
Varmora Granito Ltd.
8-A, National Highway,
Dhuva,
Taluka Wankaner
Rajkot, Gujarat, 380054
Phone: 9909913657
Email: investor.relations@varmora.com
Website: http://www.varmora.com/
Registrar Contact Details
Varmora Granito FAQs
The Varmora Granito IPO is a MAINBOARD public issue comprising 47838855 equity shares with a face value of ₹2 each, aggregating to a total issue size of ₹708.02 Cr. The issue price has been fixed at ₹148 per equity share, and the minimum application size is 101 shares.
The IPO opens for subscription on 22 Sep 2026, and closes on 24 Sep 2026.
Kfin Technologies Ltd has been appointed as the registrar to the issue. The equity shares are proposed to be listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).
As of now, the current GMP stands at ₹15 (10.14%).
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