Varmora Granito Limited is engaged in the manufacturing and marketing of ceramic and vitrified tiles, including Glazed Vitrified Tiles (GVT), Polished Vitrified Tiles (PVT) and ceramic tiles. The company has focused on developing a diverse portfolio of premium and technology-driven tile products, with GVT and technical products contributing 84.19% of its tile revenue in Fiscal 2026.
The company operates eight manufacturing facilities in Gujarat’s Morbi cluster, with 81.72% of Fiscal 2026 revenue generated from in-house manufactured products.
Varmora focuses on technology and innovation, including Integrated Stone Technology (IST) launched in 2024. As of March 31, 2026, its tile portfolio comprised more than 3,500 SKUs across 20 different surface types, serving applications such as flooring, walls, back paneling, façades and kitchen slabs.
Varmora has a multi-channel distribution network with 305 Exclusive Brand Outlets (EBOs) and 2,758 Multi-Brand Outlets (MBOs) across India and overseas, serving both B2C and B2B markets, including builders, contractors and developers.
Varmora expanded its portfolio by launching 5,338 SKUs between Fiscal 2023 and Fiscal 2026, supported by its Hybrid Varmora digital platform for 3D and virtual product visualization.
As of March 31, 2026, Varmora had 1,153 permanent employees, including 1,149 skilled employees.
Varmora Granito IPO – Details
| IPO Opening Date | 22 September 2026 |
| IPO Closing Date | 24 September 2026 |
| Issue Type | Book Built Issue IPO |
| Issue Size | Total Issue Size: 4,78,39,255 Shares Worth ₹708.02 Crore Fresh Issue: 2,16,21,621 Shares Worth ₹320.00 Crore Offer For Sale: 2,62,17,634 Shares Worth ₹388.02 Crore |
| Face Value | ₹2 per equity share |
| IPO Price | ₹140 – ₹148 per share |
| Market Lot | 101 Shares |
| Min Order | 101 Shares [1 Lot] |
| Listing At | BSE, NSE |
| Register | Kfin Technologies Ltd. |
| QIB Shares Offered | 50% |
| NII (HNI) Shares Offered | 15% |
| Retail Shares Offered | 35% |
Varmora Granito IPO – Date Schedule
| IPO Open Date | 22 September 2026 |
| IPO Close Date | 24 September 2026 |
| Basis of Allotment | 25 September 2026 |
| Initiation of Refund | 28 September 2026 |
| Credit of Shares to Demat Account | 28 September 2026 |
| IPO Listing Date | 29 September 2026 |
| Cut-off time for UPI mandate confirmation | 5 PM on September 24, 2026 |
Varmora Granito IPO – Lots Size & Price
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 101 | ₹14,948 |
| Retail (Max) | 13 | 1313 | ₹1,94,324 |
| S-HNI (Min) | 14 | 1414 | ₹2,09,272 |
| S-HNI (Max) | 66 | 6666 | ₹9,86,568 |
| B-HNI (Min) | 67 | 6767 | ₹10,01,516 |
Competitive Strength
- Diversified premium product portfolio.
- Technology-led innovation, pan-India distribution.
- In-house manufacturing capabilities and a focus on sustainability.
Company Promoters
- Bhavesh Vallabhdas Varmora
- Hiren R Varmora
- Pramodkumar Parsotambhai Patel
Company Financials
| Particulars | Total Revenue | Total Expense | Profit After Tax | Total Borrowing |
|---|---|---|---|---|
| 31 March 2024 | ₹1,472.58 Cr | ₹1,412.92 Cr | ₹44.94 Cr | ₹412.89 Cr |
| 31 March 2025 | ₹1,492.68 Cr | ₹1,456.28 Cr | ₹30.77 Cr | ₹505.16 Cr |
| 31 March 2026 | ₹1,562.53 Cr | ₹1,486.36 Cr | ₹55.09 Cr | ₹357.95 Cr |
Key Performance Indicator
| KPI | Values (Mar 31, 2026) |
|---|---|
| ROE | 6.80% |
| ROCE | 9.89% |
| RoNW | 7.79% |
| PAT Margin | 3.53% |
| EBITDA Margin | 14.18% |
| NAV | 39.52 |
| Price to Book Value | 3.74 |
| Pre IPO | Post IPO | |
| EPS (₹) | 2.70 | 2.44 |
| P/E (x) | 54.81 | 60.66 |
Object Of The Issue
| Objects of the Issue | Expected Amount (₹ in crores) |
|---|---|
| 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 Pvt.Ltd. and Varmora Sanitarywares Pvt.Ltd. (formerly, Varmora Sanitarywares LLP), and of the subsidiary, Simola Tiles LLP, through investment in such Subsidiaries. | ₹245.00 |
| General Corporate Purposes. |
Varmora Granito IPO Peer Comparison
| S. No. | Face Value (₹) | Company Name | P/E Ratio |
|---|---|---|---|
| 1 | 1 | Kajaria Ceramics Limited | 40.27 |
| 2 | 2 | Somany Ceramics Limited | 28.55 |
| 3 | 10 | Asian Granito India Limited | 72.00 |
| 4 | 10 | Orient Bell Limited | 47.67 |
✅Strengths
- Established Player with a strong presence in the tile industry.
- Premium Portfolio with diverse tile products.
- Product Innovation with regular new product launches.
- Wide Distribution through a pan-India retail network.
- In-House Manufacturing supporting quality and supply control.
⚠️Risks
- Morbi Concentration exposes operations to regional disruptions.
- Raw Material Volatility can increase production costs.
- Intense Competition from branded and regional players.
- GVT Demand Risk from potential slowdown in demand.
- Expansion Risk from delays and cost overruns in new facilities.
Varmora Granito IPO Promoter Holding
| Pre Issue Share Holding | 52.00% |
| Post Issue Share Holding | 46.55% |
Varmora Granito IPO Prospectus
Company Contact Information
| Varmora Granito Ltd. 8-A, National Highway, Dhuva, Taluka Wankaner, Rajkot, Gujarat, 380054 Phone: 9909913657 Email: investor.relations@varmora.com Website: https://varmora.com/ |
Varmora Granito IPO Registrar
| Kfin Technologies Ltd. Phone: 040-79615565 Email: einward.ris@kfintech.com Website: https://ipostatus.kfintech.com/ |
Varmora Granito IPO Lead Manager(s)
| 1. JM Financial Limited 2. SBI Capital Markets Limited 3. Goldman Sachs (India) Securities Private Limited |
Varmora Granito IPO FAQs
| What is the Varmora Granito IPO? Varmora Granito IPO is a main-board IPO. The issue is priced at ₹140 to ₹148 per equity share. The IPO is to be listed on the BSE & NSE. |
| When will the Varmora Granito IPO open? The IPO is to open on 22 September 2026 for QIB, NII, and Retail Investors. |
| What is Varmora Granito IPO Investors Portion? The investors’ portion for QIB – 50%, NII – 15%, and Retail – 35%. |
| What is the Varmora Granito IPO Size? Varmora Granito IPO size is ₹708.02 Crore. |
| What are the Varmora Granito IPO Minimum and maximum lot sizes for Retail? The minimum bid is 101 Shares with ₹14,948, while the maximum bid is 1313 Shares with ₹1,94,324. |
| What is the Varmora Granito IPO Allotment Date? Varmora Granito IPO allotment date is 25 September 2026. |
| What is the Varmora Granito IPO Listing Date? Varmora Granito IPO listing date is 29 September 2026. The IPO is to be listed on the BSE and the NSE. |
