Varmora Granito IPO- Complete Overview
Varmora Granito (NSE) IPO is a Mainboard IPO with an issue size of Rs. 708.02 Cr by Varmora Granito Limited, which produces and sells vitrified and ceramic tiles, such as polished vitrified tiles (PVT), glazed vitrified tiles (GVT), and ceramic tiles. GVT and technical tiles accounted for almost 84% of the company's tile revenue in Fiscal 2026, demonstrating its concentration on high-end, technologically advanced products.
81.72% of the company's income in Fiscal 2026 came from internally produced goods, and it runs eight manufacturing plants in Gujarat's Morbi cluster. In order to support its emphasis on cutting-edge and high-end tile products, it has also embraced Integrated Stone Technology (IST) through a technology cooperation with Italy-based SACMI.
In addition to B2B sales to builders, contractors, developers, and government agencies, Varmora has a vast distribution network that includes 2,758 multi-brand stores and 305 unique brand stores throughout India and abroad.
This new IPO is to be launched on 22 Sep 2026, and its ‘initial public offering’ will end on 24 Sep 2026.
Varmora Granito IPO Details
This Mainline IPO comprises a fresh issue of 2.16 crore shares (Rs. 320 Cr) and an offer for sale of 2.62 crore shares (Rs. 388.02 Cr). The Varmora Granito IPO listing date (expected) might be Tuesday, Sep 29, 2026, and the listing on the BSE and NSE.
The Varmora Granito IPO price band is Rs. 140 to Rs. 148.
IPO Timetable (Tentative)
The Varmora Granito IPO date is from 22 Sep to 24 Sep, with IPO allotment on Sep 25, refund initiation on Sep 28, and listing on Sep 29, 2026.
|
Events |
Date |
|
IPO Opening Date |
Sep 22, 2026 |
|
IPO Closing Date |
Sep 24, 2026 |
|
IPO Allotment Date |
Sep 25, 2026 |
|
Refund Initiation |
Sep 28, 2026 |
|
IPO Listing Date |
Sep 29, 2026 |
If you want to apply for the IPO, click to open a Demat Account.
Industry Overview & Outlook
The Indian domestic tiles market valued at approximately INR 360.0 billion in Fiscal 2019, expanded to INR 531.0 billion by Fiscal 2025, growing at a CAGR of 6.7%. The Indian domestic tiles market is further expected to grow to INR 765.2 billion by Fiscal 2030, representing a CAGR of 8.4% from Fiscal 2026 to 2030.
Varmora Granito Company Financial Performance
(Amount in Cr)
|
Period Ended |
31 Mar 2026 |
31 Mar 2025 |
31 Mar 2024 |
|
Assets |
1509.87 |
1589.80 |
1476.16 |
|
Total Income |
1562.53 |
1492.68 |
1472.58 |
|
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 |
Cash Flows
The cash flows for various activities are shown below:
(Amount in Mn)
|
Net Cash Flow In Multiple Activities |
31 Mar 2026 |
31 Mar 2025 |
31 Mar 2024 |
|
Net Cash Flow Operating Activities |
2340.70 |
632.13 |
882.91 |
|
Net Cash Flow Investing Activities |
(459.65) |
(1,199.47) |
(3,365.60) |
|
Net Cash Flow Financing Activities |
(1,882.96) |
466.22 |
1,150.57 |
Varmora Granito IPO- Business Model
Varmora makes premium-quality tiles (especially GVT), sells them mainly through its strong network of exclusive and multi-brand dealers across India, and also earns from B2B projects and exports.
The focus on premium products has helped improve Gross Margins to around 38%.
1. Main Revenue Source – Sale of Tiles
In Fiscal 2026, total Revenue from Operations was approximately ₹15,125 million.
Around 88% of this came from tiles (₹13,291 million).
Within tiles, GVT + Technical products contributed 84% of tile revenue.
The remaining portion came from Polished Vitrified Tiles (PVT) and Ceramic tiles.
2. Other Products
Bathware → ~9% of revenue
Adhesives and others → ~3%
3. Manufacturing
Most products are manufactured in-house (81.7% of revenue in Fiscal 2026 came from in-house production).
The company operates 8 manufacturing facilities in the Morbi cluster (Gujarat).
Recently, through a Joint Venture (Allemby Ceramics), it started a new plant in Assam to serve the Eastern and Northeastern markets.
4. Sales Channels
- B2C (Retail) – Largest contributor (~67% of domestic sales)
- 305 Exclusive Brand Outlets (EBOs)
- 2,758 Multi-Brand Outlets (MBOs)
- Presence across 988 cities in India.
B2B – Builders, contractors, developers, and government projects (~33% of domestic sales)
Exports – Around 21% of total revenue (sold in 100+ countries)
Revenue Bifurcation
(Source: DRHP)
The Objective of the Issue
-
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. ~ Rs. 245 Cr.
Peers of Varmora Granito
|
Name of Company |
Face Value (₹) |
EPS (₹) Basic |
P/E (x) |
|
Kajaria Ceramics Limited |
1 |
40.27 |
30.48 |
|
Somany Ceramics Limited |
2 |
28.55 |
19.80 |
|
Asian Granito India Limited |
10 |
72.00 |
0.70 |
|
Orient Bell Limited |
10 |
47.67 |
8.46 |
Evaluation of P/E Ratio
Considering the period ended on FY 2026 with an EPS of Rs. 3.08 from the last year, the resulting P/E ratio is 131.49x.
Varmora Granito IPO Valuation
|
KPI |
Value (Mar 31, 2026) |
|
ROE |
6.80% |
|
ROCE |
9.89% |
|
RoNW |
7.79% |
|
PAT Margin |
3.53% |
|
EBITDA Margin |
14.18% |
IPO's Strengths
-
Diversified premium product portfolio
-
Technology-led innovation, pan-India distribution
-
In-house manufacturing capabilities and a focus on sustainability.
IPO's Weaknesses
-
Profit After Tax (PAT) dropped sharply in FY2025 before recovering to ₹55.09 crore in FY2026, showing past earnings inconsistency.
-
The IPO is priced at a high implied P/E ratio of around 60x based on FY2026 earnings, leaving little room for error.
-
Manufacturing operations are heavily concentrated in the Morbi region of Gujarat, and a large share of revenue depends directly on dedicated in-house facilities.
Varmora Granito IPO GMP Today
Varmora Granito IPO GMP is Rs. 10 as of September 18, 2026, when this information was written.
IPO Other Details
|
IPO Opening & Closing Date |
22 Sep 2026 to 24 Sep 2026 |
|
Face Value |
Rs. 2 per Share |
|
Issue Price |
Rs. 140 to Rs. 148 |
|
Lot Size |
101 Shares |
|
Issue Size |
4,78,39,255 shares (Rs. 708 Cr) |
|
Offer for Sale |
2,62,17,634 shares (Rs. 388 Cr) |
|
Fresh Issue |
2,16,21,621 shares (Rs. 320 Cr) |
|
Listing At |
BSE, NSE |
|
Issue Type |
Book-built IPO |
|
Registrar |
Kfin Technologies Ltd. |
IPO Grey Market Premium
The current IPO GMP is available at our live IPO GMP page, where you can get the GMP today for open Mainboard and SME IPOs.
Varmora Granito IPO Lot Size
The IPO allows retail investors to invest in a minimum and maximum of 1 Lot (101 Shares) amounting to Rs. 14948 and 13 Lots (1313 Shares) for Rs. 1,94,324, respectively, while for HNI investors, the minimum Lot is 14 (1414 Shares) amounting to Rs. 2,09,272.
|
Minimum Lot Investment (Retail) |
1 Lot |
|
Maximum Lot Investment (Retail) |
13 Lots |
|
S-HNI (Minimum) |
14 Lots |
|
S-HNI (Maximum) |
66 Lots |
|
B-HNI (Minimum) |
67 Lots |
Varmora Granito IPO Reservation
|
Institutional Share Portion |
50% |
|
Retail Investors' Share Portion |
35% |
|
Non-Institutional Shares Portion |
15% |
Promoters and Management of Varmora Granito Ltd.
-
Bhavesh Vallabhdas Varmora
-
Hiren R Varmora
-
Pramodkumar Parsotambhai Patel.
|
Pre-Issue Promoter Shareholding |
52% |
|
Post-Issue Promoter Shareholding |
46.55% |
IPO Lead Managers
- JM Financial Ltd.
Dividend Policy
The company has not paid a dividend during the last three FYs.
Varmora Granito IPO Review: Subscribe or Avoid?
Varmora is a premium-focused tile manufacturer with strong GVT contribution (84%), high in-house production (82%), and a solid pan-India dealer network of over 3,000 outlets. Financials show revenue growth with improving EBITDA margins (14.2%) but modest PAT margins and a high implied valuation. The issue combines fresh capital for debt repayment with an offer for sale by the investor selling shareholder.
Before making any decision to subscribe or avoid, you should consult your SEBI-registered financial advisor.
Varmora Granito IPO News
Varmora Granito IPO Allotment Status
Other Open Mainboard IPOs 2026
Lalithaa Jewellery Share Price
The Lalithaa Jewellery share price is Rs. 260 as of 24 August 2026 at 13:53 pm while writing this information.
Skyways Air Services IPO GMP
Skyways Air Services IPO GMP is Rs. 30, showing a gain/loss of 21.74% as of 24 Aug 2026.
Tempsens Instruments IPO
Tempsens Instruments IPO was open from 20-24 August 2026.
Augmont Enterprises IPO GMP
Augmont Enterprises IPO GMP is Rs. 380, showing a gain/loss of 48.22% as of 24 August 2026.
Symbiotec Pharmalab IPO GMP
Symbiotec Pharmalab IPO GMP is Rs. 395, showing a gain/loss of 39.98% as of 24 August 2026.
Finowings IPO Analysis
Hope you enjoyed the Finowings IPO Analysis. We tried our best to give every required detail about the company that you should know before applying to the IPO.
You must consult your financial advisor before making any financial decisions.
To Apply for the IPO, Click Here.
Click Here To Stay Updated With The Upcoming IPOs.
DISCLAIMER: This blog is NOT any buy or sell recommendation. No investment or trading advice is given. The content is purely for educational and information purposes only. Always consult your eligible financial advisor for investment-related decisions.
