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Varmora Granito Ltd IPO
Varmora Granito Ltd
₹14,140 /101 sharesMinimum investment
IPO listing details
Listed on
29 Sep '26
Issue price
₹148.00
Listing price
₹155.00
Listing gains
₹7.00 (4.73%)
Exchange
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IPO details
Minimum investment
₹14,140
Price range
₹140 - ₹148
Lot size
101
Issue size
708.02 Cr
Face value
2
IPO document
Subscription rate
Qualified Institutional Buyers3.16x
Non-Institutional Investor0.90x
Retail Individual Investor0.95x
Total1.55x
As of 24 Sep'26, 04:55 PM
Schedule
22 Sep 2026
IPO open date
24 Sep 2026
IPO close date
25 Sep 2026
Allotment date
25 Sep 2026
Funds unblock or debit
29 Sep 2026
Tentative listing date
About
Founded in
2003
MD/CEO
Mr Bhavesh Vallabhdas Varmora
Parent organisation
Varmora Granito Ltd
Varmora Granito Financials
Revenue
Total Assets
Profit
All values are in ₹ Cr
Strengths & Risks
Strengths
Risks
The company has a large and diversified tile product portfolio. As of March 31, 2026, it had 4,289 tile SKUs across GVT and technical products, PVT, and ceramic tiles, with 20 different surface types. GVT and technical products accounted for 73.98% of revenue from operations in FY26.
The company has introduced a significant number of new tile products in recent years. Between April 1, 2023 and March 31, 2026, it launched over 2,900 new tile SKUs and eight new surface finishes. Its R&D team comprised 17 members, and its design team had 20 members as of March 31, 2026.
The company has a wide retail distribution network across India. As of March 31, 2026, it had 305 exclusive brand outlets and over 2,758 multi-brand outlets across India and outside India, with its products sold in 988 cities in India during FY26. Between April 1, 2023 and March 31, 2026, it also converted 136 multi-brand outlets into exclusive brand outlets.
The company has a substantial in-house manufacturing base in the Morbi tile cluster. It operates eight manufacturing facilities through its company and subsidiaries, with 81.72% of its revenue from operations from products generated from in-house manufacturing in FY26. Four of these facilities, representing 74.65% of total installed capacity, were established during the last 10 years.
The company has adopted manufacturing technologies for specialised tile products. It commercialised integrated stone technology (IST) through its Morbi facility and entered into a technology partnership with SACMI Imola S.C. for the technology. The company states that it was the first in Asia to implement SACMI’s V-NATURE BLOCK technology & machine, also referred to as IST, in 2024.
The company has renewable energy capacity supporting its manufacturing operations. As of March 31, 2026, it had 16.22 MW of renewable energy capacity, comprising 8.10 MW of wind power and 8.12 MW of solar power. Its manufacturing facilities are also ISO 14001:2015 certified for environmental management systems, while 32.84% of its total electricity consumption in FY26 came from renewable sources.
Products manufactured at the company’s in-house facilities contributed Rs 1,235.93 crore (81.72%) of revenue from operations in FY26, compared with Rs 1,135.85 crore (78.55%) in FY25 and Rs 959.35 crore (66.83%) in FY24. Any shutdown, machinery failure, regulatory issue, natural disaster, or other disruption at these facilities could interrupt production, increase costs, and adversely affect the company’s business and financial performance.
GVT and technical products contributed Rs 1,118.98 crore (73.98%) of the company’s revenue from operations in FY26, compared with Rs 1,005.84 crore (69.56%) in FY25 and Rs 940.88 crore (65.54%) in FY24. Any slowdown in demand for these products due to changes in consumer demand, disposable income, employment levels, trade policies, tariffs or government regulations could reduce sales volumes and adversely affect the company’s business and financial performance.
Cost of materials consumed accounted for Rs 383.79 crore (24.56%) of total income in FY26, while purchases of stock-in-trade accounted for Rs 213.15 crore (13.64%). Although the company had over 500 suppliers as of March 31, 2026, it procures certain raw materials from a limited number of suppliers, and its top 10 suppliers accounted for Rs 120.35 crore (8.10%) of total expenses in FY26. Any increase in raw material prices, shortage or delay in supplies, or failure of key suppliers to meet required quality or delivery schedules could disrupt production and adversely affect the company’s costs and financial performance.
The company competes with large organised and branded players as well as smaller regional and unbranded manufacturers, some of which may have greater financial, production, marketing, and other resources or greater flexibility in responding to market changes. Increased competition or the entry of new domestic or foreign players could require higher spending on advertising and pricing adjustments, which may reduce the company’s revenues and profitability.
The company, its directors, promoters, subsidiaries, key managerial personnel, senior management, and group companies are involved in civil, tax, regulatory, and criminal proceedings pending before various courts, tribunals, forums, and appellate authorities. Any adverse judgment, particularly in tax or regulatory matters, could result in financial liabilities and adversely affect the company’s business, cash flows, financial condition and reputation.
As of May 31, 2026, the company had total borrowings of Rs 350.61 crore. Any failure to service or repay these borrowings could adversely affect the company’s business, financial condition, and cash flows.
Application details
For Varmora Granito IPO, eligible investors can apply as Regular.
| Apply as | Price band | Apply range | Lot size |
|---|---|---|---|
| Regular | ₹140 - ₹148 | Upto ₹2 Lakhs | 101 |
| High Networth Individual | ₹140 - ₹148 | ₹2 - ₹5 Lakhs | 101 |
About
Objectives of Varmora Granito IPO Proceeds
|
Particulars |
Estimated Amount (in ₹ Cr.) |
|
Repayment/ pre-payment, in full or in part, of all or certain outstanding borrowings and accrued interest thereon availed by:
|
245.00 |
|
General corporate purposes |
[.] |
|
Total |
[.] |
Book Running Lead Manager & Registrar of Varmora Granito IPO
|
Book Running Lead Manager |
JM Financial Limited, Goldman Sachs (India) Securities Private Limited, SBI Capital Markets Limited |
|
Registrar to the Issue |
KFin Technologies Limited |
Key Performance Indicators (KPIs) of Varmora Granito Ltd.
|
KPI |
Value (for the fiscal year ended March 31, 2026) |
|
ROE (%) |
6.80 |
|
ROCE (%) |
9.89 |
|
EBITDA Margin (%) |
14.18 |
|
PAT Margin (%) |
3.53 |
|
Return on Net Worth (RoNW) (%) |
7.79 |
|
Price to Book Value |
3.74 |
|
Net Asset Value (NAV) per Equity Share (₹) |
39.52 |
|
EPS (Pre IPO) (₹) |
2.70 |
Varmora Granito IPO Contact Details
|
Company Name |
Varmora Granito Limited |
|
Registered Office |
8-A, National Highway, Dhuva, Taluka Wankaner, Rajkot – 363 641, Gujarat, India |
|
Phone |
+ 91 99099 13657 |
|
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|
Website |
Varmora Granito IPO Registrar Contact Details
|
Company Name |
KFin Technologies Limited |
|
Phone |
+91 40 6716 2222 |
|
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|
|
Website |