- POSITIVE
Annual Revenue Varmora Granito Mar-2026 Annual Revenue is Rs 1,415 Cr which is growth of 3.8% YoY.
- POSITIVE
Annual Net Profit Varmora Granito Mar-2026 Annual Net Profit is Rs 58 Cr which is growth of 102.6% YoY.
Varmora Granito Ltd. IPO Details
Varmora Granito was incorporated on November 18, 2003. The company is one of the leading players in the Indian tiles industry, engaged in manufacturing and marketing a wide range of ceramic tiles, vitrified tiles, and sanitaryware products. The company is known for its innovative designs, advanced technology, and strong distribution network across India and international markets
| Bidding Dates |
|---|
| 22 Sep 2026 - 24 Sep 2026 |
| Subscription |
|---|
| 1.58x Oversubscribed |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price Band | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| ₹14,140 | 1 | 13 | 101 | 47.8 M | ₹140 - ₹148 | 47.04 % | ₹6,697.5 M - ₹7,080.2 M | RHP DOC |
Varmora Granito IPO SUBSCRIPTION STATUS
24 Sep '26Total1.58x
Retail Individual Investor1x
HNI (NII) Investors0.92x
Qualified Institutional Buyers3.16x
Varmora Granito IPO overall subscription rate was 1.58 times the total available shares
Varmora Granito IPO retail subscription rate was 1 times in the retail segment
Varmora Granito IPO non-institutional investor subscription rate was 0.92 times in the non-institutional investor category
Varmora Granito IPO Qualified Institutional Bidder subscription rate was 3.16 times the available shares for Qualified Institutional Bidder
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers |
|---|---|---|---|
| Category Reservation | 35% | 15% | 50% |
24 Sep 2026 (Day 3) | 1x | 0.92x | 3.16x |
23 Sep 2026 (Day 2) | 0.4x | 0.17x | 0.11x |
22 Sep 2026 (Day 1) | 0.2x | 0.05x | 0x |
Varmora Granito FINANCIALS
| Period | Revenue from Operations (Rs in crore) | Net Profit (Rs in crore) | Cash Flow from Operations (Rs in crore) | Free Cash Flow (Rs in crore) | Margins |
| FY26 | 1,512.5 | 55.1 | 234.1 | 202.4 | 14.2% |
| FY25 | 1,446.0 | 30.8 | 63.2 | -39.1 | 13.3% |
| FY24 | 1,435.5 | 44.9 | 88.3 | -257.7 | 10.2% |
Varmora Granito IPO SUBSCRIPTION STATUS DETAILS
Varmora Granito has 47.8 M shares on offer
Varmora Granito IPO offer price is in the range ₹140 - ₹148
Varmora Granito IPO minimum Investment is ₹14140
Varmora Granito IPO issue size is ₹ 6,697.5 M - ₹ 7,080.2 M
Varmora Granito has a minimum lot size of 101 Shares per application
Varmora Granito NUMBER OF SHARES ON OFFER
Total47.8 M
Fresh Issue21.6 M
Offer for Sale26.2 M
Post Issue Promoter Holding %47.04 %
Varmora Granito IPO IMPORTANT DATES
| Issue Open Date | 22 Sep 2026 |
| Issue close Date | 24 Sep 2026 |
| Allotment Date | 25 Sep 2026 |
| Refund Date | 28 Sep 2026 |
| Demat Account Credit Date | 28 Sep 2026 |
| Listing Date | 29 Sep 2026 |
| Listing on Exchange(s) | NSE and BSE |
| Varmora Granito Allotment Status | Exchange/ Registrar |
Varmora Granito IPO subscription opens on 22 Sep 2026, and closes on 24 Sep 2026
IPO allotment for Varmora Granito is expected to be finalized on Friday, 25 Sep 2026
IPO listing for Varmora Granito will be on NSE and BSE on Tuesday, 29 Sep 2026
Varmora Granito IPO LISTING GAINS
| Issue Price (adjusted) | 148.0 |
| Listing Open Price | 155.0 |
| Listing Close Price | 152.2 |
| Listing Gain% | 4.7% |
| Current Gain% | 2.8% |
Varmora Granito Peer
| Stock | Stock Price | Market Cap (Rs crore) | PE TTM | PEG TTM | PS TTM | ROE% | ROA% | Annual Revenue (Rs crore) | Annual Revenue Growth % | Annual Net Profit (Rs crore) | Annual Net Profit Growth % | EPS TTM | EPS TTM Growth % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Varmora Granito Ltd. | 152.2 | 3439.7 | 55.4 | 0.7 | 2.2 | 7.7 | 4.1 | 1562.5 | 4.7 | 62.1 | 76.1 | 2.7 | 76.1 |
| Kajaria Ceramics Ltd. | 1190.5 | 18963.8 | 34.7 | 0.5 | 3.8 | 15.8 | 12 | 4883.2 | 4.4 | 485.4 | 64.9 | 34.3 | 74.1 |
| Cera Sanitaryware Ltd. | 5124.5 | 6609.3 | 32.6 | -1.9 | 3.1 | 13.9 | 10.4 | 2103 | 6.3 | 204.2 | -17.2 | 157.4 | -17.5 |
| Somany Ceramics Ltd. | 613.8 | 2517.6 | 23.7 | 0.3 | 0.9 | 9.6 | 4 | 2801.2 | 5 | 81.2 | 35.2 | 25.9 | 82.9 |
| Nitco Ltd. | 86.8 | 2191.1 | -75.8 | -0.8 | 4.3 | 7.9 | 2.6 | 553.9 | 69 | 28.9 | 103.9 | -1.1 | 95.6 |
| Asian Granito India Ltd. | 50.1 | 1485.3 | 117.9 | -1.9 | 0.8 | 1.4 | 0.8 | 1874.9 | 19.6 | 20.9 | -24.2 | 0.4 | -62 |
Annual
Balance Sheet
Ratios
Cash Flow
Varmora Granito annual results: revenue, profit, P&L, and margins as of Mar 2026 – 11 year history
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| Indicator | Graph | Mar '26 | Mar '25 |
|---|---|---|---|
| 1,415.5 | 1,363.9 | ||
Operating Exp. Ann. | 1,213.8 | 1,184.7 | |
Operating Profit Ann. | 147.8 | 128.2 | |
OPM Ann. % | 10.44% | 9.40% | |
| 1,334.4 | 1,320.8 | ||
EBITDA Ann. | 201.7 | 179.2 | |
EBITDA Ann. margin % | 14.25% | 13.14% | |
Interest Ann. | 32.6 | 34.8 | |
Depr. | 88 | 101.4 | |
PBT Ann. | 80.4 | 43.1 | |
Tax Ann. | 22 | 14.3 | |
| 58.4 | 28.8 | ||
Net Profit Ann. | 58.4 | 28.8 | |
NPM Ann. % | 4.29% | 2.19% | |
EPS Adj. latest Ann. | 2.6 | 1.3 |
*All financials are in INR Cr and price data in INR
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Total Rev. Ann.
1Y CHG
3.8%
Net Profit Ann.
1Y CHG
102.8%
Operating Exp. Ann.
1Y CHG
2.5%
Varmora Granito INFORMATION ON IPO ISSUE
About Varmora Granito
Varmora Granito was incorporated on November 18, 2003. The company is one of the leading players in the Indian tiles industry, engaged in manufacturing and marketing a wide range of ceramic tiles, vitrified tiles, and sanitaryware products. The company is known for its innovative designs, advanced technology, and strong distribution network across India and international markets
Object 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
- Repayment/ pre-payment, in full or in part, of all or certain outstanding borrowings and accrued interest thereon availed by their wholly-owned subsidiaries, namely Covertek Ceramica and Varmora Sanitarywares (formerly, Varmora Sanitarywares LLP), and of its subsidiary, Simola Tiles LLP, through investment in such subsidiaries
- General corporate purposes
Varmora Granito - PROMOTERS
| Name |
|---|
| Bhavesh Vallabhdas Varmora |
| Hiren R Varmora |
| Pramodkumar Parsotambhai Patel |
Varmora Granito - MANAGEMENT & LEADERSHIP
| Name | Designation |
|---|---|
| Bhavesh Vallabhdas Varmora | Chairman & Managing Director |
| Pramodkumar Parsotambhai Patel | Executive Director |
| Hiren R Varmora | Executive Director |
| Amit Jain | Non-Executive Nominee Director |
| Suryanarayanan Sivaramakrishnan | Independent Director |
| Chandubhai Virani | Independent Director |
| Sandhya Maulik Patel | Independent Director |
| Vivek Vikram Singh | Independent Director |
| Shital Bharatkumar Badshah | Independent Director |
Varmora Granito Book Running Lead Manager
JM Financial Limited
vgl.ipo@jmfl.com
Goldman Sachs (India) Securities Private Limited
varmoraipo@gs.com
SBI Capital Markets Limited
varmora.ipo@sbicaps.com
Varmora Granito Registrar to the Offer
KFin Technologies Limited
vgl.ipo@kfintech.com
Varmora Granito Strengths
Premium product portfolio
As of FY25, the company had one of the largest and most diverse premium tile portfolios in India, with over 3,500 SKUs including GVT, PVT, and ceramic tiles (Technopak Report). It also pioneered IST in Asia in 2024, producing marble-like products across four surfaces
Strength
Customer centric innovation
Premiumization in India has fueled demand for innovative and large-format tiles that blend aesthetics with functionality. The company’s sustained focus on innovation, technology adoption, and sustainable practices—especially in GVT—has strengthened its premium product portfolio and market leadership (Technopak Report)
Strength
In-house manufacturing
The company operates nine manufacturing facilities in Morbi, Gujarat—India’s tile hub, contributing 90% of national production (Technopak Report). With one of the largest owned capacities, it manufactures most of its products in-house, ensuring quality control, value chain efficiency, and improved margins
Strength
Varmora Granito Risks
Power & fuel supply risk
The company’s operations depend on continuous power and fuel, primarily sourced from state electricity boards and natural gas suppliers. Power outages or fuel supply disruptions may force reliance on costly alternatives, impacting production costs and profitability
Risk
Brand risks
Brand recognition is vital to the company’s success, with “Varmora” significantly driving its growth. Sustaining and enhancing this reputation is essential, though factors like market perception and regulatory changes may adversely impact the brand
Risk
Licenses & approvals
The company must obtain and maintain statutory permits, licenses, and approvals to operate its business. Any delay or failure in securing these could adversely affect its operations, cash flows, and financial condition
Risk
IPO FAQs
This IPO consists of an offer for sale of up to Rs 388.0 crore, of 26,217,634 shares. It also consists of a fresh issue of Rs 320.0 crore.
The promoters of the company are Bhavesh Vallabhdas Varmora, Hiren R Varmora and Pramodkumar Parsotambhai Patel.
The category allocation of qualified institutional buyers is 50.0%, the category allocation of non individual investors or high networth individuals is 15.0% and for retail investors it is 35.0%.
The price band of the IPO is Rs 140.0 - 148.0.
The IPO application opens on Sep 22, 2026 and closes on Sep 24, 2026.
The minimum lot size for the IPO is 101. The maximum lot size for the IPO is 1313.
For all category investors, the minimum application amount for this IPO is Rs. 14,140.0, the maximum value for this IPO is Rs 194,324.0.
This IPO will be allotted on Sep 25, 2026.
The refund will be credited to your account on Sep 28, 2026.
The allotted shares will be credited to your demat on Sep 28, 2026.
Varmora Granito Ltd.’s shares will list on the stock exchanges on Sep 29, 2026.