Varmora Granito IPO is a book-built mainboard issue of ₹708.02 crore. The issue comprises a fresh issue of 2,16,21,621 equity shares aggregating to ₹320 crore and an offer for sale of 2,62,17,634 equity shares aggregating to ₹388.02 crore. The equity shares have a face value of ₹2 each.
Varmora Granito IPO opens for subscription on September 22, 2026 and closes on September 24, 2026. The allotment is expected to be finalized on September 25, 2026, followed by refund initiation and credit of shares to demat accounts on September 28, 2026. The tentative listing date is September 29, 2026 on BSE and NSE.
The Varmora Granito IPO price band is fixed at ₹140 to ₹148 per share. The lot size is 101 shares, making the minimum retail investment ₹14,948 at the upper price band. Retail investors can apply for up to 13 lots, or 1,313 shares, under the stated retail application limits.
Varmora Granito Limited is engaged in the manufacturing, marketing and distribution of ceramic and vitrified tiles and related building-material products. Its portfolio includes glazed vitrified tiles, polished vitrified tiles, ceramic tiles, large-format products and technical tiles. The company has also expanded into bathware, sanitaryware, faucets and other related categories.
Table of Contents
Varmora Granito IPO Details Information
| Particular | Details |
|---|---|
| IPO Name | Varmora Granito IPO |
| Company Name | Varmora Granito Limited |
| IPO Type | Book Build Issue |
| IPO Category | Mainboard |
| Face Value | ₹2 per share |
| Price Band | ₹140 to ₹148 per share |
| Issue Size | ₹708.02 Crore |
| Fresh Issue | ₹320 Crore |
| Offer for Sale | ₹388.02 Crore |
| IPO Open Date | September 22, 2026 |
| IPO Close Date | September 24, 2026 |
| Anchor Investor Bidding | September 21, 2026 |
| Basis of Allotment | September 25, 2026 |
| Refund Initiation | September 28, 2026 |
| Shares Credited to Demat Account | September 28, 2026 |
| Listing Date | September 29, 2026 |
| Listing Exchange | BSE and NSE |
| Lot Size | 101 Shares |
| Registrar | KFin Technologies Limited |
| Book Running Lead Managers | JM Financial Limited, Goldman Sachs (India) Securities Pvt. Ltd., SBI Capital Markets Ltd. |
Varmora Granito IPO is a combination of a fresh issue and an offer for sale. The fresh issue is intended to raise ₹320 crore, while the OFS portion is worth ₹388.02 crore at the upper price band. The company proposes to use the majority of the fresh issue proceeds for repayment or pre-payment of borrowings and accrued interest.
Varmora Granito IPO Dates
| IPO Event | Date |
|---|---|
| Anchor Investor Bidding | September 21, 2026 |
| IPO Opening Date | September 22, 2026 |
| IPO Closing Date | September 24, 2026 |
| Basis of Allotment | September 25, 2026 |
| Refund Initiation | September 28, 2026 |
| Shares Credited to Demat Account | September 28, 2026 |
| Listing Date | September 29, 2026 |
The Varmora Granito IPO will remain open for three days from September 22 to September 24, 2026. The basis of allotment is expected on September 25, while refunds and demat credit are scheduled for September 28. The shares are proposed to list on September 29, 2026.
Varmora Granito IPO Reservation
| Investor Category | Reservation |
|---|---|
| QIB | Not more than 50% of the Offer |
| NII | Not less than 15% of the Offer |
| RII | Not less than 35% of the Offer |
The reservation structure provides not more than 50% of the offer for Qualified Institutional Buyers, not less than 15% for Non-Institutional Investors and not less than 35% for Retail Individual Investors.
The total issue consists of 4,78,39,255 equity shares. Of these, 1,67,43,739 shares are reported as offered to the public under the applicable reservation structure.
Varmora Granito IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 1 | 101 | ₹14,948 |
| Retail Maximum | 13 | 1,313 | ₹1,94,324 |
| S-HNI Minimum | 14 | 1,414 | ₹2,09,272 |
| S-HNI Maximum | 66 | 6,666 | ₹9,86,568 |
| B-HNI Minimum | 67 | 6,767 | ₹10,01,516 |
The Varmora Granito IPO lot size is 101 shares. At the upper price band of ₹148, one lot requires ₹14,948. The minimum S-HNI application is 14 lots, or 1,414 shares, requiring ₹2,09,272 at the upper price band.
About Varmora Granito Limited
Varmora Granito Limited was incorporated in 2003 and is engaged in manufacturing, marketing and distribution of ceramic and vitrified tiles and related surface products. The company has developed a broad product portfolio covering glazed vitrified tiles, polished vitrified tiles, ceramic tiles, technical products, large-format products and other surface solutions.
The company has expanded its product range beyond tiles into bathware, sanitaryware, faucets, adhesives and related building-material products. Its operations are supported by manufacturing facilities in the Morbi cluster of Gujarat and a distribution network serving domestic and international markets.
Varmora has focused on premium and technology-oriented tile products. GVT and technical products accounted for 84.19% of revenue from operations from tiles in FY2026 according to the company’s offer-document information.
The company also commercialised Integrated Stone Technology in 2024 through a technology partnership with SACMI, an Italian tile-equipment provider. The company has subsequently continued to focus on premium and differentiated surface products.
Business Operations
Varmora Granito’s core business is the manufacture and sale of ceramic and vitrified tiles. Its product portfolio includes glazed vitrified tiles, polished vitrified tiles, ceramic tiles, digitally printed wall tiles, double-charge tiles, full-body slabs, kitchen slabs and large-format products.
The company also operates in bathware, sanitaryware and faucets, allowing it to offer multiple building-material categories. Its sales are generated through retail and B2B channels.
The B2C business includes exclusive brand outlets and multi-brand outlets, while the B2B business serves builders, contractors, developers, institutional customers and government-related buyers.
As of March 2026, the company had 1,153 permanent employees and operated eight manufacturing facilities. It also had renewable energy capacity of approximately 16.22 MW from wind and solar sources.
Industry Overview
The Indian tile and building-material industry is closely connected with residential construction, commercial real estate, renovation and interior development. Demand for ceramic and vitrified tiles is influenced by new housing construction, replacement activity, consumer preferences and infrastructure development.
The organised flooring market has been gaining importance within the broader Indian flooring industry. The sector is also experiencing increasing adoption of premium tiles, large-format products, technical surfaces and technology-enabled designs.
The industry remains competitive, with large organised manufacturers competing alongside regional and unorganised producers. Raw-material prices, energy costs, transportation expenses and construction activity can influence operating margins.
Varmora operates within this competitive environment with a focus on premium products, technology, manufacturing capabilities and distribution reach.
Business Strategy
Varmora Granito’s strategy includes increasing the contribution of premium and technical products, expanding its product portfolio and strengthening its distribution network.
The company has invested in manufacturing and technology capabilities, including Integrated Stone Technology. Its focus on premium products is reflected in the increasing contribution of GVT and technical products to its tile business.
The company is also focused on strengthening its in-house manufacturing capabilities. It established two greenfield plants in Morbi in 2024 and continues to develop its product and manufacturing portfolio.
Another important element of its strategy is reducing debt. A major portion of the fresh issue proceeds is proposed to be used for repayment or pre-payment of outstanding borrowings and accrued interest of the company and specified subsidiaries.
Varmora Granito IPO Financial Information
Varmora Granito’s restated consolidated financial statements show an increase in total income and profit after tax in FY2026 compared with FY2025. Total income increased from ₹1,492.68 crore in FY2025 to ₹1,562.53 crore in FY2026, while PAT increased from ₹30.77 crore to ₹55.09 crore.
EBITDA increased from ₹198.29 crore in FY2025 to ₹221.56 crore in FY2026. The company’s net worth also increased from ₹722.90 crore to ₹796.88 crore, while total borrowings declined from ₹505.16 crore to ₹357.95 crore.
Varmora Granito Financial Summary
| Particular | FY2026 | FY2025 | FY2024 |
|---|---|---|---|
| Assets | ₹1,509.87 Cr | ₹1,589.80 Cr | ₹1,476.16 Cr |
| Total Income | ₹1,562.53 Cr | ₹1,492.68 Cr | ₹1,472.58 Cr |
| Profit After Tax | ₹55.09 Cr | ₹30.77 Cr | ₹44.94 Cr |
| EBITDA | ₹221.56 Cr | ₹198.29 Cr | ₹150.33 Cr |
| Net Worth | ₹796.88 Cr | ₹722.90 Cr | ₹678.59 Cr |
| Reserves and Surplus | ₹765.70 Cr | ₹691.72 Cr | ₹630.20 Cr |
| Total Borrowings | ₹357.95 Cr | ₹505.16 Cr | ₹412.89 Cr |
The financial figures indicate that total income increased from ₹1,472.58 crore in FY2024 to ₹1,562.53 crore in FY2026. PAT was ₹44.94 crore in FY2024, declined to ₹30.77 crore in FY2025 and increased to ₹55.09 crore in FY2026.
The company also reduced total borrowings substantially in FY2026. Borrowings declined from ₹505.16 crore in FY2025 to ₹357.95 crore in FY2026, while net worth increased to ₹796.88 crore.
Varmora Granito IPO Key Performance Indicators (KPIs)
| KPI | March 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 |
For FY2026, Varmora Granito reported ROE of 6.80%, ROCE of 9.89% and RoNW of 7.79%. EBITDA margin stood at 14.18%, while PAT margin was 3.53%. NAV was ₹39.52 per share.
The reported pre-IPO EPS is ₹2.70 and post-IPO EPS is ₹2.44. The corresponding P/E is approximately 54.81 times on a pre-issue basis and 60.66 times on a post-issue basis at the upper price band.
Objects of the Varmora Granito IPO
The company proposes to utilise the net proceeds from the fresh issue towards the following objects:
- Repayment or pre-payment, in full or in part, of outstanding borrowings and accrued interest.
- General corporate purposes.
| No. | Issue Objects | Estimated Amount (₹ Cr.) |
|---|---|---|
| 1 | Repayment/pre-payment of outstanding borrowings and accrued interest of the company and specified subsidiaries | 245.00 |
| 2 | General Corporate Purposes | Balance |
| Total | 245.00 |
The company proposes to utilise ₹245 crore toward repayment or pre-payment of borrowings and accrued interest availed by the company and specified subsidiaries, including Covertek Ceramica Private Limited and Varmora Sanitarywares Private Limited, as well as the specified subsidiary arrangements described in the offer document.
The remaining portion of the net proceeds is proposed to be used for general corporate purposes. The debt-repayment objective is aligned with the reduction in total borrowings reported in FY2026.
Varmora Granito IPO Listing Performance
| Particular | Value |
|---|---|
| Listing Exchange | BSE and NSE |
| Listing Date | September 29, 2026 (Tentative) |
| Issue Price | ₹140 to ₹148 |
| Listing Price | To Be Updated |
| Listing Gain | To Be Updated |
| Listing Gain (%) | To Be Updated |
Varmora Granito IPO has not been listed as of the date of this content. The tentative listing date is September 29, 2026 on BSE and NSE. The actual listing price and listing gain will be available after trading commences.
Varmora Granito IPO Subscription Status
The Varmora Granito IPO is scheduled to open for subscription on September 22, 2026. Therefore, live category-wise subscription figures are not available before the issue opens.
The subscription figures will be updated during the bidding period for QIB, NII and RII categories.
Varmora Granito IPO Subscription
| Investor Category | Subscription |
|---|---|
| QIB | To Be Updated |
| NII | To Be Updated |
| RII | To Be Updated |
| Employee Category | To Be Updated |
| Total Subscription | To Be Updated |
The Varmora Granito IPO subscription figures will become available after bidding begins on September 22, 2026. Investors should refer to the final exchange-reported figures after the issue closes on September 24, 2026.
Varmora Granito IPO Review
Varmora Granito IPO is a ₹708.02 crore mainboard issue comprising ₹320 crore of fresh equity and ₹388.02 crore of offer for sale. The price band is ₹140 to ₹148 per share, with a lot size of 101 shares.
The company has been operating since 2003 and has developed a diversified product portfolio covering ceramic and vitrified tiles and related building-material products. Its product range has expanded into bathware, sanitaryware, faucets and other categories.
The company has also focused on premium and technical tile products. GVT and technical products accounted for 84.19% of tile revenue in FY2026 according to the offer-document information. The company has additionally adopted Integrated Stone Technology through its partnership with SACMI.
The financial performance shows total income of ₹1,562.53 crore and PAT of ₹55.09 crore in FY2026. EBITDA increased to ₹221.56 crore, while total borrowings declined to ₹357.95 crore.
The principal use of the fresh issue proceeds is repayment or pre-payment of borrowings. The company has identified ₹245 crore for this purpose, with the remaining amount intended for general corporate purposes.
The IPO also includes a substantial OFS component of ₹388.02 crore. The proceeds from the OFS portion will go to the selling shareholder rather than directly to the company.
At the upper price band of ₹148, the reported post-issue P/E is approximately 60.66 times, while post-issue EPS is ₹2.44. The reported NAV is ₹39.52 and RoNW is 7.79%.
The current grey market premium is an unofficial market indicator and can change before listing. Recent sources have reported GMP figures in the ₹12–₹15 range, but GMP is not published by stock exchanges and should not be treated as a guaranteed listing price.
Varmora Granito IPO Strengths
- Established operations dating back to 2003.
- Diversified portfolio of ceramic and vitrified tile products.
- Focus on premium GVT and technical products.
- Technology adoption through Integrated Stone Technology.
- Manufacturing presence in the Morbi tile cluster.
- Broad distribution network across domestic and international markets.
- Expansion into bathware, sanitaryware and faucets.
- Growth in total income and PAT during FY2026.
- Reduction in total borrowings during FY2026.
- Proposed use of fresh issue proceeds toward debt reduction.
Varmora Granito IPO Risk Factors
- The company operates in a highly competitive tile and building-material industry.
- Raw-material and energy-cost fluctuations can affect margins.
- The business is exposed to changes in construction and real-estate demand.
- GVT and technical products account for a significant portion of tile revenue.
- Manufacturing facilities are concentrated in the Morbi region of Gujarat.
- The company depends on its distribution network and franchise-operated outlets for a significant portion of domestic sales.
- Changes in consumer preferences can affect product demand.
- The company has significant outstanding borrowings despite the reduction reported in FY2026.
- A substantial portion of the IPO is an offer for sale and does not provide fresh capital to the company.
- The reported post-issue P/E is higher than the pre-issue P/E.
- Competition from established organised players and regional manufacturers can affect pricing and margins.
- Grey market premium is unofficial and may change materially before listing.
Varmora Granito IPO Promoters
The promoters of Varmora Granito Limited are Bhavesh Vallabhdas Varmora, Hiren R Varmora and Pramodkumar Parsotambhai Patel. The promoter holding is reported at 52% before the issue and approximately 46.55% after the issue.
Varmora Granito IPO Promoters Details
| Promoter | Designation |
|---|---|
| Bhavesh Vallabhdas Varmora | Chairman & Managing Director |
| Hiren R Varmora | Executive Director |
| Pramodkumar Parsotambhai Patel | Executive Director |
Bhavesh Vallabhdas Varmora serves as Chairman and Managing Director, while Hiren R Varmora and Pramodkumar Parsotambhai Patel are Executive Directors.
Varmora Granito IPO Management Team
| Name | Designation |
|---|---|
| Bhavesh Vallabhdas Varmora | Chairman & Managing Director |
| Hiren R Varmora | Executive Director |
| Pramodkumar Parsotambhai Patel | Executive Director |
| Aamir Zeb | Non-Executive & Nominee Director |
| Chandubhai Virani | Independent Director |
| Sandhya Maulik Patel | Independent Director |
| Shital Bharatkumar Badshah | Independent Director |
| Suryanarayanan Sivaramakrishnan | Independent Director |
| Vivek Vikram Singh | Independent Director |
| H. Koshti | Chief Financial Officer |
| Nilesh Sharma | Company Secretary & Compliance Officer |
The reported management team includes the company’s three promoter-directors along with non-executive, nominee and independent directors. H. Koshti is the Chief Financial Officer and Nilesh Sharma is the Company Secretary and Compliance Officer.
Varmora Granito IPO Registrar Details
| Particular | Details |
|---|---|
| Registrar Name | KFin Technologies Limited |
| Website | KFin Technologies IPO Status |
| IPO Allotment Status | To Be Updated |
| Email ID | [email protected] |
| Contact Number | 040-79615565 |
KFin Technologies Limited is the registrar to the Varmora Granito IPO. Its reported contact details include the investor-grievance email [email protected] and telephone number 040-79615565.
Varmora Granito IPO Lead Manager Details
| Particular | Details |
|---|---|
| Lead Managers | JM Financial Limited; Goldman Sachs (India) Securities Pvt. Ltd.; SBI Capital Markets Ltd. |
JM Financial Limited, Goldman Sachs (India) Securities Pvt. Ltd. and SBI Capital Markets Ltd. are the book running lead managers for the Varmora Granito IPO.
Varmora Granito Limited Contact Details
| Particular | Details |
|---|---|
| Company Name | Varmora Granito Limited |
| Registered Office | 8-A, National Highway, Dhuva, Taluka Wankaner, Rajkot, Gujarat – 363641 |
| Website | www.varmora.com |
| Email ID | [email protected] |
| Contact Number | +91 9909913657 |
The registered office of Varmora Granito Limited is located at 8-A, National Highway, Dhuva, Taluka Wankaner, Rajkot, Gujarat. The company provides investor contact information through [email protected].
How to Check Varmora Granito IPO Allotment Status
Through the Registrar
Investors can check Varmora Granito IPO allotment status through the official KFin Technologies IPO portal after the basis of allotment is finalised.
- Visit the official KFin Technologies IPO allotment portal.
- Select Varmora Granito IPO from the available issue list.
- Select PAN, application number or the applicable search option.
- Enter the required details.
- Submit the information to view the allotment status.
Through BSE
Investors can also check the allotment status through the BSE website after the allotment information is made available.
- Visit the official BSE IPO allotment page.
- Select Varmora Granito IPO.
- Enter the PAN or application details.
- Complete the verification process if required.
- Submit the details to check the allotment status.
Varmora Granito IPO Conclusion
Varmora Granito IPO is a ₹708.02 crore mainboard IPO comprising a ₹320 crore fresh issue and ₹388.02 crore offer for sale. The price band is ₹140 to ₹148 per share, with a lot size of 101 shares. The IPO is scheduled to open on September 22 and close on September 24, 2026, with tentative listing on September 29, 2026.
The company operates in ceramic and vitrified tiles and has expanded its product portfolio into several related building-material categories. It has also developed a focus on premium and technical products and has invested in technology and manufacturing capabilities.
Financially, the company reported FY2026 total income of ₹1,562.53 crore, PAT of ₹55.09 crore and EBITDA of ₹221.56 crore. Total borrowings declined to ₹357.95 crore from ₹505.16 crore in FY2025.
The IPO proceeds are primarily intended for debt repayment or pre-payment, while the issue also contains a substantial OFS component. Investors should consider the company’s financial performance, valuation, industry conditions, debt position, product concentration and IPO structure before making an investment decision.
The GMP is an unofficial market indicator and may change before listing. It should not be treated as a guaranteed indication of the actual listing price.
Varmora Granito IPO FAQs
What is the Varmora Granito IPO?
Varmora Granito IPO is a mainboard book-built issue of ₹708.02 crore comprising a ₹320 crore fresh issue and a ₹388.02 crore offer for sale.
When will Varmora Granito IPO open?
The Varmora Granito IPO will open for subscription on September 22, 2026.
When will Varmora Granito IPO close?
The IPO will close on September 24, 2026.
What is the Varmora Granito IPO price band?
The Varmora Granito IPO price band is ₹140 to ₹148 per share.
What is the Varmora Granito IPO lot size?
The Varmora Granito IPO lot size is 101 shares. One lot requires ₹14,948 at the upper price band of ₹148.
What is the minimum investment required for Varmora Granito IPO?
The minimum retail investment is ₹14,948 for 101 shares at the upper price band.
What is the Varmora Granito IPO allotment date?
The tentative basis of allotment date is September 25, 2026. Refund initiation and credit of shares to demat accounts are scheduled for September 28, 2026.
What is the Varmora Granito IPO listing date?
The tentative listing date is September 29, 2026 on BSE and NSE.
Who is the registrar of Varmora Granito IPO?
KFin Technologies Limited is the registrar of the Varmora Granito IPO.
Who are the lead managers of Varmora Granito IPO?
JM Financial Limited, Goldman Sachs (India) Securities Pvt. Ltd. and SBI Capital Markets Ltd. are the book running lead managers of the Varmora Granito IPO.
