Minimum Investment
About Company
Company Name: Varmora Granito Limited
Industry / Sector: Ceramic & Vitrified Tiles
Founded Year: 2003
Promoters: Bhavesh Vallabhdas Varmora, Hiren R Varmora, Pramodkumar Parsotambhai Patel
Varmora Granito Limited manufactures and markets ceramic and vitrified tiles, including Glazed Vitrified Tiles (GVT), Polished Vitrified Tiles (PVT) and ceramic tiles. The company focuses on premium, technology-driven products, with GVT and technical tiles accounting for around 84% of its tile revenue in Fiscal 2026. The company operates eight manufacturing facilities in the Morbi cluster of Gujarat, with 81.72% of its revenue in Fiscal 2026 generated from in-house manufactured products. It has also adopted Integrated Stone Technology (IST) through a technology partnership with Italy-based SACMI, supporting its focus on innovative and premium tile products. Varmora has a wide distribution network comprising 305 exclusive brand outlets and 2,758 multi-brand outlets across India and overseas, along with B2B sales to builders, contractors, developers and government entities. The company also focuses on sustainability, with 16.22 MW of renewable energy capacity from wind and solar. As of March 2026, it had 1,153 permanent employees.
IPO Basic Details
| Company Name | Varmora Granito Limited |
| IPO Type | Mainboard IPO |
| Price Band | ₹140 – ₹148 |
| Lot Size | 101 Shares |
| Total Issue Size | 4,78,39,255 Equity Shares (₹708.02 Cr) |
IPO Strengths & Risks
Strengths
- Diversified premium product portfolio
- Technology-led innovation, pan-India distribution
- In-house manufacturing capabilities and a focus on sustainability
Risks
- Dependence on manufacturing facilities for a significant portion of revenues (81.72% in Fiscal 2026)
- Intense competition in the ceramic tile industry
- Volatility in raw material and energy prices
- Seasonal and cyclical nature of the construction and real estate sectors
- Geographical concentration of manufacturing facilities in the Morbi cluster
IPO Important Dates
| IPO Open Date | 22 Sep 2026 |
| IPO Close Date | 24 Sep 2026 |
| Basis of Allotment | 25 Sep 2026 |
| Refund Initiation | 28 Sep 2026 |
| Demat Credit Date | 28 Sep 2026 |
| Listing Date | 29 Sep 2026 |
| Anchor Investor Date | - |
| UPI Mandate Deadline | - |
IPO Objectives
- Capital expenditure for machinery and equipment – -
- Funding working capital requirements – -
- Debt repayment – -
- General corporate purposes – Balance Amount
Investor Reservation
| QIB Quota | Not more than 50% of the Offer |
| Retail Quota | Not less than 35% of the Offer |
| HNI Quota | - |
| Employee Quota | - |
| Shareholder Quota | - |
| Anchor Investor Allocation | - |
Market Lot Details
| Application | Lot Size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 1 Lot | 101 | ₹14,948 |
| Retail Maximum | 13 Lots | 1313 | ₹1,94,324 |
| S-HNI Minimum | 14 Lots | 1414 | ₹2,09,272 |
| S-HNI Maximum | 66 Lots | 6666 | ₹9,86,568 |
| B-HNI Minimum | 67 Lots | 6767 | ₹10,01,516 |
Key Performance Indicators (KPI)
| ROE | 6.80% |
| ROCE | 9.89% |
| RoNW | - |
| PAT Margin | 3.53% |
| EBITDA Margin | 14.18% |
| EPS | ₹2.70 (Pre-IPO), ₹2.44 (Post-IPO) |
| NAV per share | - |
| Debt to Equity | Not explicitly stated in the source |
| P/E Ratio | - |
| Industry P/E | - |
Company Financial Data
| Period | Assets | Total Income | PAT | EBITDA | Net Worth | Borrowings |
|---|---|---|---|---|---|---|
| FY2026 | ₹1,509.87 Cr | ₹1,562.53 Cr | ₹55.09 Cr | ₹221.56 Cr | ₹796.88 Cr | ₹357.95 Cr |
| FY2025 | ₹1,589.80 Cr | ₹1,492.68 Cr | ₹30.77 Cr | ₹198.29 Cr | ₹722.90 Cr | ₹505.16 Cr |
| FY2024 | ₹1,476.16 Cr | ₹1,472.58 Cr | ₹44.94 Cr | ₹150.33 Cr | ₹678.59 Cr | ₹412.89 Cr |
Grey Market Premium
| GMP Price | ₹10 (as of 18 Sep 2026) |
| Kostak Rate | Not Available |
| Subject to Sauda | Not Available |
| Last Updated | 18 Sep 2026 |
| Estimated Listing Price | ₹158 (approx. 6.8% premium over upper price band) |
IPO Subscription Data
| Total Subscription | Pending |
| QIB (Ex Anchor) | Pending |
| HNI Subscription | Pending |
| Retail Subscription | Pending |
| Anchor | - |
IPO Intermediaries
Registrar: Kfin Technologies Ltd.
Registrar Website: https://www.kfintech.com
IPO Lead Manager(s)
Company Information
Address: 8-A, National Highway, Dhuva, Taluka Wankaner, Rajkot, Gujarat - 380054
Website: https://www.varmora.com
Email: investor.relations@varmora.com
Phone: 9909913657
IPO Documents
Frequently Asked Questions (FAQ)
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