Varmora Granito Limited IPO
Open now22–24 Sep 2026
Latest update:
GMP +2.7% (₹4) · Subscribed 0.10× (QIB 0.0× · NII 0.0× · Retail 0.2×) · Price band ₹140–₹148 · Closes 24 Sep 2026 · Allotment 25 Sep 2026 (Confirmed) · Lists 29 Sep 2026 (Expected)
What Varmora Granito Limited does
Varmora Granito Limited is engaged in the business of manufacturing and trading of ceramic tiles, glazed vitrified tiles (GVT), polished vitrified tiles (PVT), and bathware/sanitaryware products.
Varmora Granito Limited financials
Rs crore · AnnualLatest year highlighted in green. Sparklines show the trend.
| Fiscal 2024 | Fiscal 2025 | Fiscal 2026 | ||
|---|---|---|---|---|
| Sales | 1,435 | 1,446 | 1,512 | |
| Operating Profit | 150 | 198 | 222 | |
| OPM % | 10.2% | 13.3% | 14.2% | |
| Net Profit | 45 | 31 | 55 | |
| Total Debt | 413 | 505 | 358 |
Varmora Granito Limited IPO offer structure
Total: ₹708 cr. Fresh issue proceeds go to the company; OFS proceeds go to selling shareholders.
Issue size and split come from a public aggregator rather than the exchange, cross-checked against a second one. The offer document states the offer-for-sale as a share count against a blank amount, so it cannot be read from the document itself.
Use of proceeds- Repayment/ pre-payment, in full or in part, of all or certain outstanding borrowings and accrued interest thereon availed by our Company: ₹215 cr
- Repayment/ pre-payment, in full or in part, of all or certain outstanding borrowings and accrued interest thereon availed by our wholly-owned subsidiaries: ₹30 cr
- General corporate purposes
Varmora Granito Limited promoters and holding
- Bhavesh Vallabhdas Varmora: Chairman and Managing Director
- Hiren R Varmora: Executive Director
- Pramodkumar Parsotambhai Patel: Executive Director
Varmora Granito Limited strengths and risks
Company-stated strengths and disclosed risk factors from the offer document.
- Established player operating in the tile industry in India in a large attractive market (p.212)
- Comprehensive premium product portfolio (p.212)
- Customer centric innovation led approach resulting in multiple new product launches (p.212)
- Well diversified pan-India distribution network focused on EBOs that strengthen our brand recall (p.212)
- Strategically located and technologically advanced in-house manufacturing to maintain control over quality and supply chain (p.212)
- We are dependent on our manufacturing facilities for a significant portion of our revenues. (p.23)
- We derive a substantial portion of our revenue from the sale of glazed vitrified tiles (GVT) and technical products. (p.24)
- All our revenues are attributable to manufacturing facilities situated in Morbi, Gujarat, India. (p.25)
- We have an extensive retail distribution network and derive a significant portion of our revenue from our B2C retail chain. (p.25)
- Our Subsidiaries, Associates and Joint Ventures have common pursuits vis-a-vis our Company and are in a similar line of business. (p.26)
Varmora Granito Limited peer comparison: DRHP median P/E 44.0x
Live BSE prices| Company | CMP | P/E | OPM% | ROE% | Source |
|---|---|---|---|---|---|
| Kajaria Ceramics Limited | Rs 1,185 -1.2% | 34.5x | 20.3% | 19.3% | live |
| Somany Ceramics Limited | Rs 595.65 +0.7% | 24.2x | 9.8% | 15.7% | live |
| Asian Granito India Limited | Rs 49.92 -2.7% | 139.1x | 3.5% | 0.0% | live |
| Orient Bell Limited | Rs 394 +0.1% | 27.4x | 8.7% | 6.6% | live |
P/E from offer document where live data unavailable. Not a fair-value judgement.
Varmora Granito Limited market and competition
Varmora Granito Ltd. is among the top four players in the Indian tiles market in terms of revenue in Fiscal 2026 among the selected listed peers. We accounted for approximately 6.6% share of the Indian GVT tiles market in terms of revenue in Fiscal 2026.
Varmora Granito Limited outlook, as the document states it
We intend to focus on expanding our distribution network across India. We intend to strengthen our existing relationships by converting MBOs to EBOs, expanding the range of product offering with new surface launches and build new strategic relationships, such as marble dealers, to sell our new launched IST products. We also intend to grow our bathware and adhesives product capabilities to leverage the growing market.
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Varmora Granito Limited IPO: common questions
What is the Varmora Granito Limited IPO GMP (grey-market premium) today?
As of 22 Sep 2026 the indicative grey-market premium (GMP) for the Varmora Granito Limited IPO is +2.7% from a single grey-market source. GMP is unregulated and self-reported, so treat it as a sentiment signal, never a guarantee. For context, across the 29 IPOs we have tracked from a pre-listing GMP quote through to the actual listing, grey-market premium pointed the right way 79% of the time. Never decide on GMP alone.
When does the Varmora Granito Limited IPO open and close?
The Varmora Granito Limited IPO is open from 22 Sep 2026 to 24 Sep 2026.
What is the Varmora Granito Limited IPO price band?
The price band is ₹140–₹148 per share.
What is the lot size and minimum investment for the Varmora Granito Limited IPO?
One lot is 101 shares, and a retail application must be at least one lot. That is about ₹14,948 at the upper end of the band. An HNI application starts above Rs 2 lakh, so the minimum is higher for that category.
How much is the Varmora Granito Limited IPO subscribed?
As of 22 Sep 2026 the total subscription is 0.10×.
When are the Varmora Granito Limited IPO allotment and listing dates?
Not published yet. Derived from the close date on the usual timetable: allotment around 25 Sep 2026, refund/unblock around 28 Sep 2026 and listing around 29 Sep 2026. Treat these as estimates until the exchange confirms them.
How do I apply for the Varmora Granito Limited IPO?
Through any broker app or your bank's net banking, using a demat account and a PAN. You bid in lots at a price inside the band, or at cut-off. The money is blocked in your account, not debited, until allotment. One application per PAN. We do not recommend brokers and carry no broker links. How to apply, start to finish →
Sources & method
Subscription and issue data come from the NSE and BSE exchange feeds, with the third-party aggregator, clearly labelled, where an exchange feed is unreachable. DRHP analysis is extracted from the offer document itself, every figure cited to its page. Each figure on the page carries its source and its timestamp.
Grey-market premium (GMP) is unregulated.
Every GMP figure is a self-reported grey-market estimate. No exchange, regulator or clearing body records or audits it, and there is no settlement guarantee or recourse. Shown for context only; never decide on GMP alone. New to GMP? The 30-second explainer → Has GMP actually been right? →
How often do these actually open above the issue price?
Of the 519 mainboard IPOs that have listed on the NSE since 2003, 369 (71%) opened above their issue price, at a median of +10%. That is the segment's own record, not a forecast for this issue.