Varmora Granito Limited
Bookbuilding IPO · NSE, BSE
- Price band
- ₹140 - ₹148
- Lot size
- 101 shares
- Issue amount
- ₹708.02 cr
- Total subscription
- 1.6×
- Opens
- 22 Sept 2026
- Closes
- 24 Sept 2026
- Allotment
- 25 Sept 2026
- Listing
- 29 Sept 2026
Offer at a glance
Issue overview
- Issue size
- 4,78,38,855 shares
- Face value
- ₹2 Per Share
- Minimum investment
- ₹14,140
- Fresh issue
- ₹320 cr
- Offer for sale
- ₹388.02 cr
- Registrar
- Kfin Technologies Limited
- Listing exchange
- NSE, BSE
- Maximum investment
- ₹14,948
- Issue type
- Bookbuilding IPO
- Shares before issue
- 20,16,25,108
- Shares after issue
- 22,32,46,729
Lot sizes
| Category | Lots | Shares | Amount |
|---|---|---|---|
| RETAIL | 1 | 101 | ₹14,948 |
| sHNI | 14 | 1,414 | ₹2,09,272 |
| bHNI | 67 | 6,767 | ₹10,01,516 |
Share reservation
Subscription & GMP
Subscription by category
Reported 24 Sept 2026
GMP history
Day-wise demand
Application-wise demand
| Category | Reserved applications | Applied applications |
|---|---|---|
| RETAIL | 1,65,778 | 1,41,237 |
| HNIs(10L +) | 3,383 | 375 |
| HNIs (2-10L) | 1,692 | 1,331 |
Subscription demand
Amounts in ₹ crore. HNI subcategories are included in the NII total.
| Category | Offered | Demand |
|---|---|---|
| QIBs | 141.6 | 438.41 |
| Others | 0 | 0.04 |
| RETAIL | 247.81 | 252.97 |
| NIB | 106.2 | 98.1 |
| HNIs 2+ | 35.4 | 33.34 |
| HNIs 10+ | 70.8 | 66.87 |
| HNIs | 106.2 | 100.21 |
Financial performance
Company financials
In Crores · Reported periods may include interim results.
Key performance indicators
| Metric | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|
| EPS | 2.7 | 1.75 | 2.19 |
| ROE | 6.8 | 4.14 | 6.39 |
| ROCE | 9.89 | 6.32 | 7.95 |
| RONW | 0 | 0 | 0 |
| PRE IPO(PE) | 54.81 | 0 | 0 |
| POST IPO(PE) | 60.66 | 0 | 0 |
Values and labels as reported in the issue data.
Peer comparison
| Company | P/E(X) | CMP* (₹) | Face value (₹) | NAV/Share (₹) | RONW(%) | EPS (Basic) (₹) |
|---|---|---|---|---|---|---|
| Varmora Granito Limited | 54.81 | 0 | 2.00 | 39.52 | 7.79 | 2.70 |
| Kajaria Ceramics Limited | 40.27 | 0 | 1.00 | 191.11 | 15.89 | 30.48 |
| Somany Ceramics Limited | 28.55 | 0 | 2.00 | 202.11 | 8.79 | 19.80 |
| Asian Granito India Limited | 72.00 | 0 | 10.00 | 51.36 | 1.23 | 0.70 |
| Orient Bell Limited | 473.67 | 0 | 10.00 | 222.78 | 3.78 | 8.46 |
Company information
Company profile
Varmora Granito Limited, incorporated in 2003, is a leading manufacturer and marketer of ceramic and vitrified tiles, offering a wide range of products including glazed vitrified tiles (GVT), polished vitrified tiles (PVT), and ceramic tiles across over 3,500 SKUs. The company operates through a strong multi-channel distribution network comprising B2C channels like exclusive brand outlets and multi-brand stores, as well as B2B channels serving builders, contractors, and government projects, with a presence across 949 cities in India. It has nine manufacturing facilities located in the Morbi ceramic hub in Gujarat, enabling large-scale production and efficiency. Along with a strong domestic footprint, the company exports to over 100 countries, supported by a dedicated export team, making it a well-diversified player in the tiles industry with both domestic and global reach.
Strengths
- Leading & Fast-Growing Player: Varmora has a strong position in a large and growing market. Its established brand and wide distribution network support business expansion.
- Premium & Extensive Product Portfolio: The company offers a broad and premium range of tiles, bathware, sanitaryware and adhesives. This allows it to meet the varied needs of different customers.
- Customer-Centric Innovation: Varmora focuses on innovation and customer preferences, regularly introducing new products, including several industry-first offerings. This helps differentiate its products and respond to changing market demand.
Risk factors
- Dependence on Manufacturing Facilities: Around 78.55% of total revenue from operations in Fiscal 2025 came from the company’s manufacturing facilities. Any production delay, shutdown or operational disruption could significantly affect business and financial performance.
- Dependence on GVT Sales: Glazed Vitrified Tiles (GVT) contributed 69.56% of total revenue from operations in Fiscal 2025 . A decline in GVT demand could negatively impact the company’s revenue and operating performance.
- Concentration in Morbi: All of the company’s revenue comes from manufacturing facilities in Morbi, Gujarat , including those operated through third-party manufacturers. Any major disruption in the Morbi region could affect business operations, cash flows and financial performance.
Promoters
Bhavesh Vallabhdas Varmora
Hiren R Varmora
Pramodkumar Parsotambhai Patel
Registrar & documents
Lead manager
Jm Financial Limited, Goldman Sachs (India) Securities Private Limited, SBI Capital Markets Limited
Registrar & contacts
Kfin Technologies Limited
[email protected]Official registrar portal ↗IPO allotment status guide →Registered office
8-A, National Highway, Dhuva, Taluka Wankaner Rajkot, Gujarat, 380054
9909913657
[email protected]Company website ↗Understanding VARMORA IPO data
Compare the price band and required investment with the company profile, financial results and offer documents. Subscription figures show reported demand by category; they do not establish the value of the business. GMP is an unofficial indication and can change before listing.