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Varmora Granito IPOLISTED
Varmora Granito Limited is engaged in the manufacturing and marketing of ceramic and vitrified tiles, offering a wide portfolio of premium and technology-driven products.
Listing price
₹155
Listing gain
+4.73%
Current
₹155
Listed
29 Sept 26
Opens
22 Sept 26Closes
24 Sept 26Allotment
25 Sept 26Refund
28 Sept 26Demat
28 Sept 26Listing
29 Sept 26Overview
Price band
₹140-148
Lot size
101 shares
Min. investment
₹14,948
Issue size
₹708.02 Cr
4.78 Cr shares
Fresh issue
₹320 Cr
2.16 Cr shares
Offer for sale
₹388.02 Cr
2.62 Cr shares
Face value
₹2 / share
Issue type
Book Built Issue
Listing at
NSE, BSE
Reservation
| Category | Shares offered | % of issue |
|---|---|---|
| Anchor Investor | 1,43,51,775 | 30% |
| QIB | 95,67,851 | 20% |
| NII (HNI) | 71,75,889 | 15% |
| B-HNI | 47,83,926 | 10% |
| S-HNI | 23,91,963 | 4% |
| Individual | 1,67,43,740 | 35% |
| Total | 4,78,39,255 | 100% |
Lot size & investment
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 101 | ₹14,948 |
| Retail (Max) | 13 | 1,313 | ₹1,94,324 |
| S-HNI (Min) | 14 | 1,414 | ₹2,09,272 |
| S-HNI (Max) | 66 | 6,666 | ₹9,86,568 |
| B-HNI (Min) | 67 | 6,767 | ₹10,01,516 |
Listing performance
NSE/BSE: VARMORAListing gain
+4.73%
Gain per retail lot
₹707
Latest vs issue
—
GMP was
₹1 (+0.68%)
Issue price
GMP estimate
Listing price
Latest price appears here during market hours.
Varmora Granito Live GMP
Not enough GMP history yet to draw a trend.
Subscription
11 Oct, 12:56 pmOversubscribed 1.60 times · 95,976 applications
Total applications
95,976
Total bid amount
₹792 Cr
Category breakdown
| Category | Shares offered | Shares bid | Times | Bid amount |
|---|---|---|---|---|
| QIB | — | — | 3.10x | ₹438 Cr |
| NII (HNI) | — | — | 0.94x | ₹100 Cr |
| B-HNI | — | — | 0.94x | ₹66.87 Cr |
| S-HNI | — | — | 0.94x | ₹33.34 Cr |
| Retail | — | — | 1.02x | ₹253 Cr |
| Total | — | — | 1.60x | ₹792 Cr |
Financials
(₹ in crores)
Key performance indicators
As of 31 Mar 2026ROE
6.8%
PAT Margin
3.53%
ROCE
9.89%
EBITDA Margin
14.18%
Price to Book Value
3.74
RoNW
7.79%
Valuation vs listed peers
EPS Pre IPO
₹2.7
EPS Post IPO
₹2.44
P/E Pre IPO
54.81
P/E Post IPO
60.66
Price-to-earnings
| Company | P/E | P/B | RoNW | Face value |
|---|---|---|---|---|
| Kajaria Ceramics Limited | 40.27 | — | — | — |
| Somany Ceramics Limited | 28.55 | — | — | — |
| Asian Granito India Limited | 72 | — | — | — |
| Orient Bell Limited | 47.66 | — | — | — |
Peer median P/E 44.0× · Ratios as disclosed in the offer document.
Buzz AI analysis
From this IPO's filings and market data · educational, not investment advice
Revenue growth FY24 → FY26
+6.1%
Profit growth FY24 → FY26
+22.6%
P/E vs peer median
60.7× vs 44.0×
- PAT margin 3.5% and ROCE 9.9%.
- Priced above its listed-peer median P/E.
Strengths & risks
- Established Player with a strong presence in the tile industry.
- Premium Portfolio with diverse tile products.
- Product Innovation with regular new product launches.
- Wide Distribution through a pan-India retail network.
- In-House Manufacturing supporting quality and supply control.
Buzz score · Watch
From GMP, subscription and issue size
Objects of the issue
| Purpose | Amount (₹ Cr) |
|---|---|
| Repayment/ pre-payment, in full or in part, of all or certain outstanding borrowings and accrued interest thereon availed by: The company and wholly-owned subsidiaries namely Covertek Ceramica Pvt.Ltd. and Varmora Sanitarywares Pvt.Ltd. (formerly, Varmora Sanitarywares LLP), and of the subsidiary, Simola Tiles LLP, through investment in such Subsidiaries. | 245 |
| General Corporate Purposes. | - |
Company & documents
Varmora Granito Limited is engaged in the manufacturing and marketing of ceramic and vitrified tiles, including Glazed Vitrified Tiles (GVT), Polished Vitrified Tiles (PVT) and ceramic tiles. The company has focused on developing a diverse portfolio of premium and technology-driven tile products, with GVT and technical products contributing 84.19% of its tile revenue in Fiscal 2026.
The company operates eight manufacturing facilities in Gujarat’s Morbi cluster, with 81.72% of Fiscal 2026 revenue generated from in-house manufactured products.
Varmora focuses on technology and innovation, including Integrated Stone Technology (IST) launched in 2024. As of March 31, 2026, its tile portfolio comprised more than 3,500 SKUs across 20 different surface types, serving applications such as flooring, walls, back paneling, façades and kitchen slabs.
Varmora has a multi-channel distribution network with 305 Exclusive Brand Outlets (EBOs) and 2,758 Multi-Brand Outlets (MBOs) across India and overseas, serving both B2C and B2B markets, including builders, contractors and developers.
Varmora expanded its portfolio by launching 5,338 SKUs between Fiscal 2023 and Fiscal 2026, supported by its Hybrid Varmora digital platform for 3D and virtual product visualization.
As of March 31, 2026, Varmora had 1,153 permanent employees, including 1,149 skilled employees.
Registrar
Company contact
Varmora Granito Ltd.
8-A, National Highway, Dhuva, Taluka Wankaner, Rajkot, Gujarat, 380054
Phone: 9909913657
Email: investor.relations@varmora.com
Web: https://varmora.com/
Book running lead managers
- JM Financial Limited
- SBI Capital Markets Limited
- Goldman Sachs (India) Securities Private Limited
Promoters
- Bhavesh Vallabhdas Varmora
- Hiren R Varmora
- Pramodkumar Parsotambhai Patel