Varmora Granito IPO
Varmora Granito, founded in 2003, is one of the leading manufacturers of ceramic and vitrified tiles. Its product portfolio consists of a diverse range of tiles across various formats such as glazed vitrified tiles (GVT), polished vitrified tiles (PVT), and ceramic tiles. The firm operates its business through a multi-channel network that consists of B2C and B2B models. Its product portfolio consists of over 3500 products.
IPO GMP
+₹1
+1% expected gain
Price Band
₹140 - ₹148
Lot Size
101 shares
Min Investment
₹14,948
Listing Date
September 29, 2026
About Varmora Granito
Company overview, business, and key facts.
Varmora Granito, founded in 2003, is one of the leading manufacturers of ceramic and vitrified tiles. Its product portfolio consists of a diverse range of tiles across various formats such as glazed vitrified tiles (GVT), polished vitrified tiles (PVT), and ceramic tiles. The firm operates its business through a multi-channel network that consists of B2C and B2B models. Its product portfolio consists of over 3500 products.
In the B2C network, the firm sells its products through 286 exclusive brand outlets (EBOs) and over 2,000 multi-brand outlets (MBOs), while in B2B, the firm directly sells its products to Builders, contractors, developers, and government procurement. Moreover, the company has sold its products in 949 cities across 27 states and union territories in India. Furthermore, Varmora Granito operates 9 manufacturing facilities in the Morbi industrial cluster in Gujarat.
Founded
2003
Headquarters
Rajkot, Gujarat
Promoters
Bhavesh Vallabhdas Varmora, Hiren R Varmora, Pramodkumar Parsotambhai Patel
Website
https://www.varmora.com/
IPO Details
Subscription Status
How many times each investor category has bid for the issue.
Strengths & Risks
Strengths
- Leader and Growth: The company positions itself as one of the leaders and the fastest growing player in the attractive market. The company’s brand equity and vast distribution network facilitate its growth potential.
- Large Premium Product Portfolio: The company offers a large premium product portfolio in terms of tiles, bath ware, sanitary ware and adhesives. This allows the company to offer various types of solutions to satisfy diverse customer needs.
- Customer Driven Innovation: The company takes an innovative and customer-driven approach that leads to frequent launches of new products including industry first products.
Risks
- Dependence on Manufacturing Facility: Nearly 78.55% of the total revenues earned by the company from operations in Fiscal 2025 are generated through its manufacturing facilities. Delay, disruption or any problem associated with the operation of these facilities may significantly impact its business and financial results.
- Dependence on GVT Sales: The Glazed vitrified tiles (GVT) contribute nearly 69.56% of the total revenue earned by the company from operations in Fiscal 2025.
- Concentration in Morbi: The entirety of the company’s income is generated from production units situated at Morbi, Gujarat, which are owned by the Company or contracted out to outside third parties. Any event disrupting the area of Morbi would significantly affect the business of the Company, financial, and operating performance.
Financials
Restated summary financials for the most recent periods.
Figures are indicative and restated for presentation.
Varmora Granito IPO Key Numbers
Calculated by IPOLyst from the published offer-document data. These are figures, not buy or sell calls.
Market cap at upper band
₹3,345.0 Cr
Post-IPO shares × upper price band
P/E on 2026 profit
60.7x
Peer median 44x (premium of 38%)
Price to sales
2.14x
Revenue growth, 2026
+4.7%
3% a year over the period
Profit growth, 2026
+79%
10.7% a year over the period
Profit margin (PAT)
3.5%
EBITDA margin 14.18%
ROE / ROCE
6.8% / 9.89%
As published in the offer document
Promoter holding
52.01% → 23.84%
Before → after the IPO
Issue mix
45.2% fresh / 54.8% sale
Fresh issue goes to the company, offer for sale to selling shareholders
GMP-implied gain per lot
₹101
101 shares on ₹14,948. GMP is unofficial.
What stands out
- Profit grew 79% in 2026.
- GMP has been rising over the last three readings.
Watch-outs
- Thin profit margin: PAT margin was 3.5% in 2026.
- Priced at a 38% premium to the peer median P/E of 44.
- 54.8% of the issue is an offer for sale, so most money goes to selling shareholders, not the company.
- 100% of the disclosed use of proceeds is debt repayment.
- 1 use-of-proceeds item(s) have no disclosed amount.
- Promoter holding drops to 23.84% after the IPO.
Scenarios apply today's grey market premium figures to the upper price band. They are illustrations, not predictions. GMP is unofficial and can be wrong.
IPO Analysis SummaryAI-generated
A plain-language review of Varmora Granito's financials, valuation and demand, based only on the verified figures above. For information only. It does not recommend whether to apply.
Varmora Granito IPO Review
Analysis based on live GMP, subscription, and issue details.
As of today, Varmora Granito IPO is trading at a grey market premium (GMP) of +₹1 (+1% estimated listing gain), indicating positive market sentiment.
The IPO has been subscribed 1.55x overall — QIB: 3.16x, NII: 0.9x, Retail: 0.95x.
Varmora Granito IPO subscription has closed. The shares are expected to list on September 29, 2026.
The minimum investment required is ₹14,948 for 101 shares (1 lot). Retail investors can apply at cut-off price for the best chance of allotment.
Key strengths include: Leader and Growth: The company positions itself as one of the leaders and the fastest growing player in the attractive market. The company’s brand equity and vast distribution network facilitate its growth potential.; Large Premium Product Portfolio: The company offers a large premium product portfolio in terms of tiles, bath ware, sanitary ware and adhesives. This allows the company to offer various types of solutions to satisfy diverse customer needs.. Investors should note the following risks: Dependence on Manufacturing Facility: Nearly 78.55% of the total revenues earned by the company from operations in Fiscal 2025 are generated through its manufacturing facilities. Delay, disruption or any problem associated with the operation of these facilities may significantly impact its business and financial results.; Dependence on GVT Sales: The Glazed vitrified tiles (GVT) contribute nearly 69.56% of the total revenue earned by the company from operations in Fiscal 2025..
Disclaimer: IPO GMP is indicative and sourced from the grey market. This is not investment advice. Please consult a SEBI-registered advisor before investing.
Varmora Granito IPO — Frequently Asked Questions
What is Varmora Granito IPO GMP today?
Varmora Granito IPO GMP (grey market premium) today is +₹1, suggesting an estimated listing gain of +1%. GMP is indicative and subject to change.
What is the price band of Varmora Granito IPO?
The price band for Varmora Granito IPO is ₹140 - ₹148 with a lot size of 101 shares. The minimum investment required is ₹14,948.
When is Varmora Granito IPO allotment date?
Varmora Granito IPO allotment is expected to be finalised on September 25, 2026. You can check your allotment status on the registrar's website (Kfin Technologies Ltd.) using your PAN number.
When will Varmora Granito IPO list on NSE/BSE?
Varmora Granito IPO is expected to list on BSE, NSE on September 29, 2026.
How to check Varmora Granito IPO allotment status?
To check Varmora Granito IPO allotment status, visit the registrar's website (Kfin Technologies Ltd.) and enter your PAN number, application number, or DP/Client ID. You can also check on the BSE IPO allotment page at https://www.bseindia.com/investors/appli_check.aspx.
Should I apply for Varmora Granito IPO?
Varmora Granito IPO has a GMP of +₹1. Before applying, review the company's financials, business model, issue structure (OFS vs fresh issue), and sector outlook. IPOLyst is not a SEBI-registered investment advisor — please consult a qualified financial advisor before investing.
What is the lot size of Varmora Granito IPO?
The lot size for Varmora Granito IPO is 101 shares per lot. The minimum investment for retail investors is ₹14,948. Retail investors can apply for a maximum of 13 lots or up to ₹2 lakh, whichever is lower.