IPO details · Updated
Varmora Granito Limited
- Price Band
- ₹140 – ₹148
- Lot Size
- 101 shares
- Min. Investment
- ₹14,948
- Issue Size
- ₹708.02 Cr
- Offer Dates
- 22 Sept – 24 Sept 2026
- Listing
- 29 Sept 2026
Issue Details
- Total Issue Size
- ₹708.02 Cr
- 4,78,39,255 shares
- Fresh Issue
- ₹320 Cr
- 2,16,21,621 shares
- Offer for Sale
- ₹388.02 Cr
- 2,62,17,634 shares
- Face Value
- ₹2 per share
- Issue Type
- Book-built IPO
- Listing At
- BSE, NSE
- Shares Pre-Issue
- 20,43,90,203
- Shares Post-Issue
- 22,60,11,824
IPO Timeline
Offer opens
22 Sept 2026
Offer closes
24 Sept 2026
Allotment
25 Sept 2026
Listing
29 Sept 2026
Subscription Status
Subscription figures will appear here once bidding opens on 22 Sept 2026.
Lot Size & Investment
1 lot = 101 shares
Retail (min)
1 lot · 101 shares
Retail (max)
13 lots · 1,313 shares
S-HNI (min)
14 lots · 1,414 shares
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail | 1 | 101 | ₹14,948 |
| Small HNI (S-HNI) | 14 | 1,414 | ₹2,09,272 |
| Big HNI (B-HNI) | 67 | 6,767 | ₹10,01,516 |
Financial Performance
Restated figures in ₹ crore, unless stated otherwise
| Period | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|
| Assets | 1,509.87 | 1,589.8 | 1,476.16 |
| Total Income | 1,562.53 | 1,492.68 | 1,472.58 |
| Profit After Tax | 55.09 | 30.77 | 44.94 |
| EBITDA | 221.56 | 198.29 | 150.33 |
| Net Worth | 796.88 | 722.9 | 678.59 |
| Reserves & Surplus | 765.7 | 691.72 | 630.2 |
| Total Borrowing | 357.95 | 505.16 | 412.89 |
Key Performance Indicators
| Period | Mar-26 |
|---|---|
| RoNW (%) | 7.79 |
| EPS (₹) | 2.7 |
| P/E (pre-issue) | 54.81 |
| P/E (post-issue) | 60.66 |
Peer Comparison
Listed companies in the same business
| Company | P/E | ROE |
|---|---|---|
| Kajaria Ceramics Ltd. | 40.27 | 15.89% |
| Somany Ceramics Ltd. | 28.55 | 8.79% |
| Asian Granito India Ltd. | 72 | 1.23% |
| Orient Bell Ltd. | 47.67 | 3.78% |
About Varmora Granito Limited
Varmora Granito Limited, incorporated in 2003, 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. Key Strength Diversified premium product portfolio Technology-led innovation, pan-India distribution In-house manufacturing capabilities and a focus on sustainability.
Objects of the Issue
- 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 (₹245.00 Cr)
- General Corporate Purposes
Promoters
- <p>Bhavesh Vallabhdas Varmora
- Hiren R Varmora
- Pramodkumar Parsotambhai Patel</p>
Company Information
- Book running lead managers
- JM Financial Ltd.
- Goldman Sachs (India) Securities Pvt.Ltd.
- SBI Capital Markets Ltd.
- Registered office
- 8-A, National Highway,, Dhuva,, Taluka Wankaner, Rajkot, Gujarat, 380054
Official Documents
Opens the source filing in a new tab
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