Varmora Granito IPO
VARMORA · BSE, NSE · Mainboard · Ceramics/Marble/Granite/Sanitaryware
Overview
Updated 12 days agoVarmora Granito Limited is an established player in the Indian tiles industry, offering a diverse range of premium products including GVT, PVT, and ceramic tiles. The company operates through a multi-channel distribution network and has recently expanded its manufacturing capabilities, including the introduction of Integrated Stone Technology.
The red bar is the price band. GMP-implied price is an unofficial grey-market number, not a forecast.
How much to apply
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 101 | ₹14,948 |
| Retail (max) | 13 | 1,313 | ₹1,94,324 |
| sNII (min) | 14 | 1,414 | ₹2,09,272 |
| bNII (min) | 67 | 6,767 | ₹10,01,516 |
At the upper band. The amount is blocked in your bank account through UPI, not paid, until allotment.
Final subscription
As of 31 Oct, 16:42 ISTTimes the shares on offer were bid for, by investor category. Above 1x means the category is fully booked.
Listing performance
Latest price updated 5 hr ago.
Issue details
| Status | Listed |
| Exchange | BSE, NSE |
| Segment | Mainboard |
| Sector | Ceramics/Marble/Granite/Sanitaryware |
| Price band | ₹140–148 |
| Final issue price | ₹148.00 |
| Face value | ₹2 per share |
| Lot size | 101 shares |
| Minimum investment | ₹14,948 |
| Issue size | ₹708 Cr |
| Fresh issue | ₹320 Cr |
| P/E at upper band | 48.1x |
| Registrar | KFin Technologies Limited |
| Lead managers | JM Financial Limited, Goldman Sachs (India) Securities Private Limited, SBI Capital Markets Limited |
| NSE symbol | VARMORA |
| ISIN | INE0M5301040 |
Fresh issue vs offer for sale
Shareholder quota and promoter holding
Company & business
Varmora Granito Limited is a manufacturer of tiles and bathware products. The company offers a diverse range of products, including glazed vitrified tiles (GVT), polished vitrified tiles (PVT), and ceramic tiles, as well as bathware and adhesives. The company operates through a multi-channel distribution network, including B2C retail channels (EBOs and MBOs) and B2B channels. Varmora Granito has manufacturing facilities in the Morbi cluster in Gujarat and has recently expanded its operations to Tezpur, Assam, through a joint venture. The company focuses on innovation, premiumization, and sustainability in its manufacturing processes.
Objects of the issue — how the money will be used
- Repayment/pre-payment, in full or in part, of all or certain outstanding borrowings and accrued interest thereon availed by our Company and our wholly-owned subsidiaries (₹245 Cr)
- General corporate purposes
Key strengths
- Established player in the Indian tile industry with a large market presence.
- Comprehensive premium product portfolio including GVT, PVT, and ceramic tiles.
- Customer-centric innovation-led approach with frequent new product launches.
- Well-diversified pan-India distribution network focused on EBOs.
- Strategically located and technologically advanced in-house manufacturing facilities.
- Entrepreneurial founder-led management team with a strong focus on sustainability.
Key risks
- High dependence on manufacturing facilities in the Morbi, Gujarat cluster.
- Significant revenue concentration from GVT and technical products.
- Dependence on a large network of third-party contract manufacturers.
- Risks associated with international operations and geopolitical conflicts.
- Intense competition in the tiles and bathware market.
- Capital-intensive business with significant indebtedness.
- Potential conflicts of interest with group companies and associates.
- Risks related to the ongoing litigation and contingent liabilities.
Promoters
Bhavesh Vallabhdas Varmora, Hiren R Varmora, Pramodkumar Parsotambhai Patel
Decoded from the RHP with AI on 01-Nov-2026. Check the offer document before you apply.
Financials (restated, ₹ crore)
| Period | Revenue | Expenses | Profit after tax | Assets | Net worth | Borrowings |
|---|---|---|---|---|---|---|
| FY24 | 1,435.48 | -- | 44.94 | 1,476.16 | 687.74 | 412.89 |
| FY25 | 1,446.03 | -- | 30.77 | 1,589.80 | 732.05 | 505.16 |
| FY26 | 1,512.46 | -- | 55.09 | 1,509.87 | 806.03 | 357.95 |
Key performance indicators · FY26
Peers & valuation
Listed peers as chosen by the issuer in the offer document (Basis for Issue Price).
| Company | Revenue (₹ Cr) | EPS (₹) | P/E | RoNW % | NAV (₹) |
|---|---|---|---|---|---|
| Varmora Granito this issue | 1,512.5 | 3.08 | 48.1x | 7.79 | 39.52 |
| Kajaria Ceramics Limited | 4,830.4 | 30.48 | 40.3 | 15.89 | 191.11 |
| Somany Ceramics Limited | 2,789.8 | 19.80 | 28.6 | 8.79 | 202.11 |
| Asian Granito India Limited | 1,858.1 | 0.70 | 72.0 | 1.23 | 51.36 |
| Orient Bell Limited | 691.5 | 8.46 | 47.7 | 3.78 | 222.78 |
This issue is priced at 48.1x P/E against a peer median of 44.0x: a premium of 9%. A measurement, not a verdict.
Documents and resources
Offer documents and the issuer, exchange, registrar and SEBI pages for this issue.