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Varmora Granito Limited
Minimum investment
Bidding date
22 Sep - 24 Sep 2026
Price range
₹140 - ₹148
Minimum quantity
101
Minimum investment
₹14,140
Issue size
₹708 Cr.
IPO doc (link)
RHP docsListing exchange
NSE/BSE
Total Issue Size:
₹708 Crore
Fresh Issue: 45% (₹320 Cr)
OFS: 55% (₹388 Cr)
Fresh Issue – ₹320 Crore
Offer for Sale – ₹388 Crore
Before Issue: 52%
After Issue: 46.55%
Lock-in / Stabilization | Timeline |
|---|---|
Promoters’ Contribution | 3 Years from the date of Allotment |
Other Pre-Offer Equity Shares | 6 Months from the date of Allotment |
Anchor Investors – 50% of allotted shares | 90 Days from the date of Allotment |
Anchor Investors – Remaining 50% | 30 Days from the date of Allotment |
Note: Retail IPO investors have no lock-in and can sell shares from the listing day.
Category | Subscription |
|---|---|
Qualified Institutional Buyers | 3.16x |
Retail Individual Investor | 1x |
Non-Institutional Investor | 0.92x |
Others | - |
Total | 1.58x |
Varmora Granito Limited, established in 2003, is engaged in the manufacturing and marketing of ceramic and vitrified tiles. Its product portfolio includes Glazed Vitrified Tiles (GVT), Polished Vitrified Tiles (PVT), ceramic tiles and technical tiles, with premium and technology-oriented products forming a significant part of its business. During Fiscal 2026, GVT and technical tiles contributed around 84% of the company's tile revenue.
The company has eight manufacturing facilities located in the Morbi cluster of Gujarat and generated approximately 81.72% of its Fiscal 2026 revenue from products manufactured in-house. Varmora has also adopted Integrated Stone Technology (IST) through a technology partnership with Italy-based SACMI, supporting the development of technologically advanced tile products.
Varmora Granito has established a broad distribution network consisting of 305 exclusive brand outlets and 2,758 multi-brand outlets across domestic and international markets. In addition to its retail network, the company serves builders, contractors, developers and government entities through its B2B business. It also has a focus on renewable energy, with 16.22 MW of wind and solar power capacity. As of March 2026, the company had 1,153 permanent employees.
Premium and Value-Added Product Portfolio: A significant portion of Varmora Granito's tile revenue comes from GVT and technical tiles. The company's focus on premium and technology-driven products provides diversification beyond conventional ceramic tile products.
Established Manufacturing Base: The company operates eight manufacturing facilities in Gujarat's Morbi cluster and generated 81.72% of its Fiscal 2026 revenue from products manufactured internally. This provides an integrated manufacturing base for its operations.
Wide Distribution Network: Varmora has built a distribution network of 305 exclusive brand outlets and 2,758 multi-brand outlets across India and overseas markets. Its B2B presence further expands its customer reach.
Technology-Focused Manufacturing: The adoption of Integrated Stone Technology through a partnership with SACMI supports the company's efforts to develop innovative and premium tile products.
Improvement in Profitability: The company's PAT increased from Rs. 30.77 crore in Fiscal 2025 to Rs. 55.09 crore in Fiscal 2026. EBITDA also increased from Rs. 198.29 crore to Rs. 221.56 crore during the same period.
Dependence on the Tile Industry: The company's business is concentrated in ceramic and vitrified tiles. Changes in demand, construction activity, housing trends or broader economic conditions can affect the company's performance.
Competitive Industry: The tile industry has multiple established manufacturers and brands competing across price, design, quality and distribution. Competitive pressure may affect pricing and profitability.
High Dependence on Domestic Market: Although Varmora has an overseas presence, a substantial part of its business is connected to its Indian distribution network. Changes in domestic demand and market conditions could therefore influence its financial performance.
Working Capital Requirements: Manufacturing and distribution operations require significant working capital. Any increase in inventory, receivables or operating costs could put pressure on the company's cash flows.
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