Varmora Granito IPO
Bookbuilding IPO | ₹708.00 Cr | Listing at BSE, NSE
Closed
IPO Open
Tue, Sep 22, 2026
IPO Close
Thu, Sep 24, 2026
Price Band
₹140.00 to ₹148.00
Market Cap (Pre-IPO)
₹3,344.97 Cr
IPO Details
| IPO Date | Sep 22, 2026 to Sep 24, 2026 |
| Listing Date | Tentative: Sep 29, 2026 |
| Face Value | ₹2.00 per share |
| Price Band | ₹140.00 to ₹148.00 |
| Lot Size | 101 Shares (Minimum: ₹14,948.00) |
| Sale Type | Offer For Sale + Fresh Issue |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Issue Size | ₹708.00 Crores |
| Total Shares Offered | 47,839,255 shares |
| Fresh Issue | 21,621,621 shares |
| Offer For Sale | 26,217,634 shares |
Varmora Granito IPO Reservation
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | Not more than 50% of the Offer |
| Retail Shares Offered | Not less than 35% of the Offer |
| NII Shares Offered | Not less than 15% of the Offer |
Varmora Granito IPO Lot Size
Investors can bid for a minimum of 101 shares and in multiples thereof.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 101 | ₹14,948 |
| Retail (Max) | 13 | 1,313 | ₹194,324 |
| S-HNI (Min) | 14 | 1,414 | ₹209,272 |
| S-HNI (Max) | 66 | 6,666 | ₹986,568 |
| B-HNI (Min) | 67 | 6,767 | ₹1,001,516 |
Varmora Granito Financial Information (Restated Consolidated)
Varmora Granito Ltd.'s revenue increased by 5% and profit after tax (PAT) rose by 79% between the financial year ending with March 31, 2026 and March 31, 2025
| Period Ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 1,509.87 | 1,589.80 | 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 | 722.90 | 678.59 |
| Reserves and Surplus | 765.70 | 691.72 | 630.20 |
| Total Borrowing | 357.95 | 505.16 | 412.89 |
Amount in ₹ Cr
Key Performance Indicators
As of Tuesday, March 31, 2026| KPI | Values |
|---|---|
| ROE (Return on Equity) | 6.80% |
| ROCE (Return on Capital Employed) | 9.89% |
| RoNW (Return on Net Worth) | 7.79% |
| PAT Margin (Profit After Tax Margin) | 3.53% |
| EBITDA Margin | 14.18% |
| Price to Book Value | 3.74 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS Rs | 2.70 | 2.44 |
| P/E (x) | 54.81 | 60.66 |
Company Overview
Varmora Granito Limited – Company Overview
- Incorporated in 2003, Varmora Granito Limited manufactures and markets ceramic and vitrified tiles, including Glazed Vitrified Tiles (GVT), Polished Vitrified Tiles (PVT) and ceramic tiles.
- The Company focuses on premium and technology-driven tile products, with GVT and technical tiles accounting for approximately 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.
- Varmora has adopted Integrated Stone Technology (IST) through a technology partnership with Italy-based SACMI, supporting its focus on innovative and premium tile products.
- The Company has a wide distribution network comprising 305 exclusive brand outlets and 2,758 multi-brand outlets across India and overseas. It also caters to B2B customers, including builders, contractors, developers and government entities.
- The Company focuses on sustainability and has 16.22 MW of renewable energy capacity from wind and solar sources.
- As of March 2026, the Company had 1,153 permanent employees.
Company Strengths
- Diversified premium product portfolio
- Technology-led innovation, pan-India distribution
- In-house manufacturing capabilities and a focus on sustainability.
Use of Proceeds
| 1) | 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 |
| 2) | General Corporate Purposes | |
| Total | 245.00 |
Objectives
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
Varmora Granito IPO Peer Comparison
Varmora Granito peer comparison with similar listed entities. (As on March 30, 2026)| Company Name | EPS (Basic) | EPS (Diluted) | NAV (per share) (Rs) | P/E (x) | RoNW (%) | P/BV Ratio | Financial statements |
|---|---|---|---|---|---|---|---|
| Varmora Granito Limited | 3.08 | 3.05 | 39.52 | - | 7.79 | - | Consolidated |
| Kajaria Ceramics Ltd. | 30.48 | 30.44 | 191.11 | 40.27 | 15.89 | 4.82 | Consolidated |
| Somany Ceramics Ltd. | 19.80 | 19.76 | 202.11 | 28.55 | 8.79 | 1.77 | Consolidated |
| Asian Granito India Ltd. | 0.70 | 0.70 | 51.36 | 51.36 | 72.00 | 1.10 | Consolidated |
| Orient Bell Ltd. | 8.46 | 8.43 | 222.78 | 47.67 | 3.78 | 1.14 | Consolidated |
Quick Info
| Sector | Building Materials |
| Exchange | BSE, NSE |
| Market Cap (Pre-IPO) | ₹3,344.97 Cr |
Important Dates
| IPO Open | Sep 22, 2026 |
| IPO Close | Sep 24, 2026 |
| Allotment Date | Sep 25, 2026 |
| Credit to Demat | Sep 28, 2026 |
| Listing Date | Tentative: Sep 29, 2026 |
Lead Manager(s)
JM Financial Ltd.
Registrar
Description
- IPO Type: Book build issue aggregating to ₹708.02 crores.
- Issue Structure: The issue is a combination of a fresh issue of 2.16 crore shares aggregating to ₹320.00 crores and an offer for sale of 2.62 crore shares aggregating to ₹388.02 crores.
- IPO Dates: The issue opens for subscription on September 22, 2026 and closes on September 24, 2026.
- Allotment Date: The allotment is expected to be finalized on September 25, 2026.
- Listing Details: The shares are proposed to be listed on NSE and BSE on September 29, 2026.
- Retail Investment Requirement: Minimum 1 lot (101 shares) amounting to approximately ₹14,948 at the upper price band.
- Issue Price Band: ₹140 to ₹148 per equity share.
- Lot Size: 101 shares per lot.
This IPO offers investors an opportunity to participate in the company through a combination of a fresh issue of shares and an offer for sale by existing shareholders.