Varmora Granito IPO Price: ₹140 to ₹148 per share
IPO Dates: 22 to 24 Sept, 2026
Company Overview
Incorporated in 2003, Varmora Granito Limited is engaged in the manufacturing and marketing of ceramic and vitrified tiles. The Company offers a wide range of tile products across formats such as glazed vitrified tiles (GVT), polished vitrified tiles (PVT) and ceramic tiles.
Business Operations
The Company operates through a multi-channel distribution network comprising Business-to-Consumer (B2C) and Business-to-Business (B2B) channels. Its B2C network includes 286 exclusive brand outlets (EBOs) and over 2,000 multi-brand outlets (MBOs). Its B2B channels comprise builders, contractors, developers and government procurement.
As of March 31, 2025, the Company’s distribution network covered 949 cities across 27 states and union territories in India.
Product Portfolio
As of March 31, 2025, the Company’s product portfolio comprised more than 3,500 stock-keeping units (SKUs), covering glazed vitrified tiles (GVT), polished vitrified tiles (PVT) and ceramic tiles.
Manufacturing Facilities
As of March 31, 2025, the Company operated nine manufacturing facilities, all located in the Morbi industrial cluster in Gujarat.
Export Operations
As of March 31, 2025, the Company exported its products to over 100 countries. Its export operations were supported by a dedicated export team comprising 47 personnel.
Workforce
As of March 31, 2025, Varmora Granito Limited employed 1,156 permanent employees.
Bidding Starts In
Varmora Granito Limited IPO Specifics:
| IPO Date | 22 to 24 Sep, 2026 |
| Listing Date | Tue, Sep 29, 2026T |
| Face Value | ₹2 per share |
| Price Band | ₹140 to ₹148 |
| Lot Size | 101 Shares |
| Sale Type | Fresh capital cum OFS |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Total Issue Size | 4,78,39,255 shares (agg. up to ₹708 Cr) |
| Fresh Issue | 2,16,21,621 shares (agg. up to ₹320 Cr) |
| Offer for Sale | 2,62,17,634 shares of ₹2 (agg. up to ₹388 Cr) |
| Share Holding Pre Issue | 20,43,90,203 shares |
| Share Holding Post Issue | 22,60,11,824 shares |
Varmora Granito IPO Timetable (Important Dates)
| Event | Date |
|---|---|
| IPO Open | Tue, Sep 22, 2026 |
| IPO Close | Thu, Sep 24, 2026 |
| Allotment | Fri, Sep 25, 2026 |
| Refund | Mon, Sep 28, 2026 |
| Credit of Shares | Mon, Sep 28, 2026 |
| Listing | Tue, Sep 29, 2026 |
Varmora Granito Limited IPO Lot Size
Bidders have the opportunity to bid for a minimum of 101 shares, with the option to increase in multiples. The table below outlines the minimum and maximum investment thresholds for both retail investors and High Net Worth Individuals (HNIs), specifying the corresponding number of shares and amounts involved.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 101 | ₹14,948 |
| Retail (Max) | 13 | 1313 | ₹1,94,324 |
| S-HNI (Min) | 14 | 1414 | ₹2,09,272 |
| S-HNI (Max) | 66 | 6666 | ₹9,86,568 |
| B-HNI (Min) | 67 | 6767 | ₹10,01,516 |
Varmora Granito Limited IPO Reservation
| Investor Category | Shares |
|---|---|
| QIB | Not more than 50% of the Offer |
| Retail | Not less than 35% of the Offer |
| NII | Not less than 15% of the Offer |
Varmora Granito Limited IPO Financial Information
| Particulars (₹ Cr) | 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 |
Key Performance Indicator- Varmora Granito Limited IPO
| KPI | Mar 31, 2026 |
|---|---|
| ROE | 6.80% |
| ROCE | 9.89% |
| RoNW | 7.79% |
| PAT Margin | 3.53% |
| EBITDA Margin | 14.18% |
| NAV | 39.52 |
| Price to Book Value | 3.74 |
| Valuation Metric | Pre IPO | Post IPO |
|---|---|---|
| EPS (₹) | 2.70 | 2.44 |
| P/E (x) | 54.81 | 60.66 |
| Market Cap at Offer Price | ₹3,024.98 Cr. | ₹3,344.97 Cr |
Prospectus Links:
Prospectus: Official documents that provide detailed information about the IPO and the company.
Varmora Granito Limited IPO DRHP
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