Varmora Granito IPO
ListedMainboardOpens 22 September 2026Closes 24 September 2026
Incorporated in 2003, Varmora Granito Limited is one of India's leading manufacturers and marketers of ceramic and vitrified floor and wall tiles, sanitaryware, and bath fittings. Operating out of the Morbi ceramic…
Incorporated in 2003, Varmora Granito Limited is one of India's leading manufacturers and marketers of ceramic and vitrified floor and wall tiles, sanitaryware, and bath fittings. Operating out of the Morbi ceramic cluster in Gujarat with eight manufacturing facilities (plus a newly commissioned greenfield unit in Tezpur, Assam via its joint venture Allemby Ceramics), the company produces over 3,500 active SKUs across formats including Glazed Vitrified Tiles (GVT), Polished Vitrified Tiles (PVT), and advanced technical surfaces engineered through Integrated Stone Technology (IST). Varmora operates an extensive nationwide distribution footprint comprising 305 Exclusive Brand Outlets (EBOs) and 2,758 Multi-Brand Outlets (MBOs) spanning 949 cities across 27 states and UTs in India, alongside export operations across more than 100 countries globally.
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Key ratios
As per RHP / filingsTimeline
IPO Opens
22 Sept 2026
IPO Closes
24 Sept 2026
Allotment
25 Sept 2026
Listing
29 Sept 2026
IPO Timeline & Listing Details
| Event | Date |
|---|---|
| IPO Open Date | 22 September 2026 |
| IPO Close Date | 24 September 2026 |
| Allotment Date | 25 September 2026 |
| Listing Date | 29 September 2026 |
Investment Categories
| Category | Lots | Amount |
|---|---|---|
Retail (Min) | 1 | ₹14,948 |
Retail (Max)Just less than ₹2,00,000 | 13 | ₹1,94,324 |
SHNI (Min)Just above ₹2,00,000 | 14 | ₹2,09,272 |
SHNI (Max)Below ₹10,00,000 | 66 | ₹9,86,568 |
BHNIAbove ₹10,00,000 | 67 | ₹10,01,516 |
IPO Reservation Details
| Category | Reservation |
|---|---|
| QIB (Qualified Institutional Buyer) | 50.00% |
| NII (Non-Institutional Investor) | 15.00% |
| SHNI (Small Non-Institutional Investor) | 5.00% |
| BHNI (Big Non-Institutional Investor) | 10.00% |
| Retail | 35.00% |
| Total | 100.00% |
IPO Objectives
- 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 (Covertek Ceramica Pvt. Ltd., Varmora Sanitarywares Pvt. Ltd.) and subsidiary Simola Tiles LLP through investment in such subsidiaries (₹245.00 Cr).
- General Corporate Purposes.
Strengths
- Extensive, pan-India omnichannel B2C retail and B2B influencer network comprising 305 Exclusive Brand Outlets (EBOs) and 2,758 Multi-Brand Outlets (MBOs) spanning 949 cities across 27 states and UTs.
- High-margin, premiumized product portfolio with over 3,500 active SKUs, heavily led by Glazed Vitrified Tiles (GVT) and technical surface solutions representing 73.98% of total operating revenues in FY26.
- Strategically integrated manufacturing ecosystem centered in the Morbi industrial cluster, providing direct proximity to raw material quarries, natural gas lines, skilled ceramic labor, and major ports.
- Strong global presence with historical exports across 100+ countries, supported by a specialized international marketing team.
Weaknesses
- Geographic concentration of all core manufacturing units in Morbi, Gujarat, leaving production susceptible to regional climate disruptions (e.g. Cyclone Biparjoy in FY24), port strikes, or localized utility outages.
- Heavy operational dependence on continuous power and gas supplies, where volatile pricing for natural gas and propane directly impacts gross margins and cost of production.
- Working capital intensity with average net working capital days of 96 days and elevated trade receivables (₹382.67 Cr in FY26) inherent to distributor and builder credit cycles.
- Product concentration risk with 87.87% of revenue derived from the tiles category, creating direct vulnerability to slowdowns in domestic real estate and construction activity.
Financial Performance
| Period Ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets (₹ Cr.) | 1,509.87 | 1,589.8 | 1,476.16 |
| Revenue (₹ Cr.) | 1,562.53 | 1,492.68 | 1,472.58 |
| PAT (₹ Cr.) | 55.09 | 30.77 | 44.94 |
| Net Worth (₹ Cr.) | 796.88 | 722.9 | 678.59 |
Peer Comparison
| Company | P/B Ratio | P/E Ratio | RONW (%) | Net Worth (₹ Cr.) |
|---|---|---|---|---|
| Varmora Granito | 3.74 | 60.66 | 7.79% | 796.88 |
| Orient Bell Ltd. | 1.77 | 27.53 | 3.78% | 328.82 |
| Asian Granito India | 0.99 | 136.81 | 1.37% | 1,543 |
Subscription Details
Daily Bids Status
| Category | Day 1 | Day 2 | Day 3 |
|---|---|---|---|
| QIB | 0x | 0.11x | 3.1x |
| NII | 0.05x | 0.18x | 0.94x |
| S-HNI | 0.12x | 0.25x | 0.94x |
| B-HNI | 0.02x | 0.14x | 0.94x |
| RII | 0.21x | 0.41x | 1.02x |
| Total | 0.12x | 0.27x | 1.6x |
Overall Subscription Statistics
| Category | Shares Offered | Shares Bid | Bid Amount (₹ Cr) |
|---|---|---|---|
| QIB | 95,67,653 | 2,96,22,290 | 438.41 |
| NII | 71,75,828 | 67,70,838 | 100.21 |
| Small NII | 23,91,943 | 22,52,401 | 33.34 |
| Big NII | 47,83,886 | 45,18,437 | 66.87 |
| RII | 1,67,43,599 | 1,70,92,735 | 252.97 |
| Total | 3,34,87,080 | 5,34,85,863 | 791.59 |
Company Details
- Varmora Granito Limited
- 8-A, National Highway, Dhuva, Taluka Wankaner, Rajkot – 363 641, Gujarat, India
- +91 99099 13657
- investor.relations@varmora.com
- https://www.varmora.com
Registrar Details
- KFin Technologies Limited
- +91 40 6716 2222
- vgl.ipo@kfintech.com
- https://www.kfintech.com
Frequently Asked Questions
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Sources
We match Varmora Granito IPO IPO numbers with official sources. For final dates and allotment results, double-check the registrar or exchange.
- SEBIRules for IPO allotment and disclosures in India
- NSEExchange notices, bidding data, and listing updates
- BSEExchange notices and IPO allotment check tools
- RHP / Offer DocumentCheck the company RHP on NSE/BSE or the IPO detail page
- KFin Technologies LimitedOfficial site to check allotment status for this IPO
Also read our Editorial Policy, How GMP is calculated, How allotment chances work, and IPO fund allocation.
Reviewed by
Dinesh Agrawal · Lead IPO Analyst
15+ years in Indian markets and IPO research. He reviews IPO dates and key details before they go live.