Varmora Granito IPO
Varmora Granito IPO is a Mainboard book-built issue of ₹708.02 crore, consisting of a Fresh Issue of ₹320 crore and an Offer for Sale of up to 2,62,17,634 equity shares. The price band is ₹140 to ₹148 per share, with a lot size of 101 shares. The IPO open
Varmora Granito IPO Details
Varmora Granito IPO bidding starts from 22 September 2026 and ends on 24 September 2026. The allotment for Varmora Granito IPO is expected to be finalized on 25 September 2026. Varmora Granito IPO is proposed to list on BSE and NSE on 29 September 2026.
Varmora Granito IPO GMP
Varmora Granito IPO GMP refers to the unofficial premium quoted in the grey market over the IPO issue price. The latest available GMP indication is ₹10 per share. GMP is an unofficial market indicator and can change before the shares are listed.
Varmora Granito IPO Timeline (Tentative)
Varmora Granito IPO opens for subscription on 22 September 2026 and closes on 24 September 2026. The basis of allotment is expected to be finalized on 25 September 2026, refunds are expected to be initiated on 28 September 2026, and shares are expected to be credited to successful applicants' Demat accounts on the same day. The shares are scheduled to be listed on BSE and NSE on 29 September 2026.
| Event | Tentative Date |
|---|---|
| IPO Open Date | Tue, Sep 22, 2026 |
| IPO Close Date | Thu, Sep 24, 2026 |
| Basis of Allotment | Fri, Sep 25, 2026 |
| Initiation of Refunds | Mon, Sep 28, 2026 |
| Credit of Shares to Demat | Mon, Sep 28, 2026 |
| Listing Date | Tue, Sep 29, 2026 |
| IPO Opens | 22 September 2026 |
| IPO Closes | 24 September 2026 |
| Basis of Allotment | 25 September 2026 |
| Refund Initiation | 28 September 2026 |
| Credit of Shares to Demat | 28 September 2026 |
| Listing Date | 29 September 2026 |
Varmora Granito IPO Lot Size
The Varmora Granito IPO lot size is 101 shares. At the upper price band of ₹148 per share, one lot requires a minimum investment of ₹14,948. Retail investors can apply for up to 13 lots, or 1,313 shares, amounting to ₹1,94,324.
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | 1 | 101 | 14,948 |
| Retail (Max) | 13 | 1,313 | 1,94,324 |
| S-HNI (Min) | 14 | 1,414 | 2,09,272 |
| S-HNI (Max) | 66 | 6,666 | 9,86,568 |
| B-HNI (Min) | 67 | 6,767 | 10,01,516 |
Varmora Granito IPO Reservation
Varmora Granito IPO comprises a total issue size of 4,78,39,255 shares. The issue includes a Fresh Issue of 2,16,21,621 shares and an Offer for Sale of 2,62,17,634 shares. The QIB portion is not more than 50% of the offer, NII portion is not less than 15%, and the Retail Individual Investors portion is not less than 35%.
Varmora Granito IPO Subscription
Varmora Granito IPO subscription data will be updated category-wise during the bidding period. The final subscription figures will be available after the IPO closes on 24 September 2026.
| Category | Subscription (times) |
|---|---|
| QIB | N.A. |
| NII | N.A. |
| RII | N.A. |
| Total | N.A. |
About Varmora Granito
Varmora Granito Limited is engaged in the manufacturing and marketing of ceramic and vitrified tiles. The company's product portfolio includes glazed vitrified tiles, polished vitrified tiles, ceramic tiles and other tile products.
The company serves customers through B2C and B2B channels. Its B2C network includes exclusive brand outlets and multi-brand outlets, while its B2B business caters to builders, contractors, developers and institutional customers.
The company has developed a broad product portfolio covering more than 3,500 products and has a distribution presence across multiple Indian states and union territories. It also exports its products to international markets.
Varmora Granito operates manufacturing facilities in the Morbi industrial cluster of Gujarat, one of India's major ceramic and tile manufacturing centres.
Strengths
- Established presence in the ceramic and vitrified tile industry.
- Broad product portfolio covering GVT, PVT and ceramic tiles.
- More than 3,500 products across different formats and applications.
- B2C and B2B distribution channels.
- Distribution presence across multiple states and union territories.
- Manufacturing facilities located in the Morbi ceramic manufacturing cluster.
- Presence in domestic as well as international markets.
- Product development and technology-focused manufacturing capabilities.
Risks to Consider
- Manufacturing operations have geographical concentration in the Morbi cluster.
- The company is exposed to fluctuations in raw material prices.
- Energy costs can affect manufacturing expenses and operating margins.
- The ceramic and vitrified tile industry is highly competitive.
- Demand is linked to construction, housing, real estate and consumer spending.
- Changes in economic conditions may affect demand for tiles.
- The company faces competition from established domestic and international tile manufacturers.
Varmora Granito Financials (₹ Cr)
Varmora Granito reported total income of ₹1,562.53 crore and profit after tax of ₹55.09 crore for FY2026. Total assets stood at ₹1,509.87 crore and net worth was ₹796.88 crore as of 31 March 2026.
| Period | Revenue | PAT | Total Assets | Net Worth |
|---|---|---|---|---|
| FY2026 | 1,562.53 | 55.09 | 1,509.87 | 796.88 |
| FY2025 | 1,492.68 | 30.77 | 1,589.80 | 722.90 |
| FY2024 | 1,472.58 | 44.94 | 1,476.16 | 678.59 |
KPIs & Valuation
At the IPO price band of ₹140–₹148, Varmora Granito is valued at approximately 54.81x–60.66x earnings on the disclosed pre-IPO and post-IPO EPS figures. The FY2026 EPS is ₹2.70 on a pre-IPO basis, while the disclosed NAV is ₹39.52 per share.
Objects of the Issue
The ₹708.02 crore IPO comprises a Fresh Issue of ₹320 crore and an Offer for Sale of up to 2,62,17,634 equity shares. The company proposes to utilise the net proceeds of the Fresh Issue primarily towards repayment and/or pre-payment, in full or part, of certain outstanding borrowings of the company and its subsidiaries, along with general corporate purposes.
- The company proposed to utilise the IPO proceeds for:
- Repayment and/or pre-payment, in full or part, of certain borrowings availed by the company and its subsidiaries.
- Payment of accrued interest relating to specified borrowings, where applicable.
- General corporate purposes.
Promoters, Lead Managers & Registrar
Varmora Granito Limited is promoted by Bhavesh Vallabhdas Varmora, Hiren R Varmora and Pramodkumar Parsotambhai Patel. The IPO has JM Financial Limited, Goldman Sachs (India) Securities Private Limited and SBI Capital Markets Limited as the Book Running Lead Managers, with KFin Technologies Limited as the Registrar to the Issue.
Promoters
Lead Managers (BRLM)
Registrar
| Name | KFin Technologies Limited |
|---|---|
| Phone | 040-79615565 |
| einward.ris@kfintech.com | |
| Website | https://ipostatus.kfintech.com/ |
Varmora Granito IPO Review
Varmora Granito operates in the ceramic and vitrified tile industry with a diversified product portfolio and established distribution network. The company serves both consumer and institutional markets through B2C and B2B channels.
The IPO comprises both a Fresh Issue and an Offer for Sale. The Fresh Issue proceeds are primarily proposed to be used for repayment and/or pre-payment of specified borrowings, while the remaining proceeds are intended for general corporate purposes.
The company's financial performance, debt position, product portfolio, distribution network, industry conditions and the risks disclosed in the offer documents are relevant factors for investors to consider when evaluating the IPO.
How to Apply
Varmora Granito IPO applications can be made through ASBA or UPI. The IPO opens on 22 September 2026 and closes on 24 September 2026. The minimum application is 1 lot of 101 shares, requiring ₹14,948 at the upper price band of ₹148.
Through UPI
- Log in to your stockbroker app/website.
- Go to the IPO section.
- Select Varmora Granito IPO.
- Enter the number of lots you want to apply for.
- Select the bid price. Retail investors can generally choose Cut-off when available.
- Enter your valid UPI ID.
- Submit the IPO application.
- Open your UPI app when the mandate request arrives.
- Approve the mandate using your UPI PIN.
- The application amount will be blocked in your bank account. If shares are allotted, the required amount will be debited; otherwise, the blocked amount will be released.
Prospectus & Documents
Investors can refer to the company's DRHP, RHP and other offer documents for detailed information about the business, financial performance, risk factors, IPO structure and utilisation of the issue proceeds.
Last updated Sep 22, 2026.