- Issue price
- ₹148per share
- Issue size
- ₹708.02 Cr4,78,39,255 shares
- Face value
- ₹2per equity share
- Lot size
- 101 sharesMin. ₹14,948 at the upper price
- Anchor biddingMon, 2026
- OpensTue, 2026
- ClosesThu, 2026
- AllotmentFri, 2026
- ListingTue, 2026
Dates marked in the offer document as tentative. Times in IST.
Information only, not investment advice. This page provides information compiled from official offer documents for information purposes only. It is not investment advice or a recommendation to apply for, buy or sell any security. We are not a SEBI-registered investment adviser or research analyst. Investments in IPOs are subject to market risks; read the offer document carefully before investing.
Issue details
- Issue type
- Book built, fresh issue and offer for sale
- Fresh issue
- 2,16,21,621 shares (₹320 Cr)
- Offer for sale
- 2,62,17,634 shares (₹388.02 Cr)
- Total issue
- 4,78,39,255 shares (₹708.02 Cr)
- Face value
- ₹2
- Listing at
- NSE, BSE
Source: ProspectusUpdated
Reservation
Share of the total issue- Retail35.0%
- Anchor30.0%
- QIB ex-anchor20.0%
- Big NII10.0%
- Small NII5.0%
| Category | Shares | Of net offer | Stated in RHP |
|---|---|---|---|
| Retail individual investors | 1,67,43,740 | 35.00% | 35% |
| Non-institutional investors (NII) | 71,75,889 | 15.00% | 15% |
| Small NII (₹2–10 lakh) | 23,91,963 | 5.00% | — |
| Big NII (above ₹10 lakh) | 47,83,926 | 10.00% | — |
| Qualified institutional buyers (QIB) | 2,39,19,626 | 50.00% | 50% |
| QIB, excluding anchor | 95,67,851 | 20.00% | — |
| Anchor investors | 1,43,51,775 | 30.00% | — |
Source: ProspectusUpdated
Lot size
Amounts at ₹148 per share| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail individual investors | 1 | 101 | ₹14,948 |
Source: ProspectusUpdated
Subscription
Category-wise subscription is published by the exchanges while the issue is open. It appears here once the figures are added.
Valuation
FY 2026, pre-issue- EPS (basic)
- ₹3.08
- EPS (diluted)
- ₹3.05
- P/E (FY 2026 basic EPS at lower price band end)
- 45.45×
- P/E (FY 2026 basic EPS at upper price band end)
- 48.05×
- P/E (FY 2026 diluted EPS at offer price)
- 48.52×
- RoNW
- 7.79%
- ROCE
- 9.89%
- NAV per share (As at March 31, 2026)
- ₹39.52
- NAV per share (After Offer at Offer Price)
- ₹49.42
- EBITDA margin
- 14.18%
Source: ProspectusUpdated
Financials
Consolidated, restated · ₹ crore| Period ended | 31 Mar 2026FY 2026 | 31 Mar 2025FY 2025 | 31 Mar 2024FY 2024 |
|---|---|---|---|
| Revenue from operations | 1,512.46 | 1,446.03 | 1,435.48 |
| Total income | 1,562.53 | 1,492.68 | 1,472.58 |
| EBITDA | 221.56 | 198.29 | 150.33 |
| Profit after tax | 55.09 | 30.77 | 44.94 |
| Net worth | 810.22 | 743.20 | 703.36 |
| Reserves and surplus | 765.70 | 691.72 | 630.20 |
| Total assets | 1,509.87 | 1,589.80 | 1,476.16 |
FY 2026 vs FY 2025: revenue +4.6%, profit after tax +79.0%.
Source: ProspectusUpdated
About the company
The company manufactures and sells tiles, including glazed vitrified tiles, polished vitrified tiles and ceramic tiles, along with bathware. It runs eight in-house manufacturing facilities in the Morbi cluster in Gujarat and sells through franchised exclusive and multi-brand outlets as well as a B2B channel of architects, builders and contractors. It also exports to over 100 countries.
- Incorporated
- 2003
- Industry
- Building Materials (Tiles)
- CIN
- U26914GJ2003PLC043194
- Website
- varmora.com
Source: ProspectusUpdated
Promoters and shareholders
| Name | Type | Before issue | After issue | Shares offered |
|---|---|---|---|---|
| Bhavesh Vallabhdas Varmora | Promoter | 9.47% | — | — |
| Hiren R Varmora | Promoter | 9.35% | — | — |
| Pramodkumar Parsotambhai Patel | Promoter | 6.56% | — | — |
| Katsura Investments | Selling shareholder | — | — | 2,62,17,634 |
Source: ProspectusUpdated
Objects of the issue
₹ crore| Purpose | Amount |
|---|---|
| Repayment or prepayment of borrowings of the company and its wholly-owned subsidiaries | 245.00 |
| General corporate purposes | 48.00 |
Source: ProspectusUpdated
Peer comparison
As listed in the offer document| Company | EPS | P/E | RoNW | NAV per share |
|---|---|---|---|---|
| Varmora Granito LimitedIssuer | ₹3.08 | 48.52× | 7.79% | ₹39.52 |
| Kajaria Ceramics Limited | ₹30.48 | 40.27× | 15.89% | ₹191.11 |
| Somany Ceramics Limited | ₹19.8 | 28.55× | 8.79% | ₹202.11 |
| Asian Granito India Limited | ₹0.7 | 72.00× | 1.23% | ₹51.36 |
| Orient Bell Limited | ₹8.46 | 47.67× | 3.78% | ₹222.78 |
Source: ProspectusUpdated
Strengths and risks
Our summary of what the offer document statesStrengths
- Long operating history of over 20 years in tile manufacturing with a focus on premium glazed vitrified tiles.
- Large share of revenue from in-house manufacturing, giving control over quality and supply.
- Wide pan-India distribution through exclusive and multi-brand outlets and a B2B channel.
- Gross margin improved from FY 2024 to FY 2026 as the product mix shifted toward premium tiles.
- Exports to over 100 countries.
Risks
- Most manufacturing facilities and third-party contract manufacturers are concentrated in Morbi, Gujarat, so regional disruption could hit operations.
- A large share of revenue depends on glazed vitrified tiles and technical products, so a demand slowdown would affect results.
- Most B2C sales come through franchisee-operated outlets, so franchisee non-performance could affect the business.
- Revenue from the new IST product line began only in FY 2026 and has a short operating record.
- Reliance on borrowings and a net debt position could constrain financial flexibility.
Source: ProspectusUpdated
Documents
Contacts
Source: ProspectusUpdated
Allotment status
Check whether shares were allotted on the official pages below, using your PAN, application number or DP/client ID. Results appear once the basis of allotment is finalised.
- Allotment
- Refunds
- Demat credit
- Listing
Source: ProspectusUpdated
After listing
Listing price, day-one high and low, and the change from the issue price (₹148) appear here after the shares list on NSE and BSE.
Work out the gain or loss on allotted shares after charges and tax →
Frequently asked questions
When does the Varmora Granito IPO open and close?
According to the Prospectus, the issue opens on Tuesday, 22 September 2026 and closes on Thursday, 24 September 2026.
What is the Varmora Granito IPO price band?
The final issue price is ₹148 per share.
What is the lot size of the Varmora Granito IPO?
One lot is 101 shares, which is ₹14,948 at ₹148 per share.
Where will Varmora Granito shares list?
On NSE and BSE. The tentative listing date is Tuesday, 29 September 2026.
Who is the registrar of the issue?
KFin Technologies Limited (SEBI registration INR000000221). Allotment status is checked on the registrar's website.
How do I check the Varmora Granito IPO allotment status?
The basis of allotment is expected to be finalised on Friday, 25 September 2026. After that, search by PAN, application number or DP/client ID on the registrar's website (KFin Technologies Limited), the NSE website or the BSE website. Shares that are allotted are credited to your demat account; for an application that is not allotted, the blocked amount is released.
How will the money raised be used?
₹245 Cr for repayment or prepayment of borrowings of the company and its wholly-owned subsidiaries, ₹48 Cr for general corporate purposes.
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Spotted something wrong?
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