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Varmora Granito IPO
📅 Founded: 2003
📍 Rajkot, Gujarat
👥 1,153 employees
🌐 varmora.com
📋 Face Value: ₹2
🏦 Market Cap: ₹3,345 Cr
Price Band
₹140 – ₹148
Issue Size
₹708.02 Cr
Lot Size
101 shares
Min. Investment
₹14,948
GMP
+₹0 (+0%)
Est. Return
+0%
Listing Date
29 Sep 2026
Registrar
KFin Technologies
Varmora Granito IPO at a glance
Varmora Granito IPO was a mainboard issue of ₹708.02 Cr at a price band of ₹140 – ₹148 per share, open from 22 Sep 2026 to 24 Sep 2026. It was subscribed 1.44 times overall (QIB 2.97x, NII 0.77x, retail 0.85x). The shares listed on BSE, NSE on 29 Sep 2026.
IPO Signal Analysis
📊 Based on Grey Market Premium (GMP) & Subscription Data — not financial advice
GMP Signal
Moderate Interest
GMP: +0% above issue price
⭐ Overall Signal
Moderate Interest
GMP + Subscription combined
Not financial advice
Not financial advice
Subscription Signal
Moderate Interest
1.44x subscribed
Issue Details
Fresh Issue₹320 Cr
Offer for Sale (OFS)₹388.02 Cr
Total Issue Size₹708.02 Cr
Face Value₹2
Market Cap (at issue)₹3,345 Cr
Listing ExchangeBSE, NSE
📅 Open Date22 Sep 2026
🔒 Close Date24 Sep 2026
✂️ Cut-off Price Date24 Sep 2026
🎟️ Allotment Date25 Sep 2026
💸 Refund Initiation26 Sep 2026
📂 Demat Credit26 Sep 2026
📈 Listing Date29 Sep 2026
Objects of the Issue
- 💰 Repayment of borrowings — ₹245 Cr
- 💰 General corporate purposes
About the Company
Varmora Granito, based in Rajkot, Gujarat, manufactures ceramic and vitrified tiles, including glazed and polished vitrified types. It runs eight plants in the Morbi cluster and sells through exclusive brand outlets and multi-brand outlets in India and overseas.
Strengths
- ✅ Eight manufacturing plants in the Morbi tile cluster
- ✅ Retail reach through 305 exclusive outlets and about 2,758 multi-brand outlets
- ✅ Makes GVT, PVT and ceramic tiles across price points
Risk Factors
- ⚠️ High valuation of about 60x FY26 earnings
- ⚠️ Sales growth has been slow, around 5% in FY26
- ⚠️ Tile industry is crowded and price-competitive, with gas costs affecting margins
- ⚠️ More than half the issue is an offer for sale, so that money goes to selling shareholders
Subscription Status
1.44x Overall
QIB: 3.0x
NII: 0.8x
RII: 0.8x
GMP Trend
Day-wise Subscription
| Day | QIB | NII | RII | Overall |
|---|---|---|---|---|
| Day 1 | — | — | — | 0.00x |
| Day 2 | — | — | — | 0.00x |
| Day 3 | — | — | — | 0.00x |
Share Reservation
QIB
50%
NII
15%
RII
35%
Allocation as per SEBI regulations for Mainboard IPO
Anchor Investors
Anchor allotment details not yet available.
Promoter Holding
52%
Pre-IPO
→ -5.5%
46.55%
Post-IPO
Founders & Leadership
BV
Bhavesh Vallabhdas Varmora
Promoter
Promoter of the company
HV
Hiren R Varmora
Promoter
Promoter of the company
IPO Timeline
✓
Open Date
22 Sep 2026
✓
Close Date
24 Sep 2026
✓
Allotment Date
25 Sep 2026
✓
Listing Date
29 Sep 2026
Key Financials
Revenue₹1,562.53 Cr
PAT₹55.09 Cr
EPS₹2.44
P/E Ratio60.66x
ROE7.79%
Market Cap₹3,345 Cr
Company Financials (Restated Consolidated)
| Period Ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Total Income | 1562.53 | 1492.68 | 1472.58 |
| Profit After Tax | 55.09 | 30.77 | 44.94 |
| EBITDA | 221.56 | 198.29 | 150.33 |
| Net Worth | 796.88 | 722.90 | 678.59 |
| Total Borrowing | 357.95 | 505.16 | 412.89 |
Amount in ₹ Crore
Key Performance Indicators (KPI)
| KPI | FY26 | FY25 |
|---|---|---|
| ROE (%) | 6.91 | 4.26 |
| EBITDA Margin (%) | 14.18 | 13.28 |
| Debt / Equity | 0.45 | 0.70 |
| Net Worth (Rs. Cr) | 796.88 | 722.90 |
| Metric | Pre IPO | Post IPO |
|---|---|---|
| EPS | ₹2.44 | — |
| P/E (x) | 60.66x | — |
| ROE (%) | 7.79% | — |
| Promoter Holding | 52% | 46.55% |
| Market Cap | ₹3,345 Cr | |
IPO Registrar
Varmora Granito IPO FAQs
Varmora Granito IPO is a mainboard IPO with an issue size of ₹708.02 Cr at a price band of ₹140 – ₹148. Minimum lot size is 101 shares (minimum investment ~₹14,948). Opened on 22 Sep 2026 and closed on 24 Sep 2026. Listed on BSE, NSE. Registrar: KFin Technologies.