VG
Varmora Granito Limited IPO
Ceramic & Vitrified Tiles · GVT & PVT · Building Materials · Morbi, Gujarat
📋 Mainline IPO
Fresh + OFS
NSE, BSE
₹148
Upper Price
₹1,096.04 Cr
Issue Size
Sep 29, 2026
Listing Date
₹2,984.05 Cr
Market Cap (Pre)
📅 IPO Timetable
All dates tentative🟢
IPO Opens
Tuesday, 22 September 2026
Bidding starts — apply before close
🔒
IPO Closes
Thursday, 24 September 2026
Last day to bid — closes at 5:00 PM IST
📊
Basis of Allotment
Friday, 25 September 2026
Allotment finalised by registrar
🔄
Refund & Share Credit
Monday, 28 September 2026
Unallotted funds returned; shares credited to demat
🏷️
Tuesday, 29 September 2026
Trading begins from 10:00 AM IST
📋 IPO Details
IPO Open Date22 September 2026 (Tue)
IPO Close Date24 September 2026 (Thu)
Listing Date29 September 2026 (Tue)
Face Value₹2 per share
Price Band₹140 to ₹148
Issue Price (Upper Band)₹148 per share
Issue TypeBook Build — Fresh + OFS
Lot Size101 shares
Total Issue Size7,40,56,889 shares (₹1,096.04 Cr)
Fresh Issue2,16,21,621 shares (₹320.00 Cr)
Offer for Sale (OFS)5,24,35,268 shares (₹776.04 Cr)
Pre-Issue Shares20,16,25,108
Post-Issue Shares22,32,46,729
Promoter Holding (Pre)26.99%
Market Cap (Pre-IPO)₹2,984.05 Cr
Listing ExchangeNSE, BSE
Lead ManagerJM Financial, Goldman Sachs, SBI Capital Markets
RegistrarKfin Technologies Ltd.
💰 Lot Size & Minimum Investment
At upper price ₹148| Investor Type | Lots | Shares | Amount |
|---|---|---|---|
| Retail — Minimum | 1 | 101 | ₹14,948 |
| Retail — Maximum | 13 | 1,313 | ₹1,94,324 |
| S-HNI (sNII) — Min | 14 | 1,414 | ₹2,09,272 |
| S-HNI (sNII) — Max | 66 | 6,666 | ₹9,86,568 |
| B-HNI (bNII) — Min | 67 | 6,767 | ₹1,001,516 |
⚠️ Note: Investors can bid for a minimum of 101 shares and in multiples thereof. Retail individual investors can apply up to ₹2,00,000.
👥 Investor Reservation
Allocated portion of Net OfferNot more than 50%
QIB Portion
Not less than 35%
Retail Portion
Not less than 15%
NII Portion
📊 Subscription Status
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📈 Company Financials
Restated Consolidated · ₹ Crore| Metric | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Total Assets | 1,509.87 | 1,589.80 | 1,476.16 |
| Total Income | 1,562.53 | 1,492.68 | 1,472.58 |
| PAT | 55.09 | 30.77 | 44.94 |
| EBITDA | 221.56 | 198.29 | 150.33 |
| Net Worth | 722.90 | 678.59 | – |
| Reserves & Surplus | 740.01 | 677.63 | 624.96 |
| Total Borrowing | 505.16 | 412.89 | – |
Income Growth
FY 2023–24₹1,472.58 Cr
FY 2024–25₹1,492.68 Cr
FY 2025–26₹1,562.53 Cr
🎯 Key Performance Indicators
6.80%
ROE
FY 2025–26
9.89%
ROCE
FY 2025–26
3.53%
PAT Margin
FY 2025–26
14.18%
EBITDA Margin
FY 2025–26
7.79%
RoNW
FY 2025–26
3.74x
Price/Book
FY 2025–26
39.52
NAV
FY 2025–26
⚖️ Valuation & EPS
Pre-IPO EPS
₹2.73
FY26 earnings + pre-issue shares
P/E: 54.21xPost-IPO EPS
₹2.47
FY26 earnings + post-issue shares
P/E: 59.92xPrice to Book Value
3.74x
At upper price band ₹148
Market Cap (Pre-IPO)
₹2,984.05 Cr
At issue price ₹148
ℹ️
Pre-IPO EPS (₹2.73) based on pre-issue shares (20,16,25,108) and FY26 consolidated PAT (₹55.09 Cr). Post-IPO EPS (₹2.47) accounts for the dilution resulting from the issuance of 2,16,21,621 fresh equity shares extending the total post-issue equity to 22,32,46,729 shares. Post-IPO Market Cap expands to ₹3,304.05 Cr at the upper issue price of ₹148.
🎯 Objects of the Issue
Net proceeds utilisation1
Repayment/pre-payment, in full or in part, of certain outstanding borrowings and accrued interest thereon availed by the company and wholly-owned subsidiaries (Covertek Ceramica Pvt. Ltd. and Varmora Sanitarywares Pvt. Ltd.), and of the subsidiary, Simola Tiles LLP
₹245.00 Cr
2
General Corporate Purposes
Balance
Total Fresh Issue Goal
₹320.00 Cr
🏢 About Varmora Granito Ltd.
Est. 2003 · Rajkot, Gujarat · Ceramic & Vitrified TilesVarmora Granito Limited, incorporated in 2003, is a prominent manufacturer and marketer within India’s building materials industry, specializing in ceramic and vitrified tiles. The company commands an extensive product portfolio of over 3,500 stock-keeping units (SKUs) as of March 31, 2025, which encompasses glazed vitrified tiles (GVT), polished vitrified tiles (PVT), and standard ceramic tiles.
The business operates a robust multi-channel distribution network spanning B2C and B2B segments. The consumer-facing network includes 286 exclusive brand outlets (EBOs) and over 2,000 multi-brand outlets (MBOs) reaching 949 cities across 27 states and union territories. To support this scale, Varmora Granito operates nine advanced manufacturing facilities clustered strategically in the Morbi industrial zone of Gujarat, backed by a workforce of 1,156 permanent employees. Furthermore, the company has established a strong global footprint, exporting its premium tiles to more than 100 countries.
Brand Ecosystem
🏘️
Ceramic & Vitrified Range
Wide array of high-quality GVT, PVT, and ceramic tiles featuring over 3,500 active SKUs.
🏭
Morbi Manufacturing Hub
Nine integrated manufacturing facilities consolidated within the Morbi industrial cluster.
🏪
Pan-India Retail Distribution
Extensive B2C network comprising 286 Exclusive Brand Outlets (EBOs) and 2,000+ MBOs.
🌎
Global Export Division
Dedicated 47-person export team servicing commercial clientele across more than 100 countries.
Company Promoters
BV
Bhavesh Vallabhdas Varmora & Hiren R Varmora
Promoters, Varmora Granito Ltd.
PP
Pramodkumar Parsotambhai Patel
Promoter, Varmora Granito Ltd.
Key Selling Shareholders (OFS)
Katsura Investments4,91,56,579 Shares
Parsotambhai Jivrajbhai Patel10,92,897 Shares
Ramanbhai Jivrajbhai Varmora10,92,896 Shares
Vallabhbhai Jivrajbhai Varmora10,92,896 Shares
📅 Key Dates
IPO Opens22 Sep 2026
IPO Closes24 Sep 2026
Allotment25 Sep 2026
Refund & Share Credit28 Sep 2026
Listing Day29 Sep 2026
💡 Quick Summary
Price Band₹140 – ₹148
Upper Price₹148 / share
Lot Size101 shares
Min. Investment (Retail)₹14,948
Issue Size₹1,096.04 Cr
ListingBSE, NSE
🏦 Registrar & Lead Manager
Lead Manager
JM Financial, Goldman Sachs, SBI Capital Markets
📍 Registered Address
Varmora Granito Ltd.
8-A, National Highway, Dhuva,
Taluka Wankaner, Rajkot,
Gujarat — 380054
📞 9909913657
[email protected]
8-A, National Highway, Dhuva,
Taluka Wankaner, Rajkot,
Gujarat — 380054
📞 9909913657
[email protected]
🛡️ Regulatory Note: Mainline IPO investments are subject to SEBI regulations. Always read the Prospectus/RHP before applying. Consult a SEBI-registered advisor before investing.
⚠️
Disclaimer: This page presents publicly available information from the Varmora Granito IPO RHP for informational purposes only. It does not constitute investment advice. IPO investments are subject to market risk. Please read all offer documents and consult a SEBI-registered advisor before investing.
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