Varmora Granito IPO
Grey Market Premium (GMP)
GMP applies before listing only. This IPO has listed — see Listing Performance below for the actual debut.
Subscription Status
| Category | Subscription |
|---|---|
| QIB | 3.1x |
| NII | 0.94x |
| sNII (₹2L–₹10L) | 0.94x |
| bNII (above ₹10L) | 0.94x |
| Retail (RII) | 1.02x |
| Total | 1.6x |
Bidding day 3 · final figures at close of bidding: 29 Sept 2026, 6:30 pm IST
IPO Details
- Open Date
- 22 Sept 2026
- Close Date
- 24 Sept 2026
- Listing Date
- 29 Sept 2026
- Face Value
- ₹2
- Fresh Issue
- ₹320 Cr
- OFS
- ₹388.02 Cr
- Listing On
- NSE, BSE
- Registrar
- KFin Technologies (KFintech)
The fresh issue is money for the company; the OFS goes to selling shareholders. Fresh issue vs offer for sale, explained
Lot Size & Application Amounts
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 101 | ₹14,948 |
| Retail (Max) | 14 | 1,414 | ₹2,09,272 |
| B-HNI (Min) | 67 | 6,767 | ₹10,01,516 |
Issue Reservation
| Investor category | Shares offered | % of issue |
|---|---|---|
| Anchor | 1,43,51,775 | 30% |
| QIB (ex-anchor) | 95,67,851 | 20% |
| NII | 71,75,889 | 15% |
| — sNII (< ₹10L) | 23,91,963 | 5% |
| — bNII (> ₹10L) | 47,83,926 | 10% |
| Retail | 1,67,43,740 | 35% |
| Total | 4,78,39,255 | 100% |
The anchor portion is carved out of the QIB quota. Percentages are of the total shares offered.
Financials (₹ Cr)
| Period Ended | Revenue | PAT | EBITDA | Net Worth | Total Assets | Borrowings | EPS (₹) |
|---|---|---|---|---|---|---|---|
| FY 2024 | 1,472.58 | 44.94 | 150.33 | 678.59 | 1,476.16 | 412.89 | — |
| FY 2025 | 1,492.68 | 30.77 | 198.29 | 722.9 | 1,589.8 | 505.16 | — |
| FY 2026 | 1,562.53 | 55.09 | 221.56 | 796.88 | 1,509.87 | 357.95 | 2.7 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March.
KPIs & Valuation
- P/E (pre-issue)
- 54.81x
- P/E (post-issue)
- 60.66x
- RoNW
- 7.79%
- RoE
- 6.8%
- RoCE
- 9.89%
- EPS (pre-issue)
- ₹2.7
- EPS (post-issue)
- ₹2.44
- EBITDA Margin
- 14.18%
- PAT Margin
- 3.53%
- P/BV
- 3.74x
- NAV / share
- ₹39.52
- Market Cap
- ₹3,344.97 Cr
As of 31 Mar 2026 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Objects of the Issue
| Purpose | Est. Amount |
|---|---|
| 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 namely Covertek Ceramica Pvt.Ltd. and Varmora Sanitarywares Pvt.Ltd. (formerly, Varmora Sanitarywares LLP), and of the subsidiary, Simola Tiles LLP, through investment in such Subsidiaries | ₹245 Cr |
| General Corporate Purposes | ₹48 Cr |
| Issue Expenses | ₹59.7 Cr |
Net-proceeds utilisation as disclosed in the offer document.
Issue Expenses
| Purpose | Est. Amount |
|---|---|
| Fees payable to the BRLMs and commissions (including underwriting commission, brokerage and selling commission) | ₹16.11 Cr |
| Commission/processing/uploading fee for SCSBs, Sponsor Bank(s) and Banker(s) to the Offer. Brokerage, underwriting commission and selling commission and bidding charges for Members of the Syndicate, Registered Brokers, CRTAs and CDPs | ₹1.23 Cr |
| Fees payable to the Registrar to the Offer | ₹0.02 Cr |
| Fees payable to other advisors to the Offer (including statutory auditors, industry expert and independent chartered accountant) | ₹8.17 Cr |
| Listing fees, SEBI, BSE and NSE processing fees, book building software fees and other regulatory expenses | ₹3.25 Cr |
| Printing and distribution of stationery | ₹0.71 Cr |
| Fees payable to the legal counsels to the Offer | ₹11.19 Cr |
| Advertising and marketing expenses | ₹10.88 Cr |
| Miscellaneous | ₹8.14 Cr |
Promoters & Shareholding
Promoters: <p>Bhavesh Vallabhdas Varmora, Hiren R Varmora, Pramodkumar Parsotambhai Patel</p>
- Holding (pre-issue)
- 52%
- Holding (post-issue)
- 47.04%
- Dilution
- 4.96%
Documents
Anchor Investors
| Investor | Category | Shares | Price | Amount ₹Cr | Allocation |
|---|---|---|---|---|---|
| ICICI PRUDENTIAL HOUSING OPPORTUNITIES FUND | Other | 16,89,225 | ₹148 | 25 | 11.77% |
| GOLDMAN SACHS FUNDS-GOLDMAN SACHS INDIA EQUITY PORTFOLIO | Other | 16,89,225 | ₹148 | 25 | 11.77% |
| BANDHAN LARGE & MID CAP FUND | Other | 16,89,225 | ₹148 | 25 | 11.77% |
| SOCIETE GENERALE-ODI | Other | 13,51,380 | ₹148 | 20 | 9.42% |
| ICICI PRUDENTIAL RETIREMENT FUND-PURE EQUITY PLAN | Other | 13,51,380 | ₹148 | 20 | 9.42% |
| MOTILAL OSWAL LARGE CAP FUND | Other | 10,67,570 | ₹148 | 15.8 | 7.44% |
| INDIA ACORN FUND LTD. | Other | 10,67,570 | ₹148 | 15.8 | 7.44% |
| TURNAROUND OPPORTUNITIES FUND | Other | 7,11,646 | ₹148 | 10.53 | 4.96% |
| BNP PARIBAS FINANCIAL MARKETS-ODI | Other | 6,75,690 | ₹148 | 10 | 4.71% |
| BHARTI AXA LIFE INSURANCE CO.LTD. | Insurance | 6,75,690 | ₹148 | 10 | 4.71% |
| UNION SMALL CAP FUND | Other | 6,75,690 | ₹148 | 10 | 4.71% |
| JM FLEXICAP FUND | Other | 4,05,414 | ₹148 | 6 | 2.82% |
| 360 ONE EQUITY OPPORTUNITY FUND-SERIES II | Other | 3,55,924 | ₹148 | 5.27 | 2.48% |
| LC PHAROS MULTI STRATEGY FUND VCC-LC PHAROS MULTI STRATEGY FUND SF1 | Other | 3,38,025 | ₹148 | 5 | 2.36% |
| JM MIDCAP FUND | Other | 2,70,276 | ₹148 | 4 | 1.88% |
| JM SMALL CAP FUND | Other | 2,02,707 | ₹148 | 3 | 1.41% |
| JM VALUE FUND | Other | 1,35,138 | ₹148 | 2 | 0.94% |
Anchor bidding took place on 21 Sept 2026. Anchor lock-in: 50% of shares unlock on 24 Oct 2026, the remainder on 23 Dec 2026.
Peer Comparison
| Company | EPS (₹) | NAV (₹) | P/E | RoNW | P/BV | Statements |
|---|---|---|---|---|---|---|
| Varmora Granito | 3.08 | 39.52 | — | 7.79% | — | Consolidated |
| Asian Granito India Ltd. | 0.7 | 51.36 | 72x | 1.23% | 1.1x | Consolidated |
| Kajaria Ceramics Ltd. | 30.48 | 191.11 | 40.27x | 15.89% | 4.82x | Consolidated |
| Orient Bell Ltd. | 8.46 | 222.78 | 47.67x | 3.78% | 1.14x | Consolidated |
| Somany Ceramics Ltd. | 19.8 | 202.11 | 28.55x | 8.79% | 1.77x | Consolidated |
Peer group as disclosed in the offer document, figures as of 30 Mar 2026. The issuer’s P/E is computed at the upper price band.
Lead Managers (BRLMs)
Tap a lead manager to see every IPO it has run and how those listings fared.
Broker Recommendations
| Reviewer | Verdict |
|---|---|
| Capital Market | Avoid |
Third-party analyst views on the Varmora Granito IPO, aggregated for reference. ipostation does not rate IPOs — nothing here is investment advice.
Listing Performance
About the Varmora Granito IPO
The Varmora Granito mainboard IPO opens for subscription on 22 Sept 2026 and closes on 24 Sept 2026, offered at a price band of ₹140–148 per share, and is set to list on NSE and BSE. In total, the issue aims to mobilise ₹708.02 crore. Retail investors bid in lots of 101 shares, a minimum application of ₹14,948.
Issue structure
The offer combines a fresh issue of ₹320 crore with an offer for sale (OFS) of ₹388.02 crore by existing shareholders. Money raised through the fresh issue goes to the company for its stated objects, while OFS proceeds go to the selling shareholders rather than the business.
Objects of the issue
Per the offer document, the company intends to deploy the net proceeds primarily toward 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 namely covertek ceramica pvt.ltd. and varmora sanitarywares pvt.ltd. (formerly, varmora sanitarywares llp), and of the subsidiary, simola tiles llp, through investment in such subsidiaries (₹245 crore), alongside issue expenses (₹59.7 crore). In all, 3 objects are disclosed — the full break-up is in the table above.
Financials
In FY2026, Varmora Granito reported revenue of ₹1,562.53 crore and a net profit of ₹55.09 crore. Revenue grew from ₹1,472.58 crore in FY2024 to ₹1,562.53 crore in FY2026 (+6.0%). Net worth stood at ₹796.88 crore at the end of FY2026. At the upper band, that puts the issue at roughly 54.8× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.
Valuation
At the upper band, the issue is priced at 60.66× post-issue earnings and 3.74× book value, against a return on net worth of 7.79%. These ratios come from the offer document and are for comparison, not a recommendation.
Peer comparison
The offer document names listed peers including Asian Granito India Ltd. and Kajaria Ceramics Ltd., with a median peer P/E of about 44×. The issue's own post-issue P/E works out to 60.66×.
Promoters
The promoters of the company are <p>Bhavesh Vallabhdas Varmora, Hiren R Varmora, Pramodkumar Parsotambhai Patel</p>. Promoter holding stands at 52% before the issue and comes down to 47.04% after listing.
Grey market premium (GMP)
In the unofficial grey market, Varmora Granito shares are quoted at a premium of ₹1 implying an expected listing around ₹149, about +0.7% over the upper band. Grey market premium is a sentiment indicator set by private dealers, not the company or the exchange — it moves quickly and is not a reliable predictor of the actual listing price.
Subscription
The Varmora Granito IPO was subscribed 1.6 times overall. The strongest demand came from qualified institutional buyers (QIB) at 3.1 times, with non-institutional investors (NII) at 0.94× and retail investors at 1.02×.
Listing performance
Varmora Granito listed on 29 Sept 2026 at ₹152, a premium of +2.7% over the issue price of ₹148.
What to weigh
When evaluating the Varmora Granito IPO, the data points most investors look at are the fresh-issue-versus-OFS split, the revenue and profitability trend, subscription demand across investor categories and the grey market premium. Grey market premium and subscription figures reflect short-term sentiment rather than long-term fundamentals; the figures on this page are for information only and are not investment advice.
About Varmora Granito
Incorporated in 2003, Varmora Granito Limited is engaged in the business of manufacturing and marketing ceramic and vitrified tiles. The company’s product portfolio includes a wide range of tiles across formats such as glazed vitrified tiles (GVT), polished vitrified tiles (PVT), and ceramic tiles. The company distributes its products through a multi-channel network comprising: Business-to-Consumer (B2C) channels: 286 exclusive brand outlets (EBOs) and over 2,000 multi-brand outlets (MBOs) Business-to-Business (B2B) channels: Builders, contractors, developers, and government procurement As of March 31, 2025, the company’s distribution network covered 949 cities across 27 states and union territories in India. The product portfolio included more than 3,500 stock-keeping units (SKUs) as of March 31, 2025. Manufacturing Facilities As of March 31, 2025, the company operated nine manufacturing facilities, all located in the Morbi industrial cluster in Gujarat. Export Operations As of March 31, 2025, the company exported products to over 100 countries, supported by a dedicated export team comprising 47 personnel. Employees The company employed 1,156 permanent employees as of March 31, 2025.
Varmora Granito — Contact Details
- Registered office
- 8-A, National Highway,, Dhuva,, Taluka Wankaner, Rajkot, Gujarat, 380054
- Phone
- 9909913657
- Website
- www.varmora.com/
- Registrar (IPO queries)
- einward.ris@kfintech.com
Frequently asked questions
- What is the Varmora Granito IPO price band?
- The Varmora Granito IPO price band is ₹140 to ₹148 per share, with a lot size of 101 shares.
- What was the Varmora Granito IPO GMP before listing?
- The final grey market premium recorded before the Varmora Granito IPO listed was ₹1. The IPO listed on 29 Sept 2026 at ₹152, +2.7% against the issue price. GMP is an unofficial figure and was never a guarantee of the listing price.
- When does the Varmora Granito IPO open and close?
- The Varmora Granito IPO opens on 22 Sept 2026 and closes on 24 Sept 2026.
- When is the Varmora Granito IPO allotment and listing date?
- Allotment is expected on 25 Sept 2026. The shares are scheduled to list on 29 Sept 2026 on NSE and BSE.
- How many times was the Varmora Granito IPO subscribed?
- The Varmora Granito IPO was subscribed 1.6 times in total across all investor categories.
- What is the reservation split in the Varmora Granito IPO?
- Of the total shares offered, retail investors get 35%, QIBs 20% (plus 30% anchor), non-institutional investors 15%. The full category-wise break-up is in the Issue Reservation table on this page.
- Who are the promoters of Varmora Granito and what is their holding?
- The promoters are <p>Bhavesh Vallabhdas Varmora, Hiren R Varmora, Pramodkumar Parsotambhai Patel</p>. Promoter holding is 52% before the issue and 47.04% after listing.
- What is the P/E ratio of the Varmora Granito IPO?
- At the upper price band, the Varmora Granito IPO is valued at 54.81× pre-issue earnings and 60.66× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the Varmora Granito IPO?
- The net proceeds go primarily toward 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 namely covertek ceramica pvt.ltd. and varmora sanitarywares pvt.ltd. (formerly, varmora sanitarywares llp), and of the subsidiary, simola tiles llp, through investment in such subsidiaries, among 3 disclosed objects. See the Objects of the Issue table for the full break-up.
- Who are the lead managers and registrar of the Varmora Granito IPO?
- The book-running lead managers are JM Financial Ltd., SBI Capital Markets Ltd., Goldman Sachs (India) Securities Pvt.Ltd.. KFin Technologies (KFintech) is the registrar to the issue.
- Is Varmora Granito a Mainboard or SME IPO?
- Varmora Granito is a Mainboard IPO, listing on NSE and BSE.