Varmora Granito IPO
GMP, Subscription, Price, Dates & Financial Details
Pharmaceutical & Drugs
Incorporated in 2003, Varmora Granito Limited specializes in the manufacturing and marketing of ceramic and vitrified tiles, including Glazed Vitrified Tiles (GVT) and Polished Vitrified Tiles (PVT). The company emphasizes premium, tech-driven product lines, with GVT and technical tiles generating…
Open Date
Tue, 22 Sep 2026
Close Date
Thu, 24 Sep 2026
Price Band
₹ 140 – 148
Lot Size
101
Issue Size
₹ 708.02 Cr
Minimum Investment
₹ 14,948 (101 Shares)
Grey Market Premium Analysis
Day Wise GMP→Unofficial premium quoted in the grey market, tracked daily against the price band cap.
Grey market trading is unregulated. GMP figures are indicative only and should not be the sole basis for investment decisions - treat as a sentiment indicator, not a guarantee.
IPO Details
Varmora Granito IPO is set to open its Initial Public Offering (IPO) for subscription on September 22, 2026. According to the Red Herring Prospectus (RHP), the IPO is a book-built issue with a total issue size of ₹708.02 Crore, comprising a fresh issue of 2.16 Crore equity shares aggregating to ₹320.00 Crore and an offer for sale (OFS) of 2.62 Crore equity shares aggregating to ₹388.02 Crore by the existing shareholders.
The Varmora Granito IPO will open for subscription on September 22, 2026, and close on September 24, 2026. The basis of allotment is expected to be finalized on September 25, 2026, while the shares are tentatively scheduled to be listed on the NSE and BSE on September 29, 2026.
The company has fixed the price band at ₹140 to ₹148 per share, with a lot size of 101 shares. Retail investors will require a minimum investment of ₹14,948 (based on the upper price band) to apply for one lot.
KFin Technologies Limited is the registrar to the issue. JM Financial Limited, SBI Capital Markets Limited, and Goldman Sachs (India) Securities Pvt.Ltd. are the Book Running Lead Managers (BRLMs) to the issue.
Before investing in the Varmora Granito IPO, investors should carefully review the company's financial performance, business model, IPO objectives, and risk factors disclosed in the offer documents. Investors should also ensure that they submit their applications before the subscription window closes on September 24, 2026.
Varmora Granito IPO Timeline (Tentative)
- IPO Open Date
- Tue, 22 Sep 26
- IPO Close Date
- Thu, 24 Sep 26
- Basis of Allotment
- Fri, 25 Sep 26
- Initiation of Refunds
- Mon, 28 Sep 26
- Credit of Shares to Demat
- Mon, 28 Sep 26
- Listing Date
- Tue, 29 Sep 26 — BSE & NSE
Open Date
22 September 2026
Close Date
24 September 2026
Basis Of Allotment
25 September 2026
Listing Date
29 September 2026
IPO Subscription
Check Live Subscription →The Varmora Granito IPO subscription Data Unavailable. Subscription data will be available once biddings start. Bidding is open from 10:00 AM to 5:00 PM on 22 September 2026
IPO Reservations
The Retail Individual Investor (RII) category has the highest allocation with 0 shares, representing 0% of the total issue. Qualified Institutional Buyers (QIBs) are allocated 0 shares (0%), while Non-Institutional Investors (NIIs) receive 0 shares (0%).
| Category | Shares Offered | Shares Offered |
|---|---|---|
| Qualified Institutions | 0 | 0% |
| Retail Investors | 0 | 0% |
| Non-Institutional | 0 | 0% |
Financials Details(₹ in Crores)
| Particular | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 1509.87 | 1589.8 | 1476.16 |
| Revenue | 1562.53 | 1492.68 | 1472.58 |
| Profit After Tax | 55.09 | 30.77 | 44.94 |
| Net Worth | 796.88 | 722.9 | 678.59 |
| Reserve & Surplus | 765.7 | 691.72 | 630.2 |
| Total Borrowings | 630.2 | 505.16 | 412.89 |
Financials Performance
Performance Indicators
EPS Pre
Earnings per share before the IPO.
P/E Pre
IPO Offer Price ÷ EPS Pre.
EPS Post
Expected earnings per share after the IPO..
P/E (Post Issue)
IPO Offer Price ÷ EPS Post.
Varmora Granito Limited KPI Information
| Particular | Mar 2026 | Mar 2025 | Mar 2024 |
|---|---|---|---|
| ROE % | 6.8 | 4.14 | 6.39 |
| ROCE % | 9.89 | 6.32 | 7.95 |
| RoNW % | 7.79 | 4.88 | 6.51 |
| Pat Margin % | 3.53 | 2.06 | 3.05 |
Peers Comparison
| Company | Face Value | PE Ratio | EPS Basic | EPS Diluted | RoNW | Net Assets |
|---|---|---|---|---|---|---|
| Varmora Granito Ltd | 2 | 0 | 3.08 | 3.05 | 7.79 | 39.52 |
| Kajaria Ceramics Ltd | 1 | 40.27 | 30.48 | 30.44 | 15.89 | 191.11 |
| Somany Ceramics Ltd | 2 | 28.55 | 19.8 | 19.76 | 8.79 | 202.11 |
| Asian Granito India Ltd | 10 | 72 | 0.7 | 0.7 | 1.23 | 51.36 |
| Orient Bell Limited | 10 | 47.67 | 8.46 | 8.43 | 3.78 | 222.78 |
About Varmora Granito Limited
Incorporated in 2003, Varmora Granito Limited specializes in the manufacturing and marketing of ceramic and vitrified tiles, including Glazed Vitrified Tiles (GVT) and Polished Vitrified Tiles (PVT). The company emphasizes premium, tech-driven product lines, with GVT and technical tiles generating approximately 84% of its tile revenue in Fiscal 2026.
Manufacturing & Technology
Production Base: Operates 8 manufacturing facilities located in Morbi, Gujarat, driving 81.72% of Fiscal 2026 revenue through in-house production.
Tech Partnership: Utilizes Integrated Stone Technology (IST) via an exclusive collaboration with Italy's SACMI to engineer high-end, innovative tile designs.
Distribution & Sales Channels
Retail Presence: Supported by 305 exclusive brand outlets and 2,758 multi-brand retail partners across domestic and international markets.
Institutional Sales: Serves developers, contractors, corporate builders, and government entities through direct B2B channels.
Sustainability & Operations
Clean Energy: Operates 16.22 MW of solar and wind energy capacity to support sustainable production.
Workforce: Employs 1,153 permanent staff as of March 2026.
Varmora Granito IPO Promoters
- Bhavesh Vallabhdas Varmora
- Hiren R Varmora
- Pramodkumar Parsotambhai Patel
Promoters Holding
Holding Pre Issue
52.00%
Holding Post Issue
46.55%
Varmora Granito IPO Objective
The Company Varmora Granito IPO proposes to utilise the Net Proceeds from the Issue towards the following objects:
- 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 Private Limited and Varmora Sanitarywares Private Limited (formerly, Varmora Sanitarywares LLP), and of the subsidiary, Simola Tiles LLP, through investment in such Subsidiaries;
- General corporate purposes.
Varmora Granito Limited Address / Contact Details
Varmora Granito Limited
8-A, National Highway,
Dhuva, Taluka Wankaner
Rajkot – 363641, Gujarat
Phone: +9909913657
Email: investor.relations@varmora.com
Website: http://www.varmora.com/
IPO Snapshot
Varmora Granito IPO Lot Size
The Varmora Granito IPO has a lot size of 101 shares. Retail investors require a minimum investment of ₹14,948 by applying for 1 lot (101 shares). The maximum application allowed for the retail category is 13 lots (1,313 shares), requiring an investment of ₹1,94,324.
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | 1 | 101 | 14,948.00 |
| Retail (Max) | 13 | 1,313 | 194,324.00 |
| S-HNI (Min) | 14 | 1,414 | 209,272.00 |
| S-HNI (Max) | 66 | 6,666 | 986,568.00 |
| B-HNI (Min) | 67 | 6,767 | 1,001,516.00 |
Issue Reservation
Book Running Lead Managers
- JM Financial Limited
- SBI Capital Markets Limited
- Goldman Sachs (India) Securities Pvt.Ltd.
IPO Documents & Links
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Disclaimer: This data is for informational purposes only and does not constitute investment advice.
Frequently Asked Questions
Everything you need to know before applying to an IPO.
What is the Varmora Granito IPO?
Varmora Granito IPO is a Book-building IPO with a total issue size of ₹708.02 crore. The Varmora Granito IPO price band is ₹140 to 148 per share. The Varmora Granito IPO subscription opens on Tue, Sep 22, 2026, and closes on Thu, Sep 24, 2026. The Varmora Granito IPO will be listed on the BSE,NSE. KFin Technologies Limited is the registrar for the Varmora Granito IPO.
When will the Varmora Granito IPO open for subscription?
The Varmora Granito IPO opens on Tue, Sep 22, 2026 and closes on Thu, Sep 24, 2026
What is Varmora Granito IPO Price Band?
Varmora Granito IPO Price Band is ₹140 to 148 per share.
What is Varmora Granito IPO Lot Size?
Varmora Granito IPO lot size is 101 shares, Retail investors need a minimum investment of ₹14948 based on the upper price band
What is the minimum investment for Varmora Granito IPO?
The minimum investment for Varmora Granito IPO is ₹14948, based on one lot of 101 shares at the upper price band of ₹148 per share.
How to apply for Varmora Granito IPO?
Investors can apply for the Varmora Granito IPO through the ASBA (Application Supported by Blocked Amount) facility offered by their bank or through UPI using a SEBI-registered broker or trading app. Select the desired lot size, enter your bid within the price band, and submit the application before Thu, Sep 24, 2026. The application amount remains blocked until the Varmora Granito IPO allotment is finalized.
What is Varmora Granito IPO Issue Size?
Varmora Granito IPO issue size is ₹708.02 crores.
What is the Varmora Granito IPO Allotment Date?
Varmora Granito IPO allotment date is Fri, Sep 25, 2026.
Who is the Varmora Granito IPO Registrar?
The registrar for Varmora Granito IPO is KFin Technologies Limited. Investors can go to KFin Technologies Limited website to check Varmora Granito IPO allotment status, refund processing, and other IPO-related information.
Who is the Varmora Granito IPO Lead Manager?
The book-running lead managers (BRLMs) for the Varmora Granito IPO are JM Financial Limited, SBI Capital Markets Limited and Goldman Sachs (India) Securities Pvt.Ltd.. The lead managers are responsible for managing the IPO process, including issue structuring, regulatory compliance, marketing the public issue, coordinating with investors, and ensuring a smooth listing process. For complete details, investors should refer to the Varmora Granito IPO Red Herring Prospectus (RHP).