Varmora Granito IPO: Price Band, Lot Size, Financials & Review
Varmora Granito IPO listed on BSE & NSE on Tue, 29 Sep 2026. The issue was subscribed 1.60x overall.
- Open Date
- 22 Sep 2026
- Close Date
- 24 Sep 2026
Last updated
- Price band
- ₹140 – ₹148
- Lot size
- 101 shares
- Min. investment
- ₹14,948
- Issue size
- ₹708.02 Cr
- Last GMP
- +₹1
- Subscribed
- 🔥 1.60x
Varmora Granito IPO details
Varmora Granito IPO is a ₹708.02 Cr book-building IPO on the Mainboard segment, listing on BSE & NSE. It combines a fresh issue of ₹320 Cr (45.20%) with an offer for sale of ₹388.02 Cr (54.80%) by existing shareholders. Only the fresh issue money goes to the company.
The issue was open from Tue, 22 Sep 2026 to Thu, 24 Sep 2026. Allotment was finalised on Fri, 25 Sep 2026, and the shares listed on BSE & NSE on Tue, 29 Sep 2026.
The price band is ₹140 to ₹148 per share and the lot size is 101 shares, so the minimum retail application is ₹14,948. Retail investors can apply for up to 13 lots (1,313 shares, ₹1,94,324).
KFin Technologies Limited is the registrar, and JM Financial Limited, SBI Capital Markets Limited and Goldman Sachs (India) Securities Pvt.Ltd. are the book running lead managers.
Grey market premium (GMP)
Day-wise GMP →The last Varmora Granito IPO GMP before listing was +₹1 (+0.68% against the upper price band of ₹148), implying an estimated listing price of ₹149. Across 10 days of tracking, GMP ranged from 0 (23 Sep) to +₹9 (20 Sep).
| Last GMP | +₹1 |
|---|---|
| GMP vs upper band | +0.68% |
| Estimated listing price | ₹149 |
| Highest (20 Sep) | +₹9 |
| Lowest (23 Sep) | 0 |
Grey market trading is unofficial and unregulated. GMP is a sentiment indicator, not a guarantee of the listing price. See the Varmora Granito IPO day-wise GMP.
Subscription
Day-wise subscription →Varmora Granito IPO was subscribed 1.60x overall: QIB 3.10x, NII 0.94x and retail 1.02x.
| Category | Subscribed |
|---|---|
| QIB | 3.10x |
| NII | 0.94x |
| └ bNII (above ₹10 lakh) | 0.94x |
| └ sNII (₹2–10 lakh) | 0.94x |
| Retail | 1.02x |
| Total | 1.60x |
Final figures at the close of bidding on 24 Sep 2026. Category-wise bids, application-wise breakup and allotment chances are on the Varmora Granito IPO day-wise and category-wise subscription page.
Share reservation by category
| Category | Shares offered | Share of issue |
|---|---|---|
| Anchor Investors | 1,43,51,775 | 30.00% |
| Qualified Institutions | 95,67,653 | 20.00% |
| Non-Institutional | 71,75,828 | 15.00% |
| └ BNII | 47,83,886 | 5.00% |
| └ SNII | 23,91,943 | 10.00% |
| Retail Investors | 1,67,43,599 | 35.00% |
| Total | 4,78,38,855 | 100.00% |
Shares offered include the anchor investor portion, which is allotted a day before the issue opens. Subscription figures exclude anchors, so category sizes on the subscription page are smaller.
Varmora Granito IPO lot size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 101 | ₹14,948 |
| Retail (Max) | 13 | 1,313 | ₹1,94,324 |
| S-HNI (Min) | 14 | 1,414 | ₹2,09,272 |
| S-HNI (Max) | 66 | 6,666 | ₹9,86,568 |
| B-HNI (Min) | 67 | 6,767 | ₹10,01,516 |
Amounts at the upper end of the price band.
Issue structure and valuation
It combines a fresh issue of ₹320 Cr (45.20%) with an offer for sale of ₹388.02 Cr (54.80%) by existing shareholders. Only the fresh issue money goes to the company.
At the upper price band of ₹148, the issue is priced at 54.81x pre-issue earnings and 60.66x post-issue earnings per share.
The post-issue P/E is higher because the fresh issue adds new shares, which spreads the same profit over more shares.
Listed peers with positive earnings trade at a median P/E of 43.97x (4 companies).
Promoter holding falls from 52.00% before the issue to 46.55% after it.
| EPS (pre-issue) Latest earnings per share before the issue | ₹2.7 |
|---|---|
| P/E (pre-issue) Upper price band ÷ pre-issue EPS | 54.81x |
| EPS (post-issue) EPS on the enlarged share capital | ₹2.44 |
| P/E (post-issue) Upper price band ÷ post-issue EPS | 60.66x |
| Promoter holding (pre-issue) | 52.00% |
| Promoter holding (post-issue) | 46.55% |
Varmora Granito Limited financials
Between 31 Mar 2025 and 31 Mar 2026, Income rose from ₹1,492.68 Cr to ₹1,562.53 Cr, and profit after tax rose from ₹30.77 Cr to ₹55.09 Cr. The PAT margin for 31 Mar 2026 was 3.53%.
| Period ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 1,509.87 | 1,589.80 | 1,476.16 |
| Total Income | 1,562.53 | 1,492.68 | 1,472.58 |
| Profit After Tax | 55.09 | 30.77 | 44.94 |
| EBITDA | 221.56 | 198.29 | 150.33 |
| Net Worth | 796.88 | 722.90 | 678.59 |
| Reserve & Surplus | 765.70 | 691.72 | 630.20 |
| Total Borrowings | 357.95 | 505.16 | 412.89 |
₹ in crore, as stated in the prospectus.
Key performance indicators
| KPI | Mar 2026 | Mar 2025 | Mar 2024 |
|---|---|---|---|
| ROE % | 6.80 | 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 |
Peer comparison
| Company | Face value | P/E | EPS (basic) | EPS (diluted) | RoNW | NAV |
|---|---|---|---|---|---|---|
| Varmora Granito Ltd | 2 | — | 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 | 19.80 | 19.76 | 8.79% | 202.11 |
| Asian Granito India Ltd | 10 | 72.00 | 0.70 | 0.70 | 1.23% | 51.36 |
| Orient Bell Limited | 10 | 47.67 | 8.46 | 8.43 | 3.78% | 222.78 |
From the prospectus. P/E is shown as — when earnings are zero or negative, or not reported for the issuer before listing.
Objectives
The company intends to allocate the net proceeds from the offering to the following objectives.
| Sr | Objective |
|---|---|
| 1 | 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 |
| 2 | General corporate purposes. |
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.
Promoters
- Bhavesh Vallabhdas Varmora
- Hiren R Varmora
- Pramodkumar Parsotambhai Patel
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/
Varmora Granito IPO FAQs
- What is the Varmora Granito IPO price band?
- The Varmora Granito IPO price band is ₹140 to ₹148 per share.
- What is the Varmora Granito IPO lot size and minimum investment?
- The Varmora Granito IPO lot size is 101 shares. The minimum retail investment is ₹14,948 for one lot at the upper price band. Retail investors can apply for up to 13 lots (1,313 shares), costing ₹1,94,324.
- When was Varmora Granito IPO open for subscription?
- Varmora Granito IPO was open for subscription from Tue, 22 Sep 2026 to Thu, 24 Sep 2026.
- What is the Varmora Granito IPO subscription status?
- Varmora Granito IPO was subscribed 1.60x overall: QIB 3.10x, NII 0.94x and retail 1.02x. Day-wise and category-wise figures are on the subscription page.
- What was the Varmora Granito IPO GMP before listing?
- The last Varmora Granito IPO GMP before listing was +₹1 (+0.68% against the upper price band of ₹148), implying an estimated listing price of ₹149. Across 10 days of tracking, GMP ranged from 0 (23 Sep) to +₹9 (20 Sep). GMP is an unofficial grey market indicator and can change quickly.
- What is the Varmora Granito IPO allotment date?
- The Varmora Granito IPO basis of allotment was finalised on Fri, 25 Sep 2026. You can check your allotment status on the KFin Technologies Limited website.
- What is the Varmora Granito IPO listing date?
- Varmora Granito IPO listed on BSE & NSE on Tue, 29 Sep 2026.
- Is the Varmora Granito IPO a fresh issue or an offer for sale?
- It combines a fresh issue of ₹320 Cr (45.20%) with an offer for sale of ₹388.02 Cr (54.80%) by existing shareholders. Only the fresh issue money goes to the company.
- Who are the registrar and lead managers of the Varmora Granito IPO?
- The registrar for the Varmora Granito IPO is KFin Technologies Limited, and the book running lead managers are JM Financial Limited, SBI Capital Markets Limited and Goldman Sachs (India) Securities Pvt.Ltd..
Data is compiled from the prospectus, stock exchanges and market sources and is for information only. It is not investment advice; read the RHP before applying.