Varmora Granito IPO Details

Bookbuilding IPO | ₹708 Cr | Listing at BSE, NSE | Tue, Sep 22, 2026 - Thu, Sep 24, 2026

IPO Details

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Varmora Granito IPO is a book build issue of ₹708.02 crores. The issue is a combination of fresh issue of 2.16 crore shares aggregating to ₹320.00 crores and offer for sale of 2.62 crore shares aggregating to ₹388.02 crores.

Varmora Granito IPO opens for subscription on Sep 22, 2026 and closes on Sep 24, 2026. The allotment for the Varmora Granito IPO is expected to be finalized on Sep 25, 2026. Varmora Granito IPO will list on NSE and BSE with a tentative listing date fixed as Sep 29, 2026.

Varmora Granito IPO is set issue price band at ₹140 to ₹148 per share. The lot size for an application is 101 shares. The minimum amount of investment required by an individual investor (retail) is ₹14,948 (101 shares) (based on upper price).

JM Financial Ltd. is the book running lead manager and Kfin Technologies Ltd. is the registrar of the issue.

Refer to Varmora Granito IPO RHP for detailed Information.

IPO Open

Tue, Sep 22, 2026

IPO Close

Thu, Sep 24, 2026

Price Band

₹140 to ₹148

Market Cap

₹3,344.97 Cr * on Upper Price

IPO Details

IPO Date

22 to 24 Sep, 2026
Listing Date

Tue, Sep 29, 2026
Face Value

₹2 per share
Price Band

₹140 to ₹148
Lot Size

101 Shares
Sale Type

Fresh capital cum OFS
Issue Type

Bookbuilding IPO
Listing At

BSE, NSE

Total Issue Size

4,78,39,255 shares (agg. up to ₹708 Cr)
Fresh Issue

2,16,21,621 shares (agg. up to ₹320 Cr)
Offer for Sale

2,62,17,634 shares of ₹2 (agg. up to ₹388 Cr)
Share Holding Pre Issue

20,43,90,203 shares
Share Holding Post Issue

22,60,11,824 shares

IPO Timetable (Tentative)

IPO Open

Tue, Sep 22, 2026
Allotment

Fri, Sep 25, 2026
Credit of Shares

Mon, Sep 28, 2026

IPO Close

Thu, Sep 24, 2026
Refund

Mon, Sep 28, 2026
Listing

Tue, Sep 29, 2026

Issue Reservation

Investor Category	Shares
QIB	Not more than 50% of the Offer
Retail	Not less than 35% of the Offer
NII	Not less than 15% of the Offer

IPO Lot Size

Investors can bid for a minimum of 101 shares and in multiples thereof.

Application	Lots	Shares	Amount
Retail (Min)	1	101	₹14,948
Retail (Max)	13	1313	₹1,94,324
S-HNI (Min)	14	1414	₹2,09,272
S-HNI (Max)	66	6666	₹9,86,568
B-HNI (Min)	67	6767	₹10,01,516

About Varmora Granito Ltd.

Varmora Granito Limited, incorporated in 2003, manufactures and markets ceramic and vitrified tiles, including Glazed Vitrified Tiles (GVT), Polished Vitrified Tiles (PVT) and ceramic tiles. The company focuses on premium, technology-driven products, with GVT and technical tiles accounting for around 84% of its tile revenue in Fiscal 2026.

The company operates eight manufacturing facilities in the Morbi cluster of Gujarat, with 81.72% of its revenue in Fiscal 2026 generated from in-house manufactured products. It has also adopted Integrated Stone Technology (IST) through a technology partnership with Italy-based SACMI, supporting its focus on innovative and premium tile products.

Varmora has a wide distribution network comprising 305 exclusive brand outlets and 2,758 multi-brand outlets across India and overseas, along with B2B sales to builders, contractors, developers and government entities.

The company also focuses on sustainability, with 16.22 MW of renewable energy capacity from wind and solar. As of March 2026, it had 1,153 permanent employees.

Key Strength

Diversified premium product portfolio
Technology-led innovation, pan-India distribution
In-house manufacturing capabilities and a focus on sustainability.

Company Financials (Restated Consolidated)

Varmora Granito Ltd.’s revenue increased by 5% and profit after tax (PAT) rose by 79% between the financial year ending with March 31, 2026 and March 31, 2025. (Amount in ₹ Crore)

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
Reserves and Surplus	765.70	691.72	630.20
Total Borrowing	357.95	505.16	412.89

IPO Objects of the Issue

The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:

# Issue Objects

Est Amt (₹ Cr.)
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 Pvt.Ltd. and Varmora Sanitarywares Pvt.Ltd. (formerly, Varmora Sanitarywares LLP), and of the subsidiary, Simola Tiles LLP, through investment in such Subsidiaries

245.00
2 General Corporate Purposes
Total

245.00

Key Performance Indicator (KPI)

KPI	Mar 31, 2026
ROE	6.80%
ROCE	9.89%
RoNW	7.79%
PAT Margin	3.53%
EBITDA Margin	14.18%
NAV	39.52
Price to Book Value	3.74

IPO Valuation

Valuation Metric	Pre IPO	Post IPO
EPS (₹)	2.70	2.44
P/E (x)	54.81	60.66
Market Cap at Offer Price	₹3,024.98 Cr.	₹3,344.97 Cr

The value will be calculated using Equity Dilution = Share Holding Pre Issue – Share Holding Post Issue
The Pre IPO EPS is calculated based on Pre issue shareholding as on date of RHP and the latest FY earnings as of March 31, 2026 available in RHP.
The Post Issue EPS is calculated based on the Post issue shareholding and annualized FY earnings of March 31, 2026 available in RHP.

Shareholding Structure

Category	Pre IPO	Post IPO
Promoter and Promoter Group	52%	46.55%
Public	48.00%	53.45%
Total	100%	100%

Company Promoters: Bhavesh Vallabhdas Varmora, Hiren R Varmora and Pramodkumar Parsotambhai Patel.

Offer For Sale – Selling Shareholder

Name	Category	No. of Shares Offered	Amount (₹ cr.)
Katsura Investments	Corporate	2,62,17,634	388.02
Total		2,62,17,634	388.02

Varmora Granito IPO Recommendations

Review By	Subscribe	May Apply	Neutral	Avoid
Brokers	0	0	0	0
Members	0	0	0	0

IPO Registrar

Kfin Technologies Ltd.

040-79615565
einward.ris@kfintech.com
Visit Website

IPO Lead Manager(s)

JM Financial Ltd.
Goldman Sachs (India) Securities Pvt.Ltd.
SBI Capital Markets Ltd.

Lead Manager Reports

Lead Manager Performance Summary
Lead Manager Performance Tracker

Contact Details

Varmora Granito Ltd. Address

8-A, National Highway,

Dhuva,

Taluka Wankaner

Rajkot, Gujarat, 380054

9909913657
investor.relations@varmora.com
Visit Website

IPO FAQs

What is the Varmora Granito IPO?

Varmora Granito IPO is a main-board IPO of 4,78,39,255 equity shares of the face value of ₹2 aggregating up to ₹708 Crores. The issue is priced at ₹140 to ₹148. The minimum order quantity is 101.

The IPO opens on Tue, Sep 22, 2026, and closes on Thu, Sep 24, 2026.

Kfin Technologies Ltd. is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.

How to apply in Varmora Granito IPO through Angel One?

Angel One customers can apply online in Varmora Granito IPO using UPI as a payment gateway. Angel One customers can apply in Varmora Granito IPO by login into Angel One Console (back office) and submitting an IPO application form.

Steps to apply in Varmora Granito IPO through Angel One

Visit the Angel One website and login to Console.
Go to Portfolio and click the IPOs link.
Go to the ‘Varmora Granito IPO’ row and click the ‘Bid’ button.
Enter your UPI ID, Quantity, and Price.
Submit IPO application form.
Visit the UPI App (net banking or BHIM) to approve the mandate.
Visit Angel One IPO Application Process Review for more detail.

When Varmora Granito IPO will open?

The Varmora Granito IPO opens on Tue, Sep 22, 2026 and closes on Thu, Sep 24, 2026.

What is the lot size of Varmora Granito IPO?

Varmora Granito IPO lot size is 101, and the minimum amount required for application is ₹14,948.

How to apply for Varmora Granito IPO?

You can apply in Varmora Granito IPO online using either UPI or ASBA as a payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO Application is offered by brokers who don’t offer banking services. Read more detail about applying IPO online through Angel One, Upstox, 5Paisa, Nuvama, HDFC Bank, and SBI Bank.

When is Varmora Granito IPO allotment?

The finalization of Basis of Allotment for Varmora Granito IPO will be done on Friday, September 25, 2026, and the allotted shares will be credited to your demat account by Mon, Sep 28, 2026. Check the Varmora Granito IPO allotment status.

When is Varmora Granito IPO listing date ?

The Varmora Granito IPO listing date is not yet announced. The tentative date of listing is Tue, Sep 29, 2026.