Varmora Granito IPO: dates, price band, lot size and GMP
Varmora Granito IPO listed on 29 Sep at ₹155 (NSE, BSE). Issue dates 22 – 24 Sep 2026, price band ₹140 – ₹148, lot 101 shares. The shares now trade on the exchange; any pre-IPO price on this site is historical.
Updated 6 Oct 2026, 14:11 IST. Dated dealer references.
BuyUnlistedShares tracks 197 IPOs on its calendar; the Varmora Granito IPO has a price band of ₹140 – ₹148, a lot of 101 shares and no grey-market premium reported yet as of 06 Oct 2026.
Key details
| Board | Mainboard |
|---|---|
| Issue dates | 22 – 24 Sep 2026 |
| Price band | ₹140 – ₹148 |
| Lot size | 101 shares |
| Issue size | ₹708.02 Cr |
| Fresh issue | ₹320 Cr |
| Offer for sale | ₹388.02 Cr |
| Subscription | 1.6x |
| Registrar | Kfin Technologies Ltd. |
| Lead managers | JM Financial Ltd., Goldman Sachs (India) Securities Pvt.Ltd., SBI Capital Markets Ltd. |
| Status | Listed |
Timeline
- Issue opens: 22 Sep
- Issue closes: 24 Sep
- Allotment: 25 Sep
- Refunds: 28 Sep
- Demat credit: 28 Sep
- Listing: 29 Sep
Live subscription
| Category | Subscribed |
|---|---|
| QIB | 3.1x |
| NII | 0.94x |
| sNII | 0.94x |
| bNII | 0.94x |
| Retail | 1.02x |
| Total | 1.6x |
Last updated 24 Sep 2026, 6:54 PM IST.
Issue details
| Face value | ₹2 |
|---|---|
| Issue type | Book Build Issue |
| Listing at | NSE, BSE |
| Market cap at the upper band | ₹3,344.97 Cr |
| P/E (pre-issue) | 54.81x |
| P/E (post-issue) | 60.66x |
| Fresh issue (shares) | 2,16,21,621 |
| Offer for sale (shares) | 2,62,17,634 |
| Total shares offered | 4,78,39,255 |
| Promoter holding pre-issue | 52% |
| Promoter holding post-issue | 47.04% |
| Promoters | Bhavesh Vallabhdas Varmora, Hiren R Varmora, Pramodkumar Parsotambhai Patel |
| Lead managers | JM Financial Ltd., Goldman Sachs (India) Securities Pvt.Ltd., SBI Capital Markets Ltd. |
| Registrar phone | 040-79615565 |
| Registrar email | einward.ris@kfintech.com |
| Company website | varmora.com |
| Anchor bid date | 21 Sep 2026 |
| Anchor lock-in ends (50%) | 25 Oct 2026 |
| Anchor lock-in ends (remaining) | 24 Dec 2026 |
Lot sizes by investor category
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail (minimum) | 1 | 101 | ₹14,948 |
| Retail (maximum) | 14 | 1,414 | ₹2,09,272 |
| sNII (minimum) | 14 | 1,414 | ₹2,09,272 |
| bNII (minimum) | 67 | 6,767 | ₹10,01,516 |
Reservation
| Category | Share of issue | Shares offered | Basis |
|---|---|---|---|
| Anchor Investor | 30% | 1,43,51,775 | |
| QIB | 20% | 95,67,851 | Not more than 50% of the Offer |
| NII (HNI) | 15% | 71,75,889 | Not less than 15% of the Offer |
| sNII | 5% | 23,91,963 | |
| bNII | 10% | 47,83,926 | |
| Retail | 35% | 1,67,43,740 | Not less than 35% of the Offer |
Subscription by day
| Day | QIB | NII | sHNI | bHNI | Retail | Total |
|---|---|---|---|---|---|---|
| Day 1 · 22 Sep | 0.00x | 0.05x | 0.12x | 0.02x | 0.21x | 0.12x |
| Day 2 · 23 Sep | 0.11x | 0.18x | 0.25x | 0.14x | 0.41x | 0.27x |
| Day 3 · 24 Sep | 3.10x | 0.94x | 0.94x | 0.94x | 1.02x | 1.60x |
Key ratios as of 31 Mar 2026
| EPS (pre-issue) | ₹2.7 |
|---|---|
| EPS (post-issue) | ₹2.44 |
| P/E (pre-issue) | 54.81x |
| P/E (post-issue) | 60.66x |
| RoNW | 7.79% |
| RoCE | 9.89% |
| RoE | 6.8% |
| PAT margin | 3.53% |
| EBITDA margin | 14.18% |
| Price / book | 3.74x |
| NAV per share | ₹39.52 |
| Market cap (upper band) | ₹3,344.97 Cr |
Financials (₹ Cr)
| Metric | FY26 | FY25 | FY24 | FY26 vs FY25 |
|---|---|---|---|---|
| Assets | 1,509.87 | 1,589.8 | 1,476.16 | −5% |
| Total Income | 1,562.53 | 1,492.68 | 1,472.58 | +4.7% |
| Profit After Tax | 55.09 | 30.77 | 44.94 | +79% |
| EBITDA | 221.56 | 198.29 | 150.33 | +11.7% |
| NET Worth | 796.88 | 722.9 | 678.59 | +10.2% |
| Reserves and Surplus | 765.7 | 691.72 | 630.2 | +10.7% |
| Total Borrowing | 357.95 | 505.16 | 412.89 | −29.1% |
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:
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.
Objects of the issue
- 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: ₹352.7 Cr
Peer comparison
| Company | EPS (Basic) | EPS (Diluted) | NAV (₹ per share) | P/E (x) | RoNW (%) | P/BV Ratio | Financial statements |
|---|---|---|---|---|---|---|---|
| Varmora Granito Limited (issuer) | 3.08 | 3.05 | 39.52 | — | 7.79% | — | Consolidated |
| Kajaria Ceramics Ltd. | 30.48 | 30.44 | 191.11 | 40.27x | 15.89% | 4.82 | Consolidated |
| Somany Ceramics Ltd. | 19.8 | 19.76 | 202.11 | 28.55x | 8.79% | 1.77 | Consolidated |
| Asian Granito India Ltd. | 0.7 | 0.7 | 51.36 | 72x | 1.23% | 1.1 | Consolidated |
| Orient Bell Ltd. | 8.46 | 8.43 | 222.78 | 47.67x | 3.78% | 1.14 | Consolidated |
All the financial information for listed industry peers mentioned above is on a consolidated basis (unless otherwise available only on a standalone basis) and is sourced from the financial statements of the respective companies for the year ended March 31, 2026 submitted to stock exchanges Financial information of the Company has been derived from the Restated Consolidated Financial Information.
Strengths (per the offer document)
- Established player operating in the tile industry in India in a large attractive market — Our revenue from operations grew at a CAGR of 2.65% from ₹14,354.81 million in Fiscal 2024 to ₹15,124.64 million in Fiscal According to the Technopak Report, India’s per capita tile consumption (0.8…
- Comprehensive premium product portfolio — Our product portfolio included over 3,500 tiles SKUs, as of March 31, 2026, which include GVT and technical products, PVT and ceramic tiles.
- Customer centric innovation led approach resulting in multiple new product launches
- Well diversified pan-India distribution network focused on EBOs that strengthen our brand recall
- Strategically located and technologically advanced in-house manufacturing to maintain control over quality and supply…
- Entrepreneurial founder led management team, independent Board with strong focus on sustainability
- Multi-Channel Distribution Network — B2C channel: Our operations are primarily B2C retail channel driven accounting for 66.80%, 68.82% and 75.96% of total domestic sales in Fiscals 2026, 2025 and 2024, respectively.
- Metro cities includes Delhi, Mumbai (Maharashtra), Chennai (Tamil Nadu) and Kolkata (West Bengal)
Risk factors (as disclosed by the company)
- We are dependent on our manufacturing facilities for a significant portion of our revenues (81.72% of our total revenue from operations in Fiscal 2026) — We are engaged in the manufacturing of tiles through our in-house manufacturing facilities and third party contract manufacturers.
- We derive a substantial portion of our revenue from the sale of glazed vitrified tiles ("GVT") and technical products (73.98% of our total revenue… — We depend on our sale of tiles and in particular, GVT and technical products, for a significant portion of our revenues.
- All our revenues are attributable to manufacturing facilities (owned and operated by our Company or Subsidiaries — All our manufacturing facilities (operated through our Company and Subsidiaries) and the manufacturing facilities of our third- party contract manufacturers are situated in the Morbi, Gujarat in India.
- We have an extensive retail distribution network and derive a significant portion of our revenue from operations from our B2C retail chain (comprising… — As of the date of this Red Herring Prospectus, we sell our products through various distribution channels including B2C retail channel (through EBOs and MBOs which are operated on a…
- Our Subsidiaries, Associates and Joint Ventures (some of which are also Group Companies) have common pursuits vis- à-vis our Company and are in a similar line… — Our Subsidiaries, Covertek Ceramica Private Limited, and Varmora Sanitarywares Private Limited (formerly, Varmora Sanitarywares LLP), have common pursuits vis-à-vis our Company.
- We may undertake strategic acquisitions or investments, which may prove to be difficult to integrate and manage or may not be successful — We have in the past made and may in the future continue to make strategic acquisitions of other companies or businesses with the belief that their resources, capabilities and strategies are…
- We operate in highly competitive markets in each of our product categories and an inability to compete effectively may adversely affect our business — We face competition from large, organized and branded players.
- A portion of our revenue is generated from products manufactured by third-party contract manufacturers (17.60% of our total revenue from operations in Fiscal… — We use various third-party contract manufacturers to produce standard, high-volume and low-complexity products such as ceramic and PVT tiles.
From the RHP (strengths pages 216–220, risk factors pages 23–30). Headings shortened; the wording is the company’s. Not a recommendation.
Offer documents: DRHP (PDF) · RHP (PDF)
Track this issue
- Varmora Granito IPO GMP today and trend
- Varmora Granito IPO subscription status, day by day
- Varmora Granito IPO allotment status and how to check
Frequently asked questions
When does the Varmora Granito IPO open and close?
The issue is scheduled for 22 – 24 Sep 2026.
What is the Varmora Granito IPO price band?
The price band is ₹140 – ₹148 per share with a lot size of 101 shares.
How big is the Varmora Granito IPO?
The total issue size is ₹708.02 Cr, of which ₹320 Cr is a fresh issue and ₹388.02 Cr an offer for sale.
When will Varmora Granito list?
The tentative listing date is 29 Sep on the main board.
How do I apply for the Varmora Granito IPO?
Apply through your broker or bank using ASBA or UPI within the issue window; the amount stays blocked in your account until allotment. BuyUnlistedShares does not take applications; it tracks the issue and the unlisted price before it.
Sources
- Draft red herring prospectus (DRHP), Varmora Granito · as filed with SEBI · sebi.gov.in
- Red herring prospectus (RHP), Varmora Granito · as filed · nsearchives.nseindia.com
- Registrar allotment page, Kfin Technologies Ltd. · allotment 25 Sep · ipostatus.kfintech.com
- NSE public issues page · listing 29 Sep · nseindia.com
- BSE public issues page · listing 29 Sep · bseindia.com
- Varmora Granito company website · varmora.com
- BuyUnlistedShares IPO record: GMP, subscription and allotment, dated daily · GMP as of 29 Sep, 04:07 · buyunlistedshares.com
How to cite this page: BuyUnlistedShares, “Varmora Granito IPO”, https://buyunlistedshares.com/ipo/varmora-granito-ipo, as of 06 Oct 2026.
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Indicative reference price, dated. BuyUnlistedShares is India's premium unlisted shares desk: the unlisted and pre-IPO dealing desk of Gayatri Financial Synergy, Faridabad, in the market since 2002. Reviewed by the BuyUnlistedShares desk before publishing. Data as of 06 Oct 2026.
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