Varmora Granito Limited
IPO Details
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The public market debut of Varmora Granito Limited's was completed on Sep 29, 2026 with its listing on the NSE, BSE exchange. The IPO process raised 4,78,38,855 Shares in total capital, consisting of 2,16,21,621 Shares in new equity and ₹388.02 Cr in existing share sales through the OFS route.
The offering featured a price range of ₹140 to ₹148 and minimum application size of 101 shares. Investor response during the subscription period from Sep 22, 2026 to Sep 24, 2026 influenced the final allotment ratios across investor categories.
Final allotment was announced on Sep 25, 2026, distributing shares to successful subscribers. The listing established a continuous market for the company's shares, enabling liquidity, valuation transparency, and broader investor participation.
Investors can bid starting from the minimum lot size specified for this IPO, and only in multiples of that lot size. The table below shows the minimum and maximum investment for retail investors and HNIs in terms of lots, quantity, and amount.
Varmora Granito Limited, incorporated in 2003, is a leading manufacturer and marketer of ceramic and vitrified tiles, offering a wide range of products including glazed vitrified tiles (GVT), polished vitrified tiles (PVT), and ceramic tiles across over 3,500 SKUs. The company operates through a strong multi-channel distribution network comprising B2C channels like exclusive brand outlets and multi-brand stores, as well as B2B channels serving builders, contractors, and government projects, with a presence across 949 cities in India. It has nine manufacturing facilities located in the Morbi ceramic hub in Gujarat, enabling large-scale production and efficiency. Along with a strong domestic footprint, the company exports to over 100 countries, supported by a dedicated export team, making it a well-diversified player in the tiles industry with both domestic and global reach.
Note : "Calculations for ‘Shares Offered’ and ‘Total Amount’ are based on the highest price in the issue price band."
- Leading & Fast-Growing Player: Varmora has a strong position in a large and growing market. Its established brand and wide distribution network support business expansion.
- Premium & Extensive Product Portfolio: The company offers a broad and premium range of tiles, bathware, sanitaryware and adhesives. This allows it to meet the varied needs of different customers.
- Customer-Centric Innovation: Varmora focuses on innovation and customer preferences, regularly introducing new products, including several industry-first offerings. This helps differentiate its products and respond to changing market demand.
- Dependence on Manufacturing Facilities: Around 78.55% of total revenue from operations in Fiscal 2025 came from the company’s manufacturing facilities. Any production delay, shutdown or operational disruption could significantly affect business and financial performance.
- Dependence on GVT Sales: Glazed Vitrified Tiles (GVT) contributed 69.56% of total revenue from operations in Fiscal 2025. A decline in GVT demand could negatively impact the company’s revenue and operating performance.
- Concentration in Morbi: All of the company’s revenue comes from manufacturing facilities in Morbi, Gujarat, including those operated through third-party manufacturers. Any major disruption in the Morbi region could affect business operations, cash flows and financial performance.
- Bhavesh Vallabhdas Varmora
- Hiren R Varmora
- Pramodkumar Parsotambhai Patel
Varmora Granito Limited
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