GMP IPO Watch
Varmora Granito IPO
Varmora Granito IPO details, live grey market premium (GMP), dates, price band, lot size, subscription & review.
Varmora Granito IPO Details
Key facts at a glance| IPO Open Date | 21 September 2026 | IPO Close Date | 23 September 2026 |
|---|---|---|---|
| Basis of Allotment | 24 September 2026 | Listing Date | 28 September 2026 |
| Price Band | ₹140 - ₹148 per share | Face Value | ₹10 per share |
| Market Lot Size | 101 Shares | Min Investment (Retail) | ₹14,948 |
| Total Issue Size | ₹708.02 Cr | Issue Type | Book Built Issue IPO |
| Fresh Issue | ₹320 Cr | Offer for Sale (OFS) | ₹388.02 Cr |
| Listing At | BSE, NSE | Issue Category | Mainboard Issue |
| Registrar | Kfin Technologies Ltd. | ||
Varmora Granito IPO Timetable (Tentative Dates)
| Event | Tentative Date | Status |
|---|---|---|
| IPO Open Date | 21 September 2026 | Confirmed |
| IPO Close Date | 23 September 2026 | Confirmed |
| Basis of Allotment | 24 September 2026 | Tentative |
| Initiation of Refunds | 28 September 2026 | Tentative |
| Credit of Shares to Demat | 28 September 2026 | Tentative |
| IPO Listing Date | 28 September 2026 | Tentative |
| Cut-off time for UPI Mandate Confirmation | 24 September 2026 (5:00 PM) | Deadline |
* Note: Timelines are tentative and subject to regulatory confirmation. UPI mandate approvals must be completed by 5:00 PM on the IPO closing day.
Varmora Granito IPO Lot Size & Investment Details
Application limits for Retail and HNI investors| Application Category | Lots | Shares | Amount (at Cut-off) |
|---|---|---|---|
| Retail (Min) | 1 Lot | 101 Shares | ₹14,948 |
| Retail (Max) | 13 Lots | 1,313 Shares | ₹1,94,324 |
| S-HNI (Min) | 14 Lots | 1,414 Shares | ₹2,09,272 |
| S-HNI (Max) | 66 Lots | 6,666 Shares | ₹9,86,568 |
| B-HNI (Min) | 67 Lots | 6,767 Shares | ₹10,01,516 |
Varmora Granito IPO Live GMP & Movement History
Daily unofficial grey market trends₹0 +0.0%
| Date | IPO GMP (₹) | Estimated Listing Price | Estimated Listing Gain (%) |
|---|---|---|---|
| 26 Sept 2026 | ₹0 | ₹148.00 | 0.00% |
| 22 Sept 2026 | ₹5 | ₹153.00 | +3.38% |
| 21 Sept 2026 | ₹10 | ₹158.00 | +6.76% |
| 19 Sept 2026 | ₹15 | ₹163.00 | +10.14% |
| 18 Sept 2026 | ₹10 | ₹158.00 | +6.76% |
Varmora Granito IPO Subscription Status
Demand breakdown by investor categoryVarmora Granito Company Financials
Restated figures (₹ in Crores)| Period | Total Assets | Total Revenue | Total Expenses | Profit After Tax (PAT) |
|---|---|---|---|---|
| 2024 | 1,476.16 Cr. | 1,472.58 Cr. | 1,412.92 Cr. | 44.94 Cr. |
| 2025 | 1,589.80 Cr. | 1,492.68 Cr. | 1,456.28 Cr. | 30.77 Cr. |
| 2026 | 1,509.87 Cr. | 1,562.53 Cr. | 1,486.36 Cr. | 55.09 Cr. |
* Amounts reported in ₹ Crores as sourced from company regulatory filings (RHP/DRHP).
Varmora Granito IPO Valuation & KPIs
Key metrics pre-issueVarmora Granito Peer Group Comparison
Listed industry peers| Company Name | P/E | EPS (₹) | RoNW (%) | NAV (₹) | Total Income |
|---|---|---|---|---|---|
| Kajaria Ceramics Limited | 40.27 | 30.48 | 15.89% | 191.11 | 4,830.36 Cr. |
| Somany Ceramics Limited | 28.55 | 19.80 | 8.79% | 202.11 | 2,789.84 Cr. |
| Asian Granito India Limited | 72.00 | 0.70 | 1.23% | 51.36 | 1,858.06 Cr. |
| Orient Bell Limited | 47.67 | 8.46 | 3.78% | 222.78 | 691.45 Cr. |
About Varmora Granito
Varmora Granito manufactures tiles, bathware, and adhesives across eight facilities in Morbi, Gujarat, and through contract partners. Its core portfolio spans vitrified/ceramic tiles, sanitaryware, faucets, and engineered stone, with revenue driven by glazed vitrified tiles and specialized formulations. The company sells domestically through exclusive franchisees, multi-brand outlets, and B2B partnerships with builders and government agencies, and also exports globally.
Key Strengths
- Broad distribution network with 305 EBOs and 2,758 MBOs across India.
- In-house manufacturing in Morbi supported by technical research capabilities.
- Diverse product portfolio covering tiles, bathware, and adhesives.
- Strong market focus on high-margin glazed vitrified tiles.
- Established global export presence across multiple international markets.
Key Risks
- Heavy revenue reliance on manufacturing facilities situated exclusively in Morbi.
- High revenue concentration in glazed vitrified tiles exposes business to category slowdowns.
- Dependent on independent franchisees for operating retail distribution networks.
- Volatility in prices and supply of raw materials, power, and natural gas.
- Susceptible to international trade tariffs, sanctions, and foreign exchange risks.
Varmora Granito IPO Reservation & Share Quotas
The Varmora Granito IPO reservation is divided among qualified institutional buyers, non-institutional investors and retail investors. The reservation details below show the category-wise share allocation and the percentage reserved for each investor group.
| Investor Category | Share Offered | % Shares |
|---|---|---|
| Anchor Investor | – Shares | -% |
| QIB (Ex. Anchor) | – Shares | 50% |
| NII Shares Offered | – Shares | 15% |
| Retail Shares Offered | – Shares | 35% |
Varmora Granito IPO Anchor Investors
The Varmora Granito IPO anchor bidding is scheduled for September 21, 2026, one day before the public issue opens. The anchor investor details include the bidding date, shares offered, anchor issue size and applicable lock-in periods.
| Particular | Details |
|---|---|
| Anchor Bidding Date | September 21, 2026 |
| Shares Offered | [.] Shares |
| Anchor Size | [.] Cr. |
| Lock-in Period End Date 50% Shares (30 Days) | 2026 |
| Lock-in Period End Date 50% Shares (90 Days) | 2026 |
Varmora Granito IPO Important Dates
| Particular | Dates |
|---|---|
| IPO Open Date | 22 Sept 2026 |
| IPO Close Date | 24 Sept 2026 |
| Basis of Allotment | 25 Sept 2026 |
| Refunds | 28 Sept 2026 |
| Credit to Demat Account | 28 Sept 2026 |
| IPO Listing Date | 29 Sept 2026 |
Note: The timeline for Varmora Granito IPO is tentative and subject to change.
Varmora Granito Promoters and Shareholding Pattern
Varmora Granito is promoted by Bhavesh Vallabhdas Varmora, Hiren R Varmora and Pramodkumar Parsotambhai Patel. The following table presents the promoter and promoter group shareholding along with the holding of other shareholders before and after the IPO.
| Particular | Pre IPO Shares | Pre IPO % Shares | Post IPO Shares | Post IPO % Shares |
|---|---|---|---|---|
| Promoter and Promoter Group | 106,311,980 | 52.01% | 53,876,712 | 23.84% |
| Others* | 98,078,223 | 47.99% | 172,135,112 | 76.16% |
| Total | 204,390,203 | 100% | 226,011,824 | 100% |
Varmora Granito Objects of the Issue & Utilisation of Proceeds
| Purpose | Crores |
|---|---|
| Purpose | INR crores (%) |
| Repayment / pre-payment of borrowings | 245 (76.56%) |
| General corporate purposes | 75 (23.44%) |
Note: Objectives are as specified in the DRHP/RHP documents of Varmora Granito.
Varmora Granito About the IPO
Varmora Granito, founded in 2003, is one of the leading manufacturers of ceramic and vitrified tiles. Its product portfolio consists of a diverse range of tiles across various formats such as glazed vitrified tiles (GVT), polished vitrified tiles (PVT), and ceramic tiles. The firm operates its business through a multi-channel network that consists of B2C and B2B models. Its product portfolio consists of over 3500 products.
In the B2C network, the firm sells its products through 286 exclusive brand outlets (EBOs) and over 2,000 multi-brand outlets (MBOs), while in B2B, the firm directly sells its products to Builders, contractors, developers, and government procurement. Moreover, the company has sold its products in 949 cities across 27 states and union territories in India. Furthermore, Varmora Granito operates 9 manufacturing facilities in the Morbi industrial cluster in Gujarat.
Varmora Granito Company Financial Report
| Period | Revenue | Expense | PAT | Assets |
|---|---|---|---|---|
| 2024 | 1,472.58 Cr. | 1,412.92 Cr. | 44.94 Cr. | 1,476.16 Cr. |
| 2025 | 1,492.68 Cr. | 1,456.28 Cr. | 30.77 Cr. | 1,589.80 Cr. |
| 2026 | 1,562.53 Cr. | 1,486.36 Cr. | 55.09 Cr. | 1,509.87 Cr. |
Note: Financial numbers for Varmora Granito are in ₹ Crores unless stated otherwise.
Varmora Granito Company Valuation & Key Performance Indicators
| KPI | Values |
|---|---|
| ROE | 6.80% |
| ROCE | 9.89% |
| EBITDA Margin | 14.18% |
| PAT Margin | 3.53% |
| Debt to Equity Ratio | – |
| Earning Per Share (EPS) | 3.08 (Basic) |
| Price/Earning P/E Ratio | - |
| Return on Net Worth (RoNW) | 7.79% |
| Net Asset Value (NAV) | 39.52 |
Note: Valuation KPIs for Varmora Granito are computed for FY2026.
Varmora Granito Peer Group Comparison
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
|---|---|---|---|---|---|
| Kajaria Ceramics Limited | 30.48 | 40.27 | 15.89% | 191.11 | 4,830.36 Cr. |
| Somany Ceramics Limited | 19.80 | 28.55 | 8.79% | 202.11 | 2,789.84 Cr. |
| Asian Granito India Limited | 0.70 | 72.00 | 1.23% | 51.36 | 1,858.06 Cr. |
| Orient Bell Limited | 8.46 | 47.67 | 3.78% | 222.78 | 691.45 Cr. |
Note: Peer group comparisons for Varmora Granito are sourced from DRHP filings.
Varmora Granito Lead Managers & Merchant Bankers
- JM Financial Ltd.
- Goldman Sachs (India) Securities Pvt.Ltd.
- SBI Capital Markets Ltd.
Varmora Granito IPO FAQs
Varmora Granito IPO opens for subscription on 21 September 2026 and closes on 23 September 2026.
The price band for Varmora Granito IPO is set at ₹140.00 to ₹148.00 per share.
The minimum market lot size is 101 shares. A retail investor can apply for a minimum of 1 lot requiring an investment of 101 Shares (₹14,948).
The latest Grey Market Premium (GMP) for Varmora Granito IPO is ₹0. GMP represents the unofficial premium at which shares trade prior to listing.
The basis of allotment for Varmora Granito IPO is tentatively scheduled for 24 September 2026, and shares are expected to list on the stock exchanges on 28 September 2026.
Kfin Technologies Ltd. is the official registrar for Varmora Granito IPO. Investors can check their IPO allotment status directly on the registrar's portal once finalized.