Summary
The Varmora Granito IPO is a mainboard book-building issue scheduled to open on 22 September 2026 and close on 24 September 2026.
The IPO comprises a fresh issue of approximately ₹320 crore and an offer for sale of ₹388.02 crore, taking the total issue size to about ₹708.02 crore.
The price band is ₹140 to ₹148 per share, with a lot size of 101 shares and tentative listing on the NSE and BSE on 29 September 2026.
The Varmora Granito IPO is a ₹708.02 crore mainboard book-building issue with a face value of ₹2 per share. The issue comprises a fresh issue of approximately ₹320 crore and an offer for sale of ₹388.02 crore. Bidding will open on 22 September 2026 and close on 24 September 2026, with the price band set at ₹140 to ₹148 per share and a lot size of 101 shares. At the upper price band, the minimum retail investment is ₹14,948 for one lot of 101 shares. For sNII applicants, the minimum application is 14 lots, or 1,414 shares, amounting to ₹2,09,272, while bNII applicants need 67 lots, or 6,767 shares, requiring ₹10,01,516.
The allotment is expected to be finalised on 25 September 2026, and the shares are tentatively scheduled to list on the NSE and BSE on 29 September 2026.
Varmora Granito IPO Key Details
Here are the main details of the Varmora Granito IPO for investors to review before applying.
| IPO Open Date | 22 September 2026 |
| Close Date | 24 September 2026 |
| Face value | ₹2 per share |
| Price Band | ₹140 to ₹148 |
| IPO Lot Size | 101 Shares |
| Fresh issue | ₹320.00 crore approx |
| Offer for Sale | ₹388.02 crore approx |
| Type of issue | Book-building |
| Listing at | NSE and BSE |
| Total Issue Size (₹ Crore) | ₹708.02 cr approx |
| Minimum Investment | ₹14,948 (101 shares) |
Varmora Granito IPO Timeline
The key dates and stages of the Varmora Granito IPO are listed below.
| Bid Opening | 22 September 2026 |
| Bid Closing | 24 September 2026 |
| Tentative Allotment | 25 September 2026 |
| Initiation of Refunds | 28 September 2026 |
| Credit of Shares to Demat | 28 September 2026 |
| Tentative Listing Date | 29 September 2026 |
| UPI mandate closing date | 24 September 2026 |
Key Performance Indicators of Varmora Granito IPO
These financial ratios provide an overview of the company’s profitability, use of capital and financial performance during the last three financial years.
| 31-03-2026 | 31-03-2025 | 31-03-2024 | |
| ROE (% before exceptional item) | 6.80 | 4.14 | 6.39 |
| ROCE (%) | 9.89 | 6.32 | 7.95 |
| Debt Equity (in times) | 0.44 | 0.68 | 0.59 |
| RoNW (%) | 7.79 | 4.88 | 6.51 |
| PAT Margin (% before exceptional item) | 3.53 | 2.06 | 3.05 |
| EBITDA margin (%) | 14.18 | 13.28 | 10.21 |
Varmora Granito IPO Financial Details
The following table summarises the financial information of Varmora Granito IPO.
| FY 2025-2026 | FY 2024-2025 | FY 2023-2024 | |
| Revenue | 1,562.53 | 1,492.68 | 1,472.58 |
| Total Asset | 1,509.87 | 1,589.80 | 1,476.16 |
| Profit | 55.09 | 30.77 | 44.94 |
(Amount in ₹ Crores)
Varmora Granito IPO Subscription Status
Subscription figures are not available yet.
The issue will accept bids between 10:00 AM and 5:00 PM on the public issue days.
Varmora Granito IPO Grey Market Premium (GMP)
The reported GMP is currently ₹10. With an upper price band of ₹148.00, the estimated listing price stands at ₹158.
| GMP Date | IPO Price | GMP | Est. Listing Price | Est. Gain | Last updated |
| 18-09-2026 | ₹148.00 | ₹10 | ₹158 | 6.76% | 18-09-2026, 14:37 |
| 17-09-2026 | ₹148.00 | ₹10 | ₹158 | 6.76% | 17-09-2026, 23:37 |
**GMP represents the premium at which the IPO shares are reportedly traded in the unofficial market before the issue opens for subscription.
Varmora Granito IPO Reservation
The table below outlines the portion of the issue reserved for different investor categories, including retail investors, QIBs and NIIs.
| Investor Category | Offered No. of Shares |
| QIBs | Not more than 50% of the net offer |
| NIIs | Not less than 15% of the net offer |
| Retails | Not less than 35% of the net offer |
| Total |
Varmora Granito IPO Prospectus
The documents below provide information relating to the Varmora Granito IPO.
About Varmora Granito Ltd.
Varmora Granito began operations in 2003 as a private limited company and went public in 2025 ahead of this listing. Its product portfolio includes glazed vitrified, polished vitrified and ceramic tiles. Production runs across eight Morbi-based facilities, backed by an Italian technology tie-up (SACMI) that made Varmora the first in Asia to use Integrated Stone Technology commercially. Distribution spans thousands of outlets nationwide, plus exports to 100+ countries.
Promoters:
- Bhavesh Vallabhdas Varmora
- Hiren R Varmora
- Pramodkumar Parsotambhai Patel
| Book Runner | JM Financial Limited Goldman Sachs (India) Securities Private Limited SBI Capital Markets Limited |
| Issue Registrar | KFin Technologies Limited |
Purpose of Varmora Granito IPO
The company plans to use the funds raised through the issue for the purposes outlined below.
| Particulars | Estimated Amount in ₹ Crores |
| Clearing outstanding debt, fully or partly held by the Company itself and by subsidiaries Covertek Ceramica Pvt. Ltd. and Varmora Sanitarywares Pvt. Ltd. (previously Varmora Sanitarywares LLP), including funds routed into subsidiary Simola Tiles LLP for the same purpose | 245.00 |
| General corporate purpose | — |
| Total | 245.00 |
Varmora Granito Ltd. – Strengths and benefits
- Premium-tilted product mix: Over 3,500 SKUs across GVT, PVT and ceramic tiles, with GVT and technical products now driving close to 84% of tile revenue.
- Margin gains from premiumisation: Gross margin climbed from 35.26% in FY24 to 37.92% in FY26 as the product mix shifted upmarket.
- In-house manufacturing edge: Eight Morbi facilities running on imported Italian machinery, with in-house output covering 81.72% of revenue (up from 66.83% in FY24).
- Technology partnership: First company in Asia to commercially deploy SACMI’s Integrated Stone Technology, under a tie-up with the Italian equipment maker.
Varmora Granito Ltd. – Risks and limitations
- Single-region manufacturing: All eight plants are concentrated in Morbi, Gujarat; a local disruption (power, water, regulatory) would hit the entire production base at once.
- Heavy reliance on one category: GVT and technical tiles already make up over 84% of tile revenue, leaving results exposed to any shift in demand for this segment.
- Related-party transactions: Regular dealings with subsidiaries, associates and joint ventures carry risk if not tightly managed.
Varmora Granito IPO Review
The ₹708 crore Varmora Granito IPO comprises a ₹320 crore fresh issue and a ₹388 crore offer for sale by Katsura Investments. Debt repayment is expected to account for most of the fresh issue proceeds. At the ₹140–148 price band, investors are looking at a valuation of roughly 55–61 times FY26 earnings. The company’s profit increased sharply in FY26, while margins also improved. But there are concentration risks, with all manufacturing facilities located in one region and the business relying heavily on one product category. The GMP has been moving steadily.
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Varmora Granito IPO FAQs
It’s a mainboard book-building issue worth close to ₹708 crore. A ₹320 crore fresh issue plus an offer for sale of about ₹388 crore from Katsura Investments. Shares will list on the NSE and BSE.
Apply through a stockbroker or an IPO-enabled trading platform, linked to your demat account. Most investors authorise the payment via UPI, which blocks the bid amount in your bank account until allotment.
There’s a case on both sides. On the plus side: a product mix skewed toward premium tiles, manufacturing kept in-house with foreign technology backing it, and stronger FY26 numbers. Against that: everything runs out of one manufacturing region, and revenue leans heavily on a single tile category. How the final pricing stacks up against listed peers will matter a lot here.
Bidding opens on 22 September 2026 and runs through 24 September 2026.
One lot is 101 shares, which works out to ₹14,948 at the top end of the price band.
The IPO allotment is expected to be completed on 25 September 2026, with refunds and demat credit scheduled for 28 September 2026.
The shares are tentatively scheduled to list on 29 September 2026 on the NSE and BSE, after the allotment and refund process is completed.
