Varmora Granito IPO

About Varmora Granito IPO

The public issue of the Varmora Granito IPO, a mainboard IPO, opens on Tuesday, September 22, 2026 and closes on Thursday, September 24, 2026. The allotment of shares will take place on Friday, September 25, 2026.

The listing of shares will take place on Tuesday, September 29, 2026. The equity shares offered through the IPO are proposed to be listed on the BSE and the NSE.

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

The offer consists of both a fresh issue and an offer for sale component. The fresh issue will include 2.16 crore shares aggregating to ₹320 crore. The offer for sale portion includes 2.62 crore shares aggregating to ₹388 crore. The total number of shares and aggregate amount are 4,78,39,255 shares aggregating up to ₹708 crore.

Varmora Granito offers a diverse range of products comprising tiles, including glazed vitrified tiles (GVT), polished vitrified tiles (PVT) and ceramic tiles. They have consistently leveraged technology to pioneer design and quality advancements in the industry.

Objectives of Varmora Granito IPO

• Repayment/ pre-payment, in full or in part, of all or certain outstanding borrowings and accrued interest thereon availed by:
  a. The company.
  b. Their wholly-owned subsidiaries namely Covertek Ceramica Private Limited and Varmora Sanitarywares Private (formerly, Varmora Sanitarywares LLP), through investment in such subsidiaries.
  
• General corporate purposes.
  

Industry Outlook

Indian domestic tiles market has witnessed significant growth over the past years. The Indian domestic tiles market expanded to ₹53100 crore by Fiscal 2025, growing at a CAGR of 6.7% (Source: Technopak Report). The Indian domestic tiles market is further expected to grow to ₹76520 crore by Fiscal 2030, representing a CAGR of 8.4% from Fiscals 2026 to 2030.

Premiumisation within the Indian tiles industry is evident - in Fiscal 2026, GVT accounted for 36.5% of the tile industry revenue in India and is expected to reach 45.5% by Fiscal 2030 and its market by value grew the fastest at a CAGR of 10.7% between Fiscals 2019 and 2025 as compared to ceramic tiles and PVT that have grown at a CAGR of 5.6% and 4.0%, respectively, during the same period. Moreover, GVT also has a 15-30% higher realisation than ceramic and PVT tiles and changing product mix in favour of GVT is helping manufacturers improve their realization and gross margins.

About Varmora Granito

Varmora Granito offers a diverse range of products comprising tiles, including glazed vitrified tiles (GVT), polished vitrified tiles (PVT) and ceramic tiles. They have consistently leveraged technology to pioneer design and quality advancements in the industry. For instance, they have commercialized integrated stone technology (IST) in 2024, with a technology partnership with SACMI Imola S.C. (SACMI), an Italian tile equipment provider. Their diverse product offerings comprise a wide range of high-quality, durable and aesthetic tiles. In addition to product innovation and premiumization, they have established a deep retail distribution footprint, particularly in India.

Strengths of Varmora Granito

• Established player operating in the tile industry in India in a large attractive market.
• Comprehensive premium product portfolio.
• Customer centric innovation led approach resulting in multiple new product launches.
• Well diversified pan-India distribution network focused on EBOs that strengthen their brand recall.
• Strategically located and technologically advanced in-house manufacturing to maintain control over quality and supply chain.
• Entrepreneurial founder led management team, independent Board with strong focus on sustainability.

Risks of Varmora Granito

• They are dependent on their manufacturing facilities for a significant portion of their revenues.
• They derive a substantial portion of their revenue from the sale of glazed vitrified tiles (GVT) and technical products.
• All their revenues are attributable to manufacturing facilities (owned and operated by their company or subsidiaries, or third-party contract manufacturers) situated in Morbi, Gujarat, India.
• They have an extensive retail distribution network and derive a significant portion of their revenue from operations from their B2C retail chain (comprising exclusive brand outlets (EBOs) and multi brand outlets (MBOs).
• They may undertake strategic acquisitions or investments, which may prove to be difficult to integrate and manage or may not be successful.
• Their operations are subject to volatility in the supply and pricing of raw materials and packing materials.
• They derive a portion of their revenue from operations from outside India.
• They operate in highly competitive markets in each of their product categories and an inability to compete effectively may adversely affect their business, financial condition, cash flows and results of operations.

Anchor Investor Bidding Date

Monday, September 21, 2026

IPO Registrar and Book Running Lead Managers

Registrar Details
Kfin Technologies Ltd.
Email: einward.ris@kfintech.com
Tel.: 040-79615565

Book Running Lead Manager

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

Varmora Granito Contact Details
8-A, National Highway, Dhuva, Taluka Wankaner Rajkot, Gujarat, 380054
Email: investor.relations@varmora.com
Phone: 9909913657

Varmora Granito Business Model

The company earns its revenue through offering a diverse range of products comprising tiles, including glazed vitrified tiles (GVT), polished vitrified tiles (PVT) and ceramic tiles.

Varmora Granito Growth Trajectory

Varmora Granito ’s Total Income for FY26 was ₹1562.53 crore, whereas in FY25 and FY24 it was ₹1492.67 crore and ₹1472.58 crore, respectively.

The Profit After Tax for FY26 was ₹55.09 crore, whereas in FY25 and FY24 it was ₹30.77 crore and ₹44.93 crore, respectively.

Their EBITDA for FY26 was ₹233.16 crore, whereas in FY25 and FY24 it was ₹207.14 crore and ₹153.49 crore, respectively.

Varmora Granito Market Position

To sustain their leadership in innovation and to maintain control over product quality and cost efficiency, 81.72% of their revenue from operations was generated from products manufactured in-house in Fiscal 2026. As of this Red Herring Prospectus, they have eight strategically located manufacturing facilities (operated through their company and subsidiaries) in the Morbi cluster in Gujarat.

As of 31 March 2026, the company’s Total Income, Profit After Tax, and EBITDA were ₹1562.53 crore, ₹55.09 crore, and ₹233.16 crore, respectively.

How to apply for Varmora Granito IPO?

• Step 1: Log in to your Kotak Neo Demat account to access IPO investments. Next, select the current IPO section.
• Step 2: Specify IPO details. Enter the number of lots and the price you wish to apply for.
• Step 3: Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.
• Step 4: Mandate Notification. Your UPI app will receive a mandate notification to block funds.
• Step 5: Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.