Varmora Granito Secures ₹212.4 Crore From Anchor Investors
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Varmora Granito raises ₹212.4 crore from anchor investors ahead of its ₹708 crore IPO, with improving profitability offset by valuation concerns, energy costs and export-related risks.
Varmora Granito has raised ₹212.4 crore from anchor investors ahead of its ₹708.02 crore initial public offering (IPO). The IPO is scheduled to open on 22 September.
The company allotted 1.43 crore equity shares to 17 funds at ₹148 each. Goldman Sachs and ICICI Prudential Mutual Fund were among the investors participating in the anchor allocation.
Bandhan Mutual Fund, Motilal Oswal Mutual Fund and JM Financial Mutual Fund also participated. Bharti AXA Life Insurance, Societe Generale and BNP Paribas Financial Markets were among the other investors.
IPO Details And Business Operations
Varmora Granito's IPO consists of a fresh issue worth ₹320 crore. It also includes an offer for sale (OFS) of ₹388.02 crore. The company has set the price band at ₹140–₹148 per share. The issue will remain open until 24 September.
Varmora manufactures ceramic and vitrified tiles. Glazed vitrified tiles and technical products account for around 74% of its revenue. International markets contribute roughly one-fifth of the company's overall revenue. Varmora operates eight manufacturing facilities in Gujarat.
The company also has a distribution network covering exclusive and multi-brand outlets in India and overseas markets.
Financial Performance And Key Risks
The company's revenue from operations rose 2.6% to ₹1,512.5 crore in FY26. Net profit increased 10.7% to ₹55.1 crore during the year. Earnings before interest, tax, depreciation and amortisation (EBITDA) grew 21.4% to ₹221.6 crore. The EBITDA margin also improved to 14.2% from 10.2%.
However, the company faces several operational risks. Export operations could be affected by geopolitical tensions and disruptions to shipping routes. Its energy-intensive manufacturing business is also exposed to fluctuations in natural gas and propane prices. Manufacturing operations are concentrated in Morbi, Gujarat, creating geographical concentration risk.
Also Read - Stock Market Update 22 September 2026
This article is for informational purposes only and should not be considered investment advice from Kotak Neo. For compliance T&C and disclaimers, Visit www.kotakneo.com/disclaimer
Vishwa has spent 10+ years across fintech and FMCG doing what most people miss, connecting the dots, catching trends before they trend, and finding the angle nobody else thought to ask about.
At Kotak Neo, she drives content strategy for neoshorts, Kotak News Desk, and Investing Guide, turning market noise into something worth reading.
When she's not decoding markets, she trades charts for canvases, chasing art, painting, and architecture across cities she's yet to explore.
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