Varmora Granito Limited, incorporated in 2003, manufactures and markets ceramic and vitrified tiles, including Glazed Vitrified Tiles (GVT), Polished Vitrified Tiles (PVT) and ceramic tiles. The company focuses on premium, technology-driven products, with GVT and technical tiles accounting for around 84% of its tile revenue in Fiscal 2026.
The company operates eight manufacturing facilities in the Morbi cluster of Gujarat, with 81.72% of its revenue in Fiscal 2026 generated from in-house manufactured products. It has also adopted Integrated Stone Technology (IST) through a technology partnership with Italy-based SACMI, supporting its focus on innovative and premium tile products.
Varmora has a wide distribution network comprising 305 exclusive brand outlets and 2,758 multi-brand outlets across India and overseas, along with B2B sales to builders, contractors, developers and government entities.
The company also focuses on sustainability, with 16.22 MW of renewable energy capacity from wind and solar. As of March 2026, it had 1,153 permanent employees.
Key Strength
Varmora Granito Ltd.’s revenue increased by 5% and profit after tax (PAT) rose by 79% between the financial year ending with March 31, 2026 and March 31, 2025.
| Period Ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 1,509.87 | 1,589.80 | 1,476.16 |
| Total Income | 1,562.53 | 1,492.68 | 1,472.58 |
| Profit After Tax | 55.09 | 30.77 | 44.94 |
| EBITDA | 221.56 | 198.29 | 150.33 |
| NET Worth | 796.88 | 722.90 | 678.59 |
| Reserves and Surplus | 765.70 | 691.72 | 630.20 |
| Total Borrowing | 357.95 | 505.16 | 412.89 |
| Amount in ₹ Crore | |||
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Repayment/ pre-payment, in full or in part, of all or certain outstanding borrowings and accrued interest thereon availed by: The company and wholly-owned subsidiaries namely Covertek Ceramica Pvt.Ltd. and Varmora Sanitarywares Pvt.Ltd. (formerly, Varmora Sanitarywares LLP), and of the subsidiary, Simola Tiles LLP, through investment in such Subsidiaries | 245.00 |
| 2 | General Corporate Purposes | |
| Total | 245.00 |
| KPI | Mar 31, 2026 |
|---|---|
| ROE | 6.80% |
| ROCE | 9.89% |
| RoNW | 7.79% |
| PAT Margin | 3.53% |
| EBITDA Margin | 14.18% |
| NAV | 39.52 |
| Price to Book Value | 3.74 |
| Valuation Metric | Pre IPO | Post IPO |
|---|---|---|
| EPS (₹) | 2.70 | 2.44 |
| P/E (x) | 54.81 | 60.66 |
| IPO Date | 22 to 24 Sep, 2026 |
| Listing Date | Tue, Sep 29, 2026 |
| Face Value | ₹2 per share |
| Price Band | ₹140 to ₹148 |
| Lot Size | 101 Shares |
| Sale Type | Fresh capital cum OFS |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Total Issue Size | 4,78,39,255 shares (agg. up to ₹708 Cr) |
| Fresh Issue | 2,16,21,621 shares (agg. up to ₹320 Cr) |
| Offer for Sale | 2,62,17,634 shares of ₹2 (agg. up to ₹388 Cr) |
| Share Holding Pre Issue | 20,43,90,203 shares |
| Share Holding Post Issue | 22,60,11,824 shares |
Company Promoters: Bhavesh Vallabhdas Varmora, Hiren R Varmora and Pramodkumar Parsotambhai Patel.
| Share Holding Pre Issue | 52% |
| Share Holding Post Issue | 46.55% |
As per our analysis and Based on the information we have, this is the output.
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