Varmora Granito IPO 2026: Price Band, GMP, Dates, Lot Size, Financials & Full Details

Varmora Granito IPO 2026 is scheduled to open for subscription on September 22, 2026, and close on September 24, 2026. The IPO comprises a ₹320 crore fresh issue and a ₹776.04 crore Offer for Sale (OFS), taking the total issue size to ₹1,096.04 crore.

The price band has been fixed at ₹140 to ₹148 per share, with a face value of ₹2 per equity share. Retail investors can apply for a minimum of 101 shares, requiring an investment of ₹14,948 at the upper price band. The shares are proposed to list on BSE and NSE on September 29, 2026.

Varmora Granito Limited is engaged in the manufacturing and marketing of ceramic and vitrified tiles, with a broad product portfolio, extensive domestic distribution network and exports to more than 100 countries.

Varmora Granito IPO Details 2026

Varmora Granito IPO Timeline

Dates are tentative and subject to change.

Varmora Granito IPO GMP Today

As of September 17, 2026, the latest recorded Varmora Granito IPO GMP is ₹0. With the upper price band fixed at ₹148, the indicative listing price based on the current GMP is ₹148, representing a 0% premium.

The grey market premium is unofficial and can change before listing. GMP should not be considered a guaranteed indication of listing performance.

Varmora Granito IPO Subscription Status

The Varmora Granito IPO will open for subscription on September 22, 2026. Live subscription figures will be available once bidding begins and will be updated across QIB, NII and Retail categories.

Varmora Granito IPO Day-wise Subscription Trend

Varmora Granito IPO Current Subscription Data

The IPO has not opened for subscription yet, so current category-wise bidding data is not available. Subscription figures will be updated after bidding begins.

Varmora Granito IPO Lot Size

The minimum bid is 101 shares, and investors can bid in multiples of 101 shares.

Investment amounts are calculated at the upper price band of ₹148.

Varmora Granito IPO Reservation

About Varmora Granito Limited

Incorporated in 2003, Varmora Granito Limited is engaged in the manufacturing and marketing of ceramic and vitrified tiles.

The company's portfolio includes Glazed Vitrified Tiles (GVT), Polished Vitrified Tiles (PVT) and ceramic tiles, covering more than 3,500 SKUs as of March 31, 2025.

Varmora distributes its products through both B2C and B2B channels. Its domestic network includes 286 Exclusive Brand Outlets (EBOs) and more than 2,000 Multi-Brand

Outlets (MBOs). It also supplies to builders, contractors, developers and government procurement channels.

As of March 31, 2025, the company's distribution network covered 949 cities across 27 states and union territories.

Manufacturing Facilities: Varmora operated nine manufacturing facilities, all located in the Morbi industrial cluster of Gujarat, as of March 31, 2025.

The Morbi location provides access to an established ceramics manufacturing ecosystem and supporting supply-chain infrastructure.

Export Operations: The company exports its products to more than 100 countries. Its export operations are supported by a dedicated team of 47 personnel.

Employees: As of March 31, 2025, Varmora Granito had 1,156 permanent employees.

Major Customers and Distribution Network

Varmora serves a broad customer base through B2C and B2B channels. Its B2C network includes exclusive brand outlets and multi-brand retailers, while its B2B customers include builders, contractors, developers and government procurement channels.

The company does not disclose a specific list of major customers in the supplied IPO data.

Product and Business Portfolio

Varmora's key products include:

• Glazed Vitrified Tiles (GVT)
• Polished Vitrified Tiles (PVT)
• Ceramic Tiles

The company offers products across multiple sizes, designs, finishes and applications, with more than 3,500 SKUs.

Its products cater to residential, commercial and infrastructure-related applications.

Varmora Granito IPO Objectives

The company proposes to use the net proceeds from the issue towards repayment or pre-payment of borrowings and general corporate purposes.

The debt repayment component includes borrowings of the company and certain subsidiaries, including Covertek Ceramica Pvt. Ltd., Varmora Sanitarywares Pvt. Ltd. and Simola Tiles LLP.
The fresh issue portion of the IPO is therefore expected to provide funds for reducing outstanding borrowings, subject to the final offer documents.

Varmora Granito Financial Performance

Restated Consolidated Financials (₹ crore)

Varmora Granito's total income increased from ₹1,492.68 crore in FY25 to ₹1,562.53 crore in FY26, representing approximately 5% growth.

PAT increased from ₹30.77 crore to ₹55.09 crore, while EBITDA increased from ₹198.29 crore to ₹221.56 crore. The company also reduced total borrowings from ₹505.16 crore in FY25 to ₹357.95 crore in FY26.

Varmora Granito Key Financial Ratios

The company reported a 14.18% EBITDA margin and 3.53% PAT margin in FY26. ROE stood at 6.80%, while ROCE was 9.89%.

Varmora Granito IPO Valuation

At the upper price band of ₹148, the supplied valuation data indicates a post-IPO P/E of 59.92x.
The valuation should be viewed alongside the company's earnings growth, margins, debt position and the broader ceramics and building-materials industry.

Varmora Granito Promoter Holding

The promoters of Varmora Granito Limited are:

• Bhavesh Vallabhdas Varmora
• Hiren R Varmora
• Pramodkumar Parsotambhai Patel

As per the supplied IPO data, promoter holding is expected to reduce from 26.99% before the IPO to 22.91% after the IPO.

Varmora Granito Peer Comparison

The supplied peer data shows differences in valuation and return ratios across ceramic companies. Varmora's FY26 RoNW of 7.79% is below Kajaria Ceramics' 15.89% and Somany Ceramics' 8.79%, while its valuation needs to be considered alongside its earnings profile.

Varmora Granito Competitive Strengths

• Diversified ceramic and vitrified tile portfolio
• More than 3,500 SKUs
• Extensive domestic distribution network
• Presence across 949 cities
• 286 exclusive brand outlets and 2,000+ multi-brand outlets
• Exports to more than 100 countries
• Nine manufacturing facilities in the Morbi cluster
• Established presence in the ceramics industry
• B2C and B2B distribution channels
• Debt reduction planned through IPO proceeds

Risks Investors Should Consider

• The ceramics industry is exposed to raw material, energy and logistics costs.
• Demand is linked to housing, construction, real estate and infrastructure activity.
• The company operates in a competitive building-materials market.
• Profitability has fluctuated, with PAT falling from ₹44.94 crore in FY24 to ₹30.77 crore in FY25 before recovering in FY26.
• The company had total borrowings of ₹357.95 crore in FY26.
• The post-IPO P/E of 59.92x represents a significant valuation.
• A large portion of the total issue, ₹776.04 crore, is an OFS.
• Export operations expose the company to international market and currency-related factors.

Varmora Granito IPO Analysis

Varmora Granito has an established presence in the ceramics industry, with a broad product portfolio, extensive distribution network and international exports. The company reported improvement in FY26, with total income increasing 5% and PAT rising 79% compared with FY25.

The reduction in borrowings from ₹505.16 crore in FY25 to ₹357.95 crore in FY26 is another important financial development. The IPO also proposes to use ₹245 crore toward repayment or pre-payment of borrowings.

At the same time, the company's post-IPO P/E of 59.92x places considerable importance on future earnings growth. Investors evaluating the issue can therefore assess valuation alongside margins, return ratios, debt reduction, distribution scale and the competitive environment in the ceramics industry

As of September 17, 2026, the latest recorded Varmora Granito IPO GMP is ₹0. With the upper price band fixed at ₹148, the indicative listing price based on the current GMP is ₹148.

Varmora Granito IPO Allotment Status

The tentative basis of allotment date is September 25, 2026.

Refunds are scheduled to begin on September 28, 2026, while shares are expected to be credited to demat accounts on the same date.

Investors can check their allotment status through the IPO registrar, Kfin Technologies Ltd., using the required application details.

Varmora Granito IPO Registrar

• Kfin Technologies Ltd.
• Address: Plot No. 31 & 32, Financial District,
  Nanakramguda, Serilingampally
• Phone: 040-79615565
• Email: einward.ris@kfintech.com

Varmora Granito IPO Lead Managers

The book-running lead managers are:

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

Varmora Granito Company Details

• Company: Varmora Granito Ltd.
• Registered Office: 8-A, National Highway, Dhuva, Taluka Wankaner, Rajkot, Gujarat – 380054
• Website: varmora.com
• Phone: 9909913657
• Email: investor.relations@varmora.com

Varmora Granito IPO Summary

Varmora Granito IPO is a ₹1,096.04 crore mainboard issue opening from September 22 to September 24, 2026. The IPO consists of a ₹320 crore fresh issue and ₹776.04 crore OFS, with a price band of ₹140–₹148 per share and a retail lot size of 101 shares. At the upper price band, one retail lot requires ₹14,948. The latest supplied GMP is ₹0, indicating an estimated listing price of ₹148 based on the current grey-market premium. Varmora Granito reported FY26 total income of ₹1,562.53 crore and PAT of ₹55.09 crore, compared with PAT of ₹30.77 crore in FY25. The company proposes to use ₹245 crore toward repayment or pre-payment of borrowings and general corporate purposes. The shares are scheduled to list on BSE and NSE on September 29, 2026.

Varmora Granito IPO FAQs

When will Varmora Granito IPO open?

The IPO will open on September 22, 2026.

When will Varmora Granito IPO close?

The IPO will close on September 24, 2026.

What is the Varmora Granito IPO price band?

The price band is ₹140 to ₹148 per share.

What is the Varmora Granito IPO lot size?

The minimum lot size is 101 shares.

What is the minimum investment in Varmora Granito IPO?

At the upper price band of ₹148, one lot requires ₹14,948.

What is the latest Varmora Granito IPO GMP?

As of September 17, 2026, the latest supplied GMP is ₹0.

What is the total issue size of Varmora Granito IPO?

The total issue size is ₹1,096.04 crore, comprising ₹320 crore fresh issue and ₹776.04 crore OFS.

How much will be used for debt repayment?

The company proposes to use ₹245 crore toward repayment or pre-payment of certain outstanding borrowings and accrued interest.

When is Varmora Granito IPO allotment?

The tentative basis of allotment date is September 25, 2026.

When will Varmora Granito shares be listed?

The shares are scheduled to list on September 29, 2026, on BSE and NSE.

Who is the registrar of Varmora Granito IPO?

Kfin Technologies Ltd. is the registrar of the IPO.

What is the Varmora Granito IPO post-issue P/E?

The supplied valuation data indicates a post-IPO P/E of approximately 59.92x.

Disclaimer: IPO dates, GMP, subscription figures and other market-related information may change. Grey market premium is unofficial and should not be considered a guaranteed indication of listing performance. Investors should review the official offer documents and conduct their own due diligence before making any investment decision.

Author: Komal Bhatt

Komal Bhatt is a finance content writer at InvestKraft, specialising in well-researched articles on financial products, stock markets, and investment opportunities, with a particular focus on unlisted shares.

She holds a Master’s degree in Commerce from the University of Delhi, which gives her a solid academic foundation in finance and business. With over three years of hands-on experience in creating digital finance content, Komal has developed a clear understanding of investor needs through her work on wealth management, NISM certification programs, and market education materials.

Komal is passionate when it comes to breaking down complex financial concepts into simple, accurate and actionable insights. Her goal is to help everyday investors understand markets better and make more informed decisions based on reliable, research-backed information.