Varmora Granito IPO Review
Varmora Granito Limited, a leading player in India’s tile market, plans to raise ₹708 crore through an IPO.
[Fresh Issue ₹320 Cr + OFS ₹388 Cr]
Varmora granito ipo price: ₹140–₹148 per share
Varmora Granito: History
The Company was originally incorporated as Varmora Granito Private Limited under the Companies Act, 1956, on November 18, 2003.
It was then converted into a public limited company on April 30, 2025, under a special resolution passed by the shareholders.
The Company subsequently changed its name to Varmora Granito Limited, and the Registrar of Companies issued a fresh certificate of incorporation on May 14, 2025.
Varmora Granito: Business
Varmora Granito Limited manufactures and markets ceramic and vitrified tiles, including –
- Glazed Vitrified Tiles (GVT),
- Polished Vitrified Tiles (PVT), and
- Ceramic Tiles (CT),
- Bathware and Adhesives.
The Company is a tile and building-materials manufacturer operating under the “Varmora” brand.
It has also adopted Integrated Stone Technology through a technology partnership with Italy-based SACMI, supporting its focus on innovative and premium tile products.
Tiles remain the company’s core business, contributing 88 percent of revenue from operations in FY26, with GVT and Technical Products accounting for 74 percent of overall revenue.
As of 31 March 2026, the company offered over 3,500 tile SKUs across 20 surface types, catering to applications including façades, flooring, walls, back paneling, and kitchen slabs.
Manufacturing Facilities
The company operates eight manufacturing facilities in Morbi, Gujarat, India (with 82 percent of its revenue in FY26 generated from in-house manufactured products).
Distribution Network
The Company has a wide distribution network across India and overseas, comprising –
- 305 exclusive brand outlets (EBOs), and
- 2,758 multi-brand outlets (MBOs).
It offers B2B sales to builders, developers, contractors, and government entities.
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Strategies Ahead
Expanding reach in high-growth emerging markets.
Acquisition and expansion into East and Northeast regions of India.
Expanding distribution network (focus on EBOs).
Accelerate investment in brand-building.
Focus on technology-driven product innovation & premiumization.
Expansion in adhesives, bathware, and other adjacencies.
Pursue inorganic growth opportunities.
Focus on ESG and adoption of enhanced sustainable practices.
Company Promoters
- Bhavesh Vallabhdas Varmora,
- Hiren R Varmora,
- Pramodkumar P. Patel.
Refer to Varmora Granito IPO DRHP for more information.
IPO Detail
ipo date: 22 Sept – 24 Sept 2026
Minimum Amount: ₹14,948
Minimum Bid: 101 Shares
Face Value: INR 2 per share
Listing On: NSE, BSE
Financial
Book Running Lead Managers
JM Financial
Goldman Sachs (India) Securities
SBI Capital Markets
CONCLUSION
Considering financial performance and the nature of the business, FinBlab recommends a ‘NEUTRAL‘ rating for the Varmora Granito Limited IPO.
Do come back to learn more about “upcoming IPOs”.
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