Varmora Granito Ltd IPO
Ceramic Products
Price Band
₹140 – ₹148
Lot Size
101
Minimum Bid Quantity
101
Minimum Investment
₹14948
Issue Size
₹708.02Cr
Opens
2026-09-22
Closes
2026-09-24
Listing
29-09-2026
Subscription Status
Qualified Institutional Buyers
3.16 x
Non-Institutional Investor
0.9 x
Retail Individual Investor
0.95 x
Total
1.55 x
IPO Details
Issue Type
EQUITY
Face Value
₹2
Tick Size
1
ISIN
INE0M5301040
Pre-Apply Available
No
Daily Bidding Time
10:00:00 - 17:00:00
About the Company
Varmora Granito Limited is engaged in the manufacturing and sale of tiles, including glazed vitrified tiles (GVT), polished vitrified tiles (PVT), and ceramic tiles. The company primarily sells GVT and technical products, which accounted for 84.19% of its revenue from operations from tiles in FY26. It also commercialised integrated stone technology (IST) in 2024 through a technology partnership with SACMI Imola S.C., an Italian tile equipment provider. In FY26, 81.72% of its revenue from operations came from products manufactured in-house. As of the date of its Red Herring Prospectus (RHP), the company and its subsidiaries operated eight manufacturing facilities in the Morbi cluster of Gujarat. The company sells its products through B2C and B2B channels. As of March 31, 2026, its B2C distribution network comprised 305 exclusive brand outlets and 2,758 multi-brand outlets across India and outside India. Its B2B channels include builders, contractors, developers, and government empanelments.
Pros
- • The company has a large and diversified tile product portfolio. As of March 31, 2026, it had 4,289 tile SKUs across GVT and technical products, PVT, and ceramic tiles, with 20 different surface types. GVT and technical products accounted for 73.98% of revenue from operations in FY26.
- • The company has introduced a significant number of new tile products in recent years. Between April 1, 2023 and March 31, 2026, it launched over 2,900 new tile SKUs and eight new surface finishes. Its R&D team comprised 17 members, and its design team had 20 members as of March 31, 2026.
- • The company has a wide retail distribution network across India. As of March 31, 2026, it had 305 exclusive brand outlets and over 2,758 multi-brand outlets across India and outside India, with its products sold in 988 cities in India during FY26. Between April 1, 2023 and March 31, 2026, it also converted 136 multi-brand outlets into exclusive brand outlets.
Cons
- • Products manufactured at the company’s in-house facilities contributed Rs 1,235.93 crore (81.72%) of revenue from operations in FY26, compared with Rs 1,135.85 crore (78.55%) in FY25 and Rs 959.35 crore (66.83%) in FY24. Any shutdown, machinery failure, regulatory issue, natural disaster, or other disruption at these facilities could interrupt production, increase costs, and adversely affect the company’s business and financial performance.
- • GVT and technical products contributed Rs 1,118.98 crore (73.98%) of the company’s revenue from operations in FY26, compared with Rs 1,005.84 crore (69.56%) in FY25 and Rs 940.88 crore (65.54%) in FY24. Any slowdown in demand for these products due to changes in consumer demand, disposable income, employment levels, trade policies, tariffs or government regulations could reduce sales volumes and adversely affect the company’s business and financial performance.
- • Cost of materials consumed accounted for Rs 383.79 crore (24.56%) of total income in FY26, while purchases of stock-in-trade accounted for Rs 213.15 crore (13.64%). Although the company had over 500 suppliers as of March 31, 2026, it procures certain raw materials from a limited number of suppliers, and its top 10 suppliers accounted for Rs 120.35 crore (8.10%) of total expenses in FY26. Any increase in raw material prices, shortage or delay in supplies, or failure of key suppliers to meet required quality or delivery schedules could disrupt production and adversely affect the company’s costs and financial performance.
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