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Varmora Granito IPO
1.82xsubscribed

Varmora Granito IPO

Ceramics/Marble/Granite/Sanitaryware
listed
₹14,140Min. investment

Varmora Granito Limited IPO Details

SectorCeramics/Marble/Granite/Sanitaryware
Price range₹140 – ₹148
IPO type
Regular
Lot size101 shares
Issue size₹708Cr
Red Herring Prospectus
Read
RevenueApr 2025 - Mar 2026
₹1,512.4CrHigher than sector avg
Growth rate3Y CAGR
2.65%Higher than sector avg

Varmora Granito IPO Subscription Status

Date
QIB
NII
Retail
Total
22-Sep-26
0.0 times (X)
0.15 times (X)
0.2 times (X)
0.13 times (X)
23-Sep-26
0.11X
0.38X
0.27X
0.23X
24-Sep-26
1.71X
2.7X
0.96X
1.82X

As on 22-Sep-26, 5:30 PM

Varmora Granito IPO Timeline

  1. Pre-apply
    21 Sep 2026
  2. Bid start
    22 Sep 2026
  3. Bid end
    24 Sep 2026
  4. Allotment
    25 Sep 2026
  5. Release of funds
    28 Sep 2026
  6. Demat transfer
    28 Sep 2026
  7. Listing
    29 Sep 2026

About Varmora Granito Limited

Varmora Granito manufactures and markets tiles, bathware and related products. Its tile portfolio covers glazed vitrified tiles (GVT), polished vitrified tiles (PVT), ceramic tiles and technical products manufactured using integrated stone technology (IST).
The company also sells faucets, sanitaryware, tile adhesives and application accessories. Adhesives are sourced from third-party manufacturers rather than manufactured internally. The company had an approximately 6.6% share of the Indian GVT tiles market by revenue in FY26. It was the first to launch digitally printed wall tiles in 2010 and was among the first to introduce homogeneous-body slabs in 2006, double charge tiles in 2012, high gloss and rocker in 2017, and kitchen slabs in 2020.
Tiles are the principal revenue stream, contributing ₹1,329.06 crore, or 87.8% of FY26 revenue from operations. Bathware contributed ₹138.80 crore, adhesives ₹22.73 crore and other operating products ₹21.88 crore. GVT and technical products alone generated ₹1,118.98 crore, representing 84.1% of tile revenue and 73.9% of total revenue from operations in FY26.
The company operates a multi-channel network comprising 305 exclusive brand outlets and 2,758 multi-brand outlets across India and overseas. Its Indian network covered 988 cities across 24 states and union territories as of March 31, 2026. B2C channels accounted for 66.8% of FY26 domestic sales, while B2B arrangements with builders, contractors, developers and government agencies contributed 33.2%. The company serviced 1,411 builders and contractors during FY26.
As of the RHP date, Varmora operated eight manufacturing facilities through the company and its subsidiaries, all located in the Morbi cluster in Gujarat. FY26 tile capacity was 43.80 million square metres, with production of 31.75 million square metres and utilisation of 72.49%. In-house manufactured products contributed 81.7% of FY26 revenue from operations.
A joint-venture facility in Tezpur, Assam, commenced operations in July 2026 with annual GVT capacity of approximately 6.40 million square metres. Varmora sold 38.34 million square metres of tiles in FY26. Products have been exported to more than 100 countries since inception; overseas sales were ₹317.09 crore, or 21.1% of FY26 product sales. Realisation stood at ₹352.26 in FY26, compared with ₹340.38 in FY25 and ₹352.67 in FY24.
Varmora offers more than 400 SKUs of bathroom fittings, including faucets, showers and other bath accessories. Its sanitary ware portfolio includes more than 600 SKUs covering wash basins, water closets, pans and urinals as of March 31, 2026. The bathware business generated ₹138.80 crore of revenue in FY26, contributing 9.18% of total revenue compared with 8.90% in FY25.
Exports contributed 20.9% of revenue from operations in FY26 at ₹317.09 crore, compared with 21.1% in FY25. Key export markets included Kuwait at ₹17.28 crore, Russia at ₹23.97 crore, Iraq at ₹24.95 crore, the United Kingdom at ₹23.54 crore, the United States of America at ₹32.73 crore and Vietnam at ₹42.81 crore.
The Indian domestic tiles market expanded from approximately ₹36,000 crore in FY19 to ₹53,100 crore in FY25, a CAGR of 6.7%. It is projected to reach ₹76,520 crore by FY30, implying an 8.4% CAGR over FY26–FY30. Growth drivers include urbanisation, residential construction, premiumisation, increasing use of tiles over alternative flooring materials and a shift toward organised branded manufacturers. GVT is a key growth driver: it accounted for 36.5% of Indian tile-industry revenue in FY26, and we expect this to increase to 45.5% in FY30. The segment is anticipated to grow at a CAGR of 14.5% during FY26-FY30.
The company plans to consolidate its position in core markets while expanding its presence in emerging markets with high growth potential. The company has built region-specific strategies on its existing presence and distribution network. The eastern and southern regions of India remain key expansion opportunities. Varmora plans to add new MBOs and EBOs in these markets and increase its sales and marketing teams to improve market penetration and gain market share. Varmora’s premium-product mix, over 3,500 tile SKUs and 84.19% GVT and technical-product share within tile revenue position it directly within this higher-growth segment.
Now, Varmora Granito is launching its initial public offering (IPO), which consists of a fresh issue of ₹320 crore and an offer for sale of ₹388 crore. The total issue size of the IPO is ₹708 crore. Its shares will be listed on the NSE and BSE.

How to apply for Varmora Granito IPO?

If you are interested in this investment opportunity but unsure how to apply for a Varmora Granito IPO, follow these steps.
When the public issue opens for subscription, one can follow this step-by-step guide on how to apply for the Varmora Granito IPO on Upstox:
  • Log in to your Upstox account, using your six-digit PIN
  • After logging in, click on ‘Discover’
  • On the ‘Discover’ tab, you will find the ‘Invest in IPO’ section
  • Under the Invest in IPO section, look for the ‘Varmora Granito IPO’ tab and click on it
  • Now fill in all the required information, like ‘bid price’ and ‘lot size’
  • Confirm and click on ‘Apply’
  • Accept the mandate on your UPI app

Varmora Granito Limited IPO Analysis

IPO REVIEW

Varmora Granito IPO | Analysis Video

Should you apply?

Watch our analysts break down the Varmora Granito Limited IPO — business model, financials, valuation and key risks — to help you decide whether to apply. The video covers the IPO price band, important dates, and what the subscription numbers mean for retail investors.

Checklist

Quality analysis
Revenue growth
Company valuation
Earnings expansion
Risk analysis
Debt to Equity ratio
Promoter holdings
Shares pledged
The investment checklist helps you understand a company's financial health at a glance and identify quality investment opportunities easily

Strength and Weakness

Premium product positioning

GVT and technical products accounted for 84.1% of FY26 tile sales, and gross margins increased from 35.2% in FY24 to 37.9% in FY26. The company had an estimated market share of 6.6% in the Indian GVT market based on revenues in FY26.

Diverse and innovative product portfolio

Varmora had more than 3,500 SKUs of tiles with 20 different surface finishes and introduced more than 2,900 new tile SKUs from April 2023 to March 2026.

Pan-India presence

The 305 EBOs and 2,758 MBOs had a presence in 988 cities in India. No state accounted for more than 14% of revenues from FY24-FY26, which means that it was not dependent on any one geography in India.

In-house manufacturing

In-house products accounted for 81.7% of FY26 revenues. Tile manufacturing capacity in India was 43.80 million square metres, backed by superior technology and availability of raw materials and ports in the Morbi cluster.

Favourable industry mix

The domestic tiles market is projected to grow at an 8.4% CAGR over FY26-FY30, while GVT is projected to grow at 14.5%. Varmora’s premium GVT-led portfolio provides direct exposure to this faster-growing sub-segment.

Objectives of Varmora Granito Limited IPO

Repayment of loan
76.50%
The company will utilise ₹245 crore for partial or full repayment of outstanding borrowings
General corporate purposes and issue expenses
23.40%
Part of the IPO proceeds will be used for general corporate purposes and issue expenses

Compare

CompanyRevenue*3Y growthP/E ratioD/E ratio
This IPO₹1,512.4Cr2.65%48.050.44
This sector (avg.)₹314.25Cr0.01%54.570.95
₹4,635.07Cr---33.940.10
₹1,926.15Cr---27.480.05
₹930.13Cr---15.750.48

*Revenue for financial year 2025-26. Lower P/E and D/E ratios are generally preferred.

Varmora Granito IPO Contact Details

Company NameVarmora Granito Limited

How to apply for Varmora Granito IPO?

  1. Step 1

    Log in to your Upstox account to access IPO investments. Next, select the current IPO section.

  2. Step 2

    Specify IPO details. Enter the number of lots and the price you wish to apply for.

  3. Step 3

    Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.

  4. Step 4

    Mandate Notification. Your UPI app will receive a mandate notification to block funds.

  5. Step 5

    Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.

Varmora Granito Limited IPO FAQs