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Varmora Granito IPO
Price Band
₹140.0–148.0
Issue Size
₹708.02 Cr
Lot Size
101 shares
Min Investment
₹14,948
GMP
—
Issue Price
₹148.0
Varmora Granito IPO AI Summary
- Varmora Granito IPO is allotted on BSE, NSE in the Ceramics sector.
- Price band: ₹140.0–₹148.0 per share, lot size 101 shares (min. investment ₹14,948).
- Subscription window: 22 Sep–24 Sep 2026, listing on 29 Sep 2026.
Varmora Granito Limited is set to launch its IPO with a price band of ₹140.0 to ₹148.0. The company has shown steady growth in revenue and profitability, with a strong distribution network and export operations. The IPO is expected to attract interest from institutional investors, particularly given its subscription rates.
TopFund is not SEBI-registered — this is educational analysis, not personalized investment advice.
Varmora Granito IPO — Third-Party Research Views
Reviews below reflect analyst calls made before this IPO closed on 24 Sep 2026 — not a current signal.
Recommendations are sourced from third-party research firms and are not TopFund's own investment advice.
Important Dates
Subscription Status
Overall Subscription
1.60x
| Category | Subscription | Status |
|---|---|---|
| QIB (Institutional) |
3.10x
|
3.10x |
| NII (HNI) |
0.94x
|
0.94x |
| ↳ bNII (>₹10L) |
0.94x
|
0.94x |
| ↳ sNII (<₹10L) |
0.94x
|
0.94x |
| Retail (RII) |
1.02x
|
1.02x |
| Total | 1.60x | 1.60x |
Auto-updated every 5 min · As of 24th Sep 2026 18:55
Varmora Granito IPO Grey Market Premium (GMP) Today
GMP not available yet
Grey Market Premium is updated daily. Check back closer to the listing date.
TopFund Score — Listing Data Indicator
GMP is 0.0% above issue price
QIB subscribed 3.1x
No anchor allocation for this IPO
Similar IPOs (same IPO type) averaged 18.1% listing gain
A rules-based composite of GMP, subscription demand, anchor participation and comparable-IPO history — each weighted as shown above. Not a statistically validated probability, a guarantee of listing performance, or personalized investment advice.
Limitations: weights are fixed by TopFund, not backtested against outcomes; the "Historical Similar-IPO Performance" factor needs at least 3 comparable past listings and falls back to a broader, less specific cohort when this sector/type doesn't have enough; GMP and subscription data can change daily right up to listing day, so scores shown may already be stale — check the "as of" date above.
About the Company
Incorporated in 2003, Varmora Granito Limited is engaged in the business of manufacturing and marketing ceramic and vitrified tiles. The company’s product portfolio includes a wide range of tiles across formats such as glazed vitrified tiles (GVT), polished vitrified tiles (PVT), and ceramic tiles. The company distributes its products through a multi-channel network comprising: Business-to-Consumer (B2C) channels: 286 exclusive brand outlets (EBOs) and over 2,000 multi-brand outlets (MBOs) Business-to-Business (B2B) channels: Builders, contractors, developers, and government procurement As of March 31, 2025, the company’s distribution network covered 949 cities across 27 states and union territories in India. The product portfolio included more than 3,500 stock-keeping units (SKUs) as of March 31, 2025. Manufacturing Facilities As of March 31, 2025, the company operated nine manufacturing facilities, all located in the Morbi industrial cluster in Gujarat. Export Operations As of March 31, 2025, the company exported products to over 100 countries, supported by a dedicated export team comprising 47 personnel. Employees The company employed 1,156 permanent employees as of March 31, 2025.
Company Financials (₹ Cr)
As of 2026-03-31
| 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 |
Key Ratios
EPS
₹2.70
NAV
₹39.52
ROE
6.80%
ROCE
9.89%
RoNW
7.79%
P/B Value
3.74
P/E Ratio
54.81
Market Cap
₹3344.97 Cr
PAT Margin
3.53%
Peer Comparison
| Company | NAV | RoNW | P/E (x) | EPS Basic | EPS Diluted |
|---|---|---|---|---|---|
| Orient Bell Ltd. | 222.78 | 3.78% | 47.67 | 8.46 | 8.43 |
| Asian Granito India Ltd. | 51.36 | 1.23% | 72 | 0.7 | 0.7 |
| Somany Ceramics Ltd. | 202.11 | 8.79% | 28.55 | 19.8 | 19.76 |
| Kajaria Ceramics Ltd. | 191.11 | 15.89% | 40.27 | 30.48 | 30.44 |
| Varmora Granito Limited This IPO | 39.52 | 7.79% | — | 3.08 | 3.05 |
Promoters
Bhavesh Vallabhdas Varmora, Hiren R Varmora, Pramodkumar Parsotambhai Patel
Objects of the Issue
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
IPO Evaluation
Generated 27 Sep 2026Revenue Trend
Total income was ₹1,472.58 Cr in the period ending 31 Mar 2024, increasing to ₹1,492.68 Cr by 31 Mar 2025, and further rising to ₹1,562.53 Cr by 31 Mar 2026. This indicates a steady growth in revenue over the reported periods.
Profit Trend
Profit After Tax (PAT) was ₹44.94 Cr in the period ending 31 Mar 2024, which increased to ₹30.77 Cr by 31 Mar 2025, and further rose to ₹55.09 Cr by 31 Mar 2026. This shows a positive trend in profitability, particularly in the most recent period.
Valuation
Varmora Granito's implied P/E at the issue price is approximately 54.81, compared to peers trading at P/E ratios ranging from 28.55 to 72.
Grey Market Premium, Explained
The grey market refers to the unofficial trading of shares before they are listed on the stock exchange. The Grey Market Premium (GMP) is an indicator of the expected listing price of an IPO based on demand in the grey market. A high GMP suggests strong demand, while a low or negative GMP indicates weaker demand.
Subscription Demand
As of 24th September 2026, the IPO was subscribed 1.6 times overall. The Institutional category saw a subscription of 3.1 times, while the Retail category was subscribed 1.02 times. However, the Non-Institutional (NII) category was subscribed only 0.94 times.
Who This IPO Suits
Investors comfortable with short-term volatility and a long-term horizon typically weigh IPOs like this against their overall investment strategy, considering factors like market trends and company fundamentals.
Who May Want to Wait
Conservative investors or those seeking guaranteed returns may want to avoid IPOs, as they can be subject to significant price fluctuations and market risks.
IPO Timeline, Explained
The IPO opens for subscription on 22nd September 2026 and closes on 24th September 2026. Allotment of shares will be done on 25th September 2026, and the listing date is set for 29th September 2026.
Listing Gains — The Risk
Listing gains refer to the potential profit an investor might make when shares are listed on the stock exchange, often influenced by market demand and investor sentiment. However, these gains are not guaranteed, and prices can fluctuate significantly on the listing day.
This evaluation is generated from Varmora Granito's own public IPO filing data for educational purposes and is not investment advice or a recommendation to apply, subscribe to, or avoid this issue — see Broker Recommendations below for named third-party research views (clearly attributed, not TopFund's own). TopFund is not a SEBI-registered investment adviser — see our Disclaimer.
Frequently Asked Questions
What is the price band of Varmora Granito IPO?
The price band of Varmora Granito IPO is ₹140.0–₹148.0 per share.
When does Varmora Granito IPO open and close?
Varmora Granito IPO opens on 22 September 2026 and closes on 24 September 2026.
When does Varmora Granito IPO list on the stock exchange?
Varmora Granito IPO is scheduled to list on 29 September 2026, with an estimated listing price of ₹148.0 based on current GMP.
What is the lot size for Varmora Granito IPO?
The lot size for Varmora Granito IPO is 101 shares, requiring a minimum investment of ₹14,948.
What is the TopFund Listing Data Indicator for Varmora Granito?
Varmora Granito's Listing Data Indicator score is 47/100 (Moderate signal), a weighted composite of GMP strength, subscription demand, anchor investor interest and how similar past IPOs performed on listing. It's a rules-based summary of public market data, not a statistically validated probability, a guarantee, or personalized investment advice.
What is the price band for the Varmora Granito IPO?
The price band for the Varmora Granito IPO is ₹140.0 to ₹148.0.
What is the minimum investment required?
The minimum investment required is ₹14,948.0.
What is the lot size for the IPO?
The lot size for the Varmora Granito IPO is 101 shares.
When is the listing date for the IPO?
The listing date for the Varmora Granito IPO is 29th September 2026.
What does GMP mean?
GMP stands for Grey Market Premium, indicating the expected listing price of an IPO based on demand in the grey market.
Issue Details
Investor Allocation
Registrar
Lead Managers / Book Running
IPO Timeline
Open
22 Sep 2026
Close
24 Sep 2026
Allotment
25 Sep 2026
Listing
29 Sep 2026
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