- Price band
- ₹140 – ₹148
- Issue size
- ₹708 Cr
- Lot size
- 101 sh
- Bidding
- 22 – 24 Sep
- Grey market
- —
Face value ₹2.00
45% fresh capital
Lists 29 Sep 2026
No quote recorded
Market data to 30 Oct 2026. Company figures are as filed, sourced 15 Oct 2026. Every figure’s origin is listed under Sources.
The question this issue poses
In one sentence
Varmora Granito makes floor and wall tiles at eight plants in the Morbi cluster of Gujarat; the business description puts tiles at 87.87% of FY26 revenue from operations, bathware at 9.18% and adhesives at 1.50%. Revenue from operations was Rs 1,435.48 Cr in FY24, Rs 1,446.03 Cr in FY25 and Rs 1,512.46 Cr in FY26, a rise of 5.36% across the two years, while EBITDA went from Rs 150.33 Cr to Rs 198.29 Cr to Rs 221.56 Cr, a rise of 47.38%. Profit after tax fell from Rs 44.94 Cr in FY24 to Rs 30.77 Cr in FY25, and was Rs 55.09 Cr in FY26. The Rs 708.02 Cr issue was subscribed 1.58 times overall, listed at Rs 155 against a band top of Rs 148, and was last recorded at Rs 127.15 on 23 October 2026.
IPOVista score
How this issue scores, and why
Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.
IPOVista score
A trade-off in both directions
63% of the scoring model was backed by disclosed data for Varmora Granito, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.
How this score is builtBelow the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.
The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.
The company
What the business actually does
Founded 2003 · Registered office at 8-A, National Highway, Dhuva, Taluka Wankaner, Rajkot 363 641, Gujarat; corporate office at ONE42, Off Iscon-Ambli Road, Ahmedabad 380 054, Gujarat · 1,153 employees
Varmora Granito makes floor and wall tiles at eight plants in the Morbi cluster of Gujarat. Its range covers glazed vitrified tiles (GVT), polished vitrified tiles (PVT) and ceramic tiles, alongside bathware and tile adhesives. In FY26 tiles brought in 87.87% of revenue from operations, with GVT and technical products alone at 73.98%; bathware added 9.18% and adhesives 1.50%. Buyers reach it two ways: a dealer network of 3,063 exclusive and multi-brand outlets, with exclusive outlets in 249 cities, and direct business-to-business sales to builders, contractors, developers and government buyers. Products go mainly into real estate and infrastructure. India accounted for 78.89% of product sales in FY26; the rest went to Kuwait, Russia, Iraq, the UK, the US, Vietnam and other markets.
Revenue is tiles sold by the square metre — 38.34 million sq m in FY26 — with realisation driven by mix: GVT and technical products rose from 75.37% of tile revenue in FY24 to 84.19% in FY26, and industry data cited in the prospectus puts GVT realisation 15-30% above ceramic and PVT. Making 81.72% of FY26 revenue in-house rather than trading bought-in tiles helped lift EBITDA margin, measured on total income, from 10.21% in FY24 to 14.18% in FY26; FY26 revenue from operations was ₹1,512.46 crore. The binding cost is energy: power and fuel, mainly natural gas, ran ₹3,650.72 million in FY25, or 24.46% of total income. Of the ₹3,200 million fresh issue, ₹2,450 million repays borrowings.
The company on paper
- Legal name
- Varmora Granito Limited
- IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first
- 18 Nov 2003
- CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA
- U26914GJ2003PLC043194
- Sector
- Materials · Ceramic and vitrified floor and wall tiles, with bathware and tile adhesives
- Employees
- 1,153
- Registered office
- Registered office at 8-A, National Highway, Dhuva, Taluka Wankaner, Rajkot 363 641, Gujarat; corporate office at ONE42, Off Iscon-Ambli Road, Ahmedabad 380 054, Gujarat
- Promoters
- Bhavesh Vallabhdas Varmora, Hiren R Varmora, Pramodkumar Parsotambhai Patel
- Promoter holding, pre-issue
- 52.0%
- Promoter holding, post-issue
- 47.0%
- Website
- varmora.com
The numbers
Financial performance
Revenue has compounded at 2.6% a year across the 3 reported financial years.
Revenue and profit
Figures in ₹ crore, as reported in the prospectus. Interim quarters are not annualised.
- Revenue
- Profit after tax
Margin trend
Profit and operating margin as a percentage of revenue
- Net margin
- EBITDA margin
Net worth and borrowings
At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.
- Net worth
- Total borrowings
The price
Valuation
What the issue asks for the business, set against what the business earns.
No valuation ratios are recorded for this issue. The price band and the reported financials above are what this record holds.
The terms
How the issue is structured
45% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.
- Fresh issueNew shares — proceeds go to the company
- ₹320 Cr
- Offer for saleExisting shares — proceeds go to the selling shareholders
- ₹388 Cr
- Total issue size
- ₹708 Cr
- Shares offered in the OFS
- —
- Pre-issue shares outstanding
- —
- Employee discount
- —
What the issue does to ownership
Share of paid-up equity before and after the offer. The promoters give up 5.0% of the company.
- Promoters
- Everyone else
Hover or focus a segment to see who it is. The two bars are the same company, measured before and after the offer.
Percentages are of paid-up equity, and the “after” column assumes the offer is fully subscribed, which is how the offer document states it. This record does not disclose a pre- and post-issue share count, so the part of the company actually changing hands is not split out — everyone who is not a promoter is shown together.
Demand
What the market is bidding
Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.
Subscription by category
Cumulative bid multiples at the end of day 3. Anchor allocations are excluded.
Hover or focus a category to see who bids in it.
A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.
Grey market premium
Unofficial over-the-counter sentiment
No grey-market quotes have been recorded for this issue.
Outcome
How it actually listed
- Issue price
- ₹148.00
- Listed at
- ₹155.00
- Listing gain
- up 4.7%
- Since listing
- down 21.8%
- Against the issue price
- down 18.1%
Trading at ₹121.17 on 30 Oct 2026
What an allotment is worth now, before costs
Work it out
What this means for one application
Three calculations, each stating the assumption it rests on.
What one application costs
Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.
- Shares applied for
- 101
- At cut-off price
- ₹148.00
- Amount blocked
- ₹14,948
One lot is 101 shares at ₹14,948. Retail applications are capped at ₹2,00,000, which allows up to 13 lots here — apply for more and you are bidding as a non-institutional investor instead.
Odds of getting an allotment
When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.
~100%
chance of one lot, per application
- Retail subscription
- 0.99×
- Applicants per share available
- 1.0× the retail quota
This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.
What it actually did
This issue has listed, so there is a real number instead of a prediction. The grey-market premium is shown beside it for comparison.
₹155.00
listed at, 4.7% against the issue price
- Issue price
- ₹148.00
- Premium said
- —
- If allotted 101 shares
- ₹707
Listing-day figures are as reported by the exchanges.
Our read
The case for and against
Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.
What works
- EBITDA margin on revenue from operations was 10.47% in FY24 (Rs 150.33 Cr on Rs 1,435.48 Cr), 13.71% in FY25 (Rs 198.29 Cr on Rs 1,446.03 Cr) and 14.65% in FY26 (Rs 221.56 Cr on Rs 1,512.46 Cr) — higher at each of the two steps the record carries.
- Net worth was Rs 678.59 Cr in FY24 and rose at each step on record, to Rs 722.90 Cr in FY25 and Rs 796.88 Cr in FY26, a gain of 17.43%. Total borrowings over the same three years were Rs 412.89 Cr, Rs 505.16 Cr and Rs 357.95 Cr, so borrowings against net worth worked out at 0.61x, 0.70x and 0.45x, the FY26 figure the lowest of the three.
- The business description reports a mix shift inside tiles: GVT and technical products went from 75.37% of tile revenue in FY24 to 84.19% in FY26, and it cites industry data in the prospectus putting GVT realisation 15-30% above ceramic and PVT. It also states that 81.72% of FY26 revenue was made in-house rather than traded, on volume of 38.34 million sq m.
- Routes to market are recorded as a dealer network of 3,063 exclusive and multi-brand outlets, with exclusive outlets in 249 cities, alongside direct sales to builders, contractors, developers and government buyers. India accounted for 78.89% of FY26 product sales, with the balance going to Kuwait, Russia, Iraq, the UK, the US, Vietnam and other markets.
What to weigh against it
- Profit after tax does not move with the top line across the record. It fell 31.53% between FY24 and FY25, from Rs 44.94 Cr to Rs 30.77 Cr, in a year when revenue from operations rose 0.73% (Rs 1,435.48 Cr to Rs 1,446.03 Cr) and EBITDA rose 31.90% (Rs 150.33 Cr to Rs 198.29 Cr). It then reached Rs 55.09 Cr in FY26. PAT margin was 3.13%, 2.13% and 3.64% across the three years.
- Revenue growth is slight on the periods present: 0.73% in FY25 (Rs 1,435.48 Cr to Rs 1,446.03 Cr) and 4.59% in FY26 (to Rs 1,512.46 Cr), 5.36% over the two years together. FY26 tile volume is given as 38.34 million sq m; the record carries no earlier volume figure to set beside it.
- Energy is a heavy line. The business description names it the binding cost and gives power and fuel, mainly natural gas, at Rs 3,650.72 million for FY25 — Rs 365.07 Cr against FY25 revenue from operations of Rs 1,446.03 Cr, or 25.25%. The record carries that cost for FY25 only, with no FY24 or FY26 equivalent.
- The book closed on 24 September 2026 at 1.58 times overall, with QIB at 3.16 times, NII at 0.92 times and retail at 0.995 times. Separately, the stock listed at Rs 155 against the Rs 148 band top, closed day one at Rs 152.19, and was last recorded at Rs 127.15 on 23 October 2026 — 17.97% below the Rs 155 listing price and 14.09% below the band top.
Easy to miss in the prospectus
- Rs 388.02 Cr of the Rs 708.02 Cr issue, or 54.80%, was an offer for sale. The fresh issue was Rs 320 Cr, of which the business description says Rs 2,450 million of the Rs 3,200 million — Rs 245 Cr, or 76.56% of the fresh issue — repays borrowings, a sum equal to 68.45% of FY26 total borrowings of Rs 357.95 Cr. Promoter holding is recorded at 52% pre-issue and 47.04% post-issue.
- The record has no valuation block and no pre- or post-issue share count, so no earnings multiple against the Rs 140-148 band can be computed from it; the figures it does carry are FY26 PAT of Rs 55.09 Cr and FY26 net worth of Rs 796.88 Cr.
- Coverage in the record is partial in places: subscription is logged for day 3 only, there is no anchor book or allocation split, and the financials carry no expenses, total assets or operating cash flow for any of FY24, FY25 or FY26.
Straight from the filing
Read it yourself
Every figure on this page comes out of these. Go and check them.
Served by the issuer, the exchange or the regulator — never a copy hosted here, so what you open is the filing itself.
The paperwork
Who is running the issue
- Lead managers
- JM Financial Limited, Goldman Sachs (India) Securities Private Limited, SBI Capital Markets Limited
- RegistrarAllotment status is checked on the registrar's own site
- KFin Technologies Limited
How these figures were checked
Reconciled to Varmora Granito's own prospectus and to exchange disclosures, then cross-checked against 6 other independently published compilations of the same filing. Where a stated ratio disagreed with the line items it should come from, the disagreement was settled against the prospectus itself.
- SEBI — Varmora Granito Limited, Abridged Prospectus (RHP dated 16 Sep 2026) · read 15 Oct 2026
- BSE — Varmora Granito Limited, Draft Red Herring Prospectus (Aug 2025) · read 15 Oct 2026
- NSE — final category-wise subscription tally for VARMORA (updated 24-Sep-2026 19:00) · read 15 Oct 2026
- NSE — official bhavcopy, 29 Sep 2026 (VARMORA listing-day OHLC) · read 15 Oct 2026
- BSE — official bhavcopy, 29 Sep 2026 (scrip 544942 listing-day OHLC) · read 15 Oct 2026
The prospectus is the authoritative document. Check anything that matters against it before you act.
Other issues worth reading next
A-One Steels
Integrated long and flat steel products
Listed 1 Oct 2026 · Mainboard
GMP ₹47up 11.6%30 Sep
- Price band
- ₹385 – ₹405
- Listing gain
- up 14.1%
- Score
- 61/100
German Green Steel
Long steel — sponge iron, MS billets and TMT reinforcement bars
Listed 5 Oct 2026 · Mainboard
- Price band
- ₹132 – ₹139
- Listing gain
- up 2.2%
- Score
- 65/100
Jindal Supreme
Steel pipes, tubes, crash barriers and GI tubular poles for infrastructure and industrial use
Listed 23 Sep 2026 · Mainboard
- Price band
- ₹88 – ₹93
- Listing gain
- up 29.0%
- Score
- 57/100