Varmora Granito Limited IPO
Offer terms, application timeline, financial context and company details in one place.
Issue at a glance
- Issue size
- ₹0.05 crore
- Face value
- ₹2
- Issue method
- Book Building
- Fresh issue
- ₹0.05 crore
- Symbol
- VARMORA
- ISIN
- INE0M5301040
Subscription
0.19×overall subscribed
| Investor category | Applications | Shares bid | Subscribed |
|---|---|---|---|
| Qualified Institutional Buyers(QIBs) | — | 10,14,949 | 0.11× |
| Foreign Institutional Investors(FIIs) | — | 0 | — |
| Domestic Financial Institutions(Banks/ Financial Institutions(FIs)/ Insurance Companies) | — | 0 | — |
| Mutual funds | — | 10,13,535 | — |
| Others | — | 1,414 | — |
| Non Institutional Investors | — | 9,28,897 | 0.13× |
| Non Institutional Investors(Bid amount of more than Ten Lakh Rupees) | — | 5,30,452 | 0.11× |
| Corporates | — | 6,767 | — |
| Individuals(Other than RIIs) | — | 5,23,685 | — |
| Others | — | 0 | — |
| Non Institutional Investors(Bid amount of more than Two Lakh Rupees upto Ten Lakh Rupees) | — | 3,98,445 | 0.16× |
| Corporates | — | 10,201 | — |
| Individuals(Other than RIIs) | — | 3,79,760 | — |
| Others | — | 8,484 | — |
| Retail Individual Investors(RIIs) | — | 46,54,585 | 0.27× |
| Cut Off | — | 42,58,362 | — |
| Price bids | — | 3,96,223 | — |
| Total | — | 65,98,431 | 0.19× |
Demand by bid price
About the company
Varmora Granito Limited, incorporated in 2003, manufactures and markets ceramic and vitrified tiles, including Glazed Vitrified Tiles (GVT), Polished Vitrified Tiles (PVT) and ceramic tiles. The company focuses on premium, technology-driven products, with GVT and technical tiles accounting for around 84% of its tile revenue in Fiscal 2026. The company operates eight manufacturing facilities in the Morbi cluster of Gujarat, with 81.72% of its revenue in Fiscal 2026 generated from in-house manufactured products. It has also adopted Integrated Stone Technology (IST) through a technology partnership with Italy-based SACMI, supporting its focus on innovative and premium tile products. Varmora has a wide distribution network comprising 305 exclusive brand outlets and 2,758 multi-brand outlets across India and overseas, along with B2B sales to builders, contractors, developers and government entities.
Financial snapshot
| Particulars | FY25 | FY26 |
|---|---|---|
| Revenue | ₹1,446.03 cr | ₹151.24 cr (-89.54%) |
| PAT | ₹30.77 cr | ₹55.09 cr (79.04%) |
| PAT Margin | 2.13 % | 36.43 % (1,610.33%) |
| EBITDA | ₹198.29 cr | ₹221.56 cr (11.74%) |
| EBITDA Margin | 13.71 % | 146.50 % (968.56%) |
| ROE | 4.20 % | 6.91 % |
| ROCE | 6.32 % | 9.89 % |
| D/E | 0.69 | 0.45 |
What to consider
Business strengths
- Leading & Fast-Growing PlayerVarmora is positioned as one of the leading and fastest-growing players in a large and attractive market. Its established brand presence and extensive distribution network support its growth prospects.
- Premium & Extensive Product PortfolioThe company offers one of the larger and more premium product portfolios across tiles, bathware, sanitaryware and adhesives. Its broad range enables it to cater to diverse customer requirements.
- Customer-Centric InnovationVarmora follows an innovation-led and customer-centric approach, resulting in multiple new product launches, including several industry-first products. This focus supports product differentiation and evolving customer preferences.
Key risks
- Dependence on Manufacturing FacilitiesApproximately 78.55% of total revenue from operations in Fiscal 2025 was attributable to the company's manufacturing facilities. Any production delays, shutdowns or interruptions at these facilities could materially affect its business, financial condition, cash flows and results of operations.
- Dependence on GVT SalesGlazed vitrified tiles (GVT) contributed 69.56% of total revenue from operations in Fiscal 2025. Any slowdown in demand for GVT could therefore have a material adverse effect on the company's financial and operating performance.
- Concentration in MorbiAll of the company's revenues are attributable to manufacturing facilities, either owned or operated through third-party contract manufacturers, located in Morbi, Gujarat. Any disruption affecting the Morbi region could significantly impact the company's business, financial condition, cash flows and results of operations.
Peer comparison
| Company Name | EPS (Basic) | EPS (Diluted) | NAV (₹ per share) | P/E (x) |
|---|---|---|---|---|
| Varmora Granito Limited | 3.08 | 3.05 | 39.52 | 7.79 |
| Kajaria Ceramics Ltd. | 30.48 | 30.44 | 191.11 | 40.27 |
| Somany Ceramics Ltd. | 19.80 | 19.76 | 202.11 | 28.55 |
| Asian Granito India Ltd. | 0.70 | 0.70 | 51.36 | 72.00 |
| Orient Bell Ltd. | 8.46 | 8.43 | 222.78 | 47.67 |