Varmora Granito Ltd

VARMORA Varmora Granito Ltd

BSE IPO

Bidding dates22 Sep 2026 - 24 Sep 2026

Price range₹140 - ₹148

Min. investment₹14,948

Issue size708.02 Cr

Lot size101 Shares

IPO DocRHP

IPO Timeline

Start date

22 Sep 2026

End date

24 Sep 2026

Allotment date

25 Sep 2026

Refund initiation

28 Sep 2026

Share credit

28 Sep 2026

Deactivate mandate

29 Sep 2026

About 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.

The company also focuses on sustainability, with 16.22 MW of renewable energy capacity from wind and solar. As of March 2026, it had 1,153 permanent employees.

Founded in 2003

Managing director Bhavesh Vallabhdas Varmora

Parent organisation Varmora Granito IPO

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Strengths and Risks

Strengths

Varmora Granito is one of India's established and fastest-growing tile manufacturers, operating in a large and expanding domestic ceramic/vitrified tile market.

The company benefits from a well-diversified, de-risked pan-India distribution footprint, featuring hundreds of Exclusive Brand Outlets (EBOs) and thousands of Multi-Brand Outlets (MBOs) spanning hundreds of cities, ensuring robust brand recall.

Centered primarily around the Morbi tile hub in Gujarat, its technologically advanced facilities provide strong control over product quality and supply chain dynamics. It has also demonstrated innovation capabilities, such as pioneering Integrated Stone Technology.

Risks

Tile manufacturing is highly energy-intensive, relying heavily on natural gas and propane. Spikes in fuel prices or supply disruptions directly squeeze EBITDA and Profit After Tax (PAT) margins, especially if increased costs cannot be fully passed on to customers. Recent reporting periods have highlighted instances of profit contraction despite stable revenues.

Demand for ceramic and vitrified tiles is closely tied to the cyclical real estate and construction sectors. Any slowdown in residential or commercial real estate activity directly dampens volumes.

The domestic tile market—particularly within the unorganized-to-organized transition segment and the Morbi manufacturing cluster—is intensely competitive, restricting aggressive pricing power.