varmora

Varmora Granito (NEW IPO): GMP, Profit, Price & expert review

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Varmora Granito Ltd is a Rajkot‑based manufacturer and marketer of high‑quality tiles and bathware products, including glazed vitrified tiles, polished vitrified tiles, and ceramic tiles, sold through a large retail and B2B distribution network across India.

Varmora Granito Limited was incorporated in 2003 & currently Mr. Bhavesh Vallabhdas Varmora serves as the Chairman and Managing Director of the company.

Varmora Granito Limited manufactures and sells a wide range of premium tiles (glazed vitrified, polished vitrified, ceramic), bathware, sanitaryware, stone surfaces and related products. It reaches customers through 286+ exclusive brand outlets, over 2,000+ multi‑brand outlets and extensive B2B channels, alongwith exports to 100+ countries.

Varmora Granito Limited has filed DRHP with SEBI for a proposed IPO consisting Fresh Issue of 400 Cr & an Offer for Sale of 5.24 Cr Equity Shares.

Subscription date to apply for Varmora Granito Limited is yet to be announced. Price band for the IPO is yet to be declared.

Check DRHP
Check IPO Allotment
Visit Official Website
Issue Size:400 Cr + 5.24 Cr Equity Shares
Fresh Issue:400 Cr
Offer for Sale:5.24 Cr Equity Shares
Price Range:TBA
Lot Size:TBA
GMPPending

Varmora Granito Limited important data points

Revenue, PAT, EBITDA

YearFiscal 2025
Networth₹ 722.89 Cr
Revenue:₹ 1446.02 Cr
EBITDA₹ 198.29 Cr
EBITDA Margin:~13.28%
PAT₹ 30.77 Cr
PAT Margin~2.06%
Face Value:₹ 02

IPO important dates

Open Date:TBA
Close Date:TBA
Anchor Investor BiddingTBA
Allotment Date:TBA
Refunds & Demat CreditTBA
Tentative Listing Date:TBA

Use of Proceeds

PurposeAmount
Borrowing Payment~ ₹ 320 Cr
Repayment and/or pre-payment~ ₹ 00 Cr
Sales and Marketing~ ₹ 00 Cr
General Corporate Purpose ₹ 00 Cr

Varmora Granito Limited Financial Data

202320242025
Revenue (₹ Cr)₹ 1334.94₹ 1435.48₹ 1446.03
PAT (₹ Cr)₹ 55.06₹ 44.93₹ 30.77
Asset (₹ Cr)₹ 1264.2₹ 1476.16₹ 1589.8
Net Worth (₹ Cr)₹ 642.22₹ 678.58₹ 722.89

Varmora Granito IPO Grey Market Premium

DateIPO PriceIPO GMPProfit per lot
15-Apr₹ –₹ –₹ –
14-Apr₹ –₹ –₹ –
13-Apr₹ –₹ –₹ –
12-Apr₹ –₹ –₹ –
11-Apr₹ –₹ –₹ –
Varmora Granito Limited

Varmora Granito Limited IPO Pros & Cons

Strengths:

  • Strong leadership under an experienced MD with deep industry experience.
  • Diversified product portfolio spanning tiles, bathware and specialty surfaces.
  • Pan‑India & global reach with thousands of retail touchpoints and 100+ countries exports.
  • Large manufacturing capacity across multiple facilities, providing supply control.
  • Positioned in a growing construction & home improvement market in India.

Risks:

  • Continuous decline in profit despite increase in Revenue.
  • Profit margins historically lower than some larger listed peers.
  • High dependence on debt repayment (major use of IPO funds).
  • Strong competition from established tile makers (Kajaria, Somany).
  • Industry cyclicality tied to real estate and infrastructure demand.

Varmora Granito Limited Promoters – Pre offer equity (Approx)

Promoters%Shares
Bhavesh Vallabhdas Varmora~ 9.56 %
Hiren R. Varmora~ 9.44 %
Pramodkumar Parsotambhai Patel~ 6.63 %
–
–
–

Varmora Granito Limited Promoters – Pre offer equity (Approx)

Application TypeLot SizeNo. of LotNo. of SharesInvestment Amount
Retail (Min)–1–₹ –
Retail (Max)–13–₹ –
HNI (Min)–14–₹ –
HNI (Max)–66–₹ –
Big HNI (Min)–67–₹ –

Lead Managers / Registrars of Varmora Granito Limited

Lead / Book Running Lead ManagersJM Financial Ltd, Goldman Sachs (India) Securities Pvt Ltd, SBI Capital Markets Ltd
Registrar (RTA)KFin Technologies Limited

  • It is a Rajkot‑based manufacturer and marketer of tiles (glazed, polished vitrified & ceramics) and related surface products, sold via retail, multi‑brand and B2B channels.

  • Varmora Granito is raising funds mainly to repay company and subsidiary borrowings and support general corporate purposes.

  • The issue size of the IPO comprises ₹ 400 Cr Fresh issue + OFS of ~5.24 Cr equity shares. It will be listed on BSE and NSE platform.

  • Key risks include execution delays, sector cyclicality, competitive pressures and reliance on the Morbi cluster for manufacturing.

  • Upsides include its large product portfolio (3500+ SKUs), wide distribution network and growth in India’s tiles market.

  • You can apply for the IPO via ASBA through bank net banking, UPI on trading apps, or through your broker once the IPO opens for subscription.

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