Varmora Granito IPO Overview
Varmora Granito IPO is currently open for subscription and entered its second day of bidding on September 23, 2026. The company is raising ₹708.02 crore through a combination of a ₹320 crore fresh issue and an offer for sale of ₹388.02 crore. The shares are proposed to list on both NSE and BSE.
| Particular | Details |
|---|---|
| IPO Name | Varmora Granito IPO |
| IPO Type | Mainboard |
| Price Band | ₹140–₹148 |
| Issue Size | ₹708.02 Crore |
| Fresh Issue | ₹320 Crore |
| Offer for Sale | ₹388.02 Crore |
| Lot Size | 101 Shares |
| Minimum Investment | ₹14,948 |
| Open Date | September 22, 2026 |
| Close Date | September 24, 2026 |
| Allotment | September 25, 2026 |
| Refund / Demat | September 28, 2026 |
| Listing Date | September 29, 2026 |
| Listing Platform | NSE & BSE |
| Lead Managers | JM Financial, Goldman Sachs, SBI Capital Markets |
| Registrar | KFin Technologies |
The minimum application is one lot of 101 shares. At the upper price band of ₹148, the minimum investment works out to ₹14,948.
Varmora Granito IPO GMP Today
The latest available Varmora Granito IPO GMP is around ₹5 per share on September 23, 2026. At the upper price band of ₹148, this represents an unofficial premium of about 3.38%, implying an indicative price of around ₹153. GMP has cooled from earlier levels, with reports indicating that the grey-market premium had been around ₹10 or higher before the issue opened.
Grey Market Premium is an unofficial and unregulated indicator. It can change during the IPO period and should not be treated as a guaranteed listing price.
Varmora Granito IPO Subscription Status
The IPO received relatively limited demand on its opening day. At the close of September 22, the issue was subscribed 0.11 times overall. The retail portion was subscribed 0.20 times, while the NII portion stood at 0.05 times and QIB bidding was yet to register outside the anchor portion. Day 2 bidding is continuing on September 23.
The final subscription figures will be available after the issue closes on September 24, so the numbers can change substantially during the remaining bidding period.
Varmora Granito Business Details
Varmora Granito is a Gujarat-based manufacturer and marketer of ceramic and vitrified tiles. Its product portfolio includes glazed vitrified tiles, polished vitrified tiles and ceramic tiles, along with bathware, sanitaryware, faucets, bath fittings and tile adhesives. The company has a presence across both B2C and B2B channels.
The company operates manufacturing facilities in the Morbi industrial cluster in Gujarat and has built a broad distribution network across India. Its products are sold through exclusive brand outlets, multi-brand outlets and direct B2B relationships with builders, contractors, developers and institutional customers.
Varmora Granito Financial Performance
Varmora Granito reported higher revenue and profit in FY26 compared with FY25. According to available financial data, revenue increased to approximately ₹1,512.46 crore in FY26 from ₹1,446.03 crore in FY25, while PAT increased to ₹55.09 crore from ₹30.77 crore.
| Particular | FY25 | FY26 |
|---|---|---|
| Revenue | ₹1,446.03 Cr | ₹1,512.46 Cr |
| Total Income | ₹1,363.91 Cr | ₹1,415.49 Cr |
| EBITDA | ₹179.24 Cr | ₹201.67 Cr |
| PAT | ₹30.77 Cr | ₹55.09 Cr |
The FY26 numbers show improvement in profitability, although the company's business remains exposed to raw-material, energy, manufacturing and export-market conditions.
Varmora Granito IPO Objects
The ₹320 crore fresh issue is primarily intended to strengthen the company's balance sheet. Around ₹245 crore from the fresh issue is planned for repayment or prepayment of borrowings, while the remaining amount is intended for general corporate purposes.
The OFS portion of ₹388.02 crore will go to the selling shareholder rather than to the company. Therefore, the fresh issue and OFS have different purposes within the overall IPO structure.
Varmora Granito IPO Strengths and Risks
Varmora Granito has a diversified product portfolio, an established presence in the Morbi tile manufacturing cluster and a sizeable distribution network. Its operations cover both domestic and international markets, while its focus on glazed vitrified tiles forms an important part of its product mix.
Key risks include dependence on manufacturing operations concentrated in Morbi, fluctuations in raw-material and energy costs, dependence on the tile category, reliance on distribution partners and exposure to international trade and foreign-exchange conditions.
Varmora Granito IPO Important Dates
The Varmora Granito IPO opened on September 22 and will close on September 24, 2026. The basis of allotment is expected on September 25, refunds and demat credit are scheduled for September 28, and the proposed listing on NSE and BSE is September 29, 2026.
Disclaimer: Varmora Granito IPO GMP is unofficial and can change at any time. GMP does not guarantee the actual listing price or future share performance. Investors should review the company's offer documents, financial statements and associated risks before making an investment decision.
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