Varmora Granito IPO Latest News: GMP, Price Band and Key Details

Varmora Granito IPO Opens for Subscription

Varmora Granito IPO opened for subscription today, September 22, 2026, and will close on September 24. The mainboard IPO has a price band of ₹140–₹148 per share and an issue size of ₹708.02 crore. The issue includes a ₹320 crore fresh issue and an offer for sale of about ₹388.02 crore. The shares are proposed to list on both BSE and NSE.

Varmora Granito IPO GMP Today

The latest reported Varmora Granito IPO GMP is around ₹10 per share. At the upper price band of ₹148, this indicates an unofficial price of approximately ₹158, representing a grey-market premium of about 6.76%. Economic Times has also reported the IPO trading around a 6% grey-market premium ahead of listing.

GMP is an unofficial and unregulated market indicator. It can change during the IPO period and should not be treated as a guaranteed listing price.

Varmora Granito Business Overview

Varmora Granito is a Gujarat-based building-materials company that manufactures, markets and distributes ceramic and vitrified tiles and other surface products. The company has expanded its portfolio beyond tiles into bathware, sanitaryware, faucets, adhesives and related building products.

The company offers more than 3,500 SKUs, including glazed vitrified tiles, polished vitrified tiles, digitally printed wall tiles, full-body slabs, kitchen slabs and large-format products. Its products are sold through exclusive brand outlets, multi-brand retailers and institutional channels.

Varmora also has an international presence, with its products distributed across India and exported to more than 85 countries.

Varmora Granito IPO Financial Performance

Varmora Granito reported an improvement in revenue and profitability in FY2026. Revenue increased to ₹1,512.46 crore from ₹1,446.03 crore in FY2025, while PAT rose to ₹55.09 crore from ₹30.77 crore.

FY2026 debt was around ₹357.04 crore, compared with ₹503.75 crore in FY2025, while net worth increased to approximately ₹810.22 crore.

Varmora Granito IPO Fund Utilisation

A major portion of the fresh issue proceeds is planned for repayment or prepayment of outstanding borrowings. The company has proposed using approximately ₹245 crore for debt repayment or prepayment, with the remaining amount intended for general corporate purposes.

The debt-reduction component is significant given the company's borrowings and is intended to strengthen its financial structure after the IPO.

Varmora Granito Product Portfolio

Varmora's product portfolio covers ceramic and vitrified surfaces as well as related building products. GVT and technical products contributed approximately 73.98% of revenue from operations in FY2026, making this an important part of the company's business mix.

The company has also developed large-format and marble-look surface products and has expanded into complementary categories such as bathware, sanitaryware, faucets and adhesives.

Varmora Granito IPO Growth Factors

The company has an established presence in India's tile and building-materials market and operates through multiple distribution channels. Its broad product range allows it to serve residential construction, commercial projects, builders, contractors and other institutional customers.

Its export presence and expansion into adjacent building-material categories provide additional business channels. The reduction in debt during FY2026 and the proposed use of IPO proceeds for further debt reduction are also important financial developments.

Varmora Granito IPO Key Risks

Varmora Granito's manufacturing operations are concentrated in Morbi, Gujarat, so a significant regional disruption could affect production and supply. The company is also exposed to fluctuations in raw-material and energy costs, including clay, feldspar, glaze, ink and natural gas.

The company's dependence on GVT and technical products is another factor to monitor. Its exclusive and multi-brand outlets also operate through franchise arrangements, which creates dependence on franchisee performance.

The tile industry remains highly competitive, with organised, regional and unbranded manufacturers competing on pricing, design and distribution.

Varmora Granito IPO Important Dates

The IPO opened on September 22 and will close on September 24, 2026. The basis of allotment is scheduled for September 25, refunds and demat credit are expected on September 28, and the shares are scheduled to list on BSE and NSE on September 29.

Varmora Granito IPO Latest News Summary

Varmora Granito IPO has opened today with a ₹140–₹148 price band and a total issue size of ₹708.02 crore. The company operates in ceramic and vitrified tiles and has expanded into several related building-material categories.

The latest reported GMP is around ₹10, indicating an unofficial premium of about 6.76% at the upper price band. Subscription data was not yet available in the latest early-day reports, so investor-category demand will become clearer as bidding progresses.

FY2026 revenue stood at ₹1,512.46 crore and PAT at ₹55.09 crore. The company plans to use ₹245 crore of the fresh issue proceeds for debt repayment or prepayment, with the balance allocated toward general corporate purposes.

Disclaimer: IPO GMP is an unofficial and unregulated market indicator and may change at any time. Subscription figures are updated during the IPO period and may differ depending on the reporting time. This article is for informational purposes only and should not be considered investment advice.