Varmora Granito IPO Opens on September 22
Varmora Granito is set to launch its initial public offering on September 22, 2026, as the company enters the public market with a ₹708.02 crore mainboard issue. The IPO will remain open until September 24, while the basis of allotment is expected on September 25. Shares are scheduled to be listed on September 29, 2026.
The Gujarat-based company operates in the tiles and building-materials segment, with products including ceramic and vitrified tiles. Varmora Granito has built a manufacturing network of eight facilities and serves both retail and business customers. Its domestic sales in FY2026 were largely driven by the B2C retail channel, while B2B sales came from architects, builders, contractors and government-related customers.
Varmora Granito IPO Details
| Particular | Details |
|---|---|
| IPO Open Date | September 22, 2026 |
| IPO Close Date | September 24, 2026 |
| Price Band | ₹140 – ₹148 |
| Issue Size | ₹708.02 Cr |
| Fresh Issue | ₹320 Cr |
| Offer for Sale | ₹388.02 Cr |
| Face Value | ₹2 |
| Lot Size | 101 Shares |
| Minimum Investment | ₹14,948 |
| Allotment | September 25, 2026 |
| Refund/Demat | September 28, 2026 |
| Listing Date | September 29, 2026 |
| Listing | BSE & NSE |
| Registrar | KFin Technologies |
The IPO comprises 4.78 crore shares, including approximately ₹320 crore of fresh equity and ₹388.02 crore of shares offered for sale by existing investor Katsura Investments.
Varmora Granito IPO GMP Today
The latest available grey market data shows a GMP of ₹12 per share. Against the upper price band of ₹148, this represents an unofficial premium of around 8%.
Based on the reported ₹12 GMP, the indicative price works out to around ₹160. However, GMP is an unofficial market indicator and can change before listing; it should not be treated as a guaranteed listing price.
Varmora Granito Financial Performance
Varmora Granito reported improvement in profitability during FY2026. Revenue from operations increased to ₹1,361.60 crore from ₹1,312.82 crore in FY2025, while reported profit after tax increased to ₹58.41 crore from ₹28.83 crore.
| Particular | FY2025 | FY2026 |
|---|---|---|
| Revenue | ₹1,312.82 Cr | ₹1,361.60 Cr |
| Total Income | ₹1,363.91 Cr | ₹1,415.49 Cr |
| EBITDA | ₹179.24 Cr | ₹201.67 Cr |
| PAT | ₹28.83 Cr | ₹58.41 Cr |
The financial numbers show a relatively modest increase in operating revenue, alongside a much stronger improvement in reported profit during FY2026.
Where Will Varmora Granito IPO Funds Be Used?
A major portion of the fresh issue proceeds is planned for repayment or pre-payment of outstanding borrowings and accrued interest. The company has earmarked around ₹245 crore for this purpose, with the remaining proceeds intended for general corporate purposes.
| Particular | Amount |
|---|---|
| Debt Repayment / Pre-payment | ₹245 Cr |
| General Corporate Purposes | Balance Amount |
The debt-reduction component is therefore an important part of the company's IPO fund-utilisation plan.
Varmora Granito Business Overview
Varmora Granito is a Gujarat-based manufacturer of tiles and related building products. The company has eight manufacturing facilities and sells through multiple channels, including its retail network and B2B relationships.
During FY2026, the B2C retail channel contributed around 66.8% of domestic sales, while the B2B segment accounted for approximately 33.2%. The B2B business includes relationships with architects, builders, contractors and government agencies.
The company operates in a competitive industry alongside established tile manufacturers. Its business performance can be influenced by construction activity, housing demand, raw-material costs, energy expenses and overall demand for building materials.
Varmora Granito IPO Timeline
The Varmora Granito IPO will open on September 22 and close on September 24, 2026. The allotment is expected on September 25, followed by refunds and demat credit on September 28. The shares are scheduled to begin trading on September 29.
With the IPO opening tomorrow, investors will next track the subscription response across QIB, NII and retail categories, along with any changes in the unofficial grey market premium.
Note: IPO GMP is unofficial and can change at any time. Investors should consider the company's financial performance, debt position, business risks, valuation and official offer documents rather than relying only on GMP.
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