Varmora Granito IPO Opens Tomorrow: GMP, Price Band, Financials and Key Details

Varmora Granito IPO Opens on September 22

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

Varmora Granito IPO GMP Today

The latest reported grey-market premium is around ₹10 per share as of September 21, 2026. Another tracker had recorded ₹12 on September 20, showing that the unofficial premium has moved recently. At a ₹148 upper price band, a ₹10 GMP would indicate an unofficial price of around ₹158, or roughly 6.76% above the issue price.

GMP is an unofficial and unregulated market indicator and should not be treated as a guaranteed listing price.

Varmora Granito Business Overview

Varmora Granito is a Gujarat-based building-materials company with its core operations in ceramic and vitrified tiles. Its product portfolio includes glazed vitrified tiles, polished vitrified tiles, ceramic tiles, wall tiles, slabs and other surface products.

The company has also expanded into bathware, sanitaryware, faucets, adhesives and related building products. Its products are sold through exclusive brand outlets and multi-brand retailers, while institutional customers include builders, contractors, developers and other large buyers. The company exports its products to more than 85 countries.

Varmora Granito IPO Financial Performance

Varmora Granito reported improvement in profitability in FY2026. According to the available financial data, revenue was around ₹1,512.46 crore and profit after tax was ₹55.09 crore in FY2026. Debt declined from ₹503.75 crore in FY2025 to ₹357.04 crore in FY2026.

The FY2026 numbers indicate higher revenue as well as a significant improvement in profit compared with FY2025.

Varmora Granito Product Portfolio

Varmora's business is focused on premium and technology-oriented tile products. GVT and other technical products represented a significant portion of its tile revenue in recent years. The company has also commercialised Integrated Stone Technology in partnership with SACMI, supporting its large-format and marble-look product offerings.

Its broad product range allows the company to serve residential construction, commercial projects and other interior and building applications.

Varmora Granito IPO Fund Utilisation

A substantial portion of the fresh issue proceeds is planned for reducing the company's debt burden. The remaining funds are intended for general corporate purposes.

The debt-reduction component is relevant because the company had borrowings of about ₹357 crore at the end of FY2026. The proposed use of fresh capital can therefore affect the company's financial structure after the IPO.

Varmora Granito IPO Valuation and Financial Position

At the upper price band, the IPO values Varmora Granito at approximately ₹3,345 crore. The company reported FY2026 net worth of around ₹810.22 crore and debt of approximately ₹357.04 crore. Its FY2026 RoE was around 6.8%.

Varmora Granito IPO Growth Factors

The company's growth strategy is linked to premium tile products, wider distribution and its broader building-materials portfolio. Its presence across retail, institutional and export markets provides multiple sales channels.

The company is also increasing its focus on differentiated products and large-format surfaces. Its established brand and distribution network are important parts of its operating model.

Varmora Granito IPO Key Risks

The company operates in a competitive building-materials market where demand is influenced by residential construction, real-estate activity and broader infrastructure spending.

Raw-material and energy costs can affect margins, while the tile industry also faces competition from domestic manufacturers and other building-material brands. The company has historically carried significant debt, although borrowings declined in FY2026.

Investors should also consider the fact that a significant portion of the IPO is an OFS, meaning the corresponding proceeds from those shares will go to selling shareholders rather than the company.

Varmora Granito IPO Important Dates

The IPO opens on September 22 and closes 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 is scheduled to open tomorrow with a ₹140–₹148 price band and a total issue size of ₹708.02 crore. The company operates across ceramic and vitrified tiles and has expanded into several related building-material categories.

The latest reported GMP is around ₹10, while FY2026 revenue stood at about ₹1,512.46 crore and PAT at ₹55.09 crore. Investors can track subscription numbers and GMP movement after bidding begins on September 22.

Disclaimer: IPO GMP is an unofficial and unregulated market indicator and may change at any time. Subscription figures will be available after the IPO opens. This article is for informational purposes only and should not be considered investment advice.