Varmora Granito IPO
Varmora Granito LtdMainboard
This IPO closed on 24 Sep 2026.
- Open date
- 22 Sep 2026
- Close date
- 24 Sep 2026
- Min. Investment
- ₹14,948
- Lot Size
- -
- Fresh Issue
- ₹320.00 Cr
- Price Range
- -
- Face Value
- -
- IPO Document
- DRHP - PDF(opens in a new tab)
Subscription rate
- Qualified Institutional Buyers3.16x
- Non-Institutional Investors0.92x
- Retail-Individual Investors1.00x
- Total1.58x
Schedule
- Completed: IPO open date22 Sep 2026
- Completed: IPO close date24 Sep 2026
- Completed: Allotment date25 Sep 2026
- Completed: Funds unblock or debit28 Sep 2026
- Current step: Tentative listing date29 Sep 2026
About
Promoter shareholding in Varmora Granito Ltd, before and after the issue.
| Promoter | Pre-issue shares | Pre-issue % | Post-issue shares | Post-issue % |
|---|---|---|---|---|
| Bhavesh Vallabhdas Varmora | 1,93,51,425 | 9.47% | 1,93,51,425 | 8.56% |
| Hiren R Varmora | 1,91,17,155 | 9.35% | 1,91,17,155 | 8.46% |
| Pramodkumar Parsotambhai Patel | 1,34,16,450 | 6.56% | 1,34,16,450 | 5.94% |
| Ramanbhai Jivrajbhai Varmora | 1,31,68,680 | 6.44% | 1,31,68,680 | 5.83% |
| Vallabhbhai Jivrajbhai Varmor | 1,03,13,355 | 5.05% | 1,03,13,355 | 4.56% |
| Bharatbhai Vallabhdas Varmor | 96,31,715 | 4.71% | 96,31,715 | 4.26% |
| Manishkumar Vallabhbhai Varm | 91,32,145 | 4.47% | 91,32,145 | 4.04% |
| Parsotambhai Jivrajbhai Patel | 63,81,300 | 3.12% | 63,81,300 | 2.82% |
| Prafulbhai Parsotambhai Varm | 33,55,815 | 1.64% | 33,55,815 | 1.48% |
| Varmora International | 24,43,940 | 1.19% | 24,43,940 | 1.08% |
Financials of Varmora Granito IPO
| Key Performance Indicators | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|
| Operating Revenue | - | - | - |
| Other Income | - | - | - |
| Total Income | 1435.48 | 1446.03 | 1512.46 |
| Total Expenses | 1412.92 | 1456.29 | 1487.14 |
| Profit Before Tax | - | - | - |
| Total Profit | 44.17 | 35.25 | 62.06 |
Varmora Granito IPO Strengths & Risks
- Established player operating in the tile industry in India in a large attractive market.
- Comprehensive premium product portfolio.
- Customer centric innovation led approach resulting in multiple new product launches.
- Well diversified pan-India distribution network focused on EBOs that strengthen our brand recall.
- Strategically located and technologically advanced in-house manufacturing to maintain control over quality and supply chain.
- Entrepreneurial founder led management team, independent Board with strong focus on sustainability.
- Risks Relating to the Business: We are dependent on our manufacturing facilities for a significant portion of our revenues (81.72% of our total revenue from operations in Fiscal 2026). Further, certain of our products are produced at dedicated manufacturing facilities. Any delay in production at, or shutdown of, or any interruption in these manufacturing facilities may significantly and adversely affect our business, financial condition, cash flows and results of operations.
- Risks Relating to the Business: We derive a substantial portion of our revenue from the sale of glazed vitrified tiles ("GVT") and technical products (73.98% of our total revenue from operations in Fiscal 2026), and any slowdown in the demand for GVT and technical products could have a material adverse effect on our business, financial condition, cash flows and results of operations.
- Risks Relating to the Business: All the company's revenue is attributable to manufacturing facilities (owned and operated by the Company or Subsidiaries, or third-party contract manufacturers) situated in Morbi, Gujarat, India. Any disruption in the Morbi region, may significantly and adversely affect its business, financial condition, cash flows and results of operations.
- Risks Relating to the Business: The company has an extensive retail distribution network and derives a significant portion of its revenue from operations from the company B2C retail chain (comprising exclusive brand outlets ("EBOs") and multi brand outlets ("MBOs")) (accounting for 66.80% of its total domestic sales in Fiscal 2026). The company operates all its EBOs and MBOs through franchisees and any non-performance by the company franchisees may adversely affect its business, results of operations and financial condition.
- Risks Relating to the Business: The company's Subsidiaries, Associates and Joint Ventures (some of which are also Group Companies) have common pursuits vis-à-vis the Company and are in a similar line of business as the company, which may lead to a conflict of interest in the future that in turn may adversely impact the company's business, financial condition, cash flows and results of operations.
- Risks Relating to the Business: The company may undertake strategic acquisitions or investments, which may prove to be difficult to integrate and manage or may not be successful.
- Risks Relating to the Business: The company operations are subject to volatility in the supply and pricing of raw materials and packing materials. The company is also dependent on its top suppliers for the supply for certain raw materials (top 10 suppliers contributed to 8.10% of the company's total expenses in Fiscal 2026). Any loss of suppliers or interruptions in the timely delivery of supplies or price escalations could have an adverse impact on its business, financial condition, cash flows and results of operations.
- Risks Relating to the Business: The company derives a portion of its revenue from operations from outside India (revenue from contracts with customers from outside India was 21.11% of the company Sale of Products in Fiscal 2026) which exposes it to risks inherent to operations in these foreign jurisdictions. The company's global operations expose it to risks such as compliance with local laws, and any failures to comply with applicable laws or regulations could lead to civil, administrative or regulatory proceedings which could adversely affect the company's business, results of operations and financial condition.
- Risks Relating to the Business: The company operates in highly competitive markets in each of its product categories and an inability to compete effectively may adversely affect the company's business, financial condition, cash flows and results of operations.
- Risks Relating to the Business: The Offer Price of the company's Equity Shares, market capitalization to revenue from operations ratio, market capitalization to tangible assets ratio and EV to EBITDA before exceptional items (EBITDA) ratio may not be indicative of the trading price of the Equity Shares upon listing on the Stock Exchanges subsequent to the Offer and, as a result, you may lose a significant part or all of your investment.
- Risks Relating to the Business: A portion of the company's revenue is generated from products manufactured by third-party contract manufacturers (17.60% of its total revenue from operations in Fiscal 2026) that are engaged with the company on a non-exclusive basis. Any disruption or non-performance by these third parties may affect its ability to obtain sufficient or desired quantities of products in a timely manner or at acceptable prices, which may adversely affect the company's business, financial condition, cash flows and results of operations.
- Risks Relating to the Business: The company is required to obtain, renew or maintain statutory and regulatory permits, licenses and approvals to operates its business, and any delay or inability in obtaining, renewing or maintaining such permits, licenses and approvals could result in an adverse effect on the company's business, financial condition, cash flows and results of operations.
- Risks Relating to the Business: The company has entered into and may continue to enters into related party transactions. Failures to ensure that such related party transactions are entered into on an "arm's length" basis could have an adverse effect on the company's business, financial condition, cash flows and results of operations.
- Risks Relating to the Business: The company has significant power and fuel requirements and any disruption to power or fuel sources could increase its production costs and adversely affect the company's business, financial condition, cash flows and results of operations.
- Risks Relating to the Business: The company has certain contingent liabilities that have not been provided for in its Restated Consolidated Financial Information, which if they materialize, may adversely affect the company's financial condition.
- Risks Relating to the Business: If the company is unable to maintain and enhance the value and reputation of its brand and/or counter any negative publicity, the company's business, financial condition, cash flows and results of operations could be materially adversely affected.
- Risks Relating to the Business: The company has recently commenced operations of manufacturing facility in Tezpur, Assam, through its Joint Venture, Allemby Ceramics Private Limited ("Allemby"), which may expose it to operational, ramp-up, integration and utilization risks. Further, the company has no prior experience of operating in Tezpur, Assam.
- Risks Relating to the Business: The ongoing geopolitical conflict involving the United States, Israel and Iran has adversely affected, and may continue to adversely affect, the company's business, results of operations, financial condition, cash flows and prospects.
- Risks Relating to the Business: A portion of the Net Proceeds is proposed to be utilized for repayment or pre-payment, in full or part, all or a portion of certain loans availed by the Company and Subsidiary namely Varmora Sanitarywares Private Limited (formerly known as Varmora Sanitarywares LLP), from State Bank of India, an affiliate of one of the BRLMs to the Offer.
- Risks Relating to the Business: The company's success depends in large part upon its Promoters, Directors, Key Managerial Personnel, Senior Management and certain other employees and the company's inability to attract, train and retain such persons could adversely affect its business, financial condition, cash flows and results of operations.
- Risks Relating to the Business: The company operations are dependent on its research and development activities to introduce new products in line with emerging industry trends, customer preferences and upcoming technologies. Any inability to do so could adversely affect the company's business, financial condition, cash flows and results of operations.
- Risks Relating to the Business: Its business is capital intensive and the company has incurred indebtedness. Further, its lenders have created charges over the company's movable and immovable properties in respect of finance availed by the company. Its inability to obtain further financing or meet the company's obligations, including financial and other covenants under its debt financing arrangements could adversely affect the company's business, financial condition, cash flows and results of operations.
- Risks Relating to the Business: There are outstanding litigation against the Company, Directors, Promoters, Subsidiaries, Key Managerial Personnel, Senior Management and Group Companies. An adverse outcome in any of these proceedings may affect the company's reputation and standing and impact its future business and could have a material adverse effect on the company's business, financial condition, cash flows and results of operations.
- Risks Relating to the Business: The company's audit reports include certain observations in the annexure to the report prescribed under the Companies (Auditor's Report) Order, 2020 for Fiscals 2026, 2025 and 2024. There can be no assurance that its audit reports for any future periods or financial years will not contain qualifications, matters of emphasis or other observations, including any observations that may have an effect on its financial statements and which could adversely affect the company's business, financial condition, cash flows and results of operations.
- Risks Relating to the Business: The company faces risks such as cost overruns and delays in expanding and commissioning new manufacturing facilities. Failures to manage these risks could delay the commissioning of the company's upcoming manufacturing facilities and adversely impact its business, prospects, results of operations, cash flows and financial condition.
- Risks Relating to the Business: Any non-availability of contract workers at reasonable cost or any strikes, work stoppages or increased wage demands could lead to disruption in the company's manufacturing facilities, which could adversely impact on its business, financial condition, cash flows and results of operations.
- Risks Relating to the Business: Under-utilization of the company's manufacturing capacities and an inability to effectively utilize its expanded manufacturing capacities could have an adverse effect on the company's business, financial condition, cash flows and results of operations.
- Risks Relating to the Business: There are certain instances of delays in payment of statutory dues. Any delay in payment of statutory dues or non-payment of statutory dues in dispute may attract financial penalties from the respective government authorities, which may have an adverse impact on the company's business, financial condition, cash flows and results of operations.
- Risks Relating to the Business: Certain of the company's products are produced at dedicated manufacturing facilities. Any delay in production at, or shutdown of, or any interruption in these manufacturing facilities may significantly and adversely affect the company's business, financial condition, cash flows and results of operations.
- Risks Relating to the Business: The company depends on third party transportation providers for the delivery of raw materials and packing materials to its manufacturing facilities. The company has not entered into any formal contracts with its transport providers and any failures on the part of such service providers to meet their obligations could adversely affect the company's business, financial condition, cash flows and results of operations.
- Risks Relating to the Business: The company is subject to governmental regulation in India and its may incur material liabilities under, or costs in order to comply with, existing or future laws and regulation, and the company failures to comply may result in enforcements, recalls, and other adverse actions.
- Risks Relating to the Business: A significant number of the company's EBOs are present in four states of India (170 out of its 305 EBOs (representing 55.74%) were present in Uttar Pradesh, Rajasthan, Haryana and Gujarat as of March 31, 2026). Any adverse development in these regions may adversely affect the company's business, financial condition, cash flows and results of operations.
- Risks Relating to the Business: The company has outstanding dues from its overseas customers from time to time. There can be no assurance that such dues will be realized by the company within the requisite timelines under FEMA.
- Risks Relating to the Business: Any inability to maintain or failures in the company's quality control processes may result in delays, modifications or cancellations of orders placed by its customers, damage the company's reputation and/ or result in legal proceedings, any of which may adversely affect its business, financial condition, cash flows and results of operations.
- Risks Relating to the Business: The company depends on its partnerships with various architects, builders and contractors and government agencies for sales under the company's B2B channel. Any loss of such relationships may adversely affect its business, financial condition, cash flows, results of operations and prospects.
- Risks Relating to the Business: The company's inability to collect receivables from its customers or default or delays in payment by them could adversely affect the company's business, financial condition, cash flows and results of operations.
- Risks Relating to the Business: The company operations requires a significant amount of working capital and an inability to meet its working capital requirements may adversely affect the company's business, financial condition, cash flows and results of operations.
- Risks Relating to the Business: Failures to accurately forecast customer demand could lead to excess inventories or inventory shortages, which could result in decreased operating margins and reduced cash flows and adversely affect to the company's business, financial condition, cash flows and results of operations.
- Risks Relating to the Business: The company is significantly dependent on the performance of the real estate and infrastructure industries where its products are utilized. Any negative trends in these industries could adversely affect demand for its products, the company's costs of doing business and its business, financial condition, cash flows and results of operations.
- Risks Relating to the Business: The activities carried out at the company's manufacturing facilities may result in injury to persons or property, which could result in a suspension of operations and/or the imposition of civil or criminal liabilities. These may adversely affect the company's business, financial condition, cash flows and results of operations.
- Risks Relating to the Business: Any significant disruptions of information technology systems or breaches of data security could adversely affect the company's business, financial condition, cash flows and results of operations.
- Risks Relating to the Business: Information relating to the historical capacity of the company's manufacturing facilities included in this Red Herring Prospectus is based on various assumptions and estimates and its future production and capacity may vary.
- Risks Relating to the Business: The company is exposed to the risk from sanctions laws or other similar regulations, and failures to comply with such laws could potentially have an adverse effect on the company's business, financial condition, cash flows, results of operations and prospects.
- Risks Relating to the Business: Improper storage, processing and handling of raw materials and finished products may cause damage to the company's inventory leading to an adverse effect on its business, financial condition, cash flows and results of operations.
- Risks Relating to the Business: The company may be unable to adequately obtain, maintain, protect and enforce its intellectual property rights. The company may also be subject to intellectual property infringement claims, which may be expensive to defend and may disrupt its business and operations.
- Risks Relating to the Business: Certain of the company's Promoters, Directors, Key Managerial Personnel and Senior Management may be interested in the Company other than remuneration and reimbursement of expenses.
- Risks Relating to the Business: The company's Corporate Office and two manufacturing facilities are situated in a building/on land that are not owned by the company. In the event that its lose such rights or are required to renegotiate arrangements for such rights, the company's business, financial condition, cash flows and results of operations may be adversely affected.
- Risks Relating to the Business: The company's insurance coverage may not be sufficient or may not adequately protect it against risks and unexpected events, which may adversely affect the company's business, financial condition, cash flows and results of operations.
- Risks Relating to the Business: If the company fails to keep its technical knowledge and process know-how confidential, the company may suffer a loss of its competitive advantage.
- Risks Relating to the Business: The company currently avail benefits under certain export promotion schemes. Any failures in meeting the obligations under such schemes, may result in adversely affecting the company's business, financial condition, cash flows and results of operations.
- Risks Relating to the Business: The company's inability to effectively manage its growth or to successfully implement the company's business plan and growth strategies could have an adverse effect on its business, financial condition, cash flows and results of operations.
- Risks Relating to the Business: Any downgrade of the company's credit ratings may restrict its access to capital and thereby adversely affect the company's business, financial condition, cash flows and results of operations.
- Risks Relating to the Business: An inability to establish and maintain effective internal controls could lead to an adverse effect on the company's business, financial condition, cash flows and results of operations.
- Risks Relating to the Business: Increased losses due to fraud, employee misconduct, employee negligence, theft or similar incidents may have a negative impact on the company's business, financial condition, cash flows and results of operations.
- Risks Relating to the Business: Certain sections of this Red Herring Prospectus disclose information from the Technopak Report which has been prepared exclusively for the Offer and commissioned and paid for by the company exclusively in connection with the Offer and any reliance on such information for making an investment decision in the Offer is subject to inherent risks.
- Risks Relating to the Business: The company has in this Red Herring Prospectus included certain non-GAAP financial measures and certain other industry measures related to its operations and financial performance that may vary from any standard methodology that is applicable across the industry the company operates.
- Risks Relating to the Business: The company funding requirements and proposed deployment of the Net Proceeds are based on management estimates and may be subject to change based on various factors, some of which may be beyond the company's control. Any variation in the utilization of the Net Proceeds would be subject to certain compliance requirements, including prior shareholders approval.
- Risks Relating to the Business: The company's Promoters and Promoter Group will continue to retain significant shareholding in the Company after the Offer, which will allow them to exercise significant influence over the company.
- Risks Relating to the Business: The company cannot assure payment of dividends on the Equity Shares in the future and its ability to pay dividends in the future will depends on the company's earnings, financial condition, cash flows, working capital requirements, capital expenditures and restrictive covenants of its financing arrangements and the company may not be able to pay dividends in future.
- Risks Relating to the Business: The Company will not receive any proceeds from the Offer for Sale portion.
