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    Varmora Granito IPO

    Updated 31 Oct 2026, 1:45 pm.

    Open Demat Account
    GMP disclaimer: GMP is unofficial and unregulated. It is not a recommendation or a reliable estimate of listing price or returns. Consider the RHP and your own risk assessment before applying.

    Minimum investment (Retail)

    ₹14,948

    1 lot · 101 shares at the upper price band

    Price band

    ₹148

    Latest GMP

    ₹1

    +0.7% of the ₹148 upper band

    Est. listing price

    ₹149

    Issue size

    ₹708.02 Cr

    Listing price

    ₹155.00

    NSE VARMORA, special pre-open price

    Listing gain

    +4.7%

    Listing price against the issue price

    First-day close

    ₹152.19

    Since issue

    -18.1%

    ₹121.17 close, 30 Oct 2026

    As NSE lists it

    The exchange's own issue data, NSE symbol VARMORA · read 31 Oct 2026, 12:15 am

    Price band
    ₹140–148
    Bidding
    22 Sept 2026 – 24 Sept 2026
    Subscribed (NSE)
    —
    Shares offered
    —
    Listed
    29 Sept 2026
    Issue price
    ₹148

    NSE's subscription counts bids on its own platform and can differ from the combined NSE + BSE figure above.

    Allotment status

    Check it on the registrar's page or either exchange with your PAN or application number.

    1. Allotment finalised25 Sept 2026(done)
    2. Refunds start28 Sept 2026(done)
    3. Shares credited to demat28 Sept 2026(done)
    4. Listing29 Sept 2026(done)
    Check on Kfin Technologies Ltd.Check on BSECheck on NSE

    GMP history

    Each point is a recorded observation from the scheduled data sync.

    ObservedGMPEst. listing price
    29 Sept 2026, 1:50 pm₹1₹149
    29 Sept 2026, 1:45 pm₹1₹149
    29 Sept 2026, 8:50 am₹1₹149
    29 Sept 2026, 8:45 am₹1₹149
    28 Sept 2026, 6:50 pm₹1₹148
    28 Sept 2026, 6:45 pm₹0₹148
    28 Sept 2026, 1:50 pm₹0₹148
    28 Sept 2026, 1:45 pm₹0₹148
    28 Sept 2026, 8:50 am₹0₹148
    28 Sept 2026, 8:45 am₹0₹148
    26 Sept 2026, 6:50 pm₹0₹148
    26 Sept 2026, 6:45 pm₹0₹148
    26 Sept 2026, 1:50 pm₹0₹148
    26 Sept 2026, 1:45 pm₹0₹148
    26 Sept 2026, 8:50 am₹0₹148
    26 Sept 2026, 8:45 am₹0₹148
    25 Sept 2026, 6:50 pm₹0₹148
    25 Sept 2026, 6:45 pm₹0₹148
    25 Sept 2026, 1:51 pm₹1—
    25 Sept 2026, 1:45 pm₹0₹148
    25 Sept 2026, 8:50 am₹0₹148
    25 Sept 2026, 8:45 am₹0₹148
    24 Sept 2026, 6:50 pm₹0₹148
    24 Sept 2026, 6:45 pm₹0₹148
    24 Sept 2026, 1:50 pm₹0₹148
    24 Sept 2026, 1:45 pm₹0₹148
    24 Sept 2026, 8:50 am₹0₹148
    24 Sept 2026, 8:45 am₹0₹148
    23 Sept 2026, 6:50 pm₹0₹148
    23 Sept 2026, 6:45 pm₹0₹148
    23 Sept 2026, 1:50 pm₹5₹153
    23 Sept 2026, 1:45 pm₹5₹153
    23 Sept 2026, 8:50 am₹4₹153
    23 Sept 2026, 8:45 am₹5₹153
    22 Sept 2026, 6:50 pm₹5₹153
    22 Sept 2026, 6:45 pm₹5₹153
    22 Sept 2026, 1:50 pm₹6₹153
    22 Sept 2026, 1:45 pm₹5₹153
    22 Sept 2026, 8:50 am₹5₹153
    22 Sept 2026, 8:45 am₹5₹153
    21 Sept 2026, 6:50 pm₹10₹158
    21 Sept 2026, 6:45 pm₹10₹158
    21 Sept 2026, 1:50 pm₹10₹158
    21 Sept 2026, 1:46 pm₹10₹158
    21 Sept 2026, 11:23 am₹10₹158
    21 Sept 2026, 8:45 am₹10₹158
    19 Sept 2026, 6:45 pm₹15₹163
    19 Sept 2026, 1:45 pm₹15₹163
    19 Sept 2026, 8:45 am₹15₹163
    18 Sept 2026, 6:45 pm₹10₹158
    18 Sept 2026, 1:45 pm₹10₹158
    18 Sept 2026, 8:45 am₹10₹158
    17 Sept 2026, 6:45 pm₹0₹148

    GMP is an unofficial, unregulated grey-market estimate — not a prediction of listing performance.

    Issue details

    Board
    Mainboard
    Price band
    ₹148
    Issue size
    ₹708.02 Cr
    Lot size
    101
    Opens
    22 Sept 2026
    Closes
    24 Sept 2026
    Allotment
    25 Sept 2026
    Listing
    29 Sept 2026
    Est. listing price
    ₹149
    Listing price
    ₹155
    Listing gain
    +4.7%
    Registrar
    Kfin Technologies Ltd.
    Minimum investment
    ₹14,948 (1 lot · 101 shares)
    Face value
    ₹2 per share
    Issue type
    Bookbuilding IPO
    Sale type
    Fresh capital cum OFS
    Fresh issue
    ₹320 Cr
    Offer for sale
    ₹388 Cr
    Listing at
    BSE, NSE
    Refunds
    28 Sept 2026
    Shares credited
    28 Sept 2026
    Promoter holding
    52% before · 46.55% after
    Lead managers
    JM Financial Ltd., Goldman Sachs (India) Securities Pvt.Ltd., SBI Capital Markets Ltd.

    Offer documents & links

    Red Herring Prospectus (RHP)Check allotment statusCompany website

    Subscription by category

    As of 24 Sept 2026, 6:53 pm.

    Total subscription

    1.60x

    Qualified Institutional3.10×
    Non Institutional0.94×
    Retail Individual1.02×

    Full issue details

    Details as published for this issue, read 28 Sept 2026, 2:05 pm. Verify against the RHP before applying.

    IPO Details

    IPO Date22 to 24 Sep, 2026
    Listing DateTue, Sep 29, 2026 (tentative)
    Face Value₹ 2 per share
    Price Band₹140 to ₹148
    Lot Size101 Shares
    Sale TypeFresh capital cum OFS
    Issue TypeBookbuilding IPO
    Listing AtBSE, NSE
    Total Issue Size4,78,39,255 shares (agg. up to ₹ 708 Cr)
    Fresh Issue2,16,21,621 shares (agg. up to ₹ 320 Cr)
    Offer for Sale2,62,17,634 shares of ₹ 2 (agg. up to ₹ 388 Cr)
    Share Holding Pre Issue20,43,90,203 shares
    Share Holding Post Issue22,60,11,824 shares

    IPO Timetable (Tentative)

    IPO Open
    Tue, Sep 22, 2026
    IPO Close
    Thu, Sep 24, 2026
    Allotment
    Fri, Sep 25, 2026
    Refund
    Mon, Sep 28, 2026
    Credit of Shares
    Mon, Sep 28, 2026
    Listing
    Tue, Sep 29, 2026

    Issue Reservation

    • QIB50.00%
    • NII (HNI)15.00%
    • Retail35.00%
    Issue Reservation: Share of the issue reserved for each investor category. Figures as published in the table below.
    Investor CategoryShares% of Total IssueMax Allottees
    QIB2,39,19,42850.00%NA
    - Anchor Investor1,43,51,77530.00%NA
    - QIB (Ex. Anchor)95,67,65320.00%NA
    NII (HNI)71,75,82815.00%NA
    - bNII > ₹10L47,83,88610.00%3,383
    - sNII < ₹10L23,91,9435.00%1,691
    Retail1,67,43,59935.00%1,65,778
    Total4,78,38,855100.00%—

    Varmora Granito IPO comprises a total issue size of 4,78,38,855 shares. Out of which, 2,39,19,428 (50.00%) are allocated to QIB , 71,75,828 (15.00%) allocated to NII 1,67,43,599 (35.00%) allocated to RII .

    IPO Lot Size

    Retail (Min)₹14,948
    Retail (Max)₹1,94,324
    S-HNI (Min)₹2,09,272
    S-HNI (Max)₹9,86,568
    B-HNI (Min)₹10,01,516
    IPO Lot Size: What an application costs at the upper price band, by category. Figures as published in the table below.
    ApplicationLotsSharesAmount
    Retail (Min)1101₹14,948
    Retail (Max)131,313₹1,94,324
    S-HNI (Min)141,414₹2,09,272
    S-HNI (Max)666,666₹9,86,568
    B-HNI (Min)676,767₹10,01,516

    Investors can bid for a minimum of 101 shares and in multiples thereof.

    IPO Anchor Investors

    Bid DateMon, Sep 21, 2026
    Shares Offered1,43,51,775
    Anchor Portion (₹ Cr.)212.41
    Anchor lock-in period end date for 50% shares (30 Days)Sun, Oct 25, 2026
    Anchor lock-in period end date for remaining shares (90 Days)Thu, Dec 24, 2026

    Varmora Granito IPO raises ₹ 212.41 crore from anchor investors . Varmora Granito IPO Anchor bid date is September 21, 2026 .

    📝 Anchor Investors Letter (PDF)

    About Varmora Granito Ltd.

    Varmora Granito Limited, incorporated in 2003, manufactures and markets ceramic and vitrified tiles, including Glazed Vitrified Tiles (GVT), Polished Vitrified Tiles (PVT) and ceramic tiles. The company focuses on premium, technology-driven products, with GVT and technical tiles accounting for around 84% of its tile revenue in Fiscal 2026.

    The company operates eight manufacturing facilities in the Morbi cluster of Gujarat, with 81.72% of its revenue in Fiscal 2026 generated from in-house manufactured products. It has also adopted Integrated Stone Technology (IST) through a technology partnership with Italy-based SACMI, supporting its focus on innovative and premium tile products.

    Varmora has a wide distribution network comprising 305 exclusive brand outlets and 2,758 multi-brand outlets across India and overseas, along with B2B sales to builders, contractors, developers and government entities.

    The company also focuses on sustainability, with 16.22 MW of renewable energy capacity from wind and solar. As of March 2026, it had 1,153 permanent employees.

    Key Strength

    Diversified premium product portfolio

    Technology-led innovation, pan-India distribution

    In-house manufacturing capabilities and a focus on sustainability.

    Company Financials (Restated Consolidated)

    Total Income

    31 Mar 20241,472.58
    31 Mar 20251,492.68
    31 Mar 20261,562.53

    Profit After Tax

    31 Mar 202444.94
    31 Mar 202530.77
    31 Mar 202655.09

    EBITDA

    31 Mar 2024150.33
    31 Mar 2025198.29
    31 Mar 2026221.56

    NET Worth

    31 Mar 2024678.59
    31 Mar 2025722.90
    31 Mar 2026796.88
    Company Financials (Restated Consolidated): Each line is scaled to its own largest period, ₹ crore - compare periods within a line, not one line against another. Figures as published in the table below.
    Period Ended31 Mar 202631 Mar 202531 Mar 2024
    Assets1,509.871,589.801,476.16
    Total Income1,562.531,492.681,472.58
    Profit After Tax55.0930.7744.94
    EBITDA221.56198.29150.33
    NET Worth796.88722.90678.59
    Reserves and Surplus765.70691.72630.20
    Total Borrowing357.95505.16412.89
    Amount in ₹ Crore

    Varmora Granito Ltd.'s revenue increased by 5% and profit after tax (PAT) rose by 79% between the financial year ending with March 31, 2026 and March 31, 2025.

    IPO Objects of the Issue

    #Issue ObjectsEst Amt (₹ Cr.)
    1Repayment/ pre-payment, in full or in part, of all or certain outstanding borrowings and accrued interest thereon availed by: The company and wholly-owned subsidiaries namely Covertek Ceramica Pvt.Ltd. and Varmora Sanitarywares Pvt.Ltd. (formerly, Varmora Sanitarywares LLP), and of the subsidiary, Simola Tiles LLP, through investment in such Subsidiaries245.00
    2General Corporate Purposes—
    Total245.00

    The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:

    Key Performance Indicator (KPI)

    KPIMar 31, 2026
    ROE6.80%
    ROCE9.89%
    RoNW7.79%
    PAT Margin3.53%
    EBITDA Margin14.18%
    NAV39.52
    Price to Book Value3.74

    Check IPO Peer Comparison here.

    IPO Valuation

    Valuation MetricPre IPOPost IPO
    EPS (₹)2.702.44
    P/E (x)54.8160.66
    Market Cap at Offer Price₹3,024.98 Cr.₹3,344.97 Cr

    Disclaimer

    The value will be calculated using Equity Dilution = Share Holding Pre Issue - Share Holding Post Issue

    The Pre IPO EPS is calculated based on Pre issue shareholding as on date of RHP and the latest FY earnings as of March 31, 2026 available in RHP.

    The Post Issue EPS is calculated based on the Post issue shareholding and annualized FY earnings of March 31, 2026 available in RHP.

    Shareholding Structure

    Pre IPO

    • Promoter and Promoter Group52%
    • Public48.00%

    Post IPO

    • Promoter and Promoter Group46.55%
    • Public53.45%
    Shareholding Structure: Who holds the company before and after the issue. Figures as published in the table below.
    CategoryPre IPOPost IPO
    Promoter and Promoter Group52%46.55%
    Public48.00%53.45%
    Total100%100%

    Company Promoters: Bhavesh Vallabhdas Varmora, Hiren R Varmora and Pramodkumar Parsotambhai Patel.

    Offer For Sale - Selling Shareholder

    NameCategoryNo. of Shares OfferedAmount (₹ cr.)
    Katsura InvestmentsCorporate2,62,17,634388.02
    Total—2,62,17,634388.02

    Varmora Granito IPO Recommendations

    Review BySubscribeMay ApplyNeutralAvoid
    Brokers3021
    Members4000

    IPO Subscription Status

    CategorySubscription (x)Shares OfferedShares bid for
    QIB (Ex Anchor)3.1095,67,6532,96,22,290
    NII0.9471,75,82867,70,838
    bNII (> ₹10L)0.9447,83,88645,18,437
    sNII (< ₹10L)0.9423,91,94322,52,401
    Retail1.021,67,43,5991,70,92,735
    Total1.603,34,87,0805,34,85,863

    The Varmora Granito IPO is subscribed 1.60 times on September 24, 2026 6:53:35 PM (Day 3). The public issue subscribed 1.02 times in the retail category, 3.10 times in the QIB category, and 0.94 times in the NII category. Check Day by Day Subscription Details (Live Status)

    Reload

    Total Applications: 1,43,508

    IPO Registrar

    Kfin Technologies Ltd.

    040-79615565

    einward.ris@kfintech.com

    IPO Lead Manager(s)

    JM Financial Ltd.

    Goldman Sachs (India) Securities Pvt.Ltd.

    SBI Capital Markets Ltd.

    Contact Details

    Varmora Granito Ltd. Address

    8-A, National Highway,

    Dhuva,

    Taluka Wankaner

    Rajkot, Gujarat , 380054

    9909913657

    investor.relations@varmora.com

    Varmora Granito IPO in the news

    Recent coverage in the financial press. Headlines are the publishers' own; verify details with the RHP.

    Varmora Granito IPO Allotment Today: Shares allotted or not? Check status on NSE, BSE & KFin Technologies

    Zee Business · 25 Sept 2026

    Varmora Granito IPO closes with roughly 1.6 times demand

    iNews Zoombangla · 25 Sept 2026

    Varmora Granito IPO Allotment Today: GMP, Status, Listing Date

    Kalkine India · 25 Sept 2026

    Varmora Granito IPO Allotment: How to Check Your Status Online

    patersoncapital.com · 25 Sept 2026

    Varmora Granito IPO ends with 1.58 times subscription

    business-standard.com · 25 Sept 2026

    Varmora Granito IPO Allotment Status: Check Allocation Online

    HDFC Sky · 25 Sept 2026

    Varmora Granito IPO allotment today; check status on BSE, NSE and registrar

    Moneycontrol.com · 25 Sept 2026

    Varmora Granito IPO allotment: How to check status online on NSE, BSE, KFin Technologies; listing date, time here

    Upstox · 25 Sept 2026

    FAQ

    Varmora Granito: common questions

    Answered from this issue's own record.

    The Varmora Granito Mainboard IPO is priced at ₹148 per share, for an issue size of ₹708.02 crore.

    The issue opens on 22 Sept 2026 and closes on 24 Sept 2026, with listing expected on 29 Sept 2026.

    One lot is 101 shares, and applications must be in multiples of a lot. At the upper band that is ₹14,948 for one lot.

    Latest recorded subscription: QIB 3.1x, NII 0.94x, retail 1.02x (as of 31 Oct 2026).

    Varmora Granito listed at ₹155 on 29 Sept 2026. That was a gain of 4.73% against the issue price.