Varmora Granito Limited IPO
ListedMainboardCeramic Products
1.60×
Subscribed
Price band
₹140 – ₹148
Lot size
101
1 lot = ₹14,948
Issue size
₹708.02 Cr
Open – close
22 Sept 2026
to 24 Sept 2026
Listing
29 Sept 2026
Listing gain
+4.73%
What the filing actually says
Our read of the offer document and the exchange data — not the issuer's summary of itself
Weak7 of 7 dimensions read
The disclosed numbers are weak — 4 of 8 signals read negative
Strength37/100
- Demanding valuation48.0× earnings at the upper band, with no peer set published to compare against
- Slow revenue growthRevenue compounding at only 2.6%
- Low return on equityROE of 6.8% — the business earns little on the capital it already has
- Conservative balance sheetDebt/equity of 0.44×
- Majority offer for sale54.8% of the issue is existing shareholders selling down
- Minimal related-party dealingsRelated-party transactions are only 1.2% of revenue
- Low promoter holding after issuePromoters retain 25.3% post-issue — less skin in the game than most listed peers
- Institutional book coveredQIB portion subscribed 3.10×
Every line above is arithmetic on a figure shown elsewhere on this page - no model, no opinion. It describes the quality of the offering as disclosed. It is not a prediction of the listing price, and it is not advice to apply.
Dates
The issuer's tentative timetable — a date passing is not confirmation the step completed
- Opens22 Sept 2026
- Closes24 Sept 2026
- Allotment25 Sept 2026
- Listing29 Sept 2026
Demand and your odds
How the book filled, and what that means for an application
Subscription by category
Qualified institutionalQIB3.10x
Non-institutionalNII / HNI0.94x
Big NIIabove ₹10L0.94x
Small NII₹2L – ₹10L0.94x
Retail individualRII1.02x
1,43,508 applications received — how many people bid, as opposed to how much money did. Exchange figures as of 24 Sept 2026.
Chance of allotment
Retail1.02× subscribed
~1 in 1
Minimum 1 lot · 101 shares · ₹14,948 blocked
Retail is 1.02× subscribed. Allotment is a lottery on a single lot, so roughly 1 in 1 applications gets one lot. Bidding for extra lots does not improve these odds.
HNI / NII0.94× subscribed
Full allotment
Minimum 14 lots · 1,414 shares · ₹2,09,272 blocked
The HNI portion is under-subscribed at 0.94×, so applications should be allotted in full.
Derived from SEBI's allotment mechanics and the subscription figures beside it. Retail allotment is a lottery on a single lot, so applying for more lots does not improve your chance of getting something.
Grey market premium
Unofficial dealer quotes — not published by NSE, BSE, SEBI or the company
₹15+10.1%
over the upper band · last seen 10 Oct 2026 · flat since 18 Sept 2026
What this number is not. Grey-market premium is an unregulated, thinly-traded quote from private dealers. It is not a forecast of the listing price, it is not verifiable, and it can be moved by the same people who benefit from it looking high. We publish it because you will look it up anyway — and we deliberately do not convert it into an expected listing gain, because that arithmetic implies a reliability the number has never earned. For what actually happened to comparable issues, see recent outcomes below.
The offering
Terms, structure and who is selling
Terms
Price band₹140 – ₹148
Face value₹2
Lot size101shares
Minimum application₹14,948at cut-off
Total issue size₹708.02 Cr
Fresh issue₹320 Cr
Offer for sale₹388.02 Cr
Listing atMainboard
Anchor investorsAllotted
Company & valuation
P/E at upper band48.05×
EPS₹2.49pre-issue
NAV per share₹39.52
Return on equity6.80%
Debt / equity0.44×
Promoter holding25.4% → 25.3%pre → post
Related-party1.19%of revenue
ROCE9.89%
RoNW7.79%
PAT Margin3.53%
EBITDA Margin14.18%
NAV39.52
Price to Book Value3.74
ISININE0M5301040
RegistrarKARVY
Lead managersJM Financial Limited, Goldman Sachs (India) Securities Private Limited, SBI Capital Markets Limited
54.8% of this issue is an offer for sale. That money goes to existing shareholders selling their stake, not into the company. The business receives only the fresh-issue portion.
Who gets what
How the issue is split between investor categories, and what each may bid.
| Category | Shares | % of issue |
|---|---|---|
| QIB | 2,39,19,428 | — |
| Anchor Investor | 1,43,51,775 | — |
| QIB (Ex. Anchor) | 95,67,653 | — |
| NII (HNI) | 71,75,828 | — |
| bNII > ₹10L | 47,83,886 | 3383.00% |
| sNII < ₹10L | 23,91,943 | 1691.00% |
| Retail | 1,67,43,599 | 165778.00% |
Total issue 4,78,38,855 shares. Indented rows sit inside the category above them and are not added to it.
What each category may bid
Retail (Min)₹14,9481 lot · 101 sh
Retail (Max)₹1,94,32413 lots · 1,313 sh
S-HNI (Min)₹2,09,27214 lots · 1,414 sh
S-HNI (Max)₹9,86,56866 lots · 6,666 sh
B-HNI (Min)₹10,01,51667 lots · 6,767 sh
Lot size alone does not answer "how much do I need" — an S-HNI minimum is several lots, not one.
Anchor book
Shares allotted1,43,51,775
Anchor portion₹212.41 Cr
Bid date21 Sept 2026
Lock-in ends (50%)25 Oct 2026
Lock-in ends (rest)24 Dec 2026
Anchors are institutional money placed a day before bidding opens, against a lock-in. Those two dates are when that stock can first be sold — a supply event worth knowing if you still hold.
What the money is for
Stated use of the net proceeds
- 01Repayment/ pre-payment, in full or in part, of all or certain outstanding borrowings and accrued interest thereon availed by: a. our Company; and b. our wholly-owned subsidiaries namely Covertek Ceramica Private Limited and Varmora Sanitarywares Private Limited (formerly, Varmora Sanitarywares LLP), through investment in such Subsidiaries₹245 Cr
- 02General corporate purposes₹48 Cr
Financials
Restated figures as reported in the offer document, ₹ crore
| Period | Revenue | EBITDA | PAT | Net worth | Debt |
|---|---|---|---|---|---|
| 2024 | 1,435.481 | 150.33 | 44.935 | 703.361 | 446.794 |
| 2025 | 1,446.029 | 198.291 | 30.773 | 743.195 | 511.214 |
| 2026 | 1,512.464 | 221.556 | 55.093 | 810.216 | 357.948 |
Revenue CAGR 2.6%PAT CAGR 10.7%
How the issuer compares
The listed companies the offer document itself names as comparable.
| Company | EPS | P/E | NAV | RoNW |
|---|---|---|---|---|
| Varmora Granito Limited | 3.08 | — | — | — |
| Asian Granito India Limited | 0.70 | — | — | — |
| Orient Bell Limited | — | — | — | — |
Blank cells are figures the offer document does not publish. An unlisted issuer has no market price, so it has no price-based multiple until it lists — which is exactly why the comparison is against companies that already trade. The peer set is the issuer's own selection, so read it as the flattering-est comparison available rather than a neutral one.
Risks worth reading
Ranked by our severity assessment, not by the order the prospectus prints them
mediumA significant portion of our revenues (81.72% of total revenue from operations in Fiscal 2026) is derived from our in-house manufacturing facilities, and any delay, shutdown, or interruption in these facilities may significantly and adversely affect our business, financial condition, cash flows and
mediumA substantial portion of our revenue (73.98% of total revenue from operations in Fiscal 2026) is derived from the sale of glazed vitrified tiles (GVT) and technical products, and any slowdown in the demand for these products could have a material adverse effect on our business, financial condition,
mediumAll our manufacturing facilities (operated through our Company and Subsidiaries) and the manufacturing facilities of our third-party contract manufacturers are situated in Morbi, Gujarat, India, and any disruption in the Morbi region, including agitations, accidents, system failures, natural disaste
Positives the filing discloses (1)
Low leverage
Debt-to-equity of 0.44x.
What happened to comparable issues
The last 8 issues to list with a recorded opening price, most comparable first
Median listing gain
+5.5%
Listed up
7 of 8
Best
+65.7%
Tonbo Imaging India Limited
Worst
0.0%
Bonfiglioli Transmissions Limited
EAAA India Alternatives Limitedsame segment
5.3× sub+0.6%
Paras Healthcare Limitedsame segment
2.2× sub+3.9%
Jio Platforms Limitedsame segment
21.6× sub+21.4%
Bonfiglioli Transmissions Limitedsame segment
46.0× sub+0.0%
Tonbo Imaging India Limitedsame segment
135.9× sub+65.7%
Zetwerk Manufacturing Businesses Limitedsame segment
3.1× sub+5.5%
Sahajanand Medical Technologies Limitedsame segment
14.2× sub+7.9%
Fusion CX Limitedsame segment
4.5× sub+5.5%
Past issues are context, not a forecast — this issue is a different company at a different price. We show it because "how have issues like this one actually opened" is a question with a real answer, and grey-market premium is not that answer.
About Varmora Granito Limited
Varmora Granito Limited is engaged in the manufacturing and sale of tiles, including glazed vitrified tiles (GVT), polished vitrified tiles (PVT), and ceramic tiles. The company primarily sells GVT and technical products, which accounted for 84.19% of its revenue from operations from tiles in FY26. It also commercialised integrated stone technology (IST) in 2024 through a technology partnership with SACMI Imola S.C., an Italian tile equipment provider. In FY26, 81.72% of its revenue from operations came from products manufactured in-house. As of the date of its Red Herring Prospectus (RHP), the company and its subsidiaries operated eight manufacturing facilities in the Morbi cluster of Gujarat. The company sells its products through B2C and B2B channels. As of March 31, 2026, its B2C distribution network comprised 305 exclusive brand outlets and 2,758 multi-brand outlets across India and outside India. Its B2B channels include builders, contractors, developers, and government empanelments.
Founded 2003MD Mr Bhavesh Vallabhdas VarmoraSector Ceramic Products
Offer documents
The primary sources everything above is drawn from
Common questions
What is the Varmora Granito Limited IPO GMP today?
The most recent grey-market premium recorded for Varmora Granito Limited is ₹15 per share — about 10.1% over the ₹148 upper band. Grey-market premium is an unofficial, unregulated quote from private dealers. It is not published by NSE, BSE, SEBI or the company, and it is not a forecast of the listing price.
How many times is the Varmora Granito Limited IPO subscribed?
Varmora Granito Limited is subscribed 1.60× overall (QIB 3.10×, NII 0.94×, retail 1.02×). Subscription keeps changing until the issue closes; the final basis of allotment is published by the registrar, KARVY.
What is the minimum investment in the Varmora Granito Limited IPO?
One lot is 101 shares, so a retail application at the ₹148 cut-off price blocks ₹14,948. Retail applications are capped at ₹2,00,000; above that you bid in the HNI category, where allotment is proportionate rather than by lottery.
What are the chances of allotment in the Varmora Granito Limited IPO?
The retail portion is subscribed 1.02×, so allotment is by lottery and the odds of receiving at least one lot are roughly 1 in 1. Applying for more lots does not improve the chance of getting something — every retail applicant competes for the same single minimum lot.
When is the Varmora Granito Limited IPO allotment date?
Allotment is scheduled for 2026-09-25, with listing on 2026-09-29. These dates are the issuer's tentative timetable — a date passing is not confirmation that the step completed. Allotment status is published by the registrar, KARVY.
Disclaimer. Figures are compiled from the issuer's offer document and exchange-published bidding data. Subscription changes until the issue closes, and the final basis of allotment is published by the registrar. Grey-market premium is unofficial and is not a forecast. Nothing here is investment advice or a recommendation — read the offer document and consult a SEBI-registered adviser before applying.