Varmora Granito IPO
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Varmora Granito IPO details
Schedule of Varmora Granito
| Issue open date | 22 Sep 2026 |
| Issue close date | 24 Sep 2026 |
| UPI mandate deadline | 24 Sep 2026 (5 PM) |
| Allotment finalization | 25 Sep 2026 |
| Refund initiation | 28 Sep 2026 |
| Share credit | 28 Sep 2026 |
| Listing date | 29 Sep 2026 |
| Mandate end date | 09 Oct 2026 |
| Lock-in end date for anchor investors (50%) | 24 Oct 2026 |
| Lock-in end date for anchor investors (remaining) | 23 Dec 2026 |
Note: The schedule is tentative. The anchor lock-in period ends 30 days after the actual allotment date for 50% of the shares and 90 days after for the remaining portion. The allotment status can be checked on the registrar's website and the exchange website.
About Varmora Granito
Varmora Granito manufactures and sells tiles, bathware, and adhesives. Its core product categories include glazed vitrified tiles, polished vitrified tiles, ceramic tiles, sanitaryware, faucets, and tile adhesives. The company operates eight in-house manufacturing facilities situated in Morbi, Gujarat, and engages contract manufacturers to produce standard volume items. It sells products domestically across India through a franchisee-owned network of exclusive brand outlets and multi-brand outlets, alongside partnerships with architects, builders, contractors, and government agencies under its B2B channel. The company also exports products internationally to multiple countries. Revenue is primarily generated from the sale of tiles, particularly glazed vitrified tiles and technical products featuring specialized homogeneous body formulations and digital printing surface engineering. In addition to tiles, the company produces ceramic clay as an intermediate input and offers engineered stone products manufactured using integrated stone technology.
Financials of Varmora Granito
Issue size
| Funds Raised in the IPO | Amount (₹ crores) |
| Total issue size | 708.02 |
| Fresh Issue – Proceeds go to the company | 320 |
| Offer for sale – Proceeds go to the existing investors | 388.02 |
Utilisation of proceeds
| Purpose | INR crores (%) |
| Repayment / pre-payment of borrowings | 245 (76.56%) |
| General corporate purposes | 75 (23.44%) |
Strengths
- Broad distribution network with 305 EBOs and 2,758 MBOs across India.
- In-house manufacturing in Morbi supported by technical research capabilities.
- Diverse product portfolio covering tiles, bathware, and adhesives.
- Strong market focus on high-margin glazed vitrified tiles.
- Established global export presence across multiple international markets.
Risks
- Heavy revenue reliance on manufacturing facilities situated exclusively in Morbi.
- High revenue concentration in glazed vitrified tiles exposes business to category slowdowns.
- Dependent on independent franchisees for operating retail distribution networks.
- Volatility in prices and supply of raw materials, power, and natural gas.
- Susceptible to international trade tariffs, sanctions, and foreign exchange risks.