| Annual Financials | Mar 2024 | Mar 2025 | Mar 2026 |
| Revenue | 1435.48 | 1446.03 | 1512.46 |
| Expenses | 1412.92 | 1456.28 | 1486.36 |
| Other Income | 37.10 | 46.65 | 50.06 |
| Total Revenue | 1472.58 | 1492.68 | 1562.53 |
| Profit Before Tax | 63.04 | 37.65 | 76.62 |
| Net Profit | 44.94 | 30.77 | 55.09 |
Varmora Granito
Varmora Granito IPO
₹14,140
0.49 xOver-subscribedBidding Dates 22 Sept, 26 -24 Sept, 26
Min Investment ₹14,140
Lot Size101
Price Range ₹140 – ₹148
Issue Size ₹708.02 Cr.
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IPO Subscription Details
Retail Subscription Details
0.7 x
Non-Institutional Buyers (sHNI)
0.44 x
Non-Institutional Buyers (bHNI)
0.31 x
Qualified Institutional Buyers (QIB)
0.22 x
Total0.49 x
0.49 x IPO Timeline
IPO Offer Start
22 Sept,26
IPO Offer Ends
24 Sept,26
Allotment Finalisation
25 Sept,26
Refund Initiation
28 Sept,26
Listing of Shares
29 Sept,26
IPO Analysis
Strengths
The company is among the top four players in the Indian tiles market by revenue in Fiscal 2026, with revenue from operations growing at a CAGR of 2.65% from ₹14,354.81 million in Fiscal 2024 to ₹15,124.64 million in Fiscal 2026, well-positioned to capture premiumization and branded-player tailwinds.
The company offers over 3,500 tile SKUs across GVT, PVT, and ceramic tiles as of March 31, 2026; GVT and technical products accounted for 84.19% of tile revenue in Fiscal 2026, driving Gross Margin improvement from 35.26% in Fiscal 2024 to 37.92% in Fiscal 2026.
The company launched over 2,900 new tile SKUs between April 1, 2023 and March 31, 2026, supported by a 17-member R&D team and 20 skilled designers, and is the first company in Asia to commercialize SACMI's Integrated Stone Technology (IST) in 2024.
Risks
The company derives 81.72% of total revenue from operations from in-house manufacturing facilities in Fiscal 2026, all of which are concentrated in Morbi, Gujarat. Any disruption — including natural disasters (e.g., Cyclone Biparjoy caused ~3 weeks of shutdown in Fiscal 2024), agitations, or regulatory actions — could severely impact production and financial performance.
The company derives 73.98% of total revenue from operations from GVT and technical products in Fiscal 2026, making it highly vulnerable to demand slowdowns in this segment. Any negative trend in the tiles market driven by economic cyclicality, changes in consumer confidence, or government policy shifts could materially impact sales and profitability.
Since early 2026, the US-Israel-Iran conflict has disrupted availability and pricing of natural gas and propane — key fuels accounting for 21.06% of total income in Fiscal 2026 — and has reduced shipping vessel availability for export sales (21.11% of Sale of Products). Any escalation could further increase energy costs, disrupt supply chains, and adversely affect both domestic and export business.
Objectives
The company intends to utilize a portion of the Net Proceeds towards repayment/pre-payment, in full or in part, of certain outstanding borrowings and accrued interest thereon availed by the company, to reduce outstanding indebtedness and debt servicing costs.
The company intends to invest in its wholly-owned subsidiaries, Covertek Ceramica Private Limited and Varmora Sanitarywares Private Limited (formerly Varmora Sanitarywares LLP), to enable repayment/pre-payment of their outstanding borrowings and accrued interest, thereby improving the consolidated debt-equity ratio.
The company intends to deploy the balance Net Proceeds towards general corporate purposes, including funding growth opportunities, brand building, marketing expenses, strategic initiatives, partnerships, acquisitions, and meeting ordinary course business expenses, subject to a cap of 25% of Gross Proceeds.
Yearly Financial Results
Balance Sheet
| Balance Sheet | Mar 2024 | Mar 2025 | Mar 2026 |
| Total Assets | 1476.16 | 1589.80 | 1509.87 |
| Current Assets | 667.67 | 828.87 | 796.68 |
| Fixed Assets | 808.50 | 760.93 | 713.19 |
| Total Equity & Liabilities | 1476.16 | 1589.80 | 1509.87 |
| Total Liabilities | 772.80 | 846.61 | 699.66 |
| Current Liabilities | 426.08 | 556.02 | 476.68 |
| Non Current Liabilities | 346.73 | 290.59 | 222.97 |
| Total Equity | 703.36 | 743.20 | 810.22 |
Cash Flow
| Cash Flow | Mar 2024 | Mar 2025 | Mar 2026 |
| Net Cash Flow | -133.21 | -10.11 | -0.19 |
| Investing Activities | -336.56 | -119.95 | -45.97 |
| Operating Activities | 88.29 | 63.21 | 234.07 |
| Financing Activities | 115.06 | 46.62 | -188.30 |
About Varmora Granito
Varmora Granito Limited is an India-based tile manufacturer with over 23 years of operating history, offering a diverse portfolio of more than 3,500 SKUs across GVT, PVT, ceramic tiles, bathware, and adhesives. The company operates eight manufacturing facilities in the Morbi cluster, Gujarat, with 81.72% of FY2026 revenue generated from...more
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Managing DirectorBhavesh Vallabhdas Varmora
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