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.
| Purpose | Amount (₹ Cr) |
|---|---|
| Repayment/ 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 Subsidiaries | ₹245 |
| General Corporate Purposes | — |
| Metric | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Total Assets | 1,510 | 1,590 | 1,476 |
| Revenue | 1,563 | 1,493 | 1,473 |
| PAT | 55 | 31 | 45 |
| EBITDA | 222 | 198 | 150 |
| Net Worth | 797 | 723 | 679 |
| Reserves | 766 | 692 | 630 |
| Total Borrowing | 358 | 505 | 413 |
| Category | Sub (x) | Offered | Bid For |
|---|---|---|---|
| QIB | 3.10 | 9,567,653 | 29,622,290 |
| NII / HNI | 0.93 | 7,175,828 | 6,642,669 |
| Retail (RII) | 0.96 | 16,743,599 | 15,996,178 |
| Total | 1.56 | 33,487,080 | 52,261,137 |
* Amount calculated at upper price band (₹48) · ** Total includes all investor categories
- 1 Initiation of Refund 28 Sep 2026
- 2 Credit of Shares to Demat 28 Sep 2026
- The IPO P/E of 61x reflects a weak valuation relative to typical market ranges.
- Pre-issue EPS of ₹3 compares to post-issue EPS of ₹2 after dilution.
This IPO has relatively lower interest or stretched valuation. Proceed with thorough research and caution.
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