Varmora Granito IPO
Varmora Granito IPO is a mainboard IPO raising ₹708 Cr at ₹140 – ₹148 a share. It listed on 29 Sept 2026 at ₹155, +4.7% against its issue price of ₹148, and trades at ₹123 today (−16.9% since issue). It was subscribed 1.58× in total.
Just covered — bids slightly exceed the shares on offer
populated partly populated we hold nothing here — the tab says why
What this company actually does
Read out of the prospectus’s business section, stripped of its marketing language.
Varmora Granito Limited manufactures and sells tiles (glazed vitrified tiles, polished vitrified tiles and ceramic tiles), bathware and tile adhesives under the 'Varmora' brand. It sells through a pan-India network of exclusive brand outlets and multi-brand outlets, plus business-to-business channels to builders, contractors and government agencies, and exports to over 100 countries. Manufacturing is concentrated in the Morbi tile cluster in Gujarat, with a new joint-venture plant opened in Tezpur, Assam in July 2026.
How it earns
Revenue comes from selling tiles (its own plus a small traded portion), bathware and adhesives to retail dealers and B2B customers; in Fiscal 2026, 81.72% of revenue came from in-house manufactured products and the rest largely from traded goods.
Who buys
B2C retail channel (66.80% of domestic sales in Fiscal 2026) via 305 exclusive brand outlets (EBOs) and 2,758 multi-brand outlets (MBOs) across 988 cities in 24 states/union territories; B2B channel (33.20% of domestic sales) via builders, contractors, developers and government empanelment. Named builder relationships: Signature Global (India) Limited (over 9 years; 1.5 million sq m in Fiscal 2025), Srijan Group (over 15 years; 1 million sq ft in Fiscal 2025), NCC Urban (over 5 years) and Sobha Ltd. Concentration: top 10 MBOs = 7.90% of revenue from operations; top 10 EBOs = 5.67%; no single Indian state contributed more than 14% of revenue from operations. Exports accounted for 20.97% of revenue from operations in Fiscal 2026, going to over 100 countries.
Scale
Eight manufacturing facilities in the Morbi cluster (Gujarat) operated through the Company and Subsidiaries, plus a new joint-venture (Allemby Ceramics) plant in Tezpur, Assam that commenced in July 2026 with installed capacity of ~6.40 million sq m of GVT per year; tiles sales volume of 38.34 million sq m in Fiscal 2026; distribution footprint of 305 EBOs and 2,758 MBOs across 988 cities in 24 states/UTs in India and exports to over 100 countries; 17-member in-house R&D team and 20 designers as of March 31, 2026; over 23 years of operating history. Total revenue from operations in Fiscal 2026 was ₹15,124.64 million (≈₹1,512.46 crore; conversion: 1 crore = 10 million).
What it says sets it apart
- First company in Asia to commercialise SACMI's 'V-NATURE BLOCK Technology & Machine' (integrated stone technology, IST) in 2024, producing marble-look tiles with vitrified tile durability
- Largest in-house manufacturing base among Indian tile players covered here: 8 plants in the Morbi cluster, with all capacity additions since 2011 dedicated to GVT; share of in-house manufactured revenue rose from 66.83% in Fiscal 2024 to 81.72% in Fiscal 2026
- Premium product mix skewed to GVT and technical products, which carry 15-30% higher realisation than ceramic/PVT tiles per the Technopak Report; GVT + technical products made up 84.19% of tile revenue in Fiscal 2026
- Pan-India distribution depth at retail: 988 cities in 24 states/UTs covered; 136 MBOs converted to EBOs between April 2023 and March 2026, with average EBO revenue (₹9.25 million in Fiscal 2026) roughly 3.5x average MBO revenue (₹2.67 million)
- Dedicated B2B builder network: serviced 1,411 builders and contractors in Fiscal 2026 across India, including long-standing relationships with Signature Global, Sobha and Srijan Group, plus multiple government empanellments
Revenue mix
The prospectus gives overlapping breakdowns here, so the shares are not shown.
The numbers at a glance
The price they’re asking →derived: cut-off price Rs148 / stated EPS Rs3.05 (FY2026 (year ended March 31, 2026) diluted EPS, Restated Consolidated Financial Information). Stated figures are as printed in the prospectus; margins, growth and the borrowing ratio are computed from its own summary table. A multiple is one lens, not a verdict.
Where the money goes
The offer →55% of this issue is existing shareholders cashing out — only the fresh issue reaches the business.
How its cohort has done
101 mainboard issues listed in 2026 that we can price today. This is the group this issue belongs to.
Neither figure is a forecast for this issue — they describe what happened to comparable issues. Full cohort analytics →
How the book finished
The category split is the number worth reading, not the total.
QIB: 3.16× their allocation. Non-institutional: 0.92×.
What we hold for this issue
Stated up front on every issue, so a sparse page reads as a fact about the source rather than a broken one.
Led by JM Financial Limited — median +15.5% across the 107 of its issues we can price. All lead managers →
What happens when
Next: the UPI mandate expires on 5 Nov 2026.
What to watch
- 55% of the issue is offer for sale — only ₹320 Cr of new money reaches the company.
- Priced at 48.5× earnings — 10% above the median of the peers the issuer itself names.
- Its cohort's record: median +9.2% since issue price, 37.6% now below it — a base rate, not a forecast.
Each line restates a disclosure from the prospectus or the exchanges — nothing here is a recommendation to apply to this issue.
Track VARMORA GRANITO LIMITED
Results, orders, board decisions and every other filing — summarised and sent to your WhatsApp the minute they are out.
Figures are as published by the exchanges and the issuer’s prospectus. MarketPing publishes facts, comparisons and history only — nothing here is a recommendation to apply to this issue, and we do not publish grey market premium.