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NSE List Price : ₹

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Category	Times
QIBs	0.00x
HNIs	0.00x
Retail	0.00x
Total : 0.00x

IPO Market Lot(s) Distribution

Application	Lot Size	Shares	Amount
Retail Minimum	1	101	₹14,948
Retail Maximum	13	1,313	₹194,324
S-HNI Minimum	14	1,414	₹209,272
S-HNI Maximum	66	6,666	₹986,568
B-HNI Minimum	67	6,767	₹1,001,516

About the Company

Varmora Granito Limited, incorporated in 2003, is engaged in the manufacturing, marketing and distribution of ceramic and vitrified tiles and related surface products. Its portfolio includes Glazed Vitrified Tiles (GVT), Polished Vitrified Tiles (PVT), ceramic tiles, technical products, bathware and adhesives.

The company operates eight manufacturing facilities in the Morbi cluster of Gujarat and has a pan-India distribution network of 305 Exclusive Brand Outlets (EBOs) and 2,758 Multi-Brand Outlets (MBOs) across 988 cities as of March 31, 2026. It also exports its products to more than 100 countries.

Products & Services
• GVT & PVT Tiles
• Ceramic & Technical Tiles
• Bathware
• Tile Adhesives
• Engineered Stone & Surface Solutions

Company Financial Report

_{Amount ₹ in Crores}

Period Ended	Revenue	Expense	PAT	Assets
2024	₹1472.58	₹1412.92	₹44.94	₹1476.16
2025	₹1492.68	₹1456.28	₹30.77	₹1589.80
2026	₹1562.53	₹1486.36	₹55.09	₹1509.87

Company Promoter

Bhavesh Vallabhdas Varmora

Hiren R Varmora

Pramodkumar Parsotambhai Patel

Know before investing

• • Strengths

  EstablisheIndustry Playerd Tile : Over 23 years of operating experience in the Indian tile industry.

  Comprehensive Product Portfolio: Offers 4,289 tile SKUs across GVT, PVT, ceramic and technical tiles, along with bathware products.

  Strong Distribution Network: 305 EBOs and 2,758 MBOs across 988 cities, supported by B2B sales and exports to more than 100 countries.

  Product Innovation: The company has a 17-member R&D team and 20 designers and has introduced thousands of new tile SKUs. It also commercialised Integrated Stone Technology (IST) through its technology partnership with SACMI.

  In-house Manufacturing: In-house manufactured products contributed 81.72% of revenue from operations in FY26, providing greater control over production, quality and supply.

  Founder-led Management: The company is supported by an experienced founder-led management team and an independent Board with a focus on sustainability.

• • Risks

  Manufacturing Facility Dependence: 81.72% of revenue from operations came from in-house manufacturing facilities in FY26. Production disruptions could affect business and financial performance.

  GVT & Technical Product Dependence: GVT and technical products contributed 73.98% of revenue from operations in FY26, creating dependence on demand for these products.

  Morbi Concentration: The company's manufacturing facilities are concentrated in Morbi, Gujarat. Any regional disruption could affect production and operations.

  Franchisee Dependence: EBOs and MBOs operate through franchisees and contributed 66.80% of domestic sales in FY26. Non-performance by franchisees could affect sales and brand reputation.

  Raw Material & Energy Cost Risk: Fluctuations in prices and availability of clay, feldspar, glaze, ink, natural gas and other inputs can affect production costs and margins.

  Industry Competition: The company operates in a highly competitive tile market with organised, regional and unbranded manufacturers, which may put pressure on pricing and margins.

Objects of the Issue & Utilisation of proceeds

Repayment / Pre-payment of Outstanding Borrowings: 245 crore

General Corporate Purposes: Balance amount

 

Company  Address

Varmora Granito Ltd.
8-A, National Highway,
Dhuva,
Taluka Wankaner
Rajkot, Gujarat, 380054
Phone: 9909913657
Email: investor.relations@varmora.com
Website: https://www.varmora.com/

IPO Registrar

Kfin Technologies Ltd.
Phone: 040-79615565
Email: einward.ris@kfintech.com
Website: https://ipostatus.kfintech.com/