Varmora Granito IPO
Dates have not been announced yet.
Subscription and grey market figures refresh on a 30-minute cycle. Last synced 17 September 2026. Confirm current numbers on the exchange websites before you apply.
- Issue size
- Not announced
- Lot size
- Not announced
- Minimum investment
- Not announced
- Face value
- ₹2.00
- Fresh issue
- ₹400.00 Cr
- Offer for sale
- ₹5.24 Cr
- Exchanges
- NSE and BSE
- Bidding dates
- Not announced
The dates that matter
An Indian IPO runs on a fixed calendar. Bidding stays open for three working days, the allotment is finalised the next working day, and the shares begin trading the day after that.
- The issuer has not announced dates for this issue yet.
Issue dates
Grey market premium
No premium was quoted for this issue on any of the 2 days we hold a record for. A blank record is not a premium of zero, and it says nothing about demand either way.
About Varmora Granito
Varmora Granito Ltd. manufactures and sells ceramic and vitrified tiles. It runs nine plants in the Morbi cluster of Gujarat. The company sells through 286 exclusive brand outlets and more than 2,000 multi-brand outlets, and also supplies builders, contractors, developers and government buyers. As of 31 March 2025, its network reached 949 cities across 27 states and union territories, with over 3,500 stock-keeping units. It exports to more than 100 countries with a 47-person export team. It employed 1,156 permanent staff.
Promoters
- Bhavesh Vallabhdas Varmora
- Hiren R Varmora
- Pramodkumar Parsotambhai Patel
Financial highlights
The last three fiscal years as the offer document states them. Reading across a row shows whether the figure has grown, which is why the years run left to right.
| Metric (₹ crore) | Mar 2024 | Mar 2025 |
|---|---|---|
| Assets | 1,476.16 | 1,589.80 |
| Total Income | 1,472.58 | 1,492.68 |
| Profit After Tax | 44.94 | 30.77 |
| EBITDA | 150.33 | 198.29 |
| NET Worth | 678.59 | 722.90 |
| Reserves and Surplus | 624.96 | 677.63 |
| Total Borrowing | 412.89 | 505.16 |
Figures are in ₹ crore and reproduced from the offer document, covering Mar 2024 to Mar 2025. A dash means the document does not state that figure for that period. A fiscal year ending March is labelled by its closing month, and where the document states a figure on a different basis the label here follows the document rather than normalising it.
Key ratios
Valuation and return ratios calculated from the issuer's financials. These are the figures the issue price is usually judged against, and the offer document carries the working behind each one.
| Ratio | Value | What it measures |
|---|---|---|
| Earnings per share | ₹2.73 | Profit after tax divided by the number of shares. |
| Net asset value per share | ₹39.52 | What the company owns, less what it owes, per share. |
| Return on equity | 6.80% | Profit earned on shareholders’ money. |
| Return on capital employed | 9.89% | Profit earned on all the capital in the business, including debt. |
| Return on net worth | 7.79% | The offer document’s own name for return on shareholders’ funds. |
| Profit margin | 3.53% | Profit after tax as a share of income. |
| Operating margin | 14.18% | Operating profit as a share of income, before interest, tax and depreciation. |
Ratios are stated as published. A ratio that is absent here was not stated in the document, and is not the same as a ratio of zero.
What the money is for
Every issue states its objects in the offer document. These are reproduced from it, largest first, so you can see where most of the raise is going.
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 Private Limited and Varmora Sanitarywares Private Limited (formerly, Varmora Sanitarywares LLP), and of the subsidiary, Simola Tiles LLP, through investment in such Subsidiaries; and
₹320.00 Cr
General corporate purposes.
Amount not stated
Peer comparison
The offer document compares the issuer against listed companies in the same business, on earnings, book value and return on net worth. Varmora Granito is the first row.
| Company | EPS (₹) | P/E | NAV per share (₹) | RoNW |
|---|---|---|---|---|
| Varmora GranitoThis issue | 3.08 | — | ₹39.52 | 7.79% |
| Asian Granito India Ltd | 0.7 | 87.36 | ₹51.36 | 1.23% |
| Kajaria Ceramics Ltd | 30.48 | 35.24 | ₹191.11 | 15.89% |
| Orient Bell Ltd | 8.46 | 39.97 | ₹222.78 | 3.78% |
| Somany Ceramics Ltd | 19.8 | 24.94 | ₹202.11 | 8.79% |
Reproduced from the peer comparison in the offer document. A dash means the document does not state that figure for that company. It is absent, not zero. Ratios are reported on the basis named in the document, which is not always the same period for every company.
Questions people ask
Sources
- National Stock Exchange of India. "Upcoming and current public issues, with live bid quantities." The exchange publishes the bidding figures this page is built from, and is the authority on them. Accessed 15 September 2026.
- BSE. "Public issues — current and forthcoming." The second exchange carrying this issue, and the second source for its bidding data. Accessed 15 September 2026.
- Securities and Exchange Board of India. "Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018." The regulation that sets the issue process, the categories and the allotment rules. Accessed 15 September 2026.
- Varmora Granito issue particulars are compiled and published by Ankit Kumar, Founder of DematOpen, refreshed every 30 minutes, and reviewed against the offer document. The record was last updated 17 September 2026. The offer document and the registrar above are the primary sources for anything you intend to act on.