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₹140 - 148
Varmora Granito Ltd
Ceramic ProductsIPO
₹140 - 148
Founded in 2003, Varmora Granito Ltd manufactures vitrified tiles, ceramic tiles, bathware, and installation adhesives, ranking as the fastest-growing player among selected listed Indian tilemakers between Fiscals 2023 and 2025. The company scales by pioneering premium large-format surface technologies in-house and channeling them through an expanding pan-India franchisee showroom network.
Lot101Min Invest₹14,948Face Value₹2Issue Size₹708 CrFresh Issue₹320 CrOffer for Sale₹388 Cr
Timeline
22 Sept
Bidding opens
24 Sept
Bidding closes
25 Sept
Allotment
28 Sept
Refund & demat credit
29 Sept
Listing
Subscription
Subscription opens 22 Sept
Reports
Offer Details
Terms
Issue Size₹708 Cr
Fresh Issue₹320 Cr
Offer for Sale₹388 Cr
Face Value₹2
Lot Size101 shares
ReservationQIB 50% · NII 15% · RETAIL 35%
Application Sizes
Retail₹14,9481-13 lots
sNII₹2,09,272from 14 lots
bNII₹10,01,516from 67 lots
Managers & Registrar
Lead ManagerJM Financial Limited
Co-ManagerGoldman Sachs (India) Securities Private Limited, SBI Capital Markets Limited
RegistrarKFin Techologies Ltd
Ownership & Proceeds
Offer for Sale
Selling ShareholderShares OfferedAmt ₹ CrKatsura InvestmentsPRMTR2,62,17,634388.02Total2,62,17,634388.02
Shareholding
CategoryPre IPOPost IPOPromoter Group52%47.03%Public48%52.97%
Objects of the Issue
- Repayment/ pre-payment, in full or in part, of all or certain outstanding borrowings and accrued interest thereon availed by the company
- our wholly-owned subsidiaries namely Covertek Ceramica Private Limited and Varmora Sanitarywares Private Limited (formerly, Varmora Sanitarywares LLP), and of our Subsidiary, Simola Tiles LLP, through investment in such Subsidiaries
- General corporate purposes
Anchor Book
Bid Date21-Sep-202630-day lock-in24-Oct-202690-day lock-in23-Dec-2026
Financials
Profit & Loss
| Financial Year | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| RevenueCr | 1,056 | 1,335 | 1,435 | 1,446 | 1,512 |
| Operating ProfitCr | 112 | 116 | 113 | 152 | 171 |
| OPM% | 10.6 | 8.7 | 7.9 | 10.5 | 11.3 |
| PBTCr | 69 | 85 | 63 | 38 | 77 |
| PATCr | 50 | 55 | 45 | 31 | 55 |
| EPS | 8 | 3 | 2 | 2 | - |
Balance Sheet
| Financial Year | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity CapitalCr | 10 | 13 | 40 | 40 | - |
| ReservesCr | 201 | 620 | 630 | 692 | - |
| BorrowingsCr | 229 | 275 | 428 | 520 | - |
| Total AssetsCr | 750 | 1,264 | 1,476 | 1,590 | - |
Cash Flow
| Financial Year | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Operating Cash FlowCr | 68 | -10 | 88 | 63 | 234 |
| Investing Cash FlowCr | -75 | -83 | -337 | -120 | -46 |
| Financing Cash FlowCr | 17 | 290 | 115 | 47 | -188 |
| Net Cash FlowCr | 9 | 197 | -133 | -10 | 0 |
Strengths & Risks
Strengths · as stated in the DRHP
- Established player operating in the tile industry in India in a large attractive market.
- Comprehensive premium product portfolio.
- Customer centric innovation led approach resulting in multiple new product launches.
- Well diversified pan-India distribution network focused on EBOs that strengthen our brand recall.
- Strategically located and technologically advanced in-house manufacturing to maintain control over quality and supply chain.
- Entrepreneurial founder led management team, independent Board with strong focus on sustainability.
Strategies · as stated in the DRHP
- Expanding reach in high growth emerging markets while consolidating leadership in our core markets.
- Strategic acquisition and expansion into East and Northeast regions of India.
- Expansion of distribution network with focus on EBOs.
- Accelerate our investment in brand-building.
- Continued focus on technology-driven product innovation and premiumization.
- Expansion in bathware, adhesives and other adjacencies.
Risks · as stated in the DRHP
- We are dependent on our manufacturing facilities for a significant portion of our revenues (81.72% of our total revenue from operations in Fiscal 2026). Further, certain of our products are produced at dedicated manufacturing facilities. Any delay in production at, or shutdown of, or any interruption in these manufacturing facilities may significantly and adversely affect our business, financial condition, cash flows and results of operations.
- We derive a substantial portion of our revenue from the sale of glazed vitrified tiles ("GVT") and technical products (73.98% of our total revenue from operations in Fiscal 2026), and any slowdown in the demand for GVT and technical products could have a material adverse effect on our business, financial condition, cash flows and results of operations.
- All the company's revenue is attributable to manufacturing facilities (owned and operated by the Company or Subsidiaries, or third-party contract manufacturers) situated in Morbi, Gujarat, India. Any disruption in the Morbi region, may significantly and adversely affect its business, financial condition, cash flows and results of operations.
- The company has an extensive retail distribution network and derives a significant portion of its revenue from operations from the company B2C retail chain (comprising exclusive brand outlets ("EBOs") and multi brand outlets ("MBOs")) (accounting for 66.80% of its total domestic sales in Fiscal 2026). The company operates all its EBOs and MBOs through franchisees and any non-performance by the company franchisees may adversely affect its business, results of operations and financial condition.
- The company's Subsidiaries, Associates and Joint Ventures (some of which are also Group Companies) have common pursuits vis-à-vis the Company and are in a similar line of business as the company, which may lead to a conflict of interest in the future that in turn may adversely impact the company's business, financial condition, cash flows and results of operations.
- The company may undertake strategic acquisitions or investments, which may prove to be difficult to integrate and manage or may not be successful.