Varmora Granito IPO Date & Timeline
Tentative schedule from the RHP.
Varmora Granito IPO GMP Today
Unofficial, aggregated from market sources. It never feeds our score.
Full GMP history (24 updates)
| Date & time (IST) | GMP | Change | GMP % | Est. listing |
|---|---|---|---|---|
| Sep 28, 2026 · 2:30 PM | ₹1 | +₹1 | 0.7% | ₹149 |
| Sep 28, 2026 · 8:30 AM | ₹0 | ₹0 | 0.0% | ₹148 |
| Sep 27, 2026 · 11:59 PM | ₹0 | ₹0 | 0.0% | ₹148 |
| Sep 26, 2026 · 11:59 PM | ₹0 | ₹0 | 0.0% | ₹148 |
| Sep 25, 2026 · 3:15 PM | ₹0 | ₹0 | 0.0% | ₹148 |
| Sep 25, 2026 · 8:45 AM | ₹0 | ₹0 | 0.0% | ₹148 |
| Sep 24, 2026 · 12:15 PM | ₹0 | −₹1 | 0.0% | ₹148 |
| Sep 24, 2026 · 11:15 AM | ₹1 | +₹1 | 0.7% | ₹149 |
| Sep 24, 2026 · 9:30 AM | ₹0 | ₹0 | 0.0% | ₹148 |
| Sep 24, 2026 · 6:00 AM | ₹0 | ₹0 | 0.0% | ₹148 |
| Sep 23, 2026 · 9:00 PM | ₹0 | ₹0 | 0.0% | ₹148 |
| Sep 23, 2026 · 2:15 PM | ₹0 | −₹3 | 0.0% | ₹148 |
| Sep 23, 2026 · 11:15 AM | ₹3 | −₹1 | 2.0% | ₹151 |
| Sep 23, 2026 · 10:30 AM | ₹4 | ₹0 | 2.7% | ₹152 |
| Sep 23, 2026 · 6:30 AM | ₹4 | −₹1 | 2.7% | ₹152 |
| Sep 22, 2026 · 7:00 PM | ₹5 | +₹1 | 3.4% | ₹153 |
| Sep 22, 2026 · 3:30 PM | ₹4 | −₹3 | 2.7% | ₹152 |
| Sep 22, 2026 · 11:30 AM | ₹7 | +₹2 | 4.7% | ₹155 |
| Sep 22, 2026 · 10:00 AM | ₹5 | −₹1 | 3.4% | ₹153 |
| Sep 22, 2026 · 9:15 AM | ₹6 | −₹3 | 4.1% | ₹154 |
| Sep 21, 2026 · 11:30 PM | ₹9 | −₹3 | 6.1% | ₹157 |
| Sep 21, 2026 · 4:00 PM | ₹12 | ₹0 | 8.1% | ₹160 |
| Sep 21, 2026 · 9:00 AM | ₹12 | ₹0 | 8.1% | ₹160 |
| Sep 20, 2026 · 1:15 PM | ₹12 | — | 8.1% | ₹160 |
Varmora Granito IPO Subscription Status
From NSE + BSE bid data, excluding the anchor portion.
Day-wise subscription
| Day | QIB | bHNI | sHNI | NII total | Retail | Total |
|---|---|---|---|---|---|---|
| Shares offered | 95,67,653 | 47,83,886 | 23,91,943 | 71,75,828 | 1,67,43,599 | 3,34,87,080 |
| Day 1 · Sep 22 | 0.00× | 0.02× | 0.12× | 0.05× | 0.20× | 0.11× |
| Day 2 · Sep 23 | 0.11× | 0.14× | 0.25× | 0.18× | 0.41× | 0.28× |
| Day 3 · Sep 24 | 3.10× | 0.94× | 0.94× | 0.94× | 1.02× | 1.60× |
Varmora Granito IPO Details
Checked against the RHP and cross-checked on NSE and BSE.
| IPO date | Sep 22 – 24, 2026 |
| Price band | ₹140 – 148 per share |
| Face value | ₹2 per share |
| Lot size | 101 shares |
| Total issue size | 4,78,39,255 shares ₹708.02 Cr |
| Fresh issue | 2,16,21,621 shares ₹320.00 Cr |
| Offer for sale | 2,62,17,634 shares ₹388.02 Cr |
| Issue type | Book Built · Mainboard |
| Listing at | BSE, NSE |
| Market cap | ≈ ₹3,344.97 Cr |
| Promoter holding | 52% → 46.55% |
| Lead managers | JM Financial Ltd., Goldman Sachs (India) Securities Pvt. Ltd., SBI Capital Markets Ltd. |
| Registrar | KFin Technologies Ltd. |
Offer documents
Varmora Granito IPO Lot Size
Minimum and maximum bids by investor type at the upper band of ₹148.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 101 | ₹14,948 |
| Retail (max) | 13 | 1,313 | ₹1,94,324 |
| sHNI (min) | 14 | 1,414 | ₹2,09,272 |
| sHNI (max) | 66 | 6,666 | ₹9,86,568 |
| bHNI (min) | 67 | 6,767 | ₹10,01,516 |
Varmora Granito IPO Reservation
Shares set aside for each category, and the maximum number of applicants who can get an allotment.
| Category | Shares offered | % of issue | Max. allottees |
|---|---|---|---|
| Anchor investors | 1,43,51,775 | 30% | — |
| QIB (ex-anchor) | 95,67,653 | 20% | — |
| NII (HNI) | 71,75,828 | 15% | — |
| ↳ bHNI (>₹10L) | 47,83,886 | 10% | 3,383 |
| ↳ sHNI (₹2–10L) | 23,91,943 | 5% | 1,691 |
| Retail | 1,67,43,599 | 35% | 1,65,778 |
| Total | 4,78,38,855 | 100% |
Varmora Granito Financials (FY24 – FY26)
Restated consolidated figures from the RHP, ₹ crore. Years end March 31.
Financial statement
| ₹ Cr | FY24 | FY25 | FY26 | YoY |
|---|---|---|---|---|
| Revenue | 1,472.58 | 1,492.68 | 1,562.53 | +4.7% |
| Profit after tax | 44.94 | 30.77 | 55.09 | +79.0% |
| Total assets | 1,476.16 | 1,589.80 | 1,509.87 | −5.0% |
| Net worth | 678.59 | 722.90 | 796.88 | +10.2% |
| Reserves & surplus | 630.20 | 691.72 | 765.70 | +10.7% |
| Total borrowing | 412.89 | 505.16 | 357.95 | −29.1% ✓ |
Varmora Granito IPO Valuation & Peer Comparison
At the upper band of ₹148. Peers from the RHP "Basis for Offer Price".
Peer comparison
| Company | P/E | P/B | RoNW |
|---|---|---|---|
| Varmora Granito | 54.8× | 3.74× | 7.79% |
| Kajaria Ceramics | 40.3× | 4.82× | 15.89% |
| Somany Ceramics | 28.6× | 1.77× | 8.79% |
| Orient Bell | 47.7× | 1.14× | 3.78% |
| Asian Granito India | 72.0× | 1.10× | 1.23% |
About Varmora Granito
Business profile from the RHP.
- 2003Incorporated · Morbi, Gujarat
- 3,500+ SKUsGVT, PVT, ceramic tiles, bath & sanitaryware, adhesives
- 286 EBOs · 2,000+ MBOsB2C network, plus B2B, builders & government
- 949 cities · 100+ countries27 states/UTs in India, plus exports
Promoters & holding
Bhavesh Vallabhdas Varmora, Hiren R Varmora, Pramodkumar Parsotambhai Patel
Objects of the issue
Anchor investors
Allotted Sep 21, 2026 · 1,43,51,775 shares. Participants include ICICI Prudential MF, Bandhan MF, Motilal Oswal MF, JM Financial MF, Union MF, Bharti AXA Life Insurance, Goldman Sachs Funds, Societe Generale (ODI), India Acorn Fund, BNP Paribas Financial Markets (ODI) and 360 ONE Equity Opportunity Fund.
Varmora Granito IPO Review: Should You Apply?
Our 100-point score, and both sides of the case.
Our view: An established, well-distributed tile maker with a healthy ~14% EBITDA margin, falling debt and a strong mutual-fund-backed anchor book. But it is priced at 55–61× earnings for a ~6.8% ROE and broadly flat revenue, over half the issue is OFS, and the grey market has faded to nil.
- Large, established tile maker with ~₹1,562 Cr revenue, Morbi plants and reach across 949 cities.
- Strong brand and distribution: 286 exclusive outlets, 2,000+ multi-brand outlets, 3,500+ SKUs.
- Exports to 100+ countries, which spreads its demand risk.
- Healthy ~14% EBITDA margin, and FY26 profit recovered to ~₹55 Cr.
- Fresh proceeds (~₹245 Cr) cut debt further after the issue.
- Rich valuation at 55–61× earnings vs Kajaria at ~40× with a ~16% RoNW. Varmora's ROE is only ~6.8%.
- Broadly flat revenue for three years, and FY25 profit dipped to ₹30.8 Cr.
- Over half the issue (₹388 Cr) is OFS, meaning existing holders are cashing out.
- Relies on GVT (~70% of revenue), and all production is in Morbi.
- Lukewarm public demand: the issue closed 1.60× mainly on QIBs (3.10×); retail was 1.02× and NIIs 0.94×, and GMP has faded to ₹0.
Varmora Granito Listing Performance Updates after Sep 29
We close the loop: issue vs listing price, and whether our call was right.
Varmora Granito IPO Allotment Status & Contact Details
Allotment was finalised on Sep 25. Check it with your PAN or application number.
KFin Technologies Ltd.
- Phone
- 040-79615565
- einward.ris@kfintech.com
- Website
- www.kfintech.com
Varmora Granito Ltd.
- Address
- 8-A, National Highway, Dhuva, Taluka Wankaner, Rajkot, Gujarat
- Phone
- 9909913657
- investor.relations@varmora.com
- Website
- varmora.com
Varmora Granito IPO FAQs
GMP, price, lot size, dates, allotment and how to apply.
What is Varmora Granito IPO?
Varmora Granito IPO is a ₹708.02 Cr Mainboard book built issue made up of a fresh issue of ₹320.00 Cr and an offer for sale of ₹388.02 Cr. The shares will list on BSE and NSE.
What is Varmora Granito IPO GMP today?
As of Sep 28 · 2:30 PM IST, the grey market premium is ₹1 (≈0.7%), implying an estimated listing price of about ₹149. The GMP has ranged ₹0 – 12 since Sep 20. GMP is unofficial and not a guarantee of the listing price.
What is the price band of Varmora Granito IPO?
The price band is ₹140 – ₹148 per equity share of face value ₹2.
What is the lot size of Varmora Granito IPO?
The minimum lot is 101 shares. Retail investors can apply for 1 to 13 lots (101 to 1,313 shares).
What is the minimum investment for Varmora Granito IPO?
The minimum retail investment is ₹14,948 (101 shares at ₹148). The maximum retail application is ₹1,94,324 (13 lots).
When does Varmora Granito IPO open and close?
The IPO opens on Sep 22, 2026 and closes on Sep 24, 2026.
What is the allotment date of Varmora Granito IPO?
The basis of allotment is finalised on Sep 25, 2026. Refunds and demat credit are expected on Sep 28, 2026.
When will Varmora Granito IPO be listed?
The tentative listing date is Sep 29, 2026 on BSE and NSE.
What is Varmora Granito IPO subscription status?
At close (Sep 24 · 5:00 PM IST), the issue was subscribed 1.60× overall — QIB 3.10×, bHNI 0.94×, sHNI 0.94×, Retail 1.02×.
What is the P/E ratio and valuation of Varmora Granito IPO?
At the upper band, the P/E is 54.8× pre-issue and 60.7× post-issue, with a market cap of about ₹3,344.97 Cr. Listed peers include Kajaria Ceramics (40.3×) and Somany Ceramics (28.6×).
Should I apply for Varmora Granito IPO?
IPOSignal's view is High Risk · Richly Valued (46/100). An established, well-distributed tile maker with a healthy ~14% EBITDA margin, falling debt and a strong mutual-fund-backed anchor book. But it is priced at 55–61× earnings for a ~6.8% ROE and broadly flat revenue, over half the issue is OFS, and the grey market has faded to nil. This is research, not investment advice.
How to check Varmora Granito IPO allotment status?
Check on the registrar KFin Technologies Ltd.'s site (ipostatus.kfintech.com), or on the BSE / NSE allotment pages, using your PAN or application number.
Who is the registrar and lead manager of Varmora Granito IPO?
The registrar is KFin Technologies Ltd.. The book-running lead managers are JM Financial Ltd., Goldman Sachs (India) Securities Pvt. Ltd. and SBI Capital Markets Ltd..