About the Business
Incorporated in 2003, Varmora Granito Limited is engaged in the business of manufacturing and marketing ceramic and vitrified tiles. The company’s product portfolio includes a wide range of tiles across formats such as glazed vitrified tiles (GVT), polished vitrified tiles (PVT), and ceramic tiles.
The company distributes its products through a multi-channel network comprising:
- Business-to-Consumer (B2C) channels: 286 exclusive brand outlets (EBOs) and over 2,000 multi-brand outlets (MBOs).
- Business-to-Business (B2B) channels: Builders, contractors, developers, and government procurement.
- Distribution Network: Covered 949 cities across 27 states and union territories in India as of March 31, 2025.
- Product Depth: Included more than 3,500 stock-keeping units (SKUs) as of March 31, 2025.
- Manufacturing Facilities: Operated nine manufacturing facilities, all located in the Morbi industrial cluster in Gujarat as of March 31, 2025.
- Export Operations: Exported products to over 100 countries, supported by a dedicated export team comprising 47 personnel as of March 31, 2025.
- Employees: Employed 1,156 permanent employees as of March 31, 2025.
The company’s promoters are Bhavesh Vallabhdas Varmora, Hiren R Varmora and Pramodkumar Parsotambhai Patel.
Company Financials
| Period Ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 1,509.87 | 1,589.80 | 1,476.16 |
| Total Income | 1,562.53 | 1,492.68 | 1,472.58 |
| Profit After Tax | 55.09 | 30.77 | 44.94 |
| EBITDA | 221.56 | 198.29 | 150.33 |
| NET Worth | 796.88 | 722.90 | 678.59 |
| Reserves and Surplus | 740.01 | 677.63 | 624.96 |
| Total Borrowing | 357.95 | 505.16 | 412.89 |
Amount in ₹ Crore
Key Performance Indicator (KPI)
Issue Reservation
| Investor Category | Shares |
|---|---|
| QIB | Not more than 50% of the Offer |
| Retail | Not less than 35% of the Offer |
| NII | Not less than 15% of the Offer |
Offer For Sale – Selling Shareholders
| Name | Category | No. of Shares Offered | Amount (₹ cr.) |
|---|---|---|---|
| Katsura Investments | Corporate | 4,91,56,579 | 727.52 |
| Parsotambhai Jivrajbhai Patel | Promoter | 10,92,897 | 16.17 |
| Ramanbhai Jivrajbhai Varmora | Promoter | 10,92,896 | 16.17 |
| Vallabhbhai Jivrajbhai Varmora | Promoter | 10,92,896 | 16.17 |
| Total | 5,24,35,268 | 776.04 |
IPO Objects of the Issue
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
- 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 ₹320.00 Cr
- General corporate purposes Balance
Varmora Granito Limited is a prominent Indian manufacturer in the ceramic and vitrified tiles space, backed by 9 production facilities concentrated in Gujarat’s Morbi hub and a nationwide multi-channel network covering 949 cities and over 100 international markets.
The latest FY26 restated figures reflect marked operational improvement: revenues rose to ₹1,562.53 Cr, EBITDA advanced to ₹221.56 Cr, and net profit (PAT) jumped 79% to ₹55.09 Cr. Crucially, total borrowings reduced from ₹505.16 Cr in FY25 to ₹357.95 Cr in FY26. With the entire fresh issue proceeds of ₹320 Cr dedicated to further debt repayment across the parent and subsidiaries, the company’s debt burden will be substantially neutralized post-issue. At the upper price band of ₹148, the company commands a market capitalization of ₹3,304.05 Cr. Investors seeking exposure to the ongoing building materials and urban housing demand may consider this issue with a medium-to-long-term horizon.
