Varmora Granito IPO \u2013 Flattrade Kosh<\/title>\n <style>\n \/* ==========================================================================\n 1. DESIGN TOKENS & RESET\n ========================================================================== *\/\n :root {\n --brand-primary: #16a34a;\n --brand-primary-hover: #15803d;\n --brand-light: #f0fdf4;\n --brand-border: #bbf7d0;\n \n --neutral-900: #0f172a;\n --neutral-800: #1e293b;\n --neutral-700: #334155;\n --neutral-600: #475569;\n --neutral-500: #64748b;\n --neutral-200: #e2e8f0;\n --neutral-100: #f1f5f9;\n --neutral-50: #f8fafc;\n --surface: #ffffff;\n \n --radius-sm: 6px;\n --radius-md: 10px;\n --radius-lg: 16px;\n --radius-full: 9999px;\n \n --shadow-subtle: 0 1px 3px rgba(0, 0, 0, 0.04), 0 1px 2px rgba(0, 0, 0, 0.02);\n --shadow-card: 0 4px 12px -2px rgba(15, 23, 42, 0.06), 0 2px 6px -2px rgba(15, 23, 42, 0.04);\n --shadow-hover: 0 12px 24px -4px rgba(15, 23, 42, 0.10);\n \n --font-stack: -apple-system, BlinkMacSystemFont, \"Segoe UI\", Roboto, Inter, \"Helvetica Neue\", sans-serif;\n }\n\n *, *::before, *::after {\n box-sizing: border-box;\n margin: 0;\n padding: 0;\n }\n\n body {\n font-family: var(--font-stack);\n background-color: var(--neutral-50);\n color: var(--neutral-700);\n line-height: 1.75;\n -webkit-font-smoothing: antialiased;\n }\n\n \/* ==========================================================================\n 2. LAYOUT WRAPPER\n ========================================================================== *\/\n .cmr-article-wrapper {\n max-width: 760px;\n margin: 32px px 64px;\n background: var(--surface);\n border: 1px solid var(--neutral-200);\n border-radius: var(--radius-lg);\n padding: 40px 32px;\n box-shadow: var(--shadow-card);\n }\n\n \/* ==========================================================================\n 3. HEADER & META\n ========================================================================== *\/\n .meta-bar {\n display: flex;\n align-items: center;\n gap: 10px;\n margin-bottom: 18px;\n }\n\n .tag-badge {\n display: inline-flex;\n align-items: center;\n gap: 6px;\n background: var(--brand-light);\n color: var(--brand-primary);\n border: 1px solid var(--brand-border);\n border-radius: var(--radius-full);\n padding: 3px 12px;\n font-size: 11px;\n font-weight: 700;\n letter-spacing: 0.06em;\n text-transform: uppercase;\n }\n\n .tag-badge::before {\n content: \"\";\n width: 6px;\n height: 6px;\n background-color: var(--brand-primary);\n border-radius: 50%;\n }\n\n .meta-source {\n font-size: 13px;\n font-weight: 500;\n color: var(--neutral-500);\n }\n\n h1.post-title {\n font-size: 28px;\n font-weight: 800;\n color: var(--neutral-900);\n line-height: 1.25;\n letter-spacing: -0.02em;\n margin-bottom: 24px;\n }\n\n h2.section-heading {\n font-size: 19px;\n font-weight: 700;\n color: var(--neutral-900);\n margin: 36px 0 16px;\n letter-spacing: -0.01em;\n display: flex;\n align-items: center;\n gap: 8px;\n }\n\n .cmr-article-wrapper p {\n font-size: 15.5px;\n margin-bottom: 18px;\n color: var(--neutral-700);\n text-align: justify;\n }\n\n .cmr-article-wrapper strong {\n color: var(--neutral-900);\n font-weight: 600;\n }\n\n \/* ==========================================================================\n 4. IPO AT A GLANCE GRID\n ========================================================================== *\/\n .cmr-glance-title {\n font-size: 12px;\n font-weight: 700;\n color: var(--neutral-500);\n text-transform: uppercase;\n letter-spacing: 0.08em;\n margin: 28px 0 14px;\n display: flex;\n align-items: center;\n gap: 12px;\n }\n\n .cmr-glance-title::after {\n content: '';\n flex: 1;\n height: 1px;\n background: var(--neutral-200);\n }\n\n .cmr-glance-grid {\n display: grid;\n grid-template-columns: repeat(3, 1fr);\n gap: 12px;\n margin-bottom: 16px;\n }\n\n .cmr-glance-item {\n background: var(--neutral-50);\n border: 1px solid var(--neutral-200);\n border-radius: var(--radius-md);\n padding: 16px;\n transition: all 0.2s ease-in-out;\n }\n\n .cmr-glance-item:hover {\n background: var(--surface);\n border-color: #cbd5e1;\n transform: translateY(-2px);\n box-shadow: var(--shadow-subtle);\n }\n\n .cmr-glance-item.cmr-highlight {\n background: linear-gradient(145deg, #ffffff, var(--brand-light));\n border-color: var(--brand-border);\n }\n\n .cmr-glance-item.cmr-highlight .cmr-g-value {\n color: var(--brand-primary);\n }\n\n .cmr-g-label {\n font-size: 11px;\n color: var(--neutral-500);\n text-transform: uppercase;\n font-weight: 600;\n letter-spacing: 0.04em;\n margin-bottom: 4px;\n }\n\n .cmr-g-value {\n font-size: 17px;\n font-weight: 800;\n color: var(--neutral-900);\n line-height: 1.25;\n }\n\n .cmr-g-sub {\n font-size: 12px;\n color: var(--neutral-500);\n margin-top: 4px;\n }\n\n .glance-badge {\n background: var(--neutral-100);\n border: 1px solid var(--neutral-200);\n border-radius: var(--radius-sm);\n padding: 10px 14px;\n font-size: 13px;\n color: var(--neutral-600);\n margin-bottom: 28px;\n font-weight: 500;\n text-align: center;\n }\n\n \/* ==========================================================================\n 5. FEATURE LISTS\n ========================================================================== *\/\n .cmr-feature-list {\n list-style: none;\n padding: 0;\n margin: 20px 0;\n display: flex;\n flex-direction: column;\n gap: 12px;\n }\n\n .cmr-feature-list li {\n position: relative;\n padding-left: 28px;\n font-size: 15px;\n color: var(--neutral-700);\n }\n\n .cmr-feature-list li::before {\n\n position: absolute;\n left: 0;\n top: 1px;\n width: 18px;\n height: 18px;\n background: var(--brand-light);\n color: var(--brand-primary);\n border: 1px solid var(--brand-border);\n border-radius: 50%;\n display: flex;\n align-items: center;\n justify-content: center;\n font-size: 11px;\n font-weight: 800;\n }\n\n \/* ==========================================================================\n 6. TABLES (FINANCIAL, RESERVATION, LOT SIZE & PEERS)\n ========================================================================== *\/\n .table-container {\n width: 100%;\n overflow-x: auto;\n -webkit-overflow-scrolling: touch;\n margin: 18px 0;\n border: 1px solid var(--neutral-200);\n border-radius: var(--radius-md);\n background: var(--surface);\n }\n\n .fin-table, .res-table {\n width: 100%;\n border-collapse: collapse;\n font-size: 14.5px;\n text-align: left;\n }\n\n .fin-table th, .fin-table td,\n .res-table th, .res-table td {\n padding: 12px 18px;\n border-bottom: 1px solid var(--neutral-200);\n }\n\n .fin-table thead tr, .res-table thead tr {\n background: var(--neutral-100);\n }\n\n .fin-table th {\n font-weight: 700;\n color: var(--neutral-800);\n text-align: right;\n }\n\n .fin-table th:first-child, .res-table th {\n text-align: left;\n }\n\n .fin-table td {\n color: var(--neutral-700);\n text-align: right;\n font-variant-numeric: tabular-nums;\n }\n\n .res-table td {\n color: var(--neutral-700);\n text-align: left;\n }\n\n .fin-table td:first-child, .res-table td:first-child {\n text-align: left;\n font-weight: 600;\n color: var(--neutral-900);\n }\n\n .fin-table tbody tr:hover, .res-table tbody tr:hover {\n background-color: var(--neutral-50);\n }\n\n .fin-table tbody tr:last-child td, .res-table tbody tr:last-child td {\n border-bottom: none;\n }\n\n .fin-note {\n font-size: 12px;\n color: var(--neutral-500);\n margin-top: 6px;\n margin-bottom: 24px;\n }\n\n \/* ==========================================================================\n 7. KPI STATS CARDS\n ========================================================================== *\/\n .kpi-grid {\n display: grid;\n grid-template-columns: repeat(3, 1fr);\n gap: 12px;\n margin: 20px 0 28px;\n }\n\n .kpi-card {\n background: var(--neutral-50);\n border: 1px solid var(--neutral-200);\n border-radius: var(--radius-md);\n padding: 16px 12px;\n text-align: center;\n transition: all 0.2s ease;\n }\n\n .kpi-card:hover {\n background: var(--surface);\n border-color: var(--brand-border);\n transform: translateY(-2px);\n box-shadow: var(--shadow-subtle);\n }\n\n .kpi-card .kpi-value {\n font-size: 20px;\n font-weight: 800;\n color: var(--brand-primary);\n line-height: 1.2;\n }\n\n .kpi-card .kpi-label {\n font-size: 11px;\n color: var(--neutral-500);\n text-transform: uppercase;\n letter-spacing: 0.05em;\n margin-top: 4px;\n font-weight: 600;\n }\n\n \/* ==========================================================================\n 8. OBJECTS OF THE ISSUE LIST\n ========================================================================== *\/\n .objects-list {\n list-style: none;\n padding: 0;\n margin: 20px 0;\n display: flex;\n flex-direction: column;\n gap: 10px;\n }\n\n .objects-list li {\n display: flex;\n justify-content: space-between;\n align-items: center;\n padding: 14px 18px;\n border-radius: var(--radius-md);\n background: var(--neutral-50);\n border: 1px solid var(--neutral-200);\n font-size: 14.5px;\n }\n\n .objects-list li .obj-label {\n color: var(--neutral-700);\n }\n\n .objects-list li .obj-amt {\n font-weight: 700;\n color: var(--neutral-900);\n white-space: nowrap;\n margin-left: 16px;\n background: var(--surface);\n padding: 2px 8px;\n border-radius: var(--radius-sm);\n border: 1px solid var(--neutral-200);\n }\n\n \/* ==========================================================================\n 9. VERDICT BOX & CTA\n ========================================================================== *\/\n .cmr-verdict-card {\n background: linear-gradient(145deg, #ffffff 0%, var(--brand-light) 100%);\n border: 1px solid var(--brand-border);\n border-left: 5px solid var(--brand-primary);\n padding: 24px;\n border-radius: var(--radius-md);\n margin: 36px 0;\n }\n\n .cmr-verdict-title {\n font-size: 17px;\n font-weight: 800;\n color: var(--neutral-900);\n margin-bottom: 8px;\n }\n\n .cta-wrap {\n text-align: center;\n margin: 36px 0 16px;\n }\n\n .cta-btn {\n display: inline-flex;\n align-items: center;\n justify-content: center;\n gap: 8px;\n background: var(--brand-primary);\n color: #ffffff !important;\n font-size: 15px;\n font-weight: 700;\n text-decoration: none !important;\n padding: 14px 36px;\n border-radius: var(--radius-full);\n box-shadow: 0 4px 14px rgba(22, 163, 74, 0.25);\n transition: all 0.2s ease;\n cursor: pointer;\n }\n\n .cta-btn:hover {\n background: var(--brand-primary-hover);\n transform: translateY(-2px);\n box-shadow: 0 6px 20px rgba(22, 163, 74, 0.35);\n }\n\n .source-note {\n font-size: 12px;\n color: var(--neutral-500);\n margin-top: 32px;\n border-top: 1px solid var(--neutral-200);\n padding-top: 14px;\n text-align: center;\n }\n\n hr.divider {\n border: none;\n border-top: 1px solid var(--neutral-200);\n margin: 32px 0;\n }\n\n \/* ==========================================================================\n 10. RESPONSIVE MOBILE BREAKPOINTS\n ========================================================================== *\/\n @media (max-width: 640px) {\n .cmr-article-wrapper {\n margin: 16px 12px;\n padding: 24px 16px;\n border-radius: var(--radius-md);\n }\n\n h1.post-title {\n font-size: 22px;\n }\n\n .cmr-glance-grid {\n grid-template-columns: repeat(2, 1fr);\n }\n\n .kpi-grid {\n grid-template-columns: repeat(2, 1fr);\n }\n\n .objects-list li {\n flex-direction: column;\n align-items: flex-start;\n gap: 6px;\n }\n\n .objects-list li .obj-amt {\n margin-left: 0;\n }\n\n .cta-btn {\n width: 100%;\n padding: 14px 20px;\n }\n }\n <\/style>\n<\/head>\n<body>\n\n<main class=\"cmr-article-wrapper\">\n\n\n\n \n <div class=\"cmr-glance-title\">IPO Summary<\/div>\n \n <div class=\"cmr-glance-grid\">\n <div class=\"cmr-glance-item cmr-highlight\">\n <div class=\"cmr-g-label\">Price Band<\/div>\n <div class=\"cmr-g-value\">\u20b9140 \u2013 \u20b9148<\/div>\n <div class=\"cmr-g-sub\">FV: \u20b92 \/ share<\/div>\n <\/div>\n\n <div class=\"cmr-glance-item cmr-highlight\">\n <div class=\"cmr-g-label\">Issue Dates<\/div>\n <div class=\"cmr-g-value\">Sep 22 \u2013 24<\/div>\n <div class=\"cmr-g-sub\">Year: 2026<\/div>\n <\/div>\n\n <div class=\"cmr-glance-item\">\n <div class=\"cmr-g-label\">Lot Size<\/div>\n <div class=\"cmr-g-value\">101 Shares<\/div>\n <div class=\"cmr-g-sub\">Min: \u20b914,948<\/div>\n <\/div>\n\n <div class=\"cmr-glance-item\">\n <div class=\"cmr-g-label\">Total Issue Size<\/div>\n <div class=\"cmr-g-value\">\u20b91,096.04 Cr<\/div>\n <div class=\"cmr-g-sub\">Fresh + OFS<\/div>\n <\/div>\n\n <div class=\"cmr-glance-item\">\n <div class=\"cmr-g-label\">Listing At<\/div>\n <div class=\"cmr-g-value\">BSE & NSE<\/div>\n <div class=\"cmr-g-sub\">Tentative: Sep 29<\/div>\n <\/div>\n\n <div class=\"cmr-glance-item\">\n <div class=\"cmr-g-label\">Lead Managers<\/div>\n <div class=\"cmr-g-value\" style=\"font-size: 13.5px;\">JM \/ GS \/ SBI Caps<\/div>\n <div class=\"cmr-g-sub\">Reg: Kfin Tech<\/div>\n <\/div>\n <\/div>\n\n\n\n \n <h2 class=\"section-heading\">About the Business<\/h2>\n <p>\n Incorporated in <strong>2003<\/strong>, Varmora Granito Limited is engaged in the business of manufacturing and marketing ceramic and vitrified tiles. The company\u2019s product portfolio includes a wide range of tiles across formats such as glazed vitrified tiles (GVT), polished vitrified tiles (PVT), and ceramic tiles.\n <\/p>\n <p>\n The company distributes its products through a multi-channel network comprising:\n <\/p>\n\n <ul class=\"cmr-feature-list\">\n <li><strong>Business-to-Consumer (B2C) channels:<\/strong> 286 exclusive brand outlets (EBOs) and over 2,000 multi-brand outlets (MBOs).<\/li>\n <li><strong>Business-to-Business (B2B) channels:<\/strong> Builders, contractors, developers, and government procurement.<\/li>\n <li><strong>Distribution Network:<\/strong> Covered 949 cities across 27 states and union territories in India as of March 31, 2025.<\/li>\n <li><strong>Product Depth:<\/strong> Included more than 3,500 stock-keeping units (SKUs) as of March 31, 2025.<\/li>\n <li><strong>Manufacturing Facilities:<\/strong> Operated nine manufacturing facilities, all located in the Morbi industrial cluster in Gujarat as of March 31, 2025.<\/li>\n <li><strong>Export Operations:<\/strong> Exported products to over 100 countries, supported by a dedicated export team comprising 47 personnel as of March 31, 2025.<\/li>\n <li><strong>Employees:<\/strong> Employed 1,156 permanent employees as of March 31, 2025.<\/li>\n <\/ul>\n\n <p>\n The company’s promoters are <strong>Bhavesh Vallabhdas Varmora, Hiren R Varmora and Pramodkumar Parsotambhai Patel<\/strong>.\n <\/p>\n\n <hr class=\"divider\" \/>\n\n \n <h2 class=\"section-heading\">Company Financials<\/h2>\n <div class=\"table-container\">\n <table class=\"fin-table\">\n <thead>\n <tr>\n <th>Period Ended<\/th>\n <th>31 Mar 2026<\/th>\n <th>31 Mar 2025<\/th>\n <th>31 Mar 2024<\/th>\n <\/tr>\n <\/thead>\n <tbody>\n <tr>\n <td>Assets<\/td>\n <td>1,509.87<\/td>\n <td>1,589.80<\/td>\n <td>1,476.16<\/td>\n <\/tr>\n <tr>\n <td>Total Income<\/td>\n <td>1,562.53<\/td>\n <td>1,492.68<\/td>\n <td>1,472.58<\/td>\n <\/tr>\n <tr>\n <td>Profit After Tax<\/td>\n <td>55.09<\/td>\n <td>30.77<\/td>\n <td>44.94<\/td>\n <\/tr>\n <tr>\n <td>EBITDA<\/td>\n <td>221.56<\/td>\n <td>198.29<\/td>\n <td>150.33<\/td>\n <\/tr>\n <tr>\n <td>NET Worth<\/td>\n <td>796.88<\/td>\n <td>722.90<\/td>\n <td>678.59<\/td>\n <\/tr>\n <tr>\n <td>Reserves and Surplus<\/td>\n <td>740.01<\/td>\n <td>677.63<\/td>\n <td>624.96<\/td>\n <\/tr>\n <tr>\n <td>Total Borrowing<\/td>\n <td>357.95<\/td>\n <td>505.16<\/td>\n <td>412.89<\/td>\n <\/tr>\n <\/tbody>\n <\/table>\n <\/div>\n <p class=\"fin-note\">Amount in \u20b9 Crore<\/p>\n\n \n <h2 class=\"section-heading\">Key Performance Indicator (KPI)<\/h2>\n <div class=\"kpi-grid\">\n <div class=\"kpi-card\">\n <div class=\"kpi-value\">14.18%<\/div>\n <div class=\"kpi-label\">EBITDA Margin<\/div>\n <\/div>\n <div class=\"kpi-card\">\n <div class=\"kpi-value\">9.89%<\/div>\n <div class=\"kpi-label\">ROCE<\/div>\n <\/div>\n <div class=\"kpi-card\">\n <div class=\"kpi-value\">6.80%<\/div>\n <div class=\"kpi-label\">ROE<\/div>\n <\/div>\n <div class=\"kpi-card\">\n <div class=\"kpi-value\">7.79%<\/div>\n <div class=\"kpi-label\">RoNW<\/div>\n <\/div>\n <div class=\"kpi-card\">\n <div class=\"kpi-value\">3.53%<\/div>\n <div class=\"kpi-label\">PAT Margin<\/div>\n <\/div>\n <div class=\"kpi-card\">\n <div class=\"kpi-value\">\u20b939.52<\/div>\n <div class=\"kpi-label\">NAV<\/div>\n <\/div>\n <\/div>\n\n <hr class=\"divider\" \/>\n\n\n\n <hr class=\"divider\" \/>\n\n \n <h2 class=\"section-heading\">Issue Reservation<\/h2>\n <div class=\"table-container\">\n <table class=\"res-table\">\n <thead>\n <tr>\n <th>Investor Category<\/th>\n <th>Shares<\/th>\n <\/tr>\n <\/thead>\n <tbody>\n <tr><td>QIB<\/td><td>Not more than 50% of the Offer<\/td><\/tr>\n <tr><td>Retail<\/td><td>Not less than 35% of the Offer<\/td><\/tr>\n <tr><td>NII<\/td><td>Not less than 15% of the Offer<\/td><\/tr>\n <\/tbody>\n <\/table>\n <\/div>\n\n <hr class=\"divider\" \/>\n\n \n\n <hr class=\"divider\" \/>\n\n \n <h2 class=\"section-heading\">Offer For Sale – Selling Shareholders<\/h2>\n <div class=\"table-container\">\n <table class=\"fin-table\">\n <thead>\n <tr>\n <th>Name<\/th>\n <th>Category<\/th>\n <th>No. of Shares Offered<\/th>\n <th>Amount (\u20b9 cr.)<\/th>\n <\/tr>\n <\/thead>\n <tbody>\n <tr>\n <td>Katsura Investments<\/td>\n <td>Corporate<\/td>\n <td>4,91,56,579<\/td>\n <td>727.52<\/td>\n <\/tr>\n <tr>\n <td>Parsotambhai Jivrajbhai Patel<\/td>\n <td>Promoter<\/td>\n <td>10,92,897<\/td>\n <td>16.17<\/td>\n <\/tr>\n <tr>\n <td>Ramanbhai Jivrajbhai Varmora<\/td>\n <td>Promoter<\/td>\n <td>10,92,896<\/td>\n <td>16.17<\/td>\n <\/tr>\n <tr>\n <td>Vallabhbhai Jivrajbhai Varmora<\/td>\n <td>Promoter<\/td>\n <td>10,92,896<\/td>\n <td>16.17<\/td>\n <\/tr>\n <tr>\n <td><strong>Total<\/strong><\/td>\n <td><\/td>\n <td><strong>5,24,35,268<\/strong><\/td>\n <td><strong>776.04<\/strong><\/td>\n <\/tr>\n <\/tbody>\n <\/table>\n <\/div>\n\n <hr class=\"divider\" \/>\n\n \n <h2 class=\"section-heading\">IPO Objects of the Issue<\/h2>\n <p>The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:<\/p>\n <ul class=\"objects-list\">\n <li>\n <span class=\"obj-label\">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<\/span>\n <span class=\"obj-amt\">\u20b9320.00 Cr<\/span>\n <\/li>\n <li>\n <span class=\"obj-label\">General corporate purposes<\/span>\n <span class=\"obj-amt\">Balance<\/span>\n <\/li>\n <\/ul>\n\n \n <div class=\"cmr-verdict-card\">\n <div class=\"cmr-verdict-title\">The Final Verdict<\/div>\n <p>\n 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.\n <\/p>\n <p style=\"margin-top: 10px;\">\n The latest FY26 restated figures reflect marked operational improvement: revenues rose to \u20b91,562.53 Cr, EBITDA advanced to \u20b9221.56 Cr, and net profit (PAT) jumped 79% to \u20b955.09 Cr. Crucially, total borrowings reduced from \u20b9505.16 Cr in FY25 to \u20b9357.95 Cr in FY26. With the entire fresh issue proceeds of \u20b9320 Cr dedicated to further debt repayment across the parent and subsidiaries, the company\u2019s debt burden will be substantially neutralized post-issue. At the upper price band of \u20b9148, the company commands a market capitalization of \u20b93,304.05 Cr. Investors seeking exposure to the ongoing building materials and urban housing demand may consider this issue with a medium-to-long-term horizon.\n <\/p>\n <\/div>\n\n \n <div class=\"cta-wrap\">\n <a class=\"cta-btn\" href=\"https:\/\/novo.flattrade.in\/\" target=\"_blank\" rel=\"noopener\">\n Apply for Varmora Granito IPO on Flattrade →\n <\/a>\n <\/div>\n\n <div class=\"source-note\">Source: Chittorgarh IPO Filings<\/div>\n\n<\/main>\n\n<\/body>\n<\/html>\n\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-36d5f3e elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"36d5f3e\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 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Your first step costs nothing.<\/p>\n <span class=\"cta-light-btn-element\">Open Free Account<\/span>\n <\/div>\n<\/a>\n\n<style>\n\/* ==========================================================================\n FLATTRADE INDEPENDENT CTA ELEMENT (PRESERVED ORIGINAL LIGHT DESIGN)\n ========================================================================== *\/\n\n@import url('https:\/\/fonts.googleapis.com\/css2?family=Inter:wght@400;500;600;700&display=swap');\n\n.ft-inline-light-cta {\n width: 100%;\n max-width: 680px;\n margin: 1.5rem auto;\n display: flex;\n flex-direction: column;\n align-items: center;\n justify-content: center;\n text-decoration: none;\n position: relative;\n overflow: hidden;\n text-align: center;\n border-radius: 12px;\n \n \/* Original Light Layout Properties *\/\n background: #ffffff;\n color: #1a2a40;\n padding: clamp(1.75rem, 5vw, 2.75rem) clamp(1rem, 4vw, 2.25rem);\n box-shadow: 0 8px 24px rgba(10, 22, 40, 0.06);\n border: 1px solid #e2e8f0;\n font-family: 'Inter', sans-serif;\n transition: transform 0.2s ease, box-shadow 0.2s ease;\n}\n\n\/* Original radial light brand glow element *\/\n.ft-inline-light-cta::before {\n content: '';\n position: absolute;\n top: -40%;\n right: -20%;\n width: clamp(160px, 35vw, 280px);\n height: clamp(160px, 35vw, 280px);\n background: radial-gradient(circle, rgba(0, 102, 204, 0.05) 0%, rgba(0,0,0,0) 70%);\n pointer-events: none;\n}\n\n.cta-light-content {\n display: flex;\n flex-direction: column;\n align-items: center;\n justify-content: center;\n width: 100%;\n position: relative;\n z-index: 2;\n}\n\n\/* Original Title Light Styling *\/\n.ft-inline-light-cta h2 {\n color: #0a1628;\n font-size: clamp(19px, 3.8vw, 24px);\n font-weight: 700;\n margin-bottom: 10px;\n line-height: 1.3;\n letter-spacing: -0.02em;\n width: 100%;\n}\n\n\/* Original Paragraph Light Styling *\/\n.ft-inline-light-cta p { \n color: #4a5568; \n font-size: clamp(13.5px, 2.5vw, 14.5px); \n margin-bottom: clamp(18px, 4vw, 24px); \n line-height: 1.55;\n font-weight: 400;\n width: 100%;\n max-width: 520px;\n}\n\n\/* Original Bold Highlight Box Badge Light Styling *\/\n.ft-inline-light-cta p strong {\n color: #0066cc;\n font-weight: 600;\n background: rgba(0, 102, 204, 0.08);\n padding: 2px 6px;\n border-radius: 4px;\n display: inline-block;\n}\n\n\/* Original Flattrade Vivid Electric Blue Button Mapping *\/\n.cta-light-btn-element {\n display: inline-block;\n background: #0066cc;\n color: #ffffff;\n font-weight: 600;\n font-size: clamp(13.5px, 2.5vw, 14.5px);\n padding: 12px clamp(20px, 5vw, 36px);\n border-radius: 6px;\n box-shadow: 0 4px 12px rgba(0, 102, 204, 0.25);\n white-space: nowrap;\n width: auto;\n transition: background 0.2s ease, transform 0.1s ease, box-shadow 0.2s ease;\n}\n\n\/* Element wrapper hover actions routing down to the synthetic button element *\/\n.ft-inline-light-cta:hover {\n transform: translateY(-2px);\n box-shadow: 0 12px 32px rgba(10, 22, 40, 0.1);\n}\n\n.ft-inline-light-cta:hover .cta-light-btn-element {\n background: #0052a3; \n box-shadow: 0 6px 18px rgba(0, 102, 204, 0.35);\n}\n\n.ft-inline-light-cta:active {\n transform: scale(0.99);\n}\n\n.ft-inline-light-cta:active .cta-light-btn-element {\n transform: scale(0.98);\n box-shadow: 0 2px 6px rgba(0, 102, 204, 0.15);\n}\n\n\/* Media query adaptation for viewports under 480px width *\/\n@media (max-width: 480px) {\n .cta-light-btn-element {\n width: 100%;\n text-align: center;\n padding: 13px 16px; \n }\n}\n<\/style>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"Varmora Granito IPO \u2013 Flattrade Kosh IPO Summary Price Band \u20b9140 \u2013 \u20b9148 FV: \u20b92 \/ share Issue…","protected":false},"author":10,"featured_media":53384,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"csco_display_header_overlay":false,"csco_singular_sidebar":"","csco_page_header_type":"","csco_page_load_nextpost":"","csco_post_video_location":[],"csco_post_video_location_hash":"","csco_post_video_url":"","csco_post_video_bg_start_time":0,"csco_post_video_bg_end_time":0,"csco_post_video_bg_volume":false,"footnotes":""},"categories":[15],"tags":[],"class_list":["post-53380","post","type-post","status-publish","format-standard","has-post-thumbnail","category-ipos","cs-entry","cs-video-wrap"],"yoast_head":"\n<title>Varmora Granito IPO - 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\n\t\t\t\t\t\t\t\t\t\n\n\n \n \n Varmora Granito IPO \u2013 Flattrade Kosh<\/title>\n <style>\n \/* ==========================================================================\n 1. DESIGN TOKENS & RESET\n ========================================================================== *\/\n :root {\n --brand-primary: #16a34a;\n --brand-primary-hover: #15803d;\n --brand-light: #f0fdf4;\n --brand-border: #bbf7d0;\n \n --neutral-900: #0f172a;\n --neutral-800: #1e293b;\n --neutral-700: #334155;\n --neutral-600: #475569;\n --neutral-500: #64748b;\n --neutral-200: #e2e8f0;\n --neutral-100: #f1f5f9;\n --neutral-50: #f8fafc;\n --surface: #ffffff;\n \n --radius-sm: 6px;\n --radius-md: 10px;\n --radius-lg: 16px;\n --radius-full: 9999px;\n \n --shadow-subtle: 0 1px 3px rgba(0, 0, 0, 0.04), 0 1px 2px rgba(0, 0, 0, 0.02);\n --shadow-card: 0 4px 12px -2px rgba(15, 23, 42, 0.06), 0 2px 6px -2px rgba(15, 23, 42, 0.04);\n --shadow-hover: 0 12px 24px -4px rgba(15, 23, 42, 0.10);\n \n --font-stack: -apple-system, BlinkMacSystemFont, \"Segoe UI\", Roboto, Inter, \"Helvetica Neue\", sans-serif;\n }\n\n *, *::before, *::after {\n box-sizing: border-box;\n margin: 0;\n padding: 0;\n }\n\n body {\n font-family: var(--font-stack);\n background-color: var(--neutral-50);\n color: var(--neutral-700);\n line-height: 1.75;\n -webkit-font-smoothing: antialiased;\n }\n\n \/* ==========================================================================\n 2. LAYOUT WRAPPER\n ========================================================================== *\/\n .cmr-article-wrapper {\n max-width: 760px;\n margin: 32px px 64px;\n background: var(--surface);\n border: 1px solid var(--neutral-200);\n border-radius: var(--radius-lg);\n padding: 40px 32px;\n box-shadow: var(--shadow-card);\n }\n\n \/* ==========================================================================\n 3. HEADER & META\n ========================================================================== *\/\n .meta-bar {\n display: flex;\n align-items: center;\n gap: 10px;\n margin-bottom: 18px;\n }\n\n .tag-badge {\n display: inline-flex;\n align-items: center;\n gap: 6px;\n background: var(--brand-light);\n color: var(--brand-primary);\n border: 1px solid var(--brand-border);\n border-radius: var(--radius-full);\n padding: 3px 12px;\n font-size: 11px;\n font-weight: 700;\n letter-spacing: 0.06em;\n text-transform: uppercase;\n }\n\n .tag-badge::before {\n content: \"\";\n width: 6px;\n height: 6px;\n background-color: var(--brand-primary);\n border-radius: 50%;\n }\n\n .meta-source {\n font-size: 13px;\n font-weight: 500;\n color: var(--neutral-500);\n }\n\n h1.post-title {\n font-size: 28px;\n font-weight: 800;\n color: var(--neutral-900);\n line-height: 1.25;\n letter-spacing: -0.02em;\n margin-bottom: 24px;\n }\n\n h2.section-heading {\n font-size: 19px;\n font-weight: 700;\n color: var(--neutral-900);\n margin: 36px 0 16px;\n letter-spacing: -0.01em;\n display: flex;\n align-items: center;\n gap: 8px;\n }\n\n .cmr-article-wrapper p {\n font-size: 15.5px;\n margin-bottom: 18px;\n color: var(--neutral-700);\n text-align: justify;\n }\n\n .cmr-article-wrapper strong {\n color: var(--neutral-900);\n font-weight: 600;\n }\n\n \/* ==========================================================================\n 4. IPO AT A GLANCE GRID\n ========================================================================== *\/\n .cmr-glance-title {\n font-size: 12px;\n font-weight: 700;\n color: var(--neutral-500);\n text-transform: uppercase;\n letter-spacing: 0.08em;\n margin: 28px 0 14px;\n display: flex;\n align-items: center;\n gap: 12px;\n }\n\n .cmr-glance-title::after {\n content: '';\n flex: 1;\n height: 1px;\n background: var(--neutral-200);\n }\n\n .cmr-glance-grid {\n display: grid;\n grid-template-columns: repeat(3, 1fr);\n gap: 12px;\n margin-bottom: 16px;\n }\n\n .cmr-glance-item {\n background: var(--neutral-50);\n border: 1px solid var(--neutral-200);\n border-radius: var(--radius-md);\n padding: 16px;\n transition: all 0.2s ease-in-out;\n }\n\n .cmr-glance-item:hover {\n background: var(--surface);\n border-color: #cbd5e1;\n transform: translateY(-2px);\n box-shadow: var(--shadow-subtle);\n }\n\n .cmr-glance-item.cmr-highlight {\n background: linear-gradient(145deg, #ffffff, var(--brand-light));\n border-color: var(--brand-border);\n }\n\n .cmr-glance-item.cmr-highlight .cmr-g-value {\n color: var(--brand-primary);\n }\n\n .cmr-g-label {\n font-size: 11px;\n color: var(--neutral-500);\n text-transform: uppercase;\n font-weight: 600;\n letter-spacing: 0.04em;\n margin-bottom: 4px;\n }\n\n .cmr-g-value {\n font-size: 17px;\n font-weight: 800;\n color: var(--neutral-900);\n line-height: 1.25;\n }\n\n .cmr-g-sub {\n font-size: 12px;\n color: var(--neutral-500);\n margin-top: 4px;\n }\n\n .glance-badge {\n background: var(--neutral-100);\n border: 1px solid var(--neutral-200);\n border-radius: var(--radius-sm);\n padding: 10px 14px;\n font-size: 13px;\n color: var(--neutral-600);\n margin-bottom: 28px;\n font-weight: 500;\n text-align: center;\n }\n\n \/* ==========================================================================\n 5. FEATURE LISTS\n ========================================================================== *\/\n .cmr-feature-list {\n list-style: none;\n padding: 0;\n margin: 20px 0;\n display: flex;\n flex-direction: column;\n gap: 12px;\n }\n\n .cmr-feature-list li {\n position: relative;\n padding-left: 28px;\n font-size: 15px;\n color: var(--neutral-700);\n }\n\n .cmr-feature-list li::before {\n\n position: absolute;\n left: 0;\n top: 1px;\n width: 18px;\n height: 18px;\n background: var(--brand-light);\n color: var(--brand-primary);\n border: 1px solid var(--brand-border);\n border-radius: 50%;\n display: flex;\n align-items: center;\n justify-content: center;\n font-size: 11px;\n font-weight: 800;\n }\n\n \/* ==========================================================================\n 6. TABLES (FINANCIAL, RESERVATION, LOT SIZE & PEERS)\n ========================================================================== *\/\n .table-container {\n width: 100%;\n overflow-x: auto;\n -webkit-overflow-scrolling: touch;\n margin: 18px 0;\n border: 1px solid var(--neutral-200);\n border-radius: var(--radius-md);\n background: var(--surface);\n }\n\n .fin-table, .res-table {\n width: 100%;\n border-collapse: collapse;\n font-size: 14.5px;\n text-align: left;\n }\n\n .fin-table th, .fin-table td,\n .res-table th, .res-table td {\n padding: 12px 18px;\n border-bottom: 1px solid var(--neutral-200);\n }\n\n .fin-table thead tr, .res-table thead tr {\n background: var(--neutral-100);\n }\n\n .fin-table th {\n font-weight: 700;\n color: var(--neutral-800);\n text-align: right;\n }\n\n .fin-table th:first-child, .res-table th {\n text-align: left;\n }\n\n .fin-table td {\n color: var(--neutral-700);\n text-align: right;\n font-variant-numeric: tabular-nums;\n }\n\n .res-table td {\n color: var(--neutral-700);\n text-align: left;\n }\n\n .fin-table td:first-child, .res-table td:first-child {\n text-align: left;\n font-weight: 600;\n color: var(--neutral-900);\n }\n\n .fin-table tbody tr:hover, .res-table tbody tr:hover {\n background-color: var(--neutral-50);\n }\n\n .fin-table tbody tr:last-child td, .res-table tbody tr:last-child td {\n border-bottom: none;\n }\n\n .fin-note {\n font-size: 12px;\n color: var(--neutral-500);\n margin-top: 6px;\n margin-bottom: 24px;\n }\n\n \/* ==========================================================================\n 7. KPI STATS CARDS\n ========================================================================== *\/\n .kpi-grid {\n display: grid;\n grid-template-columns: repeat(3, 1fr);\n gap: 12px;\n margin: 20px 0 28px;\n }\n\n .kpi-card {\n background: var(--neutral-50);\n border: 1px solid var(--neutral-200);\n border-radius: var(--radius-md);\n padding: 16px 12px;\n text-align: center;\n transition: all 0.2s ease;\n }\n\n .kpi-card:hover {\n background: var(--surface);\n border-color: var(--brand-border);\n transform: translateY(-2px);\n box-shadow: var(--shadow-subtle);\n }\n\n .kpi-card .kpi-value {\n font-size: 20px;\n font-weight: 800;\n color: var(--brand-primary);\n line-height: 1.2;\n }\n\n .kpi-card .kpi-label {\n font-size: 11px;\n color: var(--neutral-500);\n text-transform: uppercase;\n letter-spacing: 0.05em;\n margin-top: 4px;\n font-weight: 600;\n }\n\n \/* ==========================================================================\n 8. OBJECTS OF THE ISSUE LIST\n ========================================================================== *\/\n .objects-list {\n list-style: none;\n padding: 0;\n margin: 20px 0;\n display: flex;\n flex-direction: column;\n gap: 10px;\n }\n\n .objects-list li {\n display: flex;\n justify-content: space-between;\n align-items: center;\n padding: 14px 18px;\n border-radius: var(--radius-md);\n background: var(--neutral-50);\n border: 1px solid var(--neutral-200);\n font-size: 14.5px;\n }\n\n .objects-list li .obj-label {\n color: var(--neutral-700);\n }\n\n .objects-list li .obj-amt {\n font-weight: 700;\n color: var(--neutral-900);\n white-space: nowrap;\n margin-left: 16px;\n background: var(--surface);\n padding: 2px 8px;\n border-radius: var(--radius-sm);\n border: 1px solid var(--neutral-200);\n }\n\n \/* ==========================================================================\n 9. VERDICT BOX & CTA\n ========================================================================== *\/\n .cmr-verdict-card {\n background: linear-gradient(145deg, #ffffff 0%, var(--brand-light) 100%);\n border: 1px solid var(--brand-border);\n border-left: 5px solid var(--brand-primary);\n padding: 24px;\n border-radius: var(--radius-md);\n margin: 36px 0;\n }\n\n .cmr-verdict-title {\n font-size: 17px;\n font-weight: 800;\n color: var(--neutral-900);\n margin-bottom: 8px;\n }\n\n .cta-wrap {\n text-align: center;\n margin: 36px 0 16px;\n }\n\n .cta-btn {\n display: inline-flex;\n align-items: center;\n justify-content: center;\n gap: 8px;\n background: var(--brand-primary);\n color: #ffffff !important;\n font-size: 15px;\n font-weight: 700;\n text-decoration: none !important;\n padding: 14px 36px;\n border-radius: var(--radius-full);\n box-shadow: 0 4px 14px rgba(22, 163, 74, 0.25);\n transition: all 0.2s ease;\n cursor: pointer;\n }\n\n .cta-btn:hover {\n background: var(--brand-primary-hover);\n transform: translateY(-2px);\n box-shadow: 0 6px 20px rgba(22, 163, 74, 0.35);\n }\n\n .source-note {\n font-size: 12px;\n color: var(--neutral-500);\n margin-top: 32px;\n border-top: 1px solid var(--neutral-200);\n padding-top: 14px;\n text-align: center;\n }\n\n hr.divider {\n border: none;\n border-top: 1px solid var(--neutral-200);\n margin: 32px 0;\n }\n\n \/* ==========================================================================\n 10. RESPONSIVE MOBILE BREAKPOINTS\n ========================================================================== *\/\n @media (max-width: 640px) {\n .cmr-article-wrapper {\n margin: 16px 12px;\n padding: 24px 16px;\n border-radius: var(--radius-md);\n }\n\n h1.post-title {\n font-size: 22px;\n }\n\n .cmr-glance-grid {\n grid-template-columns: repeat(2, 1fr);\n }\n\n .kpi-grid {\n grid-template-columns: repeat(2, 1fr);\n }\n\n .objects-list li {\n flex-direction: column;\n align-items: flex-start;\n gap: 6px;\n }\n\n .objects-list li .obj-amt {\n margin-left: 0;\n }\n\n .cta-btn {\n width: 100%;\n padding: 14px 20px;\n }\n }\n <\/style>\n<\/head>\n<body>\n\n<main class=\"cmr-article-wrapper\">\n\n\n\n \n <div class=\"cmr-glance-title\">IPO Summary<\/div>\n \n <div class=\"cmr-glance-grid\">\n <div class=\"cmr-glance-item cmr-highlight\">\n <div class=\"cmr-g-label\">Price Band<\/div>\n <div class=\"cmr-g-value\">\u20b9140 \u2013 \u20b9148<\/div>\n <div class=\"cmr-g-sub\">FV: \u20b92 \/ share<\/div>\n <\/div>\n\n <div class=\"cmr-glance-item cmr-highlight\">\n <div class=\"cmr-g-label\">Issue Dates<\/div>\n <div class=\"cmr-g-value\">Sep 22 \u2013 24<\/div>\n <div class=\"cmr-g-sub\">Year: 2026<\/div>\n <\/div>\n\n <div class=\"cmr-glance-item\">\n <div class=\"cmr-g-label\">Lot Size<\/div>\n <div class=\"cmr-g-value\">101 Shares<\/div>\n <div class=\"cmr-g-sub\">Min: \u20b914,948<\/div>\n <\/div>\n\n <div class=\"cmr-glance-item\">\n <div class=\"cmr-g-label\">Total Issue Size<\/div>\n <div class=\"cmr-g-value\">\u20b91,096.04 Cr<\/div>\n <div class=\"cmr-g-sub\">Fresh + OFS<\/div>\n <\/div>\n\n <div class=\"cmr-glance-item\">\n <div class=\"cmr-g-label\">Listing At<\/div>\n <div class=\"cmr-g-value\">BSE & NSE<\/div>\n <div class=\"cmr-g-sub\">Tentative: Sep 29<\/div>\n <\/div>\n\n <div class=\"cmr-glance-item\">\n <div class=\"cmr-g-label\">Lead Managers<\/div>\n <div class=\"cmr-g-value\" style=\"font-size: 13.5px;\">JM \/ GS \/ SBI Caps<\/div>\n <div class=\"cmr-g-sub\">Reg: Kfin Tech<\/div>\n <\/div>\n <\/div>\n\n\n\n \n <h2 class=\"section-heading\">About the Business<\/h2>\n <p>\n Incorporated in <strong>2003<\/strong>, Varmora Granito Limited is engaged in the business of manufacturing and marketing ceramic and vitrified tiles. The company\u2019s product portfolio includes a wide range of tiles across formats such as glazed vitrified tiles (GVT), polished vitrified tiles (PVT), and ceramic tiles.\n <\/p>\n <p>\n The company distributes its products through a multi-channel network comprising:\n <\/p>\n\n <ul class=\"cmr-feature-list\">\n <li><strong>Business-to-Consumer (B2C) channels:<\/strong> 286 exclusive brand outlets (EBOs) and over 2,000 multi-brand outlets (MBOs).<\/li>\n <li><strong>Business-to-Business (B2B) channels:<\/strong> Builders, contractors, developers, and government procurement.<\/li>\n <li><strong>Distribution Network:<\/strong> Covered 949 cities across 27 states and union territories in India as of March 31, 2025.<\/li>\n <li><strong>Product Depth:<\/strong> Included more than 3,500 stock-keeping units (SKUs) as of March 31, 2025.<\/li>\n <li><strong>Manufacturing Facilities:<\/strong> Operated nine manufacturing facilities, all located in the Morbi industrial cluster in Gujarat as of March 31, 2025.<\/li>\n <li><strong>Export Operations:<\/strong> Exported products to over 100 countries, supported by a dedicated export team comprising 47 personnel as of March 31, 2025.<\/li>\n <li><strong>Employees:<\/strong> Employed 1,156 permanent employees as of March 31, 2025.<\/li>\n <\/ul>\n\n <p>\n The company’s promoters are <strong>Bhavesh Vallabhdas Varmora, Hiren R Varmora and Pramodkumar Parsotambhai Patel<\/strong>.\n <\/p>\n\n <hr class=\"divider\" \/>\n\n \n <h2 class=\"section-heading\">Company Financials<\/h2>\n <div class=\"table-container\">\n <table class=\"fin-table\">\n <thead>\n <tr>\n <th>Period Ended<\/th>\n <th>31 Mar 2026<\/th>\n <th>31 Mar 2025<\/th>\n <th>31 Mar 2024<\/th>\n <\/tr>\n <\/thead>\n <tbody>\n <tr>\n <td>Assets<\/td>\n <td>1,509.87<\/td>\n <td>1,589.80<\/td>\n <td>1,476.16<\/td>\n <\/tr>\n <tr>\n <td>Total Income<\/td>\n <td>1,562.53<\/td>\n <td>1,492.68<\/td>\n <td>1,472.58<\/td>\n <\/tr>\n <tr>\n <td>Profit After Tax<\/td>\n <td>55.09<\/td>\n <td>30.77<\/td>\n <td>44.94<\/td>\n <\/tr>\n <tr>\n <td>EBITDA<\/td>\n <td>221.56<\/td>\n <td>198.29<\/td>\n <td>150.33<\/td>\n <\/tr>\n <tr>\n <td>NET Worth<\/td>\n <td>796.88<\/td>\n <td>722.90<\/td>\n <td>678.59<\/td>\n <\/tr>\n <tr>\n <td>Reserves and Surplus<\/td>\n <td>740.01<\/td>\n <td>677.63<\/td>\n <td>624.96<\/td>\n <\/tr>\n <tr>\n <td>Total Borrowing<\/td>\n <td>357.95<\/td>\n <td>505.16<\/td>\n <td>412.89<\/td>\n <\/tr>\n <\/tbody>\n <\/table>\n <\/div>\n <p class=\"fin-note\">Amount in \u20b9 Crore<\/p>\n\n \n <h2 class=\"section-heading\">Key Performance Indicator (KPI)<\/h2>\n <div class=\"kpi-grid\">\n <div class=\"kpi-card\">\n <div class=\"kpi-value\">14.18%<\/div>\n <div class=\"kpi-label\">EBITDA Margin<\/div>\n <\/div>\n <div class=\"kpi-card\">\n <div class=\"kpi-value\">9.89%<\/div>\n <div class=\"kpi-label\">ROCE<\/div>\n <\/div>\n <div class=\"kpi-card\">\n <div class=\"kpi-value\">6.80%<\/div>\n <div class=\"kpi-label\">ROE<\/div>\n <\/div>\n <div class=\"kpi-card\">\n <div class=\"kpi-value\">7.79%<\/div>\n <div class=\"kpi-label\">RoNW<\/div>\n <\/div>\n <div class=\"kpi-card\">\n <div class=\"kpi-value\">3.53%<\/div>\n <div class=\"kpi-label\">PAT Margin<\/div>\n <\/div>\n <div class=\"kpi-card\">\n <div class=\"kpi-value\">\u20b939.52<\/div>\n <div class=\"kpi-label\">NAV<\/div>\n <\/div>\n <\/div>\n\n <hr class=\"divider\" \/>\n\n\n\n <hr class=\"divider\" \/>\n\n \n <h2 class=\"section-heading\">Issue Reservation<\/h2>\n <div class=\"table-container\">\n <table class=\"res-table\">\n <thead>\n <tr>\n <th>Investor Category<\/th>\n <th>Shares<\/th>\n <\/tr>\n <\/thead>\n <tbody>\n <tr><td>QIB<\/td><td>Not more than 50% of the Offer<\/td><\/tr>\n <tr><td>Retail<\/td><td>Not less than 35% of the Offer<\/td><\/tr>\n <tr><td>NII<\/td><td>Not less than 15% of the Offer<\/td><\/tr>\n <\/tbody>\n <\/table>\n <\/div>\n\n <hr class=\"divider\" \/>\n\n \n\n <hr class=\"divider\" \/>\n\n \n <h2 class=\"section-heading\">Offer For Sale – Selling Shareholders<\/h2>\n <div class=\"table-container\">\n <table class=\"fin-table\">\n <thead>\n <tr>\n <th>Name<\/th>\n <th>Category<\/th>\n <th>No. of Shares Offered<\/th>\n <th>Amount (\u20b9 cr.)<\/th>\n <\/tr>\n <\/thead>\n <tbody>\n <tr>\n <td>Katsura Investments<\/td>\n <td>Corporate<\/td>\n <td>4,91,56,579<\/td>\n <td>727.52<\/td>\n <\/tr>\n <tr>\n <td>Parsotambhai Jivrajbhai Patel<\/td>\n <td>Promoter<\/td>\n <td>10,92,897<\/td>\n <td>16.17<\/td>\n <\/tr>\n <tr>\n <td>Ramanbhai Jivrajbhai Varmora<\/td>\n <td>Promoter<\/td>\n <td>10,92,896<\/td>\n <td>16.17<\/td>\n <\/tr>\n <tr>\n <td>Vallabhbhai Jivrajbhai Varmora<\/td>\n <td>Promoter<\/td>\n <td>10,92,896<\/td>\n <td>16.17<\/td>\n <\/tr>\n <tr>\n <td><strong>Total<\/strong><\/td>\n <td><\/td>\n <td><strong>5,24,35,268<\/strong><\/td>\n <td><strong>776.04<\/strong><\/td>\n <\/tr>\n <\/tbody>\n <\/table>\n <\/div>\n\n <hr class=\"divider\" \/>\n\n \n <h2 class=\"section-heading\">IPO Objects of the Issue<\/h2>\n <p>The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:<\/p>\n <ul class=\"objects-list\">\n <li>\n <span class=\"obj-label\">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<\/span>\n <span class=\"obj-amt\">\u20b9320.00 Cr<\/span>\n <\/li>\n <li>\n <span class=\"obj-label\">General corporate purposes<\/span>\n <span class=\"obj-amt\">Balance<\/span>\n <\/li>\n <\/ul>\n\n \n <div class=\"cmr-verdict-card\">\n <div class=\"cmr-verdict-title\">The Final Verdict<\/div>\n <p>\n 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.\n <\/p>\n <p style=\"margin-top: 10px;\">\n The latest FY26 restated figures reflect marked operational improvement: revenues rose to \u20b91,562.53 Cr, EBITDA advanced to \u20b9221.56 Cr, and net profit (PAT) jumped 79% to \u20b955.09 Cr. Crucially, total borrowings reduced from \u20b9505.16 Cr in FY25 to \u20b9357.95 Cr in FY26. With the entire fresh issue proceeds of \u20b9320 Cr dedicated to further debt repayment across the parent and subsidiaries, the company\u2019s debt burden will be substantially neutralized post-issue. At the upper price band of \u20b9148, the company commands a market capitalization of \u20b93,304.05 Cr. Investors seeking exposure to the ongoing building materials and urban housing demand may consider this issue with a medium-to-long-term horizon.\n <\/p>\n <\/div>\n\n \n <div class=\"cta-wrap\">\n <a class=\"cta-btn\" href=\"https:\/\/novo.flattrade.in\/\" target=\"_blank\" rel=\"noopener\">\n Apply for Varmora Granito IPO on Flattrade →\n <\/a>\n <\/div>\n\n <div class=\"source-note\">Source: Chittorgarh IPO Filings<\/div>\n\n<\/main>\n\n<\/body>\n<\/html>\n\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-36d5f3e elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"36d5f3e\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 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