Varmora Granito (Mainboard IPO)
📅 Dates: 22 - 24 Sep • 💰 Issue Size: 7,40,56,889 shares (agg. up to ₹1,096 Cr)Complete guide to Varmora Granito Mainboard IPO: latest Grey Market Premium (GMP), live bidding subscription status, price band, lot size, financial report, and investment analysis.
📊 Overview & Key Highlights
| Parameter | Details |
|---|---|
| Issue Type | Mainboard IPO (BSE, NSE) |
| Issue Dates | 22 - 24 Sep |
| Price Band | ₹140 to ₹148 |
| Total Issue Size | 7,40,56,889 shares (agg. up to ₹1,096 Cr) |
| Minimum Market Lot | 101 shares (Min. Inv: ₹14,948) |
| Listing Price (Debut) | ₹133.00 (+₹0.20 (+0.15%) 🚀) |
| Subscription Status | 1.60x (Final / Bidding Closed) |
| Investor Demand Rating | ⭐⭐☆☆☆ (2/5 - Low / Mild Demand) |
📈 Live Subscription Demand
| Category | Subscription Multiplier (x) |
|---|---|
| Qualified Institutional (QIB) | 3.10x |
| Non-Institutional / HNI | 0.94x |
| Retail Individual (RII) | 1.02x |
| Total Subscription | 1.60x (Updated: 07 Oct, 17:43) |
🎯 Investment Analysis & Verdict
📌 Business Model & Revenue Streams
Varmora Granito manufactures and sells a massive catalog of over 3,500 tile designs, ranging from ceramic to high-end vitrified tiles. They collect revenue by selling these products through a mix of B2B institutional channels and a widespread B2C dealer network across India and over 100 international markets.🚀 Key Strengths & Growth Drivers
• Deep manufacturing roots: Operating nine plants right out of the Morbi tile cluster gives them significant cost and supply chain advantages.• Scale and reach: A distribution footprint covering nearly 950 cities in India ensures steady domestic volume offtake alongside a diversified global export book.
⚠️ Key Risks & Red Flags
• Commodity cyclicality: The tile sector is fiercely competitive with brutal margin pressures, heavily dependent on volatile domestic real estate and infrastructure cycles.• Input cost vulnerability: Margins are vulnerable to sharp fluctuations in natural gas prices and power costs, which form a major chunk of manufacturing expenses.
🎯 Retail Verdict
This IPO is unlikely to deliver an explosive listing pop given the commoditized nature of the tile sector and the current market mood. Retail investors looking for cyclical plays should exercise caution and wait to see how efficiently the company manages its working capital post-listing before committing capital.📅 Tentative Timetable
| Event | Tentative Date |
|---|---|
| IPO Open | Tue, Sep 22, 2026 |
| IPO Close | Thu, Sep 24, 2026 |
| Allotment | Fri, Sep 25, 2026 |
| Refund | Mon, Sep 28, 2026 |
| Credit of Shares | Mon, Sep 28, 2026 |
| Listing | Tue, Sep 29, 2026 |
💼 Market Lot & Investment Sizing
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 101 | ₹14,948 |
| Retail (Max) | 13 | 1313 | ₹1,94,324 |
| S-HNI (Min) | 14 | 1414 | ₹2,09,272 |
| S-HNI (Max) | 66 | 6666 | ₹9,86,568 |
| B-HNI (Min) | 67 | 6767 | ₹10,01,516 |
💰 Financial Summary
| Period Ended | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|
| Assets | 1,589.80 | 1,476.16 |
| Total Income | 1,492.68 | 1,472.58 |
| Profit After Tax | 30.77 | 44.94 |
| EBITDA | 198.29 | 150.33 |
| NET Worth | 722.90 | 678.59 |
| Reserves and Surplus | 677.63 | 624.96 |
| Total Borrowing | 505.16 | 412.89 |
| Amount in ₹ Crore |
🏢 About Varmora Granito
Varmora Granito is a prominent player in the Indian ceramic and vitrified tiles industry, offering a diverse portfolio of over 3,500 SKUs that include glazed vitrified tiles (GVT), polished vitrified tiles (PVT), and ceramic tiles. Backed by nine manufacturing facilities situated in the Morbi industrial cluster of Gujarat, the company serves both B2C and B2B segments through an extensive distribution network spanning 949 cities across 27 Indian states and union territories, alongside a robust international presence extending to over 100 countries.💬 Community Discussion & Views
Are you planning to apply for the Varmora Granito IPO? Share your bidding strategy, allotment status, or listing expectations with fellow investors in the replies below!👉 Browse all upcoming Mainboard & SME IPOs on UNP
Disclaimer: All IPO details provided above are for educational and informational purposes only. Readers are advised to consult their financial advisors and review the Red Herring Prospectus (RHP) before investing.
📌 Thread Quick Navigation: Post #2: Live & Historic GMP | Post #3: Subscription Stats | Post #4: Allotment Status | Post #5: Listing Debut | Post #6: Community & Social Reviews
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