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Varmora Granito IPO Listing Price, Gain & Allotment
Listed
Mainboard IPO
BSE, NSE
Listed 29 Sep 2026
· updated 1 month ago
Price band
₹140 – 148
GMP
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Est. listing price—
Est. listing gain—
Issue size₹1,096.04 Cr
Varmora Granito IPO Details
Open DateTue, 22 Sep 2026
Close DateThu, 24 Sep 2026
Listing DateTue, 29 Sep 2026
Listing AtBSE, NSE
Price Band₹140 – 148 per share
Lot Size101 shares
Min. Investment₹14,948
Issue Size₹1,096.04 Cr
Varmora Granito IPO Dates & Timeline
Tentative dates follow SEBI's T+3 listing timelineIPO Opens
Tue, 22 Sep
IPO Closes
Thu, 24 Sep
Basis of Allotment
Fri, 25 Sep
Tentative
Refunds Initiated
Mon, 28 Sep
Tentative
Shares Credited to Demat
Mon, 28 Sep
Tentative
Listing Date
Tue, 29 Sep
Varmora Granito IPO GMP Today
All IPO GMP
GMP today
—
Est. listing price
—
Est. gain %
—
Est. profit / lot
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GMP for this IPO is not available yet. It usually appears a few days before the issue opens.
Try the GMP calculator · What is GMP? · GMP of all IPOs
Final visitor sentiment
Visitor opinion poll, not investment advice.
Varmora Granito IPO Subscription Status
As of 24 Sep, 7:00 PM
Retail (RII)
1.00x
NII / HNI
0.92x
bHNI (>₹10L)
0.92x
sHNI (₹2–10L)
0.92x
QIB
3.16x
Total
1.58x
Times subscribed per category, from NSE (bids on NSE and BSE combined). Final figures after bidding closed.
Varmora Granito IPO Listing Price & Gain
Issue price₹148
Listing price (NSE)₹155
Listing gain+4.73%
Listing-day close₹152.19 (+2.8%)
Varmora Granito IPO Allotment Status
The registrar for this IPO is KFin Technologies. You can also check on the exchange websites using your PAN or application number.
New to this? Read how to check IPO allotment status or see all IPOs awaiting allotment.
Varmora Granito IPO Lot Size & Minimum Investment
At upper price band of ₹148| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 101 | ₹14,948 |
| Retail (Max) | 13 | 1,313 | ₹1,94,324 |
| S-HNI (Min) | 14 | 1,414 | ₹2,09,272 |
| S-HNI (Max) | 66 | 6,666 | ₹9,86,568 |
| B-HNI (Min) | 67 | 6,767 | ₹10,01,516 |
Varmora Granito IPO analysis: what the numbers say
The ₹1,096.04 Cr issue combines a fresh issue of ₹320 Cr, which goes to the company, and an offer for sale (OFS) of ₹388 Cr by existing shareholders, so about 45% of the money raised reaches the business. Promoter holding falls from 52% to 46.55% after the issue.
Revenue rose from ₹1,472.58 Cr in FY24 to ₹1,562.53 Cr in FY26, a compound annual growth of 3%. Profit after tax grew from ₹44.94 Cr to ₹55.09 Cr. That is a net profit margin of 3.5% in FY26.
The issue closed subscribed 1.58x overall (QIB 3.16x, NII 0.92x and retail 1.00x). Varmora Granito listed at ₹155 on 29 Sep 2026, +4.7% against the issue price of ₹148. It closed the first day at ₹152.19 (+2.8%).
Worked out by IPO Darbaar from the offer document, exchange data and the latest GMP. For information only, not a recommendation.
Varmora Granito IPO Issue Structure
Fresh issue ₹320 Cr (45.2%)
Offer for sale ₹388 Cr (54.8%)
Face value₹2 / share
Market cap (post issue)—
Promoter holding (pre)52%
Promoter holding (post)46.55%
- Promoters
- Bhavesh Vallabhdas Varmora, Hiren R Varmora, Pramodkumar Parsotambhai Patel
- Book running lead managers
- JM Financial Ltd.
Objects of the Varmora Granito IPO
- 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 Pvt.Ltd. and Varmora Sanitarywares Pvt.Ltd. (formerly, Varmora Sanitarywares LLP), and of the subsidiary, Simola Tiles LLP, through investment in such Subsidiaries. ~ Rs. 245 Cr.
Varmora Granito IPO Strengths & Risks
Strengths
- Diversified premium product portfolio
- Technology-led innovation, pan-India distribution
- In-house manufacturing capabilities and a focus on sustainability.
Risks
- Profit After Tax (PAT) dropped sharply in FY2025 before recovering to ₹55.09 crore in FY2026, showing past earnings inconsistency.
- The IPO is priced at a high implied P/E ratio of around 60x based on FY2026 earnings, leaving little room for error.
- Manufacturing operations are heavily concentrated in the Morbi region of Gujarat, and a large share of revenue depends directly on dedicated in-house facilities.
Varmora Granito Financials
Restated, ₹ crore
FY24
FY25
FY26
Revenue Profit after tax
| Period ended | FY2431 Mar 2024 | FY2531 Mar 2025 | FY2631 Mar 2026 |
|---|---|---|---|
| Revenue | 1,472.58 | 1,492.68 | 1,562.53 |
| Profit after tax | 44.94 | 30.77 | 55.09 |
| Net worth | 678.59 | 722.9 | 796.88 |
| Total assets | 1,476.16 | 1,589.8 | 1,509.87 |
| PAT margin | 3.05% | 2.06% | 3.53% |
Varmora Granito Key Performance Indicators (KPIs)
ROE6.8%
ROCE9.89%
RoNW7.79%
About Varmora Granito IPO
Varmora Granito is a mainboard IPO worth ₹1,096.04 crore with a price band of ₹140 – 148 per share. The issue opens on 22 September 2026 and closes on 24 September 2026. Shares are expected to list on 29 September 2026 on BSE, NSE.
Varmora Granito (NSE) IPO is a Mainboard IPO with an issue size of Rs. 708.02 Cr by Varmora Granito Limited, which produces and sells vitrified and ceramic tiles, such as polished vitrified tiles (PVT), glazed vitrified tiles (GVT), and ceramic tiles. GVT and technical tiles accounted for almost 84% of the company's tile revenue in Fiscal 2026, demonstrating its concentration on high-end, technologically advanced products.
81.72% of the company's income in Fiscal 2026 came from internally produced goods, and it runs eight manufacturing plants in Gujarat's Morbi cluster. In order to support its emphasis on cutting-edge and high-end tile products, it has also embraced Integrated Stone Technology (IST) through a technology cooperation with Italy-based SACMI.
In addition to B2B sales to builders, contractors, developers, and government agencies, Varmora has a vast distribution network that includes 2,758 multi-brand stores and 305 unique brand stores throughout India and abroad.
This new IPO is to be launched on 22 Sep 2026, and its ‘initial public offering’ will end on 24 Sep 2026.
Varmora Granito IPO: FAQs
What is the subscription status of Varmora Granito IPO?
The issue closed subscribed 1.58x overall (QIB 3.16x, NII 0.92x and retail 1.00x). Figures are from NSE and cover bids on both exchanges.
What was the listing price of Varmora Granito IPO?
Varmora Granito listed at ₹155 on 29 Sep 2026, +4.7% against the issue price of ₹148. It closed the first day at ₹152.19 (+2.8%).
What is the price band of Varmora Granito IPO?
The Varmora Granito IPO price band is ₹140 – 148 per share and the issue size is ₹1,096.04 crore.
What is the lot size and minimum investment for Varmora Granito IPO?
One lot of Varmora Granito IPO has 101 shares. The minimum application for retail investors is 1 lot (101 shares), which costs ₹14,948 at the upper price band.
When does Varmora Granito IPO open and close?
Varmora Granito IPO opens for subscription on Tuesday, 22 September 2026 and closes on Thursday, 24 September 2026. Bids are accepted until 5 PM on the closing day.
What is the Varmora Granito IPO allotment date?
The basis of allotment for Varmora Granito IPO is expected to have been finalised on Friday, 25 September 2026, one working day after the issue closes (SEBI T+3 timeline).
How to check Varmora Granito IPO allotment status?
Visit the website of the registrar, KFin Technologies, select Varmora Granito IPO and search by PAN or application number. You can also check on the IPO allotment status page or on the BSE and NSE websites.
When is Varmora Granito IPO listing date?
Varmora Granito shares listed on BSE, NSE on Tuesday, 29 September 2026 at ₹155 per share.
Is Varmora Granito a mainboard or SME IPO?
Varmora Granito is a mainboard IPO, listing on the main board of BSE, NSE.
Last updated 28 Sep 2026, 11:53 PM IST. GMP is unofficial and indicative; dates after the issue closes are tentative. Not investment advice.