Varmora Granito IPO
Ceramic Products • ₹708cr
Medium risk because:
- 5 material risk factors disclosed in DRHP
- Heavy revenue reliance on manufacturing facilities situated exclusively in Morbi.
- High revenue concentration in glazed vitrified tiles exposes business to category slowdown…
IPOFins risk score from DRHP risk factors, subscription demand & issue structure
Price Band
₹140-148
Lot Size
101 shares
Issue Size
₹708cr
Open
22 Sept 2026
Close
24 Sept 2026
Subscription
1.55×
GMP +₹1.5 → est. ₹149.5
IPO Schedule
| Issue Open Date | 22 Sept 2026 |
| Issue Close Date | 24 Sept 2026 |
| Allotment Date | 25 Sept 2026 |
| Listing Date | 29 Sept 2026 |
About Varmora Granito
Varmora Granito manufactures tiles, bathware, and adhesives across eight facilities in Morbi, Gujarat, and through contract partners. Its core portfolio spans vitrified/ceramic tiles, sanitaryware, faucets, and engineered stone, with revenue driven by glazed vitrified tiles and specialized formulations. The company sells domestically through exclusive franchisees, multi-brand outlets, and B2B partnerships with builders and government agencies, and also exports globally. 
Company Details
Founders / Promoters
Mr Bhavesh Vallabhdas Varmora
Founded
2003
Registrar
KARVY
Documents
DRHP / RHP Document (PDF)
View official prospectus →
Grey Market Premium (GMP)
Issue Price
₹148
GMP
+₹1.5
Est. Listing
₹149.5
Est. Gain
+1.0%
GMP is unofficial grey market data — not regulated by SEBI. Use only as a sentiment indicator alongside subscription data. View all IPO GMP →
Investment Analysis
Varmora Granito — IPOFins Verdict
QuantitativeDriven by QIB demand at 3.2x and moderate disclosed risk (4/10). The picture is mixed — treat this as one input alongside the DRHP, valuation, and your own risk appetite.
- Broad distribution network with 305 EBOs and 2,758 MBOs across India.
- In-house manufacturing in Morbi supported by technical research capabilities.
- Diverse product portfolio covering tiles, bathware, and adhesives.
- Strong market focus on high-margin glazed vitrified tiles.
- Established global export presence across multiple international markets.
Score breakdown — what drove this verdict
Moderate risk from DRHP → score +0.4
Institutional subscription → score +1.0
Base score: 5.0 · Final score = base + all factor adjustments, capped 1–10. Full methodology →
IPOFins Score is a quantitative signal from subscription demand, disclosed risk, and listing data — not investment advice. Not SEBI-registered.
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FAQ
What is the price band of Varmora Granito IPO?
The price band is ₹140-148 per share with a lot size of 101 shares. Minimum investment: ₹14,948.
What does Varmora Granito do?
Varmora Granito manufactures tiles, bathware, and adhesives across eight facilities in Morbi, Gujarat, and through contract partners. Its core portfolio spans vitrified/ceramic tiles, sanitaryware, faucets, and engineered stone, with revenue driven by glazed vitrified tiles and specialized formulations. The company sells domestically through exclusive franchisees, multi-brand outlets, and B2B partnerships with builders and government agencies, and also exports globally. 
Should I apply for Varmora Granito IPO?
Varmora Granito is drawing muted interest at 1.6x overall subscription (QIB 3.2x, retail 0.9x). IPOFins Score 6/10: Driven by QIB demand at 3.2x and moderate disclosed risk (4/10). The picture is mixed — treat this as one input alongside the DRHP, valuation, and your own risk appetite.
Who founded Varmora Granito?
Varmora Granito was founded by Mr Bhavesh Vallabhdas Varmora in 2003.