Varmora Granito IPO - Allotment & Listing Details

Varmora Granito Limited was incorporated in 2003 and is headquartered in Rajkot, Gujarat. It works in the building materials sector, manufacturing ceramic and vitrified tiles and bathware.

The company manufactures glazed vitrified tiles (GVT), polished vitrified tiles (PVT) and ceramic tiles across more than 3,500 SKUs and 20 surface types, used for flooring, walls, facades, kitchen slabs and back panels, with GVT products accounting for about 78.71% of tile revenue in FY25. It operates nine manufacturing facilities in the Morbi cluster of Gujarat, and its subsidiaries include Covertek Ceramica, Varmora Sanitarywares and Simola Tiles. Products reach customers through 286 exclusive brand outlets, more than 2,000 multi-brand outlets, and B2B channels serving builders, contractors, developers and government projects, spanning 949 cities across 27 states and union territories as of March 2025, with exports to more than 100 countries. The promoters are Parsotambhai Jivrajbhai Patel, Ramanbhai Jivrajbhai Varmora and Vallabhbhai Jivrajbhai Varmora, alongside investor selling shareholder Kastura Investments, an affiliate of Carlyle.

Revenue from operations was Rs 1,446.03 crore in FY25, broadly flat from Rs 1,435.48 crore in FY24, while net profit declined to Rs 30.77 crore in FY25 from Rs 44.94 crore in FY24, as per the DRHP filed in August 2025. The IPO is a mainboard book-built issue on the NSE and BSE, comprising a fresh issue of Rs 400 crore and an offer for sale of up to 5,24,35,268 equity shares by the promoter group and Kastura Investments, and it received SEBI approval in December 2025. Net proceeds from the fresh issue are proposed to be used for repayment of borrowings of the company and its subsidiaries Covertek Ceramica, Varmora Sanitarywares and Simola Tiles (about Rs 320 crore), with the balance for general corporate purposes.