Varmora Granito IPO Price Band Set at Rs 140-148, Listing Fixed for September 22

Varmora Granito IPO price band Rs 140-148 per share. Listing on Dalal Street September 22. Fresh issue Rs 320 crore; OFS 2.62 crore shares (~Rs 388 crore) by Katsura Investments.

Updated: 17 Sept 2026 • 10:00 am

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Varmora Granito IPO Price Band Set at Rs 140-148, Listing Fixed for September 22

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The Varmora Granito IPO is set to hit Dalal Street on September 22, with the tile and ceramics maker's price band fixed at Rs 140 to Rs 148 per share. The public issue combines a fresh issuance of equity shares worth Rs 320 crore with an offer for sale of 2.62 crore equity shares worth roughly Rs 388 crore by existing investor Katsura Investments. Varmora Granito manufactures ceramic and vitrified tiles out of nine facilities in Morbi, Gujarat, and sells through a network of exclusive and multi-brand outlets across India. Investors should review the company's recent profit trend, which has been under some pressure even as revenue has grown, before applying.

Varmora Granito IPO is scheduled to open for subscription ahead of a listing on September 22, with the company confirming that the Varmora Granito IPO price band has been set at Rs 140 to Rs 148 per equity share.

The Varmora Granito IPO is structured as a fresh issuance of shares worth Rs 320 crore combined with an offer for sale of 2.62 crore equity shares, valued at approximately Rs 388 crore, by existing investor Katsura Investments, taking the total issue size to roughly Rs 708 crore.

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Table of Contents

What Varmora Granito Does

Incorporated in 2003 and based in Morbi, Gujarat, one of India's largest tile-manufacturing hubs, Varmora Granito makes glazed vitrified tiles, polished vitrified tiles and ceramic tiles across nine in-house production facilities. The company sells through a network of exclusive brand outlets and multi-brand outlets spanning hundreds of cities, alongside a B2B channel serving builders, contractors and government projects, and also exports to more than a hundred countries.

The company has positioned itself around continuous product innovation, including being among the first in India to introduce digitally printed wall tiles and large-format slabs, and has partnered with Italian technology major SACMI to commercialise a marble-effect tile production process.

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Varmora Granito's Financials Ahead of the Listing

Varmora Granito reported revenue of approximately Rs 1,492.68 crore for the year ended March 2025, up modestly from Rs 1,472.58 crore a year earlier. Profit, however, moved in the opposite direction, falling to around Rs 30.77 crore from Rs 44.94 crore the previous year, a detail prospective investors should weigh alongside the topline growth.

Net proceeds from the fresh issue portion are earmarked primarily for debt repayment and general corporate purposes, a use of funds that, if executed well, could help ease some of the interest cost pressure that may have contributed to the recent profit decline.

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Key Dates and Structure of the Issue

With the Varmora Granito IPO price band confirmed at Rs 140-148 and listing fixed for September 22, investors now have the key parameters needed to evaluate the issue against the company's fundamentals and peer valuations in the ceramics and tiles space.

The offer-for-sale component means Katsura Investments, an existing shareholder, will be monetising part of its stake through the listing, a structure distinct from the fresh-issue portion, whose proceeds go directly to the company rather than the selling shareholder.

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Conclusion

With its price band and listing date now confirmed, the Varmora Granito IPO gives investors a clear window to evaluate the tile maker against a backdrop of steady revenue growth but a recent dip in profitability. Investors should review the company's financials and use of proceeds in detail, and should consult a SEBI-registered investment adviser before applying.

Disclaimer: Data and figures in this article are sourced from publicly available information. These may or may not be accurate. Please verify all data with the official NSE (nseindia.com) and BSE (bseindia.com) websites before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).