Varmora Granito IPO Listing: Shares Debut at 4.72% Premium on NSE

Varmora Granito IPO Listing Today: The IPO closed subscription at 1.58 times overall on 24 September 2026. Here is a recap of the offer itself, the terms of the Varmora Granito IPO listing, and how the stock actually traded once it opened on 29 September.

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Varmora Granito IPO Listing: Issue Details

Varmora Granito Limited raised Rs 708.02 crore, made up of a fresh issue of shares worth Rs 320 crore and an offer for sale of about Rs 388.02 crore by the promoters and investor Katsura Investments. The issue listed on both the NSE and the BSE, with a tentative listing date of 29 September 2026. Bidding ran from 22 September 2026 to 24 September 2026, at a face value of Rs 2 per share and a price band of Rs 140 to Rs 148 per share.

Particular	Detail
Allotment Date	25 September 2026
IPO Open Date	22 September 2026
IPO Close Date	24 September 2026
Issue Size	Rs 708.02 crore
Face Value	Rs 2 per share
Lot Size	101 shares
Issue Price	Rs 148 per share
Issue Type	Bookbuilding IPO
Listing At	NSE, BSE
Listing Date	29 September 2026

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Varmora Granito IPO Listing Price and Performance

Shares of the Varmora Granito IPO listing opened at Rs 155 on the NSE, a 4.72 percent premium over the Rs 148 issue price. On the BSE, the stock opened at Rs 152, a smaller 2.70 percent premium. The debut was broadly in line with the thin grey market premium seen ahead of listing, which had already pointed to little more than a flat opening for a tile maker that drew only modest subscriber interest.

About the Varmora Granito IPO

Varmora Granito Limited, incorporated in 2003 and based in Rajkot, manufactures and markets glazed vitrified tiles, polished vitrified tiles and ceramic tiles across more than 3,500 SKUs, operating out of manufacturing facilities concentrated in Gujarat's Morbi cluster. Premium GVT and technical tiles made up around 84 percent of FY26 tile revenue, and the company reaches customers in close to 950 cities through a large dealer network along with its Varmora Sankalp loyalty platform. Promoters of the company are Bhavesh Vallabhdas Varmora, Hiren R Varmora and Pramodkumar Parsotambhai Patel. Kfin Technologies is the registrar for the issue. Investors following the Varmora Granito IPO listing should note that the company competes with larger, better known tile makers such as Kajaria Ceramics and Somany Ceramics.

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Varmora Granito Limited Financials

Here is how Varmora Granito Limited has performed financially over the last three fiscal years, useful context for anyone weighing the Varmora Granito IPO listing.

Year Ended	31 Mar 2026 (Rs cr.)	31 Mar 2025 (Rs cr.)	31 Mar 2024 (Rs cr.)
Total Income	1,562.53	1,492.68	1,472.58
Profit After Tax	55.09	30.77	44.94
EBITDA	221.56	198.29	150.33

Explanation
Revenue grew only modestly across the three years, from Rs 1,472.58 crore in FY24 to Rs 1,562.53 crore in FY26. Profit was uneven over the same span, dropping from Rs 44.94 crore in FY24 to Rs 30.77 crore in FY25 before recovering sharply to Rs 55.09 crore in FY26, a 79 percent jump in the final year. EBITDA margin did improve steadily, from 10.21 percent in FY24 to 14.18 percent in FY26, and total borrowings fell to about Rs 358 crore in FY26 from over Rs 505 crore a year earlier, a trend worth watching alongside the still thin PAT margin after the Varmora Granito IPO listing.

Grey market premium (GMP) is an unofficial, unregulated indicator for the Varmora Granito IPO that is not endorsed by SEBI, NSE, or BSE. Investors looking for indicative GMP data around the Varmora Granito IPO listing can go through other relevant sources, though such figures should never be the sole basis for an investment decision.

FAQs

What was the Varmora Granito IPO listing price?

Ans. The Varmora Granito IPO listing opened at Rs 155 on the NSE, a 4.72 percent premium over the Rs 148 issue price, and at Rs 152 on the BSE, a 2.70 percent premium.

Was the Varmora Granito IPO listing a premium or a discount?

Ans. It was a modest premium listing on both exchanges, roughly matching the thin grey market premium that had signalled only a small gain ahead of the debut.

How much was the Varmora Granito IPO subscribed?

Ans. The IPO was subscribed just 1.58 times overall by the close of bidding on 24 September 2026.

What is the issue price of the Varmora Granito IPO?

Ans. The issue price was fixed at Rs 148 per share, the top of the Rs 140 to Rs 148 price band.

What is the lot size of the Varmora Granito IPO?

Ans. The lot size was 101 shares, meaning a minimum retail investment of about Rs 14,948 at the upper price band.

Who is the registrar for the Varmora Granito IPO?

Ans. Kfin Technologies Limited is the registrar.

What does Varmora Granito do?

Ans. Varmora Granito manufactures and markets glazed vitrified tiles, polished vitrified tiles and ceramic tiles from its Morbi, Gujarat manufacturing base, selling across close to 950 cities in India.

Where can I track the Varmora Granito share price now?

Ans. You can track it on the NSE and BSE, or through the Univest platform.

Should I hold shares after the Varmora Granito IPO listing?

Ans. That depends on your own risk appetite and time horizon. Worth weighing the uneven profit history and thin margins against larger, established peers like Kajaria Ceramics before deciding whether to hold or sell after the Varmora Granito IPO listing.