Varmora Granito opens ₹708 crore IPO, banking on premium tiles and 3,063-store reach
Tiles and sanitaryware maker Varmora Granito has opened its ₹708 crore IPO at ₹140–148 a share. The company reported FY26 revenue of ₹1,562.53 crore and net profit of ₹55.09 crore, with proceeds earmarked partly for debt repayment. Its 3,063-store network spans 249 cities.
What happened
Indian tiles and sanitaryware maker Varmora Granito opened its Rs 708 crore IPO at Rs 140-148 per share. Proceeds will repay debt and support corporate
Key facts
- IPO price band: Rs 140-148 per share
- Issue size: Rs 708 crore
- Fresh issue: Rs 320 crore
- Offer for sale: Rs 388 crore
- Store network: 3,063 stores across 249 cities
Why this matters
Varmora’s 3,063-store presence across 249 cities gives retailers a scaled premium tiles and sanitaryware partner, though Morbi-centric production and fuel costs could pressure availability and pricing.
What to watch
- IPO subscription mix, listing premium or discount, and institutional allocation quality.
- Quarterly revenue growth versus FY26 base, EBITDA margin, net profit growth, and operating cash conversion.
- Net debt, finance-cost reduction, and the actual deployment of IPO proceeds.
- Natural-gas, power, freight, and Morbi-cluster operating-cost trends.
- Dealer additions, same-dealer sales, premium-product mix, and inventory days.