Varmora Granito

Leadership Team: Architects of Innovation

Varmora’s success is driven by a distinguished leadership team. These visionary individuals guide our company with unwavering integrity and a clear strategic vision. Their steadfast commitment to excellence reassures us of the high standards we uphold, fostering a culture of innovation that propels us towards continued growth and industry leadership.

Bhavesh Vallabhdas Varmora

(Chairman And Managing Director)

He has over 19 years of experience in the industry, built our sales and distribution network and oversees our product innovation activities. He also served on the Board of our Company for a period from July 1, 2009 to June 30, 2013. Further, he was appointed as a Non-Executive Director of our Company on May 27, 2022 and subsequently re-designated as a Managing Director on December 11, 2024. He has passed the secondary school certificate exam from Gujarat Secondary Education Board, Gandhinagar. He has been associated with our Company since 2003. He has served as manager-sales from 2003 to 2011, followed by head of domestic sales from 2011 to 2022, and has more than 19 years of experience in sales and marketing. Currently, he is also a director of Covertek Ceramica Private Limited, Varmora Plastech Private Limited and Varmora Sanitarywares Private Limited (formerly, Varmora Sanitarywares LLP).

Pramodkumar Parsotambhai Patel

(Executive Director)

He has 19 years of experience in production and procurement of materials in the industry. He oversees operations, project and product delivery function in our Company. He also served on the Board of our Company for a period from November 18, 2003 to April 30, 2012. Further, he was appointed as a Non-Executive Director of our Company on May 27, 2022 and was subsequently re-designated as an Executive Director on September 10, 2024. He has passed the secondary school certificate exam from Gujarat Secondary Education Board, Gandhinagar. He has been associated with our Company since 2003. He has 19 years of experience in production and procurement of materials. Currently, he is also a director of Sunshine Fasteners Private Limited and Varmora Sanitarywares Private Limited (formerly, Varmora Sanitarywares LLP).

Hiren R Varmora

(Executive Director)

He has more than 13 years of experience in sales and marketing in the export business. He played an instrumental role in starting and expanding our bathware vertical. He has been on the Board of our Company since May 27, 2022. He has passed the secondary exam from ICSE Board of S.N. Kansagra School, Rajkot. He also holds IFS level 3 certification in financial studies issued by IFS School of Finance. He has been associated with our Company since 2011. He joined the sales department of our Company and served as manager-sales for bath ware and exports division from 2014 to 2022. He has more than 13 years of experience in sales and marketing in the export business.

1100+Team Members

50+Awards & Certification

Since2003

1. IPO Key Details & Timetable

• Total Issue Size: ₹708.02 Crore (4,78,39,255 Equity Shares)

  • Fresh Issue: ₹320.00 Crore (2,16,21,621 shares)

  • Offer for Sale (OFS): ₹388.02 Crore (2,62,17,634 shares)

• Price Band: ₹140 to ₹148 per equity share

• Face Value: ₹2 per share

• Listing Platforms: BSE and NSE

• IPO Opening Date: September 22, 2026

• IPO Closing Date: September 24, 2026

• Basis of Allotment: September 25, 2026

• Initiation of Refunds / Credit to Demat: September 28, 2026

• Tentative Listing Date: September 29, 2026

COMPANY DRHP

2. Application & Lot Size Details

• Lot Size: 101 Shares per lot

• Retail (Min): 1 Lot (101 shares) = ₹14,948

• Retail (Max): 13 Lots (1,313 shares) = ₹1,94,324

• Small HNI (Min): 14 Lots (1,414 shares) = ₹2,09,272

• Small HNI (Max): 66 Lots (6,666 shares) = ₹9,86,568

• Big HNI (Min): 67 Lots (6,767 shares) = ₹10,01,516

3. Shareholding & Reservation Pattern

• QIB Reservation: Not more than 50% of the offer

• Retail Reservation: Not less than 35% of the offer

• NII (HNI) Reservation: Not less than 15% of the offer

• Promoter Holding:

  • Pre-IPO: 52.00%

  • Post-IPO: 46.55%

• Public Holding:

  • Pre-IPO: 48.00%

  • Post-IPO: 53.45%

• Promoters: Bhavesh Vallabhdas Varmora, Hiren R Varmora, and Pramodkumar Parsotambhai Patel.

• Selling Shareholder (OFS): Katsura Investments (Offered 2,62,17,634 shares for ₹388.02 Cr).

4. Company Profile & Strengths

• Incorporation: 2003

• Business: Manufactures and markets ceramic and vitrified tiles (Glazed Vitrified Tiles, Polished Vitrified Tiles, and ceramic tiles).

• Facilities: Operates 8 manufacturing facilities in the Morbi cluster, Gujarat.

• Technology & Sustainability: Partnered with Italy’s SACMI for Integrated Stone Technology (IST); operates 16.22 MW of wind and solar energy capacity.

• Distribution: 305 exclusive brand outlets, 2,758 multi-brand outlets, along with B2B direct sales.

5. Objects of the Issue

1. Debt Repayment: ₹245.00 Crore for repayment/prepayment of outstanding borrowings of the company and its subsidiaries (Covertek Ceramica, Varmora Sanitarywares, and Simola Tiles).

2. General Corporate Purposes: Remaining fresh issue proceeds.

6. Financial Highlights & Key Ratios (Restated Consolidated)

• Revenues:

  • FY24: ₹1,472.58 Crore

  • FY25: ₹1,492.68 Crore

  • FY26: ₹1,562.53 Crore

• Profit After Tax (PAT):

  • FY24: ₹44.94 Crore

  • FY25: ₹30.77 Crore

  • FY26: ₹55.09 Crore

• EBITDA (FY26): ₹221.56 Crore

• Total Borrowing (FY26): Reduced to ₹357.95 Crore from ₹505.16 Crore in FY25.

• Key Indicators (FY26):

  • ROE: 6.80%

  • ROCE: 9.89%

  • PAT Margin: 3.53%

  • EBITDA Margin: 14.18%

7. Valuation & Capitalization

• Post-Issue Market Capitalization: ₹3,344.97 Crore (at upper price band)

• Pre-IPO EPS: ₹2.70 | Post-IPO EPS: ₹2.44

• Pre-IPO P/E Ratio: 54.81x | Post-IPO P/E Ratio: 60.66x

• Price to Book Value (P/B): 3.74x

8. Lead Managers & Registrar

• Book Running Lead Managers: JM Financial Ltd., Goldman Sachs (India) Securities Pvt. Ltd., and SBI Capital Markets Ltd.

• Registrar: Kfin Technologies Ltd.