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Total Issue Size
Fresh Issue + Offer For Sale
Fresh Issue (FI)
Proceeds go to the company
Offer For Sale (OFS)
Proceeds go to the existing investors
Repayment or prepayment of outstanding debt facilities
Repayment or prepayment in full or part of certain borrowings and accrued interest of the company and subsidiaries Covertek Ceramica, Varmora Sanitarywares, and Simola Tiles.
General corporate purposes
Funding general corporate requirements, operational expenses, and corporate growth initiatives.
(₹ in Crore)
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Varmora Granito Limited is a prominent Indian manufacturer of ceramic tiles, vitrified tiles, sanitaryware, and bathware solutions. Incorporated in 1994 and headquartered in Gujarat, the company manufactures a wide array of surface products including premium glazed vitrified tiles, polished vitrified tiles, and ceramic wall and floor tiles catering to residential, commercial, and industrial segments. The company operates modern manufacturing facilities located primarily in Morbi, Gujarat, which is recognized as one of the largest ceramic manufacturing hubs in the world. Its production ecosystem incorporates automated machinery, advanced digital printing technologies, and dedicated quality control laboratories to support high-volume output and consistent product standards. Varmora Granito maintains a comprehensive distribution network across India, comprising over 280 exclusive brand outlets, hundreds of distributors, and thousands of multi-brand retail dealers. In addition to serving domestic architectural and construction markets, the company exports its ceramic and sanitaryware products to international markets across the Middle East, Africa, Europe, and the Americas.
Varmora Granito Limited raised 212.41 crore rupees from 17 institutional investors at 148 rupees per share on September 21, 2026, allocating 1,43,51,775 equity shares. Domestic mutual funds were allotted 52.17 percent of the anchor book across ICICI Prudential, Bandhan, Motilal Oswal, JM Financial, and Union Mutual Fund, with additional participation from Goldman Sachs Funds, Societe Generale, India Acorn Fund, and Bharti AXA Life Insurance.
Source: RHP • Analysis provided for informational purposes
Last Updated: 29 September 2026, 2:00 PM
Established market position and extensive distribution network
Varmora Granito operates a widespread marketing network across India with over 280 exclusive brand outlets and thousands of retail dealers, providing strong brand reach.
Diverse portfolio of surface and bathware products
The company offers a comprehensive range of glazed vitrified tiles, sanitaryware, bathware, and specialized tile adhesives, serving varied customer segments.
Strategic presence within the Morbi ceramic industrial cluster
Operating production units in Morbi, Gujarat allows the firm ready access to key raw materials, skilled labor, and established logistics channels.
Geographic concentration of manufacturing infrastructure
All production facilities are located in Morbi, Gujarat, exposing business operations to regional industrial disruptions and localized supply chain interruptions.
High revenue dependence on glazed vitrified tiles
A significant proportion of revenue is derived from glazed vitrified tiles, making financial results vulnerable to shifts in demand for this primary product category.
Exposure to raw material cost volatility and real estate cycles
Operational performance remains sensitive to fluctuations in fuel and raw material costs as well as broader trends in domestic construction activity.
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