Varmora Granito Shares List at 4.73% Premium at ₹155 on NSE

Varmora Granito shares made their stock market debut on September 29, 2026, listing at ₹155 per share on the NSE, compared with the IPO issue price of ₹148 per share. The NSE listing represented a premium of 4.73% over the issue price. On the BSE, the shares listed at ₹152, representing a 2.70% premium. 

The company therefore recorded different opening prices on the two exchanges, with the NSE listing at ₹155 and BSE listing at ₹152. Verified reports available during the morning session confirm these opening prices; reliable intraday high, low and traded-volume figures were not yet consistently available across the market-data sources checked.

The listing followed Varmora Granito's ₹708.02 crore IPO, which was open for subscription from September 22 to September 24, 2026. The issue comprised a ₹320 crore fresh issue and a ₹388.02 crore offer for sale. The price band was ₹140 to ₹148 per share, with the final issue price at ₹148. 

Varmora Granito manufactures ceramic and vitrified tiles and offers products including glazed vitrified tiles, polished vitrified tiles and ceramic tiles. Its distribution network spans business-to-consumer and business-to-business channels. 

Varmora Granito IPO Listing Details

Varmora Granito IPO was a ₹708.02 crore book-built mainboard issue. It comprised a fresh issue of approximately ₹320 crore and an offer for sale of 2.62 crore shares aggregating to approximately ₹388.02 crore. IPO Watch

The IPO opened on September 22 and closed on September 24, 2026. The price band was fixed at ₹140 to ₹148 per share and the final issue price was ₹148.

The issue received bids for 5,33,07,295 shares against 3,39,02,899 shares on offer at the 4:48 PM final-day exchange-data snapshot, representing 1.57 times subscription. Other published final tallies report the rounded overall subscription at 1.58 times. 

Varmora Granito shares debuted at ₹155 on NSE, a 4.73% premium over the issue price, while the BSE opening price was ₹152, representing a 2.70% premium. 

- Issue Price: ₹148 per share
- NSE Listing Price: ₹155 per share
- NSE Listing Premium: 4.73%
- BSE Listing Price: ₹152 per share
- BSE Listing Premium: 2.70%
- Overall Subscription: 1.57 times at the 4:48 PM exchange-data snapshot
- Fresh Issue: ₹320 crore
- Offer for Sale: ₹388.02 crore
- Price Band: ₹140 to ₹148 per share
- IPO Open Date: September 22, 2026
- IPO Close Date: September 24, 2026
- Listing Date: September 29, 2026
- Exchange: BSE and NSE

First-Day Trading Performance

Listing Price: Varmora Granito share price debuted at ₹155 per share on NSE, representing a 4.73% premium to its ₹148 issue price. On BSE, the shares opened at ₹152, a 2.70% premium. 

NSE debut: The ₹155 NSE opening price was ₹7 above the IPO issue price.

BSE debut: The ₹152 BSE opening price was ₹4 above the IPO issue price.

Subscription context: Varmora Granito's IPO received bids for 5.33 crore shares against 3.39 crore shares on offer at 4:48 PM on the final bidding day, translating to 1.57 times subscription at that snapshot. 

Growth Drivers and Challenges

Growth Drivers

Product Portfolio: Varmora Granito offers glazed vitrified tiles, polished vitrified tiles and ceramic tiles across a broad product portfolio. 

Distribution Network: The company's B2C network includes 286 exclusive brand outlets and more than 2,000 multi-brand outlets, while its B2B operations serve builders, contractors, developers and government procurement channels. 

Geographical Presence: Varmora's products have been sold across 949 cities in 27 states and union territories in India, providing the company with a broad domestic distribution footprint. 

Manufacturing Base: The company operates nine manufacturing facilities in the Morbi industrial cluster in Gujarat.

Financial Performance: Revenue increased to ₹1,562.53 crore in FY26 from ₹1,492.68 crore in FY25, while profit after tax increased to ₹55.09 crore from ₹30.77 crore.

Challenges

Competitive Market: The ceramic and vitrified tiles industry includes several organised manufacturers as well as regional and unorganised participants.

Raw Material and Energy Exposure: Tile manufacturing requires raw materials and substantial energy inputs, exposing production economics to changes in input and fuel costs.

Export Exposure: International markets account for a portion of the company's revenue, creating exposure to logistics conditions and disruptions affecting overseas shipments. 

Distribution Execution: Maintaining and expanding a large network of exclusive and multi-brand outlets requires continued channel management and execution.

Borrowings: Part of the fresh issue proceeds is being used to repay borrowings of the company and certain subsidiaries, reflecting the role of debt within its capital structure. 

Utilisation of IPO Proceeds

Varmora Granito's ₹708.02 crore IPO comprised a fresh issue of ₹320 crore and an offer for sale of approximately ₹388.02 crore. The OFS involved shares sold by existing shareholder Katsura Investments. Rediff
The company intends to utilise ₹245 crore of the fresh issue proceeds towards repayment or prepayment of outstanding borrowings and accrued interest of the company and certain subsidiaries, including Covertek Ceramica, Varmora Sanitarywares and Simola Tiles.
Principal uses of the fresh issue proceeds include:
- Repayment or prepayment of certain outstanding borrowings and accrued interest of the company.
- Investment in specified subsidiaries for repayment or prepayment of their borrowings.
- General corporate purposes. 
The OFS proceeds will accrue to the selling shareholder rather than the company.

Business and IPO Overview

Varmora Granito was incorporated in 2003 and manufactures ceramic and vitrified tiles. Its portfolio includes glazed vitrified tiles, polished vitrified tiles and ceramic tiles across multiple formats. IPO Watch
The company follows a multi-channel distribution model. Its B2C network includes 286 exclusive brand outlets and more than 2,000 multi-brand outlets, while its B2B customers include builders, contractors, developers and government procurement channels. 

Varmora operates nine manufacturing facilities in the Morbi industrial cluster in Gujarat and has sold its products across 949 cities in 27 states and union territories. 

For FY26, the company reported revenue of ₹1,562.53 crore and profit after tax of ₹55.09 crore, compared with revenue of ₹1,492.68 crore and PAT of ₹30.77 crore in FY25. 

The ₹708.02 crore IPO comprised a ₹320 crore fresh issue and ₹388.02 crore OFS. The IPO was priced in a band of ₹140 to ₹148 per share and was open between September 22 and September 24.

Varmora Granito made its market debut on September 29 at ₹155 on NSE and ₹152 on BSE, representing premiums of 4.73% and 2.70%, respectively, over the ₹148 issue price.