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Varmora Granito IPO Review

Varmora Granito IPO has been reviewed by 11 analysts, and the overall consensus is May Apply — carrying a score of 62. Out of the 11 analysts who have covered this IPO, 5 recommend subscribing while 6 advise caution or avoidance — reflecting a mixed view from the analyst community.

The issue is priced in the band of ₹140-148 per share, with a minimum application size of 101 shares (minimum investment of approximately ₹14,948 at the upper band). Subscription ran from 22 Sep 2026 to 24 Sep 2026. The issue size is ₹708 crore, a mix of fresh issue and offer for sale. As of now, the grey market premium (GMP) for Varmora Granito IPO is quoting at ₹1 (0.68%), which gives a preliminary sense of how the street is pricing the listing — though GMP is unofficial and can swing sharply before the listing date. Scroll down for the full analyst breakdown and analyst-wise verdicts.

Abhishek Vohera, Founder of IPO Guru Researched & reviewed by Abhishek Vohera, Founder, IPO Guru Last updated Figures sourced from the RHP, BSE & NSE

Analyst verdict & score

One score out of 100, aggregated from every analyst verdict tracked for this issue. How it's calculated

Sentiment score
62/ 100
May Apply 5 of 11 recommend subscribing
How analysts voted
Apply 5
May apply 1
Neutral 3
Avoid 2
Not rated 3

Higher consensus indicates broader analyst agreement.

Detailed review

What the analyst reports say, grouped by the question you're likely asking.

General review

Varmora Granito makes ceramic and vitrified tiles, bathware and adhesives from eight in-house plants in the Morbi cluster, selling through 305 exclusive and 2,758 multi-brand outlets. The notes stress FY26 total income of ₹1,562 crore, profit after tax of ₹55 crore and borrowings cut to ₹358 crore. Of ten approved notes, four said subscribe, one stayed neutral, two said avoid and three gave no rating.

Listing gains

At ₹148 the notes put the issue at about 49 to 61 times FY26 earnings on a market cap of ₹3,181 to ₹3,345 crore, with EV/EBITDA near 18 to 21 times. The range reflects pre-issue, post-issue and diluted earnings. Listed peers cited trade between roughly 21 and 78 times. Three notes call the price a premium to peers and one avoid rests on expensive valuation, pointing to a muted listing.

Short-term strategy

Proceeds go mainly to repaying borrowings of the company and two subsidiaries. Profit after tax rebounded 79 percent in FY26 and EBITDA margin rose to about 14 percent, while borrowings fell from ₹505 crore to ₹358 crore. One note flags a shift toward lower-margin B2B sales, with B2C down to 66.8 percent of domestic sales. Near term the notes support a cautious stance.

Long-term strategy

Analysts credit a top-four position in Indian tiles with a 6.6 percent share of the glazed vitrified tile market, in-house manufacturing, a wide franchise network and a new joint-venture plant in Assam. Against that they set concentration: all eight plants and 304 contract partners sit in Morbi, and glazed vitrified products are 84 percent of tile revenue. The subscribe calls lean on a long-term horizon.

How this is written: an AI-assisted summary of the 14 analyst reports listed below. It reports their views; IPO Guru does not make buy or sell recommendations.

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Analyst reviews

Ordered by each analyst's track record over the past year; analysts still building one are listed last.

Latest IPO reviews

How analysts rated the most recent mainboard issues — and, where they have listed, how the call played out.

Frequently asked

Should I apply for Varmora Granito IPO?

The analyst consensus for Varmora Granito IPO tracked on this page is May Apply, with a score of 62/100. Out of 11 analysts who have reviewed this IPO, 5 recommend subscribing. IPO Guru does not make buy or sell recommendations. Read the individual analyst reports and consult a SEBI-registered advisor before investing.

What does the score of 62 mean for Varmora Granito IPO?

The score of 62 is an aggregate of all analyst ratings tracked for Varmora Granito IPO. A score in this range reflects mixed views — some analysts are positive while others are cautious. Read the individual analyst verdicts above for more context.

What was the actual listing price of Varmora Granito IPO?

Varmora Granito IPO listed on September 29, 2026 at ₹155, against the issue price of ₹148 — a gain of +4.73% (₹7 per share). View the full GMP history page for day-wise pre-listing trends.

What is the price band and lot size of Varmora Granito IPO?

Varmora Granito IPO was priced at ₹140-148 per share. The minimum lot size is 101 shares, making the minimum investment approximately ₹14,948 at the upper end of the price band. Subscription ran from 22 Sep 2026 to 24 Sep 2026.

Explore Varmora Granito IPO further

Analyst views are one input. Read them alongside the demand, the grey market and the filings before you decide.

Varmora Granito IPO review

A verdict is an opinion, not a guarantee.

IPO Guru collects analyst views, GMP, subscription and allotment for every Mainboard and SME issue. Weigh them together — and against the offer document — before you apply.

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Disclaimer: Grey Market Premium (GMP) is for information purposes and is not a guarantee of listing price. Always consult your financial advisor before investing.

Consensus
May Apply
Score
62 / 100
Listed at
₹155
Full IPO details
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