Varmora Granito - IPO Report

Varmora Granito is a building-materials company primarily engaged in manufacturing and selling ceramic and vitrified tiles, sanitaryware and bath fittings. Tiles contributed 87.9% of FY26 revenue, while sanitaryware and bath fittings contributed 9.2%. Its portfolio includes Glazed Vitrified Tiles (GVT), Polished Vitrified Tiles (PVT), ceramic and technical tiles, along with bathware, sanitaryware, adhesives and engineered surfaces.

The company operates 8 in-house manufacturing facilities in Morbi, Gujarat, supported by 304 third-party contract manufacturers. In-house manufactured products contributed 81.7% of FY26 revenue. Annual tile capacity stood at 43.8 million sq. metres, with 72.5% utilisation in FY26, while sanitaryware capacity stood at 859 thousand pieces with 66.6% utilisation.

Varmora operates an extensive distribution network, with B2C retail channels contributing 66.8% of domestic sales across 988 cities through 305 Exclusive Brand Outlets (EBOs) and 2,758 Multi-Brand Outlets (MBOs). B2B project sales contributed the remaining 33.2%, while the company also exports its products to more than 100 countries.

The company has expanded its manufacturing and product capabilities through new Morbi facilities, the commercialisation of Integrated Stone Technology and its association with Allemby. Allemby's Tezpur facility commenced operations in July 2026 with approximately 6.4 million sq. metres of annual GVT capacity.