Introduction
India’s IPO and unlisted share market is witnessing unprecedented activity, with investors increasingly tracking pre-IPO companies for early stage investment opportunities. Amid this dynamic landscape, Varmora Granito Limited—a leading player in the ceramic tiles and building materials space—has filed its Draft Red Herring Prospectus (DRHP) with SEBI, igniting significant interest among growth-focused investors. This SEBI filing isn’t just a technical formality; it’s a window into Varmora’s operations, financial health, and market ambitions.
For investors seeking insight on upcoming unlisted shares in India, Varmora Granito’s journey from a privately held leader to a potential IPO candidate offers vital lessons in sector evolution, risk assessment, and long-term value creation.
About the Company
History & Milestones
Varmora Granito Limited was incorporated in 2003 as a private limited company in Gujarat, with its name changed to the current form after conversion to a public limited company in May 2025. The company’s registered office has remained in Rajkot since inception, showcasing operational stability.
Major milestones include:
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First to launch 605×605 mm vitrified tiles (2004)
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Introduction of full-body slabs and digital wall tiles (2006, 2010)
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Entry into sanitaryware segment (2014)
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Set up two greenfield manufacturing plants in Morbi (2024)
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First in India to commercialize integrated stone technology (2024)
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Best Realty Brand award in 2025 (Building Material Category)
Promoters & Management
Promoted by industry veterans Bhavesh Vallabhdas Varmora (Chairman & MD), Hiren R. Varmora and Pramodkumar Parsotambhai Patel, with a deep-rooted family and group company structure. The management team combines sector expertise with proven operational capabilities, giving Varmora a credible brand image.
Business Model & Sectors Served
The company manufactures, distributes, and exports a broad range of ceramic and vitrified tiles, sanitaryware, kitchen slabs, and various building products. Its customer base spans real estate developers, retail distributors, institutional buyers, and end-customers, operating through:
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Eight manufacturing units in Gujarat and strategic greenfield expansions
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Pan-India distribution via 286 exclusive brand outlets and 2,000 multi-brand retailers
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Growing export presence across 20+ countries
Financial Overview
Varmora Granito’s financials stand out for their scale, sector-leading growth rates, and operational discipline despite industry headwinds.
Key Financials (₹ million)
| Metric | FY23 | FY24 | FY25 | CAGR (3Y) |
|---|---|---|---|---|
| Revenue from Operations | 13,349.46 | 14,354.81 | 14,460.29 | 4.03% |
| EBITDA | 1,315.25 | 1,596.02 | 1,303.97 | -0.43% |
| Profit After Tax | 550.64 | 449.35 | 307.73 | -25.15% |
| Net Worth | 6,692.74 | 7,033.61 | 7,431.95 | 5.31% |
| Net Debt | 1,371.99 | 1,582.72 | 2,154.52 | 25.24% |
| ROCE (%) | 9.3 | 8.7 | 6.2 |
Source: SEBI DRHP financial statements.
YoY Growth Table
| Year | Revenue Growth | EBITDA Growth | PAT Growth |
|---|---|---|---|
| FY24 | 7.5% | 21.4% | -18.4% |
| FY25 | 0.7% | -18.3% | -31.5% |
Comparison with Peers
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Industry average revenue growth (organized tile players): ~5-6% CAGR
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Varmora’s revenue: Slightly below average in recent FY due to sector volatility, but consistently among top five in size
Highlights
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Top-line growth driven by new products and export expansion
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EBITDA compressed in FY25 due to higher energy costs and margin pressures
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PAT declined, signalling post-expansion stabilization period
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Net debt increased to fund greenfield plants and inventory
Market Position & Opportunities
Industry Outlook
The Indian ceramic tile sector is projected to grow 8-10% CAGR between 2024–2028, powered by real estate growth, urbanization, and consumer upgrades. The government’s continued focus on housing for all and infrastructure is a tailwind for companies like Varmora.
Competitive Landscape
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Varmora’s main competitors: Kajaria Ceramics, Somany Ceramics, Nitco, Orient Bell
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Varmora differentiates through:
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Diverse SKUs and design-led innovation
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Aggressive capex for in-house manufacturing (reduces outsourcing, improves quality)
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Strong retail and distributor relationships
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| Company | FY25 Revenue (₹ mn) | No. Plants | Export Markets | PAT Margin (%) |
|---|---|---|---|---|
| Varmora Granito | 14,460 | 8 | 20+ | 2.13 |
| Kajaria Ceramics | 30,000+ | 9 | 35+ | 8.15 |
| Somany Ceramics | 24,000+ | 6 | 30+ | 6.2 |
Key Strengths
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Strong brand recall and recent “Best Realty Brand” accolade
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Quality focus—Integrated stone tech and digital tile printing
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Large pan-India footprint with export momentum
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Forward integration into bathware and modular surfaces
Risks & Challenges
Pulled straight from DRHP risk factors and classified for clarity:
Regulatory Risks
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Compliance with environmental laws for hazardous materials, water use, and emissions (multiple approvals required)
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Litigation exposure (pending criminal complaints under Negotiable Instruments Act)
Operational Risks
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Supply chain disruptions and delays in commissioning new plants (six- to nine-month delay in FY24)
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High working capital tied up in inventories and receivables
Financial Risks
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Margin pressure due to spike in energy/fuel costs and commodity volatility
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Net debt rising post capex cycle, reducing near-term cash flows
Market Risks
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Heavy competition, pricing pressure from branded and regional tile makers
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Sensitivity to real estate cycles and discretionary spending
Investment Insights
Investors tracking Varmora Granito can anticipate both immediate listing gains (subject to IPO pricing) and long-term growth based on operational discipline and brand momentum.
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Listing Gains: Strong investor brand recall and sector sentiment may drive early interest; QIB and anchor investor participation to signal institutional endorsement.
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Long-Term Opportunity: Export diversification, in-house tech, expanded product lines, and leadership pedigree bode well for post-IPO compounding. Operational risks (margin, capex) are likely to normalize as new plants scale up.
For investors seeking “investment opportunity in Varmora Granito unlisted shares”, the current market environment for pre-IPO deals is vibrant, especially for sector leaders. Varmora’s consistent size, recent awards, and expansion strategy position it as a top “upcoming unlisted shares in India” prospect.
Unlisted Share Price Section
Varmora Granito Limited Unlisted Share Price Trends
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As of recent market reports, Varmora Granito Limited’s unlisted share price ranges from ₹175 to ₹225 per share, reflecting strong demand from HNIs and institutional buyers pre-IPO.
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“Investment opportunity in Varmora Granito unlisted shares” is driven by anticipated sector growth, upcoming IPO liquidity, and limited availability.
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To access “upcoming unlisted shares in India”, leading brokers and platforms list Varmora among the most sought-after deals.
Current Market Trends:
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Rising premium for ceramic sector unlisted shares (Varmora, Kajaria, Somany) as investors bet on affordable housing and urbanization.
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Seasoned investors favor companies with strong financials, brand credentials, and operational track record.
Conclusion
Varmora Granito Limited’s SEBI DRHP reveals a sector leader ready for its next growth phase. From industry-leading innovation and pan-India reach, to a robust financial history and transparent risk disclosures, everything points to a promising pre-IPO trajectory. For smart investors, watching Varmora’s “unlisted share price” and IPO developments can unearth quality opportunities in India’s booming home improvement market. Follow Unlisted Radar for updates—whether you’re looking for early-stage plays or post-IPO compounding bets, Varmora’s journey is one to watch closely.
FAQs
What is Varmora Granito Limited’s unlisted share price today?
Varmora’s unlisted share price currently trades in the range of ₹175–₹225, depending on availability and lot size.
How to buy Varmora Granito Limited unlisted shares?
Contact SEBI-registered brokers or recognized platforms specializing in pre-IPO/unlisted share deals; verify compliance and transparency before purchasing.
Is Varmora Granito Limited a good investment before IPO?
Varmora offers strong growth fundamentals, sector leadership, and credible management, making it an attractive medium-to-long-term investment, but be mindful of industry risks.
When will Varmora Granito Limited IPO launch?
The timeline will be announced post SEBI approvals and book building process; investors should monitor DRHP updates and listing news.
What are the risks of investing in Varmora Granito unlisted shares?
Risks include regulatory compliance, competition, margin pressure, operational delays, and no guarantee of IPO gain; always conduct thorough due diligence.
Which brokers deal in Varmora unlisted shares?
Major pre-IPO brokers and some online platforms deal in Varmora shares; always choose SEBI-regulated and reputed intermediaries.
What is the lot size in the IPO?
Lot size details will be available in the final IPO prospectus; typically set to appeal to a range of institutional and retail investors.
How does Varmora compare with competitors?
Varmora is among the top five tile sector players in India, with strengths in manufacturing technology, brand, and export reach, though PAT margins are currently below sector leaders.
Are there industry awards or recognitions for Varmora Granito?
Yes, Varmora won “Best Realty Brand” in the building material category in 2025, highlighting its sector credibility.
What is the future outlook for investment in unlisted shares in India?
The unlisted/pre-IPO market is growing, driven by investor demand for early access, sectoral tailwinds, and improving regulatory transparency.