Varmora Granito opened its IPO today, with a fresh issue of ₹320 crore and an offer‑for‑sale of ₹388 crore, totalling ₹708 crore in proceeds—CFO Bhavesh Koshti said the offering was priced to attract both institutional and retail investors.
The firm will earmark ₹245 crore of the fresh issue to extinguish its ₹240 crore net debt, turning the balance sheet into a net‑cash position post‑listing—Koshti added that the debt payoff is the primary post‑IPO objective.
Chairman‑MD Bhavesh Varmora outlined a ₹100 crore faucet acquisition aimed at integrating faucet manufacturing in‑house; the deal is expected to close within two quarters, closing the current outsourcing gap for its bathware line.
Glazed vitrified tiles (GVT) now capture 84% of the company’s revenue, up from 57% three years ago, with volumes growing 12% YoY from FY22‑23 to FY24‑25. Total tile sales reached 38.34 million sqm in 2025‑26, an increase from 36.12 million sqm in 2023‑24, while utilization sits at 72% of 50.6 million sqm capacity.
Varmora also plans a joint venture in South India and a similar tie‑up in the northeast, expanding its distribution network. The faucet acquisition is projected to improve margins and reduce reliance on external suppliers, potentially boosting future earnings.