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Company Profile

Varmora Granito Limited, established in 2003, is a major Indian tile manufacturer specializing in ceramic, Glazed Vitrified Tiles (GVT), and Polished Vitrified Tiles (PVT). Based in Gujarat’s Morbi hub, the company operates eight manufacturing plants, producing over 81% of its products in-house. It relies heavily on advanced, high-end solutions, highlighted by its Integrated Stone Technology partnership with Italian firm SACMI. High-value GVT and technical tiles generate the vast majority of its core tile revenue.

Beyond manufacturing, Varmora maintains an extensive domestic and international sales network, featuring hundreds of exclusive brand outlets and thousands of multi-brand distributors alongside direct commercial and government sales. The company emphasizes sustainable operations, powering its facilities with over 16 MW of combined wind and solar energy capacity, and employs a permanent workforce of more than 1,100 people.

Varmora Granito Limited, established in 2003, is a major Indian tile manufacturer specializing in ceramic, Glazed Vitrified Tiles (GVT), and Polished Vitrified Tiles (PVT). Based in Gujarat’s Morbi hub, the company operates eight manufacturing plants, producing over 81% of its products in-house. It relies heavily on advanced, high-end solutions, highlighted by its Integrated Stone Technology partnership with Italian firm SACMI. High-value GVT and technical tiles generate the vast majority of its core tile revenue.

Beyond manufacturing, Varmora maintains an extensive domestic and international sales network, featuring hundreds of exclusive brand outlets and thousands of multi-brand distributors alongside direct commercial and government sales. The company emphasizes sustainable operations, powering its facilities with over 16 MW of combined wind and solar energy capacity, and employs a permanent workforce of more than 1,100 people.

For the year/period ended (Rs. in Cr.)

For year/ period ended ( in Cr.)

*Market cap @upper band

• Diversified premium product portfolio
• Technology-led innovation, pan-India distribution
• In-house manufacturing capabilities and a focus on sustainability.

The Company VARMORA GRANITO LIMITED IPO proposes to utilise the Net Proceeds from the Issue towards the following objects:

• Repayment/ pre-payment, in full or in part, of all or certain outstanding borrowings and accrued interest thereon availed by: The company and wholly-owned subsidiaries namely Covertek Ceramica Pvt.Ltd. and Varmora Sanitarywares Pvt.Ltd. (formerly, Varmora Sanitarywares LLP), and of the subsidiary, Simola Tiles LLP, through investment in such Subsidiaries (Rs. 245.00 Cr.)
• General Corporate Purposes

At the upper band of IPO Rs. 148, the stock is valued at 60.66 P/E multiple. Hence, well-informed investors subscribe for medium to long term perspective.