VARMORAMAINBOARDLISTEDBSE
Varmora Granito Limited
Capital Goods & Infrastructure • Total Issue: ₹708 Cr
Grey Market Premium
+₹2.61(+1.76%)
Indicative Listing: ₹150.61
Source: IPOAlerts • Updated 23/9/2026
Price Band & Minimums
Offer Price Band
₹140.00 - ₹148.00
Lot Size
101 shares
Min Investment
₹14,948
Subscription Status
1.58x
Oversubscribed
Final cumulative subscription
Estimated Listing Gain
+1.76%
Indicative listing: ₹150.61
Calculated from unofficial GMP, not an actual listing-day return.
Category-Wise Subscription Breakdown
Final cumulative subscription · Overall 1.58x
QIB
3.16x
Offered: 93,65,510
Bid: 2,96,22,290
NII
0.92x
Offered: 73,61,217
Bid: 67,70,838
Retail
1.00x
Offered: 1,71,76,172
Bid: 1,70,92,735
Employee
0.00x
Final bids
Total
1.58x
Offered: 3,39,02,899
Bid: 5,34,85,863
Valuation Multiples & Key Ratios
P/E Ratio
24.80x
Market Cap
₹1450.00 Cr
EPS
₹5.97
RoNW
19.80%
NAV / Share
₹35.24
P/B Ratio
4.20x
NSE Market Pulse ResearchSector Climate: PREMIUM
Sector Valuation Anchors & Multiples
Comparing Varmora Granito Limited asking multiples against official 10-year historical sector norms for Capital Goods & Infrastructure.
Price to Earnings (P/E)
IPO Asking P/E:24.80x
Sector Current P/E:34.60x
10-Yr Historical Mean:28.20x
-12.1% discount vs 10Y mean
Asset & Earnings Ratios
IPO Asking P/B:4.20x
Sector P/B Ratio:4.20x
Sector YoY Earnings Growth:+21.50%
Sector Dividend Yield:0.85%
Institutional Net Flows
FII Net Flow (Monthly):₹2190.00 Cr
NSE Commentary:
“Robust sovereign capital outlay and multi-year order backlogs support elevated multiples.”
Educational Context Only: Official benchmarks published by NSE Economic Policy & Research — Market Pulse. Valuations provide macro reference and do not constitute investment advice.
Sector ID: INFRASTRUCTUREGrey Market Premium (GMP) History
Real-time multi-observation premium trend line and daily price movements.
Latest GMP
+₹2.61
Peak GMP
+₹13.66
Observations
6 points
23 Sept:+₹2.61Est Gain: +1.8%
Historical Daily Observations (6)
18 Sept
+₹13.66
19 Sept
+₹13.49
20 Sept
+₹11.63
21 Sept
+₹9.00
22 Sept
+₹5.35
23 Sept
+₹2.61
IPO Timeline & Schedule
Bidding Opens
2026-09-22
Bidding Closes
2026-09-24
Allotment Date
2026-09-25
Refunds Init
2026-09-28
Demat Credit
2026-09-28
Listing Date
2026-09-29
Official IPO Registrar
Check Allotment on Registrar PortalKFin Technologies Limited
Key Business Strengths
- Broad distribution network with 305 EBOs and 2,758 MBOs across India.
- In-house manufacturing in Morbi supported by technical research capabilities.
- Diverse product portfolio covering tiles, bathware, and adhesives.
- Strong market focus on high-margin glazed vitrified tiles.
- Established global export presence across multiple international markets.
Key Risks & Challenges
- Heavy revenue reliance on manufacturing facilities situated exclusively in Morbi.
- High revenue concentration in glazed vitrified tiles exposes business to category slowdowns.
- Dependent on independent franchisees for operating retail distribution networks.
- Volatility in prices and supply of raw materials, power, and natural gas.
- Susceptible to international trade tariffs, sanctions, and foreign exchange risks.
Transparency & Informational Notice
Grey Market Premium (GMP) is unofficial, unregulated market pricing gathered from market participants and brokers. It is provided for educational and observation purposes only and does not represent guaranteed listing price or investment advice.