Varmora Granito IPO is a Mainboard issue open from 22–24 September. The company is raising ₹708 Cr at a price band of ₹140 to ₹148 per share. One lot is 101 shares.
Varmora Granito IPO Review & Analysis
Our reading of the numbers below — growth rates, margins, pricing and demand are calculated from the company's own filed figures, not copied from anywhere.
Minimum retail investment
₹14,948
101 shares at the upper band of ₹148
Retail limit
13 lots
the most that fits under the ₹2 lakh retail cap
Funds blocked after close
~5 days
from the closing date to listing
Fresh issue share
45.2%
₹320 Cr of the ₹708 Cr issue
Revenue growth
+4.7%
31 Mar 2025 → 31 Mar 2026
Profit growth
+79%
PAT ₹30.77 Cr → ₹55.09 Cr
Net profit margin
3.5%
was 2.1% in 31 Mar 2025
GMP-implied listing gain
+10.1%
₹15 premium on a ₹148 issue price
Promoter holding
52% → 46.55%
diluted by 5.5 percentage points
Varmora Granito is a mainboard issue raising ₹708 Cr, offered in a band of ₹140–₹148 per share. At the upper end that is 74 times the ₹2 face value, so ₹146 of every share subscribed is share premium rather than capital.
A retail application for Varmora Granito needs one lot of 101 shares, which works out to ₹14,948 at the upper band of ₹148. That is close to the ₹15,000 ceiling SEBI expects for a single retail lot, so an investor applying at cut-off is committing nearly the full retail limit per application. Retail applications are capped at ₹2,00,000, which here is 13 lots; bidding above that moves the application into the non-institutional category, and the large-HNI bucket begins at ₹10,00,000, or about 67 lots.
For Varmora Granito, bidding runs 22-24 Sept, allotment is finalised on 25 Sep 2026, the shares list on 29 Sep 2026. Applications that do not receive an allotment have their UPI mandate released around 1 day after the issue closes. Counting from the close of bidding, money stays blocked for roughly 5 days before listing decides what the holding is worth.
The issue is reserved 50% to qualified institutional buyers, 15% to non-institutional investors, 35% to retail. A 35% retail share is the wider end of the range, which improves the odds for small applications when the book is only modestly oversubscribed. An oversubscribed retail portion is not allotted in proportion to the amount applied for: applications are reduced to single lots and drawn by lot, so several small applications from different PANs are more effective than one large one.
The issue splits into ₹320 Cr of fresh capital (45.2%) and ₹388 Cr as an offer for sale. The company keeps the fresh portion for the objects of the issue, while the rest is existing shareholders monetising their stake.
Revenue moved from ₹1492.68 Cr in 31 Mar 2025 to ₹1562.53 Cr in 31 Mar 2026 (+4.7%), while profit after tax went from ₹30.77 Cr to ₹55.09 Cr (+79%). Profit grew faster than revenue, which points to operating leverage or a better cost mix rather than growth bought purely through volume.
Kfin Technologies Ltd. is the registrar for this issue, which means the allotment status for Varmora Granito is published on their portal from 25 Sep 2026. A PAN, application number or demat client ID is enough to look it up; the credited shares also appear in the demat account itself a day or so before listing.
A grey market premium of ₹15 on the upper band of ₹148 implies a listing gain of roughly 10.1%. The grey market is unofficial and unregulated, the premium can change daily, and it has no bearing on allotment — treat it as a sentiment reading, not a forecast.
What looks good
- Profit is growing faster than revenue, suggesting improving operating efficiency.
What to watch
- Net margin is thin at 3.5%, leaving little cushion if costs rise.
- Return on equity of 6.8% is modest.
- Promoter holding falls to 46.55% after the issue, below majority control.
The figures above are worked out from the issue's own filed numbers and are for information only. They are not investment advice — read the RHP before you apply.
What is Varmora Granito IPO?
Varmora Granito IPO is a Mainboard issue open from 22–24 September. The company is raising ₹708 Cr at a price band of ₹140 to ₹148 per share. One lot is 101 shares.
When does Varmora Granito IPO open and close?
The issue is open 22–24 September. Bids must be placed, and any UPI mandate approved, before the cut-off on the closing day.
What is the Varmora Granito IPO price band?
The price band is ₹140 to ₹148 per equity share, against a face value of ₹2. Retail investors may bid at cut-off, meaning they accept the final discovered price within this band.
What is the Varmora Granito IPO lot size?
The minimum application is 101 shares, and bids must be in multiples of that lot.
What is the Varmora Granito IPO issue size?
The total issue size is ₹708 Cr.
How is Varmora Granito IPO reserved between investor categories?
The issue is reserved as retail 35%, QIB 50%, HNI 15%. If the retail portion is oversubscribed, allotment there is decided by a lottery on lot-sized applications rather than in proportion to the amount applied for.
When is the Varmora Granito IPO allotment date?
Basis of allotment is expected to be finalised on 25 Sep 2026. You can check your status on the registrar's website (Kfin Technologies Ltd.) using your PAN.
When does Varmora Granito IPO list?
Listing is expected on 29 Sep 2026, following the T+3 timeline that applies to Indian IPOs.
