Varmora Granito Makes Positive Debut as Investors Assess Valuation and Growth

Nidhi Thakur

September 30, 2026

Varmora Granito shares made a positive debut on the stock exchanges on September 29, listing at a premium of nearly 5% over the IPO price. The stock opened at ₹152 on the BSE and ₹155 on the NSE against an issue price of ₹148. The listing was better than what the grey market had indicated before the debut. The Varmora Granito IPO was subscribed 1.58 times overall. The QIB portion was subscribed 3.16 times, while the retail portion was subscribed 1 time and the NII portion 0.92 times. The issue had a price band of ₹140 to ₹148 per share and included both a fresh issue and an offer for sale.

After the listing, the stock traded around its debut levels, leading investors to focus on the company's valuation and future earnings. Shivani Nyati, Head of Wealth at Swastika Investmart, noted that Varmora Granito's post-listing valuation was demanding at around 60 times P/E. Nyati said investors who already hold the stock can maintain a stop loss around ₹145, while fresh positions may be considered after better price discovery and sustained earnings performance. She identified ₹148–145 as the downside zone and ₹155–160 as the near-term upside levels to watch.

Varmora Granito manufactures ceramic and vitrified tiles, including glazed vitrified tiles and polished vitrified tiles, along with bathware products. The company operates eight manufacturing facilities in the Morbi cluster and has a distribution network of 305 exclusive brand outlets and 2,758 multi-brand outlets. The IPO proceeds are planned to be used mainly for repayment of borrowings and dues of subsidiaries, with the remaining amount going towards general corporate purposes. The company's performance after listing will therefore remain important as investors assess whether its earnings growth can support the valuation attached to the stock.