Varmora Granito Ltd IPO

Established player operating in the tile industry in India in a large attractive market.

Comprehensive premium product portfolio.

Customer centric innovation led approach resulting in multiple new product launches.

Well diversified pan-India distribution network focused on EBOs that strengthen our brand recall.

Strategically located and technologically advanced in-house manufacturing to maintain control over quality and supply chain.

Entrepreneurial founder led management team, independent Board with strong focus on sustainability.

We are dependent on our manufacturing facilities for a significant portion of our revenues (81.72% of our total revenue from operations in Fiscal 2026). Further, certain of our products are produced at dedicated manufacturing facilities. Any delay in production at, or shutdown of, or any interruption in these manufacturing facilities may significantly and adversely affect our business, financial condition, cash flows and results of operations.

We derive a substantial portion of our revenue from the sale of glazed vitrified tiles (GVT) and technical products (73.98% of our total revenue from operations in Fiscal 2026), and any slowdown in the demand for GVT and technical products could have a material adverse effect on our business, financial condition, cash flows and results of operations.

All the companys revenue is attributable to manufacturing facilities (owned and operated by the Company or Subsidiaries, or third-party contract manufacturers) situated in Morbi, Gujarat, India. Any disruption in the Morbi region, may significantly and adversely affect its business, financial condition, cash flows and results of operations.

The company has an extensive retail distribution network and derives a significant portion of its revenue from operations from the company B2C retail chain (comprising exclusive brand outlets (EBOs) and multi brand outlets (MBOs)) (accounting for 66.80% of its total domestic sales in Fiscal 2026). The company operates all its EBOs and MBOs through franchisees and any non-performance by the company franchisees may adversely affect its business, results of operations and financial condition.

The companys Subsidiaries, Associates and Joint Ventures (some of which are also Group Companies) have common pursuits vis-à-vis the Company and are in a similar line of business as the company, which may lead to a conflict of interest in the future that in turn may adversely impact the companys business, financial condition, cash flows and results of operations.

The company may undertake strategic acquisitions or investments, which may prove to be difficult to integrate and manage or may not be successful.

The company operations are subject to volatility in the supply and pricing of raw materials and packing materials. The company is also dependent on its top suppliers for the supply for certain raw materials (top 10 suppliers contributed to 8.10% of the companys total expenses in Fiscal 2026). Any loss of suppliers or interruptions in the timely delivery of supplies or price escalations could have an adverse impact on its business, financial condition, cash flows and results of operations.

The company derives a portion of its revenue from operations from outside India (revenue from contracts with customers from outside India was 21.11% of the company Sale of Products in Fiscal 2026) which exposes it to risks inherent to operations in these foreign jurisdictions. The companys global operations expose it to risks such as compliance with local laws, and any failures to comply with applicable laws or regulations could lead to civil, administrative or regulatory proceedings which could adversely affect the companys business, results of operations and financial condition.

The company operates in highly competitive markets in each of its product categories and an inability to compete effectively may adversely affect the companys business, financial condition, cash flows and results of operations.

The Offer Price of the companys Equity Shares, market capitalization to revenue from operations ratio, market capitalization to tangible assets ratio and EV to EBITDA before exceptional items (EBITDA) ratio may not be indicative of the trading price of the Equity Shares upon listing on the Stock Exchanges subsequent to the Offer and, as a result, you may lose a significant part or all of your investment.