Varmora Granito Limited
NSE: VARMORA · Ceramics
Snapshot
Unlock Varmora Granito Limited's vital signs
Growth · Profitability · Valuation · Strength · Conviction
Company Overview
Business
Varmora Granito Limited is an India-based manufacturer and distributor offering a diverse portfolio of glazed vitrified tiles, polished vitrified tiles, and ceramic tiles. The company operates eight manufacturing facilities in Gujarat's Morbi cluster and a joint venture facility in Assam, distributing its products through a vast domestic and international multi-channel network.
Vertical mix
- NaN%
Business Model
The company generates revenue by manufacturing and distributing over 3,500 stock-keeping units across 20 surface types. It utilizes a multi-channel distribution network comprising exclusive brand outlets, multi-brand outlets, B2B channels, and exports to over 100 countries.
- Manufacturing Facilities (Morbi):8
- In-house Manufactured Revenue Share:81.72%
- Exclusive Brand Outlets:305
- Multi-Brand Outlets:2,758
Management Commentary
Management focuses on expanding its premium product offerings and strengthening its regional presence across India. The recent commissioning of a joint venture facility in Assam highlights strategic efforts to capture growing demand in the Eastern and Northeastern markets.
Growth Outlook
Growth is expected to be driven by the newly operational manufacturing facility in Tezpur, Assam, which enhances logistics and service capabilities in Eastern and Northeastern India. Further expansion of the domestic retail footprint and international export markets will continue to support revenue growth.
- Cities Covered:988
- Export Reach:Over 100 countries
Key Risks
- Cyclicality in Real Estate. Demand for ceramic and vitrified tiles is closely tied to the cyclical construction and real estate sectors.
- Input Cost Volatility. Fluctuations in raw material prices and energy costs, particularly natural gas, can impact manufacturing margins.
- Intense Competition. The Indian ceramic tile industry features intense competition from both organized players and unorganized Morbi-based manufacturers.
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Peers · Ceramics
| Company | Mkt Cap | P/E | EV/EBITDA | Rev Gr YoY | EBITDA Mgn | ROE | ROCE | 1Y Return |
|---|---|---|---|---|---|---|---|---|
Varmora Granito LimitedVARMORA | ₹3,453 Cr | — | — | — | 11.0% | — | — | — |
Kajaria Ceramics Ltd.KAJARIACER | ₹19,374 Cr | 35.74 | 19.54 | 8.3% | 19.7% | 18.9% | 24.4% | +2.8% |
Somany CeramicsSOMANYCERA | ₹2,446 Cr | 23.69 | 8.37 | 9.3% | 10.5% | 12.5% | 16.4% | +34.1% |
NitcoNITCO | ₹2,222 Cr | -67.34 | -113.65 | 28.8% | -4.3% | -9.5% | -3.2% | -26.1% |
Asian Granito India LimitedASIANTILES | ₹1,516 Cr | 63.09 | 18.80 | 18.5% | 5.3% | 0.7% | 2.7% | -17.1% |
Orient BellORIENTBELL | ₹576 Cr | 27.72 | 10.92 | 13.2% | 7.2% | 6.5% | 8.1% | +36.8% |
As of Mar 2026
Financials
Varmora Granito Limited
NSE: VARMORA · Ceramics
Snapshot
Unlock Varmora Granito Limited's vital signs
Growth · Profitability · Valuation · Strength · Conviction
Company Overview
Business
Varmora Granito Limited is an India-based manufacturer and distributor offering a diverse portfolio of glazed vitrified tiles, polished vitrified tiles, and ceramic tiles. The company operates eight manufacturing facilities in Gujarat's Morbi cluster and a joint venture facility in Assam, distributing its products through a vast domestic and international multi-channel network.
Vertical mix
- NaN%
Business Model
The company generates revenue by manufacturing and distributing over 3,500 stock-keeping units across 20 surface types. It utilizes a multi-channel distribution network comprising exclusive brand outlets, multi-brand outlets, B2B channels, and exports to over 100 countries.
- Manufacturing Facilities (Morbi):8
- In-house Manufactured Revenue Share:81.72%
- Exclusive Brand Outlets:305
- Multi-Brand Outlets:2,758
Management Commentary
Management focuses on expanding its premium product offerings and strengthening its regional presence across India. The recent commissioning of a joint venture facility in Assam highlights strategic efforts to capture growing demand in the Eastern and Northeastern markets.
Growth Outlook
Growth is expected to be driven by the newly operational manufacturing facility in Tezpur, Assam, which enhances logistics and service capabilities in Eastern and Northeastern India. Further expansion of the domestic retail footprint and international export markets will continue to support revenue growth.
- Cities Covered:988
- Export Reach:Over 100 countries
Key Risks
- Cyclicality in Real Estate. Demand for ceramic and vitrified tiles is closely tied to the cyclical construction and real estate sectors.
- Input Cost Volatility. Fluctuations in raw material prices and energy costs, particularly natural gas, can impact manufacturing margins.
- Intense Competition. The Indian ceramic tile industry features intense competition from both organized players and unorganized Morbi-based manufacturers.
Start your research today
Unlock AI insights, financials, peers and live data on Varmora Granito Limited and 5,000+ companies — free.
Peers · Ceramics
As of Mar 2026