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Varmora Granito Ltd (VARMORA)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 544942 NSE: VARMORA Ceramics/Marble/Granite/Sanitaryware | Small Cap | Varmora Granito Share Price
₹133.80 -5.65 (-4.05%)
As on 01-Oct'26 16:59
Varmora Granito Ltd (VARMORA)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 544942 NSE: VARMORA Ceramics/Marble/Granite/Sanitaryware | Small Cap | Varmora Granito Share Price
₹133.80 -5.65 (-4.05%)
As on 01-Oct'26 16:59
Key Metrics
Valuation Multiples
Market Cap
₹3,024 Cr.
Current Price
₹133.8
52-Week Low / High
₹132 / 163
TTM EPS
₹2.8
TTM Sales
₹1,512 Cr.
Book Value per Share
₹48.8
P/E Ratio
48.73
Industry PE
39.9
Price to Book (P/B)
2.74
Price to Sales (P/S)
2.00
EV/EBITDA
14.74
Dividend Yield
0%
Profitability Efficiency
Return on Equity (ROE)
7.33%
Outperforms industry median
Return on Capital Employed (ROCE)
9.67%
Outperforms industry median
Return on Assets (ROA)
3.56%
Operating Profit Margin
11.3%
Net Profit Margin
3.64%
Gross Profit Margin
12%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
3.72%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
13.08%
Net Profit Growth (1 Year)
Improving versus 3-year growth rate
79.04%
Asset Quality
Promoter Holding
47.04%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹1,058 Cr.
Equity
₹45.2 Cr.
Face Value
₹2
All Time Low / High
₹136.45 / 163.45
Check Before You Invest
Quality
Somewhat GoodValuation
NACheck Valuation charts
Price Trend
Weak
Is Varmora Granito Ltd a good quality company?
Varmora Granito Ltd is a quality company, based on a multi-year financial track record.
This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.
We have analysed the performance of the company on the following:
-
How has it performed on generating Profits?
By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.
-
How efficiently has it utilized Capital?
By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.
-
How is it managing its Debt?
By checking its Debt to Equity and Cash Flow from Operations.
How does Varmora Granito Ltd performance compare with that of its Peers?
Revenue growth of Varmora Granito Ltd vs industry peers?
Varmora Granito Ltd revenue CAGR is 12.55%, compared to the industry median CAGR of 0.00%, indicating faster growth and gaining its market share.
Promoter shareholding and pledge status of Varmora Granito Ltd?
Promoters hold 47.04% of the Varmora Granito Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Stock return of Varmora Granito Ltd over the last decade?
Over the last - year(s), the stock has delivered a CAGR of N/A% based on the current price.
10 Year X-Ray :
Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year endData adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
What is a Financial Track Record? How to read this chart in order to understand the data present here?
Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Varmora Granito Ltd has performed well in some of the past ten years indicating its past ten year financial track record is somewhat good
Value Creation ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 15.2% | 14.7% | 12% | 14.4% | 18.9% | 27.4% | 20.1% | 8.5% | 7.3% | 10.2% | - |
| Value Creation Index ⓘ | 0.1 | 0.1 | -0.1 | 0.0 | 0.4 | 1.0 | 0.4 | -0.4 | -0.5 | -0.3 | - |
Growth Parameters ⓘ |
|||||||||||
| Sales ⓘ | 529 | 581 | 608 | 671 | 706 | 873 | 1,214 | 1,284 | 1,313 | 1,362 | 1,362 |
| Sales YoY Gr. | - | 9.8% | 4.6% | 10.3% | 5.3% | 23.6% | 39.1% | 5.8% | 2.2% | 3.7% | - |
| Adj EPS ⓘ | 0.4 | 0.5 | 0.5 | 0.7 | 1.5 | 2.6 | 2.6 | 1.9 | 1.3 | 2.4 | 2.6 |
| YoY Gr. | - | 26.8% | 3.9% | 25.9% | 120.6% | 74.7% | -2.7% | -23.9% | -34% | 87.5% | - |
| BVPS (₹) ⓘ | 3.8 | 5.3 | 5.9 | 6.8 | 8.3 | 11 | 31.4 | 33.6 | 35.6 | 38.5 | 48.5 |
| Adj Net Profit ⓘ | 5 | 7.8 | 8.1 | 10.2 | 22.4 | 39.2 | 51 | 38.7 | 25.8 | 48.4 | 58 |
| Cash Flow from Ops. ⓘ | 27.3 | 6.6 | 6.2 | 16.1 | 65.7 | 10.1 | -4.9 | 66.4 | 45.5 | 206 | - |
| Debt/CF from Ops. ⓘ | 1.4 | 9.4 | 10.9 | 4.4 | 0.8 | 6.2 | -32.6 | 4.8 | 8.9 | 1.4 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 11.1% | 14% | 3.9% | 3.7% | ||||
| Adj EPS ⓘ | 21.7% | 9.9% | -2% | 87.5% | ||||
| BVPSⓘ | 29.5% | 36% | 7% | 8.2% | ||||
| Share Price | - | - | - | - | ||||
Key Financial Parameters ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 11.6 | 11.4 | 8.4 | 9.5 | 17.7 | 24.3 | 12.3 | 5.8 | 3.6 | 6.3 | 5.9 |
| Op. Profit Mgn % ⓘ | 4.1 | 4.6 | 4.5 | 4.3 | 5.9 | 7.2 | 7.4 | 6.4 | 9.9 | 10.9 | NAN |
| Net Profit Mgn % ⓘ | 0.9 | 1.3 | 1.3 | 1.5 | 3.2 | 4.5 | 4.2 | 3 | 2 | 3.6 | 4.3 |
| Debt to Equity ⓘ | 0.8 | 0.7 | 0.7 | 0.6 | 0.4 | 0.3 | 0.3 | 0.5 | 0.6 | 0.4 | - |
| Working Cap Days ⓘ | 85 | 100 | 115 | 123 | 126 | 112 | 125 | 152 | 165 | 173 | 0 |
| Cash Conv. Cycle ⓘ | 13 | 21 | 31 | 38 | 26 | 17 | 46 | 72 | 93 | 96 | 0 |
Valuation of Varmora Granito - Consolidated
Analyst's Notes
No data found!
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 0.00 | 0.00 |
* Pledged shares as % of Promoter's holding (%)
Financials
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 530 | 673 | 723 | 792 | 838 | 1,056 | 1,335 | 1,435 | 1,446 | 1,512 |
| Operating Expenses ⓘ + | 508 | 619 | 649 | 719 | 746 | 943 | 1,219 | 1,322 | 1,294 | 1,341 |
| Operating Profit ⓘ | 22 | 54 | 75 | 73 | 92 | 112 | 116 | 113 | 152 | 171 |
| Operating Profit Margin (%) | 4.2% | 8.1% | 10.3% | 9.2% | 10.9% | 10.6% | 8.7% | 7.9% | 10.5% | 11.3% |
| Other Income ⓘ + | 1 | 4 | 5 | 8 | 5 | 8 | 65 | 37 | 47 | 50 |
| Interest ⓘ | 5 | 11 | 18 | 18 | 15 | 17 | 42 | 29 | 42 | 39 |
| Depreciation ⓘ | 10 | 21 | 28 | 29 | 28 | 35 | 56 | 62 | 119 | 106 |
| Profit Before Tax ⓘ | 8 | 26 | 34 | 33 | 54 | 69 | 85 | 63 | 38 | 77 |
| Tax ⓘ | 3 | 9 | 11 | 9 | 14 | 19 | 30 | 18 | 7 | 22 |
| Profit After Tax | 5 | 17 | 23 | 25 | 40 | 50 | 55 | 45 | 31 | 55 |
| PAT Margin (%) | 0.9% | 2.6% | 3.2% | 3.1% | 4.7% | 4.7% | 4.1% | 3.1% | 2.1% | 3.6% |
| Adjusted EPS (₹) | 0.4 | 1.0 | 1.3 | 1.4 | 2.3 | 3.2 | 2.6 | 2.2 | 1.8 | 3.1 |
| Dividend Payout Ratio (%) | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | 58 | 113 | 132 | 152 | 194 | 228 | 651 | 685 | 720 | 782 | |
| Debt + | 97 | 136 | 164 | 173 | 172 | 198 | 227 | 375 | 443 | 308 | |
| Minority Interest | 17 | 23 | 30 | 35 | 41 | 44 | 18 | 16 | 11 | 4 | |
| Trade Payables | 96 | 109 | 121 | 148 | 141 | 178 | 240 | 193 | 210 | 221 | |
| Others Liabilities ⓘ | 81 | 47 | 54 | 49 | 73 | 100 | 120 | 199 | 201 | 190 | |
| Total Liabilities ⓘ | 348 | 428 | 500 | 557 | 621 | 748 | 1,256 | 1,467 | 1,585 | 1,506 | |
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 111 | 106 | 161 | 152 | 178 | 253 | 382 | 752 | 706 | 617 | |
| CWIP ⓘ | 0 | 45 | 1 | 0 | 32 | 4 | 3 | 3 | 10 | 27 | |
| Investments ⓘ | 13 | 14 | 17 | 17 | 20 | 27 | 29 | 32 | 34 | 53 | |
| Inventories | 67 | 65 | 79 | 109 | 78 | 117 | 189 | 190 | 286 | 248 | |
| Trade Receivables | 133 | 170 | 220 | 252 | 244 | 268 | 361 | 333 | 382 | 383 | |
| Cash Equivalents | 8 | 8 | 5 | 5 | 26 | 36 | 237 | 98 | 115 | 115 | |
| Others Assets ⓘ | 16 | 20 | 17 | 21 | 43 | 43 | 54 | 59 | 52 | 62 | |
| Total Assets ⓘ | 348 | 428 | 500 | 557 | 621 | 748 | 1,256 | 1,467 | 1,585 | 1,506 | |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | 0 | 29 | 21 | 31 | 115 | 68 | -10 | 88 | 63 | 234 |
| Cash Flow From Investing Activity ⓘ + | 0 | -102 | -40 | -21 | -97 | -75 | -83 | -337 | -120 | -46 |
| Cash Flow From Financing Activity ⓘ + | 0 | 73 | 17 | -10 | -1 | 17 | 290 | 115 | 47 | -188 |
| Net Cash Flow ⓘ | 0 | -0 | -2 | 0 | 18 | 9 | 197 | -133 | -10 | -0 |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 10.36 | 25.4 | 23.35 | 20.8 | 27.19 | 26.72 | 13.04 | 6.91 | 4.44 | 7.33 |
| ROCE (%) | 7.63 | 17.41 | 17.71 | 15.74 | 18.74 | 20.17 | 18.41 | 9.13 | 6.86 | 9.67 |
| Asset Turnover Ratio | 1.59 | 1.75 | 1.56 | 1.5 | 1.42 | 1.54 | 1.33 | 1.05 | 0.95 | 0.98 |
| PAT to CFO Conversion(x) | 0 | 1.71 | 0.91 | 1.24 | 2.88 | 1.36 | -0.18 | 1.96 | 2.03 | 4.25 |
| Working Capital Days | ||||||||||
| Receivable Days | 88.10 | 81.30 | 98.40 | 108.80 | 108.10 | 88.50 | 86.10 | 88.30 | 90.30 | 92.30 |
| Inventory Days | 44 | 35.40 | 36.40 | 43.40 | 40.90 | 33.80 | 41.90 | 48.30 | 60.10 | 64.50 |
| Payable Days | 95.50 | 108.10 | 127.60 | 128.50 | 121.60 | 129.10 | 152.30 | 127.80 | 151.30 | 134.90 |
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Varmora Granito Ltd FAQs
The current trading price of Varmora Granito on 01-Oct-2026 16:59 is ₹133.8.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 30-Sep-2026 the market cap of Varmora Granito stood at ₹3,024 Cr
The latest P/E ratio of Varmora Granito as of 30-Sep-2026 is 51.77.
The latest P/B ratio of Varmora Granito as of 30-Sep-2026 is 2.76.
The 52-week high of Varmora Granito is ₹163.4 and the 52-week low is ₹132.1.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Varmora Granito is ₹1,362 ( Cr.) .
Past 10 year's financial track record analysis by Moneyworks4me indicates that Varmora Granito Ltd is a average quality company.
No data found
The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Varmora Granito Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.
About Varmora Granito Ltd
Varmora Granito was originally incorporated as ‘Varmora Granito Private Limited’ on November 18, 2003. The name of the company was subsequently changed to ‘Varmora Granito Limited’, upon conversion of the company from a private limited to a public limited company, pursuant to a board resolution dated April 25, 2025, and a shareholders’ resolution dated April 30, 2025.
The company offers a diverse range of products comprising tiles, including glazed vitrified tiles (GVT), polished vitrified tiles (PVT) and ceramic tiles. It has consistently leveraged technology to pioneer design and quality advancements in the industry. The company’s primary focus is on selling premium products such as GVT and technical products.
In addition to product innovation and premiumization, it has established a deep retail distribution footprint, particularly in India. The company sells its products through a multi-channel distribution network comprising business-to-consumer (B2C) retail channels, which includes multiple exclusive brand outlets (EBOs) and multi brand outlets (MBOs) spread across India and outside India and business-to-business (B2B) channels, various builders, contractors, developers and government empanelment.
Business area of the company
The company is engaged in manufacturing and trading of Ceramic Tiles.
Products and services of the company
Tiles
- GVT (Glazed Vitrified Tiles)
- Polished Vitrified Tiles (PVT)
- Ceramic Tiles
- Integrated stone technology (IST)
Bathware
- Faucets
- Sanitary ware
Adhesives
Awards, accreditations and recognition
- 2025: Won the ‘Best Realty Brand’ award in the building material category at the Best Realty Brands Awards, 2025.
History and milestones
- 2004: Introduced 605 x 605 mm size of vitrified tiles.
- 2006: One of the first in the industry to introduce homogenous-body slabs (full-body slabs) (i) 1170 x 1770 mm and (ii) 1185 x 1785 mm.
- 2010: First to launch digitally printed wall tiles.
- 2012: Commenced production of double charge tiles in 800 x 800 mm
- 2012: One of the first in the industry to introduce double charge tiles.
- 2014: Launched its sanitaryware business.
- 2017: One of the first in the industry to introduce high gloss & rocker.
- 2020: One of the first in the industry to introduce kitchen slabs (80 x 260 mm).
- 2024: Set-up two greenfield plants to boost in-house manufacturing capabilities in Morbi.
- 2024: First to commercialize integrated stone technology in India.
- 2026: Acquisition of Allemby Ceramics Private Limited.
- 2026: Divestment of partnership interest in Simola Tiles LLP.
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