Varmora Granito raises 708 cr, targets 2,500 cr revenue
Varmora Granito, a major name in ceramic tiles, is setting its sights on ₹2,500 crore in revenue by fiscal 2029 after raising ₹708 crore through its IPO.
Chairman and Managing Director Bhavesh Varmora says the plan is to focus on premium products and clear out debt, using part of the IPO funds to completely repay its ₹240 crore net debt and save about ₹40 crore a year in interest.
Varmora pivots to glazed vitrified tiles
With a capital spend of ₹450 crore over two years, Varmora expects to add another ₹800 crore to ₹900 crore in revenue.
They are also aiming for higher EBITDA margins (18.5% to 19.2%) and around ₹250 crore profit after tax by fiscal 2029.
The big shift? Nearly all sales this year will come from high-value glazed vitrified tiles, with GVT's contribution expected to reach 95% this year, up from 84% last year and 57% in FY23, plus they are getting into lab-grown marble to tap into India's massive marble market.