Varmora Granito Ltd
Varmora Granito Limited, incorporated in
2003, manufactures and markets ceramic
and vitrified tiles, including Glazed Vitrified
Tiles (GVT), Polished Vitrified Tiles (PVT),
and ceramic tiles.[1]
- Market Cap ₹ 2,874 Cr.
- Current Price ₹ 127
- High / Low ₹ 164 / 125
- Stock P/E 31.8
- Book Value ₹ 51.9
- Dividend Yield 0.00 %
- ROCE 9.46 %
- ROE 8.05 %
- Face Value ₹ 2.00
Pros
- Company has reduced debt.
Cons
- Though the company is reporting repeated profits, it is not paying out dividend
- Company has a low return on equity of 6.64% over last 3 years.
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Consumer Discretionary Consumer Durables Consumer Durables Ceramics
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| 838 | 1,056 | 1,335 | 1,435 | 1,446 | 1,512 | |
| 746 | 942 | 1,219 | 1,322 | 1,293 | 1,341 | |
| Operating Profit | 92 | 114 | 116 | 113 | 153 | 171 |
| OPM % | 11% | 11% | 9% | 8% | 11% | 11% |
| 5 | 7 | 67 | 40 | 46 | 51 | |
| Interest | 15 | 17 | 42 | 29 | 42 | 39 |
| Depreciation | 28 | 35 | 56 | 62 | 119 | 106 |
| Profit before tax | 54 | 69 | 85 | 63 | 38 | 77 |
| Tax % | 26% | 27% | 35% | 29% | 18% | 28% |
| 40 | 51 | 55 | 45 | 31 | 55 | |
| EPS in Rs | 2.31 | 3.17 | 2.55 | 2.21 | 1.75 | 3.08 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 13% |
| 3 Years: | 4% |
| TTM: | 5% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 12% |
| 3 Years: | 7% |
| TTM: | 69% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | % |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 9% |
| 3 Years: | 7% |
| Last Year: | 8% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 10 | 10 | 13 | 40 | 40 | 40 | 45 |
| Reserves | 153 | 201 | 638 | 648 | 692 | 766 | 1,128 |
| 227 | 246 | 275 | 428 | 521 | 377 | 327 | |
| 230 | 291 | 329 | 352 | 332 | 323 | 281 | |
| Total Liabilities | 621 | 748 | 1,256 | 1,467 | 1,585 | 1,506 | 1,781 |
| 178 | 252 | 382 | 752 | 706 | 617 | 498 | |
| CWIP | 32 | 5 | 3 | 3 | 10 | 27 | 35 |
| Investments | 20 | 27 | 29 | 32 | 34 | 53 | 60 |
| 390 | 464 | 842 | 680 | 836 | 808 | 1,188 | |
| Total Assets | 621 | 748 | 1,256 | 1,467 | 1,585 | 1,506 | 1,781 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| 115 | 68 | -10 | 88 | 63 | 234 | |
| -97 | -75 | -83 | -337 | -120 | -46 | |
| -1 | 17 | 290 | 115 | 47 | -188 | |
| Net Cash Flow | 18 | 9 | 197 | -133 | -10 | -0 |
| Free Cash Flow | 20 | -4 | -23 | -258 | -40 | 202 |
| CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | 137% | 74% | 13% | 96% | 50% | 146% |
Ratios
Consolidated / View Standalone
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Debtor Days | 106 | 93 | 99 | 85 | 96 | 92 |
| Inventory Days | 66 | 94 | 138 | 112 | 215 | 156 |
| Days Payable | 119 | 144 | 175 | 114 | 158 | 138 |
| Cash Conversion Cycle | 53 | 43 | 62 | 83 | 154 | 110 |
| Working Capital Days | 32 | 22 | 38 | 36 | 40 | 50 |
| ROCE % | 19% | 17% | 9% | 7% | 9% |
Documents
Announcements
-
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
- Audio recording of analyst meet on Q2 FY2026 results available on October 23, 2026.
-
Announcement under Regulation 30 (LODR)-Investor Presentation
- Investor Presentation to be made at Analyst meet to be held on October 23, 2026.
-
Announcement under Regulation 30 (LODR)-Press Release / Media Release
- H1 FY27 PAT rose 498% to ₹537 mn; Tezpur Assam plant began production and sales.
- Outcome Of Board Meeting Dated October 19, 2026 Pursuant To Reg 30 And Other Applicable Provisions Of SEBI (LODR) Regulations, 2015 For Quarter Ended June 30, 2026
- Outcome Of Board Meeting Dated October 19, 2026 Pursuant To Reg 30 And Other Applicable Provisions Of SEBI (LODR) Regulations, 2015 For Quarter And Half Year Ended September 30, 2026
Business Overview[1][2]
Varmora Granito Limited is a tile and surface-solutions company with over 23 years of operating history. Its product portfolio includes glazed vitrified tiles (GVT), technical products, polished vitrified tiles (PVT), ceramic tiles, bathware, and adhesives. The company has increasingly focused on premium and technology-led tile products, particularly GVT and technical products.