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Varmora Granito Limited, incorporated 2003, manufactures and markets ceramic and vitrified tiles (Glazed Vitrified Tiles, Polished Vitrified Tiles, ceramic tiles), with GVT and technical tiles ~84% of FY26 tile revenue. Operates 8 manufacturing facilities in Gujarat's Morbi cluster via technology partnership with Italy's SACMI. Distribution: 305 exclusive brand outlets + 2,758 multi-brand outlets. Revenue Rs 1,562.53 Cr (2026) vs Rs 1,492.68 Cr (2025); PAT Rs 55.09 Cr vs Rs 30.77 Cr. Issue: fresh Rs 320 Cr + OFS Rs 388.02 Cr. Raised Rs 212.41 Cr from anchor investors Sep 21.