---
title: "Varmora Granito Ltd (VARMORA) — Share Price, Financials & Analysis"
symbol: "VARMORA"
company: "Varmora Granito Ltd"
canonical: "https://tapetide.com/stocks/VARMORA"
nse_symbol: "VARMORA"
bse_code: "544942"
sector: "Consumer Discretionary"
industry: "Consumer Durables"
generated_at: "2026-10-13T10:58:24.231Z"
---

# Varmora Granito Ltd (VARMORA)

Canonical page: https://tapetide.com/stocks/VARMORA

## Company

- **NSE Symbol:** VARMORA
- **BSE Code:** 544942
- **Sector:** Consumer Discretionary
- **Industry:** Consumer Durables
- **Macro Sector:** Consumer Discretionary
- **Face Value:** ₹2
- **F&O Eligible:** No

## About

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]

## Latest Price

- **Price:** ₹131.97
- **Change:** -1.08 (-0.81%)
- **Open:** ₹133.39
- **Day High:** ₹133.89
- **Day Low:** ₹130
- **Previous Close:** ₹133.05
- **Volume:** 464959
- **As Of:** 2026-10-13T10:28:18+00:00

## Key Insights

### Strengths

- Company has reduced debt.

### Weaknesses

- Company has a low return on equity of 6.64% over last 3 years.

## Growth Rates

| Metric | 1Y | 3Y | 5Y |
| --- | --- | --- | --- |
| net income growth | 69% | 7% | 12% |
| revenue growth | 5% | 4% | 13% |

## Financial Statements

### Profit & Loss

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- |
| Sales | 838 | 1056 | 1335 | 1435 | 1446 | 1512 |
| Expenses | 746 | 942 | 1219 | 1322 | 1293 | 1341 |
| Operating Profit | 92 | 114 | 116 | 113 | 153 | 171 |
| OPM % | 11 | 11 | 9 | 8 | 11 | 11 |
| Other Income | 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 |
| Net Profit | 40 | 51 | 55 | 45 | 31 | 55 |
| EPS in Rs | 34.65 | 47.55 | 38.25 | 5.53 | 1.75 | 3.08 |
| Dividend Payout % | 0 | 0 | 0 | 0 | 0 | 0 |

### Balance Sheet

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- |
| Equity Capital | 10 | 10 | 13 | 40 | 40 | 40 |
| Reserves | 153 | 201 | 638 | 648 | 692 | 766 |
| Borrowings | 227 | 246 | 275 | 428 | 521 | 377 |
| Other Liabilities | 230 | 291 | 329 | 352 | 332 | 323 |
| Total Liabilities | 621 | 748 | 1256 | 1467 | 1585 | 1506 |
| Fixed Assets | 178 | 252 | 382 | 752 | 706 | 617 |
| CWIP | 32 | 5 | 3 | 3 | 10 | 27 |
| Investments | 20 | 27 | 29 | 32 | 34 | 53 |
| Other Assets | 390 | 464 | 842 | 680 | 836 | 808 |
| Total Assets | 621 | 748 | 1256 | 1467 | 1585 | 1506 |

### Cash Flow

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- |
| Cash from Operating Activity | 115 | 68 | -10 | 88 | 63 | 234 |
| Cash from Investing Activity | -97 | -75 | -83 | -337 | -120 | -46 |
| Cash from Financing Activity | -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/OP | 137 | 74 | 13 | 96 | 50 | 146 |

### Ratios

| Item | 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 |

## Shareholding Pattern

### annual

| Category | Sep 2026 |
| --- | --- |
| Promoters | 47.04% |
| FIIs | 4.68% |
| DIIs | 5.76% |
| Public | 42.52% |
| No. of Shareholders | 138169 |

### Quarterly

| Category | Sep 2026 |
| --- | --- |
| Promoters | 47.04% |
| FIIs | 4.68% |
| DIIs | 5.76% |
| Public | 42.52% |
| No. of Shareholders | 138169 |

## Technical Indicators

Derived from daily closing prices and recomputed each trading session; values move with the market.

- **Overall Signal:** Neutral
- **Buy / Neutral / Sell:** 0 / 19 / 0

### Moving Averages — summary: **Neutral**

| Indicator | Value | Signal |
| --- | --- | --- |
| SMA (10) | — | Neutral |
| EMA (10) | — | Neutral |
| SMA (20) | — | Neutral |
| EMA (20) | — | Neutral |
| SMA (50) | — | Neutral |
| EMA (50) | — | Neutral |
| SMA (100) | — | Neutral |
| EMA (100) | — | Neutral |
| SMA (200) | — | Neutral |
| EMA (200) | — | Neutral |

### Oscillators — summary: **Neutral**

| Indicator | Value | Signal |
| --- | --- | --- |
| RSI (14) | — | Neutral |
| MACD (12,26,9) | — | Neutral |
| Stochastic (14,3,3) | — | Neutral |
| ADX (14) | — | Neutral |
| Williams %R (14) | — | Neutral |
| ATR (14) | — | Neutral |
| ROC (12) | — | Neutral |
| Stoch RSI (14) | — | Neutral |
| UO (7,14,28) | — | Neutral |

## Filings & Documents

### Other Documents

| Date | Document |
| --- | --- |
| 2026-10-06 | [Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=4a25495e-8a31-449c-a5d7-0c0287827b34.pdf) |
| 2026-10-01 | [Closure of Trading Window](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=f356c26c-4a32-4869-9f22-0a010408f1a0.pdf) |
| 2026-09-29 | [Closure of Trading Window](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=db99dc44-cdf0-4a1f-8d7e-325903cbf261.pdf) |
| 2026-09-29 | [Intimation Under Regulation 8(2) Of The SEBI (Prohibition Of Insider Trading) Regulations, 2015](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=5f1bd6c2-3429-4c57-b6a3-4a0bfbc207b3.pdf) |
| 2026-09-29 | [Disclosure Under Regulation 30(5) Of SEBI (LODR) Regulations, 2015](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=0038a7e5-3f81-4bb9-8070-5a9ff907a793.pdf) |

### Credit Rating Reports

| Date | Document |
| --- | --- |
| 2026-04-21 | Credit rating update — CRISIL |
| 2025-10-24 | Credit rating update — CRISIL |

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Provenance differs by section. Financial statements, shareholding and filings are as reported in company disclosures to NSE/BSE/SEBI. Price, volume and 52-week levels are exchange market data. Technical indicators are computed by Tapetide from daily closing prices. The Tapetide Score is Tapetide's own analysis. Analyst ratings are third-party estimates, not company statements. All figures are for research and information only and are not investment advice. Generated 2026-10-13T10:58:24.231Z.