Varmora Granito H1 profit jumps 498% to Rs 53.7 cr; shares rise nearly 6%

Ahmedabad: Varmora Granito Ltd reported a 498 per cent year-on-year jump in first-half profit after tax to Rs 53.7 crore, driven by a sharp recovery in the September quarter and growth in premium tiles, as shares of the recently listed company rose nearly 6 per cent.

Revenue from operations for the six months ended September 30, 2026, increased 3.3 per cent to Rs 714.2 crore, the company said in its first financial results since listing on the BSE and the NSE on September 29.

September-quarter revenue rose 9 per cent year-on-year and 27 per cent sequentially to Rs 399 crore, while profit after tax surged 206 per cent to Rs 44 crore from Rs 14.4 crore a year earlier. Profit in the June quarter stood at Rs 9.7 crore.


The June quarter was hit by disruptions to tile manufacturing in Morbi following a sharp rise in natural gas prices amid the West Asia conflict. Several plants remained shut from early March until mid-April, affecting production and sales. Revenue in the quarter fell 2.9 per cent year-on-year to Rs 315.3 crore.

"This is a milestone moment for Varmora as we report our first results as a listed company. Despite a challenging first quarter, we recorded a 498 per cent increase in profit for the first half of the financial year," Chairman and Managing Director Bhavesh Varmora said.

"The September quarter saw a strong recovery, with revenue growing 27 per cent over the previous quarter. Price increases during the period have recovered the higher gas costs, while our focus remains on cash generation, product innovation and expanding our retail network," he said.

Premium glazed vitrified tiles (GVT) and technical products, including Integrated Stone Technology, accounted for 87 per cent of first-half revenue, up from 83 per cent a year earlier. Revenue from the category grew 9 per cent year-on-year.

The company launched 508 new designs during the period and added four exclusive brand outlets, taking its network to 309, alongside more than 2,000 multi-brand outlets.

Domestic revenue rose 9 per cent to Rs 589.7 crore, accounting for 83 per cent of first-half sales. Export revenue fell 18 per cent to Rs 124.5 crore, affected by production disruptions in Morbi and higher freight costs to Gulf markets.

Earnings before interest, tax, depreciation and amortisation stood at Rs 101.3 crore, with a margin of 14 per cent, compared with 12 per cent a year earlier.

Varmora completed its Rs 708-crore initial public offering during the period, including a fresh issue of Rs 320 crore, the proceeds of which were used to repay debt. It also commenced production at a new manufacturing facility in Tezpur, Assam, and plans to upgrade its Solaris unit to manufacture GVT.

The company divested its stake in Simola Tiles LLP as part of its focus on its core product portfolio. PTI