The IPO comprises a fresh issue of ₹320 crore and an offer for sale of ₹388 crore. Of the fresh issue, ₹245 crore is set aside for debt repayment. With a stronger balance sheet expected after the listing, Chairman and Managing Director Bhavesh Varmora said the company is working on a faucet manufacturing acquisition, sized at around ₹100 crore in turnover capacity.
“We have identified the targets. We are working on it. It will take another two quarters to come,” he said. The company already manufactures sanitaryware in-house but currently outsources faucets for its bathware business.
Alongside the acquisition, the company is planning a joint venture in south India, following a similar tie-up it recently formed in the northeast.
Varmora pointed to glazed vitrified tiles, or GVT, as the segment to watch. GVT’s share of company revenue rose from 57% three years ago to 84% last year, and volumes in the segment grew at 12% a year over the same period. GVT tiles come in larger formats than older wall-tile products, in sizes up to 10 feet by 5 feet. The company also produces integrated stone technology, or IST, tiles, designed to replicate natural marble, and says it was the first in Asia, and second globally, to bring in the technology.
Revenue figures cited during the discussion differed. Anchor Sonal Bhutra put the company’s three-year revenue CAGR at around 2.6% to 3%, while Koshti said overall revenue growth stood at around 4.7%. Koshti said the 12% figure applied specifically to GVT volume growth between the financial year 2022-23 (FY23) and 2024-25 (FY25), not total company revenue, since the company has largely stopped trading older-generation PVT and ceramic tiles.
On volumes, 2025-26 (FY26) tile sales stood at 38.34 million square meters, compared with 36.12 million square meters in 2023-24 (FY24). Koshti attributed the flattish overall number to the shift away from PVT and ceramics. Total manufacturing capacity stands at 50.6 million square meters, putting utilisation at around 72%, and the company makes 82% of its GVT requirement in-house.
On the balance sheet, trade receivables stood at ₹383 crore, close to a fifth of sales, with a working capital cycle of 96 days. Koshti linked part of this to the export business, which makes up about 20% of revenue and mainly serves customers in West Asia, a region he said has seen geopolitical disruption.
He said the company onboarded 115 long-standing dealers onto a channel financing program last year to bring down the receivables and working capital cycle. Inventory had also built up following about ₹450 crore of capital expenditure on two new manufacturing plants over the past two years, which Koshti said has since come down.
For the full interview, watch the accompanying video
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