Press Release

19th October 2026 To To The General Manager The General Manager Department of Corporate Services, Listing Department, BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, C-1, Block G, Dalal Street, Fort, Bandra Kurla Complex, Bandra (East), Mumbai – 400 001 Mumbai – 400 051 Scrip Code: 544942 Symbol: VARMORA Sub: Press Release on Unaudited Financial Results of Varmora Granito Limited for the First Quarter ended June 30, 2026 and the Second Quarter and Half Year ended September 30, 2026 of Financial Year 2026-27 Dear Sir/Ma’am, Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and in continuation of the Outcome of the Board Meeting held on 19th October 2026 regarding the Unaudited Financial Results of Varmora Granito Limited for the First Quarter ended June 30, 2026 and the Second Quarter and Half Year ended September 30, 2026 of Financial Year 2026-27, we submit herewith the Press Release on the same. The above information is also available on the Company’s website at www.varmora.com This is for your information and record. Thanking You, For and on behalf of Varmora Granito Limited Bhavesh Vallabhdas Varmora Managing Director DIN: 02718600 Encl: As above Q1, Q2 & H1 FY27 Earnings Release Varmora’s H1 FY27 PAT Rises 498% YoY to ₹537 Mn; Revenue from operations up 3.3% YoY with Strong Q2 Recovery post Q1 Gas Disruption Ahmedabad, 19th October 2026: Varmora Granito Limited (“Varmora” or “the Company”), a product-led premium tiles and home-surfaces brand, today announced its unaudited financial results for the first quarter ended June 30, 2026 and the second quarter and half year ended September 30, 2026 of financial year 2026-27. These are the Company’s first results since its equity shares were listed on BSE and NSE on September 29, 2026. Commenting on the overall performance of the Company, Mr. Bhavesh Varmora, Chairman and Managing Director, Varmora Granito Limited, said, “This is a milestone moment for Varmora. In our first results as a listed company, we are pleased to report a 498% YoY increase in Profit After Tax to ₹537 mn for H1 FY27, despite a challenging first quarter. We thank our new public shareholders and anchor investors for the confidence they have placed in us, and our dealers, architects, builders, contractors and employees who have built the Varmora brand over the past two decades. The proceeds of the fresh issue have been used to repay debt, which strengthens our balance sheet and lowers our interest cost going forward. H1 FY27 was a half of two very different quarters. Q1 was affected by an industry-wide disruption, as the sharp rise in gas prices following the West Asia conflict led to the shutdown of Morbi plants until mid-April. In Q2, despite the usual monsoon softness, we recovered strongly, with revenue from operations growing 27% quarter- on-quarter. Price increases taken during the period have held, recovering 100% of the higher gas cost. Our premium GVT and Technical Products, including Integrated Stone Technology, now contribute 87% of revenue. Our priorities are cash generation, deepening our retail network in emerging markets, continued product innovation and growing our bathware and adhesives business. We believe the shift towards organised, branded players and towards premium surfaces positions Varmora well for the long term.” Key Financial Summary ₹ Mn, unless stated otherwise Q2 Q2 Q1 Q1 H1 H1 Particulars YoY % YoY % QoQ % YoY % FY27 FY26 FY27 FY26 FY27 FY26 Total Income 4,026 3,892 3% 3,198 3,320 (4%) 26% 7,224 7,212 0% Revenue from 3,990 3,668 9% 3,153 3,247 (3%) 27% 7,142 6,915 3% Operations EBITDA 683 572 19% 330 291 14% 107% 1,013 863 17% EBITDA Margin (%) 17.0% 14.7% 226 bps 10.3% 8.8% 157 bps 664 bps 14.0% 12.0% 206 bps Profit after Tax (PAT) 440 144 206% 97 (54) 280% 353% 537 90 498% PAT Margin (%) 10.9% 3.7% 722 bps 3.0% (1.6%) 466 bps 788 bps 7.4% 1.2% 618 bps EPS (₹) 4.44 0.71 0.63 (0.21) 2.87 0.61 Note: EPS for quarter/periods is not annualised Financial Highlights for Q1 FY27 (June quarter), Q2 FY27 (September quarter) and H1 FY27  Revenue from Operations for H1 FY27 stood at ₹7,142 mn, a YoY growth of 3.3%. Q2 FY27 revenue stood at ₹3,990 mn, a YoY growth of 9% and a sequential (QoQ) growth of 27%. Q1 FY27 revenue stood at ₹3,153 mn, a YoY decline of (2.9%).  Gross margin for H1 FY27 stood at 37.2%, compared with 37.7% in H1 FY26 (FY26 full year: 37.9%), reflecting the pass-through of higher power and fuel costs through price increases.  EBITDA for H1 FY27 stood at ₹1,013 mn, with an EBITDA margin of 14.0% (H1 FY26: 12.0%; FY26 full year: ~14.2%).  Profit After Tax (PAT) for H1 FY27 stood at ₹537 mn, up 498% YoY. Q2 FY27 PAT stood at ₹440 mn and Q1 FY27 PAT stood at ₹97 mn.  Net working capital stood at 114 days as on September 30, 2026, compared with 96 days in FY26 and 112 days in FY25. Operational Highlights  Q1 FY27 was impacted by an industry-wide disruption. Following the onset of the West Asia conflict on February 28, gas prices in Morbi rose from ~₹48 to ₹86–88 per SCM, and Morbi plants remained shut from early March to mid-April. Q1 volumes declined 16% YoY, with nearly all of the shortfall in April. Excluding Simola, Q1 volume declined 11% YoY. Advance dealer stocking in March ahead of the April 1 price increase and labour shortages also weighed on the quarter.  Price increases of 18%-19% (depending on SKUs) taken during the period recovered 100% of the higher gas cost, and pricing has remained firm as gas prices eased to ~₹79 per SCM. The average gas cost in Q2 FY27 was ₹80.53 per SCM, compared with ₹84.73 in Q1 FY27.  GVT and Technical Products, including IST and slabs, contributed 87% of revenue in H1 FY27 (H1 FY26: 83%), growing 9% YoY.  Added 4 Exclusive Brand Outlets (EBOs) during H1 FY27, taking the network to 309 EBOs, alongside 2,000+ Multi-Brand Outlets (MBOs). Launched 508 new designs during the half year. Domestic and Export Performance  Domestic: Domestic revenue for H1 FY27 stood at ₹5,897 mn, 83% of revenue, up 9% YoY. No single state contributes more than 14% of revenue.  Exports: Export revenue for H1 FY27 stood at ₹1,245 mn, 17% of revenue, down 18% YoY, as Morbi exports were impacted by the West Asia conflict and higher freight costs to the Gulf. Key Developments  Completed its Initial Public Offering of ₹7,080.21 mn at ₹148 per equity share, comprising a fresh issue of ₹3,200 mn and an offer for sale of up to 2,62,17,634 equity shares. The equity shares were listed on BSE and NSE on September 29, 2026.  Commencement of Production and Sales at Allemby Ceramics Private Limited – Our new state of the art manufacturing facility at Tezpur, Assam: First major tile manufacturing unit in Northeast India and is expected to strengthen the Company’s market position in Northeast. It was inaugurated by the Chief Minister of Assam, Shri. Himanta Biswa Sarma.  Solaris Unit – Planned Upgrade to GVT Manufacturing: The Company discontinued ceramic tile manufacturing operations at its Solaris unit. The facility is planned to be upgraded to manufacture Glazed Vitrified Tiles (GVT), in line with the Company’s strategic focus on innovating and upgrading its product portfolio  Divestment of Simola Tiles LLP (“Simola”): The Company divested its stake in Simola, a subsidiary. The divestment is aligned with the Company’s strategic focus on its core product portfolio About Varmora Granito Limited Varmora Granito Limited is a product-led tiles and home-surfaces brand headquartered in Morbi, Gujarat, India’s largest tile manufacturing cluster. Associated with the Company since 2003, the promoter team has built Varmora into a national brand known for premium, durable and design-led surfaces. The Company offers 3,500+ tile SKUs across 20 surface types and 1,000+ bathware and sanitaryware SKUs, with Glazed Vitrified Tiles (GVT) and Technical Products contributing 84% of tiles revenue i [Showing first 8,000 characters — download PDF for full document]