ET Intelligence Group: Varmora Granito, a tiles manufacturer, plans to raise ₹320 crore through a fresh issue towards capital expenditure and repayment of borrowings. It will also raise ₹388 crore through an offer for sale. The promoter group’s stake will fall to 47% after the IPO from 52%. The company manufactures ceramic and vitrified tiles. About 74% of the revenue is derived from glazed vitrified tiles and technical products. One-fifth of the revenue comes from international markets. The Middle East conflict disrupted the company’s export operations due to vessel shortages, potentially affecting overseas sales and increasing logistics-related risks.

Also, the tiles business is energy intensive and uses natural gas and propane. Their availability and cost will be impacted by geopolitical tensions. Further, the company’s production facilities are concentrated in Morbi, Gujarat, thereby increasing geographic concentration risks. Given these factors, investors may wait and watch for greater clarity after listing.

Business

Incorporated in 2003, Varmora Granito operates eight manufacturing facilities in Gujarat. It has a distribution network of 305 exclusive brand outlets and 2,758 multi-brand outlets across India and overseas, along with B2B sales to builders, contractors, developers and government entities. Nearly 82% of the revenue comes from products manufactured in-house and rest comes from third party contract manufacturers. Two-thirds of domestic revenue comes from the B2C retail channel and the remaining is from the B2B channel.

Read more: Landmark NSE IPO threatens to hollow out Dalal Street’s shadow market

Financials

Revenue from operations increased 2.6% annually to ₹1,512.5 crore and net profit grew 10.7% annually to ₹55.1 crore. Operating profit before interest, tax, depreciation and amortization (Ebitda) rose 21.4% to ₹221.6 crore while Ebitda margin improved to 14.2% from 10.2% during the period. Cash flow from operations declined from ₹88.3 crore in FY24 to ₹63.2 crore in FY25, before rebounding sharply to ₹234.1 crore in FY26. Return on capital employed increased to 9.9% in FY26 from 7.9% in FY24 and return on equity grew marginally to 6.8% in FY26 from 6.4% in FY24. Net debt declined to ₹2,434.3 crore in FY26 from ₹3,145.7 crore in FY24.
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Valuation

Based on the post-IPO equity and FY26 net profit, the company demands a price-earnings (P/E) multiple of 61. It appears to be on the higher side compared with a P/E of 39 for Kajaria Ceramics, the largest listed tiles company in India which also has higher Ebitda margin at around 18%. Given this and risks arising due to geopolitical risks, investors may wait and watch the developments in the short term.

New Delhi: Varmora Granito on Monday raised ₹212.4 crore from anchor investors, including Goldman Sachs and ICICI Prudential Mutual Fund, a day ahead of the opening of its ₹708-crore IPO.

Read more: Landmark NSE IPO threatens to hollow out Dalal Street’s shadow market

The company allotted 1.43 crore equity shares to 17 funds at ₹148 apiece. Other participants included Bandhan Mutual Fund, India Acorn Fund, Turnaround Opportunities Fund, Motilal Oswal Mutual Fund, JM Financial Mutual Fund, Bharti AXA Life Insurance Company, Societe Generale and BNP Paribas Financial Markets.

Maybank forecasts Vietnam’s GDP growth at 7.8% (2026) and 7.9% (2027), leading ASEAN. Growth driven by AI-related exports, foreign investment, and infrastructure spending. Maybank maintains VN-Index target of 2,000, citing FTSE upgrade, strong EPS growth, and resilient fundamentals despite global uncertainties, per Invest ASEAN 2026 findings.

Key Points

• Maybank forecasts Vietnam’s GDP growth at 7.8% (2026) and 7.9% (2027), making it ASEAN’s fastest-growing economy, driven by electronics exports, FDI, and infrastructure spending.
• Maybank keeps its VN-Index target at 2,000, expecting 13–16% EPS growth in 2026, supported by the FTSE emerging market upgrade and strong sector performance in banking, retail, and energy.
• Other forecasts vary: AMRO cut 2026 GDP to 7.2%, OECD projects 6.5%, while UOB notes resilience despite rising energy costs and external pressures.

Vietnam’s Growth Outlook

Maybank forecasts Vietnam’s GDP growth at 7.8% in 2026 and 7.9% in 2027, positioning it as ASEAN’s fastest-growing major economy. This resilience persists despite global uncertainties.

Growth will be driven by AI-related electronics exports, strong foreign investment inflows, and continued infrastructure spending. The second half of 2026 outlook remains favorable, supported by higher-quality overseas funding, supply chain diversification, major infrastructure projects, and supportive fiscal and monetary policies—reinforcing Vietnam’s structural growth momentum amid a challenging global backdrop.

Earnings and Equity Market Outlook

Second-quarter market earnings are expected to slightly exceed expectations, with banks, retail, and energy sectors outperforming due to lower provisions, stronger electronics prices, and elevated oil prices. Real estate, steel, and air logistics should align with forecasts, while fertilisers and chemicals may underperform due to falling urea prices.

Maybank remains bullish on Vietnamese equities, maintaining a VN-Index target of 2,000, supported by 13–16% EPS growth in 2026. The upcoming FTSE emerging market upgrade in September is seen as a key catalyst, favoring infrastructure, energy, and financial sectors.

Investor Engagement and Comparative Forecasts

The findings were unveiled at Invest ASEAN 2026, hosted by Maybank in Singapore, drawing 200 institutional investors managing $23 trillion in assets. Vietnam had the largest representation, with 14 companies spanning banking, tech, consumer, healthcare, and renewable energy sectors—highlighting strong investor interest in the country’s growth story. Maybank Investment Bank Vietnam’s CEO, Kim Thien Quang, emphasized Vietnam’s resilient economic appeal amid global complexity.

In contrast, other institutions offer more conservative estimates: AMRO revised its 2026 forecast down to 7.2%, the OECD projects 6.5% growth, and UOB notes resilience despite cost pressures from rising energy prices and external headwinds—suggesting cautious optimism across forecasts while affirming Vietnam’s continued economic strength.

Source : Strong fundamentals to keep Vietnam at the top of ASEAN growth rankings

This article was written by

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That route includes the query a customer uses, the page they land on, the information they see, and the way the business handles the lead. When those pieces are planned together, SEO becomes easier to measure and improve.

Decide Which Services Matter Most

Trust also affects priority services. A visitor may arrive from a perfectly targeted search and still leave if the page does not answer basic questions. Accurate contact details, clear service information, genuine proof, transparent next steps and a professional mobile experience all help reduce hesitation. Search marketing creates the opportunity to be considered; the website and follow-up process determine whether that opportunity becomes an enquiry.

Map Search Intent to the Right Pages

The next step with intent-to-page mapping should be proportionate to the evidence. If data is limited, use a controlled test rather than a major rebuild. If the pattern is repeated and costly, a larger change may be justified. This approach protects budget and learning at the same time. It also makes it easier to document decisions so future reviews start from facts instead of memory.

For SEO, this discipline is particularly valuable because changes can take time to show their full effect. Pages should be improved with a clear purpose, then given enough time to collect meaningful evidence. Technical fixes, stronger service content, better internal linking and useful local information can reinforce one another when they are planned as a system rather than as isolated tasks.

Build Surrey Relevance Without Keyword Stuffing

A practical way to handle local Surrey relevance is to make the workflow visible. Write down the current position, the change being considered, the reason for that change and the result that would count as an improvement. This creates a clean before-and-after comparison. It also prevents teams from making several changes together and later guessing which one helped. The method is simple, but it creates much better learning over time.

Improve Service Pages Before Publishing More

Consistency is important when working on service-page optimisation. A useful review does not need to be complicated, but it should happen on a predictable schedule. Check the same core measures, note unusual changes and decide whether action is needed. This reduces reactive decisions based on a single good or bad day. It also helps the business distinguish a genuine trend from normal variation in search demand.

Keep Technical SEO Quietly Reliable

Trust also affects technical reliability. A visitor may arrive from a perfectly targeted search and still leave if the page does not answer basic questions. Accurate contact details, clear service information, genuine proof, transparent next steps and a professional mobile experience all help reduce hesitation. Search marketing creates the opportunity to be considered; the website and follow-up process determine whether that opportunity becomes an enquiry.

Organic search also benefits from maintenance. A page that performed well a year ago may contain outdated information, weak calls to action or internal links that no longer reflect the site structure. Reviewing established pages can be more productive than publishing new content simply to increase volume. Quality and relevance should determine what stays, what is improved and what is consolidated.

Use Internal Links to Guide People and Crawlers

The next step with internal linking should be proportionate to the evidence. If data is limited, use a controlled test rather than a major rebuild. If the pattern is repeated and costly, a larger change may be justified. This approach protects budget and learning at the same time. It also makes it easier to document decisions so future reviews start from facts instead of memory.

Create Content Around Real Customer Questions

A practical way to handle customer-led content is to make the workflow visible. Write down the current position, the change being considered, the reason for that change and the result that would count as an improvement. This creates a clean before-and-after comparison. It also prevents teams from making several changes together and later guessing which one helped. The method is simple, but it creates much better learning over time.

Strengthen Local Trust and Business Signals

Consistency is important when working on local trust. A useful review does not need to be complicated, but it should happen on a predictable schedule. Check the same core measures, note unusual changes and decide whether action is needed. This reduces reactive decisions based on a single good or bad day. It also helps the business distinguish a genuine trend from normal variation in search demand.

For SEO, this discipline is particularly valuable because changes can take time to show their full effect. Pages should be improved with a clear purpose, then given enough time to collect meaningful evidence. Technical fixes, stronger service content, better internal linking and useful local information can reinforce one another when they are planned as a system rather than as isolated tasks.

Measure Organic Leads by Quality

Trust also affects organic lead quality. A visitor may arrive from a perfectly targeted search and still leave if the page does not answer basic questions. Accurate contact details, clear service information, genuine proof, transparent next steps and a professional mobile experience all help reduce hesitation. Search marketing creates the opportunity to be considered; the website and follow-up process determine whether that opportunity becomes an enquiry.

Use Competitor Research to Spot Missed Topics

The next step with content gaps should be proportionate to the evidence. If data is limited, use a controlled test rather than a major rebuild. If the pattern is repeated and costly, a larger change may be justified. This approach protects budget and learning at the same time. It also makes it easier to document decisions so future reviews start from facts instead of memory.

Choose an SEO Partner With Clear Ownership

A practical way to handle agency ownership is to make the workflow visible. Write down the current position, the change being considered, the reason for that change and the result that would count as an improvement. This creates a clean before-and-after comparison. It also prevents teams from making several changes together and later guessing which one helped. The method is simple, but it creates much better learning over time.

Organic search also benefits from maintenance. A page that performed well a year ago may contain outdated information, weak calls to action or internal links that no longer reflect the site structure. Reviewing established pages can be more productive than publishing new content simply to increase volume. Quality and relevance should determine what stays, what is improved and what is consolidated.

Compound Progress Through Regular Reviews

Consistency is important when working on compounding reviews. A useful review does not need to be complicated, but it should happen on a predictable schedule. Check the same core measures, note unusual changes and decide whether action is needed. This reduces reactive decisions based on a single good or bad day. It also helps the business distinguish a genuine trend from normal variation in search demand.

Choosing External Support

When a business reaches the point where external expertise would save time or improve consistency, it may review SEO agency Surrey and Optisearch alongside other suitable options. The comparison should be practical rather than promotional. Ask what is included, who owns each action, how performance is measured, which assets the client retains access to, and what happens when the data suggests the original plan needs to change.

Final Thoughts

No single optimisation creates a durable search programme on its own. Results usually improve because the business keeps strengthening the same fundamentals: relevance, clarity, measurement, trust and follow-up. A consistent review cycle helps teams see what is working, stop what is wasting effort, and invest more confidently in the areas that produce useful demand.

The item that matters most is Form 5472, an information return the IRS expects every year from a foreign-owned US company, even one that owes no US tax at all. Miss it and the stated penalty is 25,000 dollars. Almost everything else on the calendar is routine by comparison.

That imbalance is why so many British owners are caught out. Forming the company takes days and feels like the hard part. The obligation with real teeth arrives months later, sends no reminder, and sits in a set of IRS regulations most founders never read.

Why Form 5472 sits at the centre of the year

A US LLC with one owner is, by default, a disregarded entity for US federal tax purposes. It files no income tax return of its own, which is where the misunderstanding starts. Since the rules on foreign-owned disregarded entities were tightened, the IRS has required these companies to file a pro forma Form 1120 with Form 5472 attached, by the due date of that Form 1120, including extensions. For a company on the calendar year, that points to mid-April unless an extension is requested.

Form 5472 does not calculate tax. It reports transactions between the company and its owner: capital introduced, money withdrawn, loans in either direction, payments for services. The IRS instructions are blunt about the consequences. The 25,000 dollar penalty applies to a return that is not filed when due, and a substantially incomplete return counts as not filed. The same penalty covers a failure to keep the records the regulations require.

Nothing about this resembles the UK experience. Companies House sends reminders, and HMRC letters arrive with dates on them. A US LLC owned from Manchester or Leeds gets no equivalent prompt. The founder has to own the date.

A year on the calendar

Formation month. The articles are filed with the chosen state, a registered agent is appointed to receive legal and official mail there, and a US business address is arranged. Wyoming is a common choice for owners abroad because it levies no state income tax and does not require members’ names in its articles of organization.

The weeks after formation. The company needs an Employer Identification Number. The IRS online application is only open when the responsible party has a Social Security Number or an ITIN and the principal place of business is in the US. Owners outside the US apply by phone, fax or post using Form SS-4 instead, which takes considerably longer. Start this immediately, because banks and payment platforms ask for the EIN letter before anything else.

Throughout the year. Keep a ledger of every movement of money between you and the company. Each one is a potential Form 5472 entry, and reconstructing them in March from mixed accounts is where incomplete returns come from.

Spring. The pro forma Form 1120 and Form 5472 are due together. The IRS instructions give foreign-owned disregarded entities their own filing directions, including a dedicated mailing address, so check the current instructions each year rather than repeating last year’s routine.

Once a year, on the state’s schedule. The state annual report and the registered agent renewal both come round every year, on dates set by the state and the agent rather than by the IRS. They are modest, but a lapse can cost the company its good standing.

Whenever something changes. A new mailing address, a new business location or a new responsible party is reported to the IRS on Form 8822-B. A change of responsible party must be reported within 60 days.

What changes on the UK side, and what does not

Owning a US LLC does not move anyone’s tax residence. A UK resident remains a UK resident, and how HMRC treats the LLC’s profits, together with any relief for tax paid elsewhere, is a question for an adviser who works across both systems. The answer is not automatic, and it depends on the facts of the business. What a founder can do is keep the US and UK records reconcilable from the first transaction, so that whoever prepares either return is working from the same numbers.

It also helps to be clear about what the US company is for. It earns its place when the customers, platforms or payment rails a business depends on are American. It adds cost and administration without much benefit when the revenue is British or European.

Who keeps the calendar

Entrepreneurial time is finite, and none of these tasks grows the business. Founders who enjoy administration keep the calendar themselves and use a tax preparer for the annual return. Many split the work: a US business formation service handles the state filing, registered agent, business address and the EIN application for owners without a Social Security Number, and an accountant with cross-border experience signs off the federal return. CORPBOLT is one provider that works this way for owners based outside the US, leaving the tax judgement with the tax professional where it belongs.

Whichever route you choose, write the dates down on the day the company is formed. The founders who get into difficulty are rarely the ones who misunderstood the rules. They are the ones who assumed a quiet inbox meant nothing was due.