Vishal Nirmiti IPO
Vishal Nirmiti IPO is a Mainboard book-built issue of ₹178.00 crore, comprising a Fresh Issue of 65,90,909 equity shares aggregating to ₹145.00 crore and an Offer for Sale of 15,00,000 equity shares aggregating to ₹33.00 crore. The price band is ₹208 to ₹
Vishal Nirmiti IPO Details
Vishal Nirmiti IPO bidding started on September 30, 2026 and will close on October 5, 2026. The allotment for Vishal Nirmiti IPO is expected to be finalized on October 6, 2026. Refunds are expected to be initiated on October 7, 2026, while shares are expected to be credited to successful applicants' Demat accounts on the same day. Vishal Nirmiti IPO is proposed to list on BSE and NSE on October 8, 2026.
Vishal Nirmiti IPO GMP
Vishal Nirmiti IPO GMP was reported at around ₹20 per share on October 3, 2026, against the upper price band of ₹220. This represents an unofficial grey-market premium of approximately 9.09%. GMP is an unofficial and unregulated indicator and does not guarantee the actual listing price.
Vishal Nirmiti IPO Timeline (Tentative)
Vishal Nirmiti IPO opened for subscription on September 30, 2026 and is scheduled to close on October 5, 2026. The basis of allotment is expected to be finalized on October 6, refunds are expected to begin on October 7, and shares are expected to be credited to successful applicants' Demat accounts on the same day. The shares are proposed to be listed on BSE and NSE on October 8, 2026.
| Event | Tentative Date |
|---|---|
| IPO Open Date | Fri, Oct 30, 2026 |
| IPO Close Date | Thu, Nov 5, 2026 |
| Basis of Allotment | Fri, Nov 6, 2026 |
| Initiation of Refunds | Sat, Nov 7, 2026 |
| Credit of Shares to Demat | Sat, Nov 7, 2026 |
| Listing Date | Sun, Nov 8, 2026 |
Vishal Nirmiti IPO Lot Size
The Vishal Nirmiti IPO lot size is 68 shares. At the upper price band of ₹220 per share, one lot requires a minimum investment of ₹14,960. Retail investors can apply for up to 13 lots, or 884 shares, amounting to ₹1,94,480. Small HNI investors can apply for a minimum of 14 lots, or 952 shares, while Big HNI applications start from 67 lots, or 4,556 shares.
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | 1 | 68 | 14,960 |
| Retail (Max) | 13 | 884 | 1,94,480 |
| S-HNI (Min) | 14 | 952 | 2,09,440 |
| S-HNI (Max) | 66 | 4,488 | 9,87,360 |
| B-HNI (Min) | 67 | 4,556 | 10,02,320 |
Vishal Nirmiti IPO Reservation
Vishal Nirmiti IPO offers 80,90,909 equity shares. The public offer allocation is structured with not more than 1% of the Offer for QIBs, not less than 29% for Non-Institutional Bidders and not less than 70% of the Net Offer for Retail Individual Bidders, subject to the applicable SEBI ICDR Regulations and valid bids. The QIB portion includes an Anchor Investor component as permitted under the regulations.
Vishal Nirmiti IPO Subscription
Vishal Nirmiti IPO received approximately 0.60x overall subscription based on the latest exchange-sourced figures verified for October 1, 2026 at 5:00 PM. QIBs were subscribed 1.00x, NIIs 0.84x and Retail Individual Investors 0.49x at that point. The IPO remains open until October 5, 2026, so the final subscription figures may change materially before bidding closes.
| Category | Subscription (times) |
|---|---|
| QIB | 1.00x |
| NII | 0.84x |
| RII | 0.49x |
| Total | 0.60x |
About Vishal Nirmiti
Vishal Nirmiti Limited is a civil engineering, manufacturing and construction company incorporated in 1994. The company is primarily engaged in the manufacturing and dealing of Pre-Stressed Concrete (PSC) sleepers for railways, pre-cast and prestressed concrete products for various applications, and fabrication and erection of Mild Steel (MS) pipes, MS liners and Penstock Pipes for Pumped Storage Projects (PSPs).
The company's manufacturing portfolio includes concrete sleepers, precast elements, PSC/PCCP pipes, Bar Wrapped Steel Cylinder pipes, RCC pipes, steel pipes, penstock pipes and related products. It also undertakes sub-contracting and job-work activities for infrastructure and construction companies and government organisations.
Vishal Nirmiti operates across manufacturing and service activities and serves government organisations, private infrastructure companies and other customers involved in railways, irrigation, roads, industrial infrastructure and other civil engineering projects. The company has manufacturing facilities for PSC sleepers at Mohol in Maharashtra, Bankhedi in Madhya Pradesh and Kandrori in Himachal Pradesh, along with other facilities used for job work.
The company's business has a significant railway-infrastructure component, particularly through the manufacture of PSC sleepers. Its manufacturing vertical also includes pre-cast products and steel-related products, while its service vertical includes sub-contracting and job work, power generation through windmills, scrap and other activities, and leasing services.
For FY2026, Vishal Nirmiti reported revenue from operations of ₹338.68 crore, EBITDA of ₹51.13 crore and PAT of ₹24.98 crore. Net worth stood at ₹86.34 crore on a net-worth basis used for the company's key financial indicators.
Strengths
- Extensive experience in railway infrastructure and PSC sleeper manufacturing.
- Diversified manufacturing capabilities covering concrete products, steel pipes, penstock pipes and other precast products.
- Presence across manufacturing and service verticals.
- Experience in executing projects for government organisations and private infrastructure and construction companies.
- Established manufacturing facilities across Maharashtra, Madhya Pradesh and Himachal Pradesh.
- Long-standing customer relationships and experience in infrastructure-related projects.
- Integrated execution capabilities covering manufacturing, fabrication, erection, sub-contracting and job work.
- Revenue from operations increased from ₹242.88 crore in FY2024 to ₹318.52 crore in FY2025 and ₹338.68 crore in FY2026.
Risks to Consider
- The company depends on periodic purchase orders from customers, and a reduction or delay in orders could adversely affect business and financial performance.
- A significant portion of revenue is derived from the manufacturing vertical, creating concentration within the company's operating activities.
- The business depends on the availability and cost of raw materials used in manufacturing.
- The company is subject to strict quality requirements, inspections and audits, and failure to maintain prescribed standards could affect orders and profitability.
- The company has geographical concentration in certain states and may be exposed to regional infrastructure and construction activity.
- Manufacturing operations depend on heavy machinery, and breakdowns, disruptions or shutdowns could affect production and delivery schedules.
- The company has recorded negative cash flows from investing and financing activities in certain periods.
- Working-capital requirements can be significant because the company may need funds for bank guarantees, security deposits, earnest-money deposits, material purchases and project execution.
- The company faces competition from other infrastructure, manufacturing and construction service providers.
- As of March 31, 2026, the company reported contingent liabilities of ₹21.87 crore, including bank guarantees of ₹20.02 crore and claims against the company not acknowledged as debt of ₹1.84 crore.
Vishal Nirmiti Financials (₹ Cr)
Vishal Nirmiti reported growth in revenue and profitability over the three financial years ended March 31, 2026. Revenue from operations increased from ₹242.88 crore in FY2024 to ₹318.52 crore in FY2025 and ₹338.68 crore in FY2026. PAT increased from ₹3.45 crore to ₹23.64 crore and ₹24.98 crore over the same period. Total assets increased from ₹242.04 crore in FY2024 to ₹296.61 crore in FY2025 and ₹334.92 crore in FY2026, while net worth increased from ₹38.12 crore to ₹61.12 crore and ₹86.34 crore.
| Period | Revenue | PAT | Total Assets | Net Worth |
|---|---|---|---|---|
| FY2024 | 242.88 | 3.45 | 242.04 | 38.12 |
| FY2025 | 318.52 | 23.64 | 296.61 | 61.12 |
| FY2026 | 338.68 | 24.98 | 334.92 | 86.34 |
KPIs & Valuation
At the upper price band of ₹220, Vishal Nirmiti has a post-issue P/E of approximately 23.26x based on FY2026 post-issue EPS of ₹9.46. Pre-issue EPS is ₹12.61 and the corresponding pre-issue P/E is approximately 17.45x. The company reported FY2026 RoNW of 33.87%, ROE of 33.67%, ROCE of 28.02%, debt-to-equity of 1.01x, PAT margin of 7.37%, EBITDA margin of 15.10% and NAV of ₹43.61 per share. The price-to-book value at the upper price band is approximately 5.04x.
Objects of the Issue
The ₹178.00 crore IPO comprises a Fresh Issue of ₹145.00 crore and an Offer for Sale of up to 15,00,000 equity shares. The company proposes to utilise the Net Proceeds from the Fresh Issue primarily for funding working-capital requirements, repayment and/or pre-payment of term loans and general corporate purposes. The Offer for Sale proceeds will accrue to the selling shareholder and will not form part of the company's Net Proceeds. The company proposed to utilise the IPO proceeds for:
- Funding working capital requirements of the company.
- Repayment and/or pre-payment, in part or full, of term loans availed by the company.
- General corporate purposes.
- The company has estimated ₹75.00 crore for working-capital requirements and ₹19.00 crore for repayment and/or pre-payment of term loans. The balance of the Net Proceeds is proposed to be used for general corporate purposes, subject to the applicable limit under SEBI ICDR Regulations.
Promoters, Lead Managers & Registrar
Vishal Nirmiti Limited is promoted by Brij B Tapadiya, Ajay Bhagwandas Tapadiya, Pavan Vithaldas Tapadiya, Akhil Ranchod Tapadiya, Naveen Tapadiya, Rajendrakumar Badrinarayan Tapadiya, Suyash Vithaldas Tapadiya, Vedant Tapadiya and Keshav Tapadiya. Saffron Capital Advisors Private Limited is the Book Running Lead Manager to the issue, while MUFG Intime India Private Limited is the Registrar to the Offer.
Promoters
Lead Managers (BRLM)
Registrar
| Name | MUFG Intime India Private Limited |
|---|---|
| Phone | +91 8108114949 |
| vishalnirmiti.ipo@in.mpms.mufg.com | |
| Website | https://www.mufg-is.com/en/muFG-intime-india |
Vishal Nirmiti IPO Review
Vishal Nirmiti has an operating history dating back to 1994 and has developed business activities across civil engineering, infrastructure manufacturing and construction-related services. Its core manufacturing activities include PSC railway sleepers and various pre-cast and steel products, while its service activities include sub-contracting, job work and other ancillary operations. The company's manufacturing facilities are spread across multiple states and it has experience working with government organisations as well as private infrastructure and construction companies.
The company's financial performance shows a substantial improvement in profitability between FY2024 and FY2025, followed by more moderate growth in FY2026. Revenue from operations increased from ₹242.88 crore in FY2024 to ₹318.52 crore in FY2025 and ₹338.68 crore in FY2026. PAT increased from ₹3.45 crore in FY2024 to ₹23.64 crore in FY2025 and ₹24.98 crore in FY2026. EBITDA increased from ₹23.14 crore in FY2024 to ₹46.48 crore in FY2025 and ₹51.13 crore in FY2026.
The IPO's Fresh Issue is intended primarily for working capital and debt reduction. The company plans to deploy ₹75 crore towards working capital and ₹19 crore towards repayment or pre-payment of term loans. This is relevant because the company operates an infrastructure and manufacturing business that requires funds for bank guarantees, security deposits, material procurement, project execution and other working-capital needs. At the upper price band of ₹220, the post-issue P/E works out to approximately 23.26x based on post-issue EPS of ₹9.46, while pre-issue EPS is ₹12.61 and pre-issue P/E is approximately 17.45x. Investors should consider the company's dependence on project orders, raw-material costs, working-capital requirements, manufacturing facilities, customer concentration, competition and contingent liabilities alongside its financial performance and IPO objects.
How to Apply
Vishal Nirmiti IPO applications can be made through the ASBA process. Retail Individual Bidders can also use UPI as the payment mechanism through eligible intermediaries. The minimum application is 68 shares, requiring ₹14,960 at the upper price band of ₹220. Investors should complete the UPI mandate within the prescribed timeline on the final bidding day.
Through UPI
- Log in to your stockbroker app or website.
- Go to the IPO section.
- Select Vishal Nirmiti IPO.
- Enter the number of lots you want to apply for. One lot consists of 68 shares.
- Select the bid price. Retail investors can generally select Cut-off when the option is available.
- Enter your valid UPI ID.
- Submit the IPO application.
- Open your UPI application when the mandate request arrives.
- Review the application details and approve the mandate using your UPI PIN.
- The application amount will be blocked in your bank account. If shares are allotted, the required amount will be debited; otherwise, the blocked amount will be released according to the applicable process.
Prospectus & Documents
Investors can refer to the company's DRHP, DRHP Addendum and RHP for detailed information about the business, financial performance, risk factors, IPO structure, management, objects of the issue and utilisation of the issue proceeds. The current RHP is dated September 24, 2026 and is available through the company's official Investor Relations page.
Last updated Oct 3, 2026.