- Issue price
- ₹220per share
- Issue size
- ₹178 Cr80,90,909 shares
- Face value
- ₹10per equity share
- Lot size
- 68 sharesMin. ₹14,960 at the upper price
- OpensWed, 2026
- ClosesMon, 2026
- AllotmentTue, 2026
- ListingThu, 2026
Dates marked in the offer document as tentative. Times in IST.
Information only, not investment advice. This page provides information compiled from official offer documents for information purposes only. It is not investment advice or a recommendation to apply for, buy or sell any security. We are not a SEBI-registered investment adviser or research analyst. Investments in IPOs are subject to market risks; read the offer document carefully before investing.
Issue details
- Issue type
- Book built, fresh issue and offer for sale
- Fresh issue
- 65,90,909 shares (₹145 Cr)
- Offer for sale
- 15,00,000 shares (₹33 Cr)
- Total issue
- 80,90,909 shares (₹178 Cr)
- Face value
- ₹10
- Listing at
- NSE, BSE
Source: ProspectusUpdated
Reservation
Share of the total issue- Retail70.0%
- NII29.0%
- QIB1.0%
| Category | Shares | Of net offer | Stated in RHP |
|---|---|---|---|
| Retail individual investors | 56,63,637 | 70.00% | — |
| Non-institutional investors (NII) | 23,46,364 | 29.00% | — |
| Qualified institutional buyers (QIB) | 80,908 | 1.00% | — |
| QIB, excluding anchor | — | — | — |
Source: ProspectusUpdated
Lot size
Amounts at ₹220 per share| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail individual investors | 1 | 68 | ₹14,960 |
Source: ProspectusUpdated
Subscription
Category-wise subscription is published by the exchanges while the issue is open. It appears here once the figures are added.
Valuation
FY 2025-26, pre-issue- EPS (basic)
- ₹12.61
- EPS (diluted)
- ₹12.61
- P/E (FY 2025-26 at Price Band)
- 16.49×
- RoNW
- 33.87%
- NAV per share (At Offer Price)
- ₹87.66
- NAV per share (March 31, 2026)
- ₹43.61
- Debt to equity
- 1.01
Source: ProspectusUpdated
Financials
Standalone, restated · ₹ crore| Period ended | 31 Mar 2026FY 2025-26 | 31 Mar 2025FY 2024-25 | 31 Mar 2024FY 2023-24 |
|---|---|---|---|
| Revenue from operations | 338.68 | 318.52 | 242.88 |
| Total income | 344.13 | 324.86 | 247.93 |
| EBITDA | 51.13 | 46.48 | 23.14 |
| Profit after tax | 24.98 | 23.64 | 3.45 |
| Net worth | 86.34 | 61.12 | 38.12 |
| Reserves and surplus | 66.98 | 59.76 | 36.76 |
| Total assets | 334.92 | 296.61 | 242.04 |
| Total borrowing | 87.42 | 88.05 | 91.75 |
FY 2025-26 vs FY 2024-25: revenue +6.3%, profit after tax +5.7%.
Source: ProspectusUpdated
About the company
The company manufactures pre-stressed concrete sleepers for railways and mild steel pipes, and provides engineering, procurement and construction services for railway and infrastructure projects. Its business runs through manufacturing and services segments across several Indian states.
- Incorporated
- 1994
- Industry
- Civil Engineering and Manufacturing
- CIN
- U01122MH1994PLC185445
- Website
- vishalnirmiti.com
Source: ProspectusUpdated
Promoters and shareholders
| Name | Type | Before issue | After issue | Shares offered |
|---|---|---|---|---|
| Promoters (nine individuals listed on cover) | Promoter | 37.51% | — | — |
| Vaman Prestressing Company Private Limited | Selling shareholder | — | — | 15,00,000 |
Source: ProspectusUpdated
Objects of the issue
₹ crore| Purpose | Amount |
|---|---|
| Funding working capital requirements of the company | 75.00 |
| Repayment or prepayment of term loans | 19.00 |
| General corporate purposes | 34.29 |
Source: ProspectusUpdated
Peer comparison
As listed in the offer document| Company | EPS | P/E | RoNW | NAV per share |
|---|---|---|---|---|
| GPT Infraprojects Limited | ₹7.7 | 14.83× | 18.25% | ₹41.77 |
| Indian Hume Pipe Company Limited | ₹26.79 | 13.86× | 9.51% | ₹281.76 |
| Vishal Nirmiti LimitedIssuer | ₹12.61 | 17.45× | 33.87% | ₹43.61 |
Source: ProspectusUpdated
Strengths and risks
Our summary of what the offer document statesStrengths
- Integrated manufacturing of PSC sleepers and MS pipes serves railway and infrastructure clients.
- Order book grew from about ₹35,979 lakhs in FY 2024 to about ₹68,247 lakhs in FY 2026.
- Promoters have long experience in railway sleeper manufacturing.
- Holds ISO 9001 and ISO 45001 certifications across several units.
Risks
- About 43% of FY 2026 revenue came from government and government-linked entities, mainly Indian Railways.
- Revenue is concentrated among a few customers; the largest customer alone was about 41% of FY 2026 revenue.
- Business depends on government railway budgets and policies and on periodic purchase orders.
- Net proceeds are not appraised by any bank or financial institution and deployment may change at management's discretion.
- Trade payable days are planned to fall sharply in FY 2027 while working capital needs rise.
Source: ProspectusUpdated
Documents
Contacts
Source: ProspectusUpdated
Allotment status
Check whether shares were allotted on the official pages below, using your PAN, application number or DP/client ID. Results appear once the basis of allotment is finalised.
- Allotment
- Refunds
- Demat credit
- Listing
Source: ProspectusUpdated
After listing
Listing price, day-one high and low, and the change from the issue price (₹220) appear here after the shares list on NSE and BSE.
Work out the gain or loss on allotted shares after charges and tax →
Frequently asked questions
When does the Vishal Nirmiti IPO open and close?
According to the Prospectus, the issue opens on Wednesday, 30 September 2026 and closes on Monday, 5 October 2026.
What is the Vishal Nirmiti IPO price band?
The final issue price is ₹220 per share.
What is the lot size of the Vishal Nirmiti IPO?
One lot is 68 shares, which is ₹14,960 at ₹220 per share.
Where will Vishal Nirmiti shares list?
On NSE and BSE. The tentative listing date is Thursday, 8 October 2026.
Who is the registrar of the issue?
MUFG Intime India Private Limited (SEBI registration INR000004058). Allotment status is checked on the registrar's website.
How do I check the Vishal Nirmiti IPO allotment status?
The basis of allotment is expected to be finalised on Tuesday, 6 October 2026. After that, search by PAN, application number or DP/client ID on the registrar's website (MUFG Intime India Private Limited), the NSE website or the BSE website. Shares that are allotted are credited to your demat account; for an application that is not allotted, the blocked amount is released.
How will the money raised be used?
₹75 Cr for funding working capital requirements of the company, ₹19 Cr for repayment or prepayment of term loans, ₹34.29 Cr for general corporate purposes.
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