Vishal Nirmiti Limited (VNL) is an infrastructure and manufacturing company engaged in railway infrastructure, water resources, pipelines and hydropower projects. It manufactures PSC sleepers, pre-cast concrete products, MS pipes, LSAW/HSAW pipes and hydro-mechanical equipment, while also providing related infrastructure services.
Business Segments:
- Railway Infrastructure: PSC sleepers and pre-cast products such as noise barriers and cable ducts.
- Pipes & Hydro-Mechanical Products: MS pipes, liners, penstocks, LSAW/HSAW pipes and coating solutions.
- Infrastructure Services: Hydro-mechanical equipment, gates, penstocks, installation, maintenance and civil works.
- Other Activities: Transportation, leasing, wind power generation and scrap sales.
VNL has manufacturing facilities and project operations across Maharashtra, Madhya Pradesh, Gujarat, Odisha and other parts of India, serving railway, water resource, hydropower, pipeline, industrial and civil infrastructure projects.
As of June 30, 2026, the Company reported a consolidated order book of ₹581.77 crore, covering ongoing manufacturing and infrastructure projects.
As of June 30, 2026, the Company had 420 employees on its payroll.
Vishal Nirmiti IPO – Details
| IPO Opening Date | 30 September 2026 |
| IPO Closing Date | 05 October 2026 |
| Issue Type | Book Built Issue IPO |
| Issue Size | Total Issue Size: 80,90,909 Shares Worth ₹178.00 Crore Fresh Issue: 65,90,909 Shares Worth ₹145.00 Crore Offer For Sale: 15,00,000 Shares Worth ₹33.00 Crore |
| Face Value | ₹10 per equity share |
| IPO Price | ₹208 – ₹220 per share |
| Market Lot | 68 Shares |
| Min Order | 68 Shares [1 Lot] |
| Listing At | BSE, NSE |
| Register | MUFG Intime India Pvt. Ltd. |
| QIB Shares Offered | 1% |
| NII (HNI) Shares Offered | 29% |
| Retail Shares Offered | 70% |
Vishal Nirmiti IPO – Date Schedule
| IPO Open Date | 30 September 2026 |
| IPO Close Date | 05 October 2026 |
| Basis of Allotment | 06 October 2026 |
| Initiation of Refund | 07 October 2026 |
| Credit of Shares to Demat Account | 07 October 2026 |
| IPO Listing Date | 08 October 2026 |
| Cut-off time for UPI mandate confirmation | 5 PM on October 05, 2026 |
Vishal Nirmiti IPO – Lots Size & Price
| 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 | 4488 | ₹9,87,360 |
| B-HNI (Min) | 67 | 4556 | ₹10,02,320 |
Competitive Strength
- Integrated manufacturing operations enabling us to provide comprehensive solutions to the customers in the PSC sleeper & Mild Steel Pipes (MS Pipes) manufacturing sector.
- Technical capabilities enhanced by relationships with reputed global prestress concrete sleeper & MS Pipes manufacturer & technology players.
- Effective Order Book providing revenue visibility and long-standing relationships with railway department & other customers.
- Experienced and dedicated promoters and professional management team with extensive domain knowledge.
Company Promoters
- Brij B Tapadiya
- Ajay Bhagwandas Tapadiya
- Pavan Vithaldas Tapadiya
- Akhil Ranchod Tapadiya
- Naveen Tapadiya
- Rajendrakumar Badrinarayan Tapadiya
- Suyash Vithaldas Tapadiya
- Vedant Tapadiya
- Keshav Tapadiya
Company Financials
| Particulars | Total Revenue | Total Expense | Profit After Tax | Total Borrowing |
|---|---|---|---|---|
| 31 March 2024 | ₹247.93 Cr | ₹243.35 Cr | ₹3.45 Cr | ₹91.75 Cr |
| 31 March 2025 | ₹324.86 Cr | ₹293.72 Cr | ₹23.64 Cr | ₹88.05 Cr |
| 31 March 2026 | ₹344.13 Cr | ₹310.35 Cr | ₹24.98 Cr | ₹87.42 Cr |
Key Performance Indicator
| KPI | Values (Mar 31, 2026) |
|---|---|
| ROE | 33.67% |
| ROCE | 28.02% |
| Debt/Equity | 1.01 |
| RoNW | 33.87% |
| PAT Margin | 7.37% |
| EBITDA Margin | 15.10% |
| NAV | 43.61 |
| Pre IPO | Post IPO | |
| EPS (₹) | 12.61 | 12.61 |
| P/E (x) | – | – |
Object Of The Issue
| Objects of the Issue | Expected Amount (₹ in crores) |
|---|---|
| Funding Working Capital requirements of the Company. | ₹75.00 |
| Repayment and/ or pre-payment, in part or full of term loans availed by Company. | ₹19.00 |
| General corporate purposes. |
Vishal Nirmiti IPO Peer Comparison
| S. No. | Face Value (₹) | Company Name | P/E Ratio |
|---|---|---|---|
| 1 | 10 | GPT Infraprojects Limited | 14.83 |
| 2 | 2 | Indian Hume Pipe Company Limited | 13.86 |
✅Strengths
- Experienced Management with 24–45+ years of industry experience.
- Diversified Products across sleepers, pipes and infrastructure products.
- Established Presence with over 30 years of industry experience.
- Multiple Facilities serving railway and infrastructure projects.
- Railway Expertise in PSC sleeper manufacturing.
⚠️Risks
- Government Dependence on railway infrastructure projects.
- Customer Concentration with significant revenue from top customers.
- Tender Risk as projects depend on successfully securing bids.
- Raw Material Risk due to availability and cost fluctuations.
- Geographic Concentration with major revenue from three states.
Vishal Nirmiti IPO Promoter Holding
| Pre Issue Share Holding | 73.42% |
| Post Issue Share Holding | – |
Vishal Nirmiti IPO Prospectus
Company Contact Information
| Vishal Nirmiti Ltd. 303, 17 Elphinstone House, Marzban Road, New Empire Cinema, Fort Mumbai, Maharashtra, 400001 Phone: +91 20 27299915 Email: ipo@vishalnirmiti.com Website: https://www.vishalnirmiti.com/ |
Vishal Nirmiti IPO Registrar
| MUFG Intime India Pvt. Ltd. Phone: 022-49186000 Email: vishalnirmiti.ipo@in.mpms.mufg.com Website: https://in.mpms.mufg.com/Initial_Offer/public-issues.html |
Vishal Nirmiti IPO Lead Manager(s)
| 1. Saffron Capital Advisors Pvt. Ltd. |
Vishal Nirmiti IPO FAQs
| What is the Vishal Nirmiti IPO? Vishal Nirmiti IPO is a main-board IPO. The issue is priced at ₹208 to ₹220 per equity share. The IPO is to be listed on the BSE & NSE. |
| When will the Vishal Nirmiti IPO open? The IPO is to open on 30 September 2026 for QIB, NII, and Retail Investors. |
| What is Vishal Nirmiti IPO Investors Portion? The investors’ portion for QIB – 1%, NII – 29%, and Retail – 70%. |
| What is the Vishal Nirmiti IPO Size? Vishal Nirmiti IPO size is ₹178.00 Crore. |
| What are the Vishal Nirmiti IPO Minimum and maximum lot sizes for Retail? The minimum bid is 68 Shares with ₹14,960, while the maximum bid is 884 Shares with ₹1,94,480. |
| What is the Vishal Nirmiti IPO Allotment Date? Vishal Nirmiti IPO allotment date is 06 October 2026. |
| What is the Vishal Nirmiti IPO Listing Date? Vishal Nirmiti IPO listing date is 08 October 2026. The IPO is to be listed on the BSE and the NSE. |
