Vishal Nirmiti IPO
Bookbuilding IPO | ₹178.00 Cr | Listing at BSE, NSE
Open
IPO Open
Wed, Sep 30, 2026
IPO Close
Mon, Oct 05, 2026
Price Band
₹208.00 to ₹220.00
Market Cap (Pre-IPO)
₹580.60 Cr
IPO Details
| IPO Date | Sep 30, 2026 to Oct 05, 2026 |
| Listing Date | Tentative: Sep 08, 2026 |
| Face Value | ₹10.00 per share |
| Price Band | ₹208.00 to ₹220.00 |
| Lot Size | 68 Shares (Minimum: ₹14,960.00) |
| Sale Type | Offer For Sale + Fresh Issue |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Issue Size | ₹178.00 Crores |
| Total Shares Offered | 8,090,909 shares |
| Fresh Issue | 6,590,909 shares |
| Offer For Sale | 1,500,000 shares |
Vishal Nirmiti IPO Reservation
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | Not more than 1% of the Offer Size |
| Retail Shares Offered | Not less than 70%of the Net Offer |
| NII Shares Offered | Not less than 29% of the Offer Size |
Vishal Nirmiti IPO Lot Size
Investors can bid for a minimum of 68 shares and in multiples thereof.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 68 | ₹14,960 |
| Retail (Max) | 13 | 884 | ₹194,480 |
| S-HNI (Min) | 14 | 952 | ₹209,440 |
| S-HNI (Max) | 66 | 4,488 | ₹987,360 |
| B-HNI (Min) | 67 | 4,556 | ₹1,002,320 |
Vishal Nirmiti Financial Information (Restated Consolidated)
Vishal Nirmiti Ltd.'s revenue increased by 6% and profit after tax (PAT) rose by 6% between the financial year ending with March 31, 2026 and March 31, 2025.
| Period Ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 334.92 | 296.61 | 242.04 |
| Total Income | 344.13 | 324.86 | 247.93 |
| Profit After Tax | 24.98 | 23.64 | 3.45 |
| EBITDA | 51.13 | 46.48 | 23.14 |
| NET Worth | 86.34 | 61.12 | 38.12 |
| Reserves and Surplus | 66.98 | 61.12 | 36.76 |
| Total Borrowing | 87.42 | 61.12 | 36.76 |
Amount in ₹ Cr
Key Performance Indicators
As of Tuesday, March 31, 2026| KPI | Values |
|---|---|
| ROE (Return on Equity) | 33.67% |
| ROCE (Return on Capital Employed) | 28.02% |
| Debt/Equity | 1.01 |
| RoNW (Return on Net Worth) | 33.87% |
| PAT Margin (Profit After Tax Margin) | 7.37% |
| EBITDA Margin | 15.10% |
| Price to Book Value | 5.04 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS Rs | 12.61 | 9.46 |
| P/E (x) | 17.45 | 23.26 |
Company Overview
Vishal Nirmiti Limited – Company Overview
- Incorporated in 1994, Vishal Nirmiti Limited (formerly Sejal Farms Private Limited) is a civil engineering, manufacturing and construction company engaged in manufacturing and dealing of Pre-Stressed Concrete (PSC) sleepers for railways, pre-cast and pre-stressed concrete products, and fabrication and erection of Mild Steel (MS) pipes, liners and penstock pipes for Pumped Storage Projects (PSPs).
- The Company also provides engineering, procurement and construction (EPC) services for railway infrastructure, irrigation and civil engineering projects across sectors including railways, renewable power and industrial infrastructure.
- Manufacturing Segment: Includes PSC sleeper manufacturing for Indian Railways, DFCCIL and private clients, along with MS pipes, MS liners and penstock pipes for hydropower, lift irrigation, water supply and infrastructure projects.
- Services Segment: Covers job work contracts for MS pipes, liners, penstock pipes and pre-cast and pre-stressed elements such as noise barriers and cable ducts. It also undertakes hydro-mechanical structures, construction works, power generation through windmills, transportation, leasing and sale of scrap.
- The Company has a pan-India presence with operational units across Maharashtra, Madhya Pradesh, Gujarat, Himachal Pradesh, Uttar Pradesh, Odisha and Karnataka.
- The Company is led by an experienced promoter group with over four decades of domain expertise.
- As of June 30, 2026, the Company had 420 employees across various departments.
Company Strengths
- Execution capabilities with industry experience and strong operating systems, providing comprehensive solution.
- Dedicated focus on railway infrastructure development and manufacture of PSC sleepers
- Deeply entrenched, long term relationships with customers
- Experienced Management Team driving the growth of the Company
Use of Proceeds
| 1) | Funding working capital requirements of the Company | 75.00 |
| 2) | Repayment and/ or pre-payment, in part or full of term loans | 19.00 |
| 3) | General Corporate Purposes | |
| Total | 94.00 |
Objectives
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
Vishal Nirmiti IPO Peer Comparison
| Company Name | EPS (Basic) | EPS (Diluted) | NAV (per share) (Rs) | P/E (x) | RoNW (%) | P/BV Ratio | Financial statements |
|---|---|---|---|---|---|---|---|
| Vishal Nirmiti Limited | 12.61 | 12.61 | 43.61 | - | 33.87 | - | - |
| Gpt Infraprojects Ltd. | 7.70 | 7.70 | 41.77 | 14.83 | 18.25 | 2.78 | - |
| Indian Hume Pipe Co.Ltd. | 26.79 | 26.79 | 281.76 | 13.86 | 9.51 | 1.32 | - |
Quick Info
| Sector | Infrastructure and Civil Construction / Manufacturing |
| Exchange | BSE, NSE |
| Market Cap (Pre-IPO) | ₹580.60 Cr |
Important Dates
| IPO Open | Sep 30, 2026 |
| IPO Close | Oct 05, 2026 |
| Allotment Date | Sep 07, 2026 |
| Credit to Demat | Sep 06, 2026 |
| Listing Date | Tentative: Sep 08, 2026 |
Lead Manager(s)
Saffron Capital Advisors Pvt.Ltd.
Registrar
Description
- IPO Type: Book build issue aggregating to ₹178.00 crores.
- Issue Structure: The issue is a combination of a fresh issue of 65.91 lakh shares aggregating to ₹145.00 crores and an offer for sale of 15.00 lakh shares aggregating to ₹33.00 crores.
- IPO Dates: The issue opens for subscription on September 30, 2026 and closes on October 5, 2026.
- Allotment Date: The allotment is expected to be finalized on October 6, 2026.
- Listing Details: The shares are proposed to be listed on NSE and BSE on October 8, 2026.
- Retail Investment Requirement: Minimum 1 lot (68 shares) amounting to approximately ₹14,960 at the upper price band.
- Issue Price Band: ₹208 to ₹220 per equity share.
- Lot Size: 68 shares per lot.
This IPO offers investors an opportunity to participate in the company through a combination of a fresh issue of shares and an offer for sale by existing shareholders.