Vishal Nirmiti Limited IPO
Open now30 Sep – 5 Oct 2026
What stands out in the offer document
The five questions
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1How it makes money₹75 of every ₹100 of sales comes from its "Manufacturing Division" segment. ₹69 of every ₹100 comes from Maharashtra and Madhya Pradesh.
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2Is it growing, and is profit turning into cash?Sales rose 39% from 2024 to 2026 (₹243 cr → ₹339 cr). Over 3 years it made ₹52.1 cr of profit and brought in ₹93.1 cr of cash from operations.
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3How much cushion does it have?It owes ₹1.01 for every ₹1 of its own money. The line for manufacturing is ₹2.
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4What you pay, and who gets the moneyOf every ₹100 raised, ₹19 goes to existing shareholders selling. At ₹220 you pay about ₹21 for every ₹1 of last year's profit.
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5Who controls it, and what is on record?Promoters own 73% before the IPO. The document discloses 4 legal matters.
Latest update:
Price band ₹208–₹220 · Closes 5 Oct 2026 · Allotment 6 Oct 2026 (Confirmed) · Lists 8 Oct 2026 (Expected)
What Vishal Nirmiti Limited does
We are a civil engineering, manufacturing and construction company, primarily engaged in the business of manufacturing and dealing of Pre-Stressed Concrete (PSC) sleepers for railways, pre cast and prestressed concrete products for various applications and are also into fabrication and erection of Mild Steel Pipes (MS Pipes), MS Liner, and Penstock Pipes for Pumped Storage Project (PSP).
Vishal Nirmiti Limited financials
Rs crore · AnnualLatest year highlighted in green. Sparklines show the trend.
| 2024 | 2025 | 2026 | ||
|---|---|---|---|---|
| Sales | 243 | 319 | 339 | |
| Operating Profit | 23 | 46 | 51 | |
| OPM % | 9.5% | 14.6% | 15.1% | |
| Net Profit | 3 | 24 | 25 | |
| Total Debt | 92 | 88 | 87 |
Vishal Nirmiti Limited IPO offer structure
Total: ₹178 cr. Fresh issue proceeds go to the company; OFS proceeds go to selling shareholders.
Issue size and split come from a public aggregator rather than the exchange, cross-checked against a second one. The offer document states the offer-for-sale as a share count against a blank amount, so it cannot be read from the document itself.
Use of proceeds- Funding Working Capital Requirements of the Company: ₹75 cr
- Repayment and/ or pre-payment, in part or full, of term loans availed by our Company: ₹19 cr
- General Corporate Purposes
Vishal Nirmiti Limited promoters and holding
- Brij B Tapadiya: Chairman and Whole-Time Director
- Ajay Bhagwandas Tapadiya: Joint Managing Director
- Pavan Vithaldas Tapadiya: Joint Managing Director
- Akhil Ranchod Tapadiya: Promoter
- Naveen Tapadiya: Promoter
Vishal Nirmiti Limited strengths and risks
Company-stated strengths and disclosed risk factors from the offer document.
- Diversified Product Portfolio allowing VNL to serve multiple infrastructure sectors (p.243)
- Expertise in Civil Construction giving VNL an integrated role across construction and fabrication (p.243)
- Strong Manufacturing Infrastructure equipped with advanced forming, welding, and coating technologies (p.243)
- Geographic Presence with Multiple Offices enabling effective client coordination and project management (p.243)
- Execution capabilities with industry experience and effective operating systems, providing comprehensive solutions (p.253)
- Our business and revenues in the PSC sleepers segment are substantially dependent on railroad infrastructure projects awarded by government authorities. (p.25)
- We depend significantly on a certain number of customers for our business and revenue. (p.25)
- Our business is dependent on securing tenders for projects, which involves cost estimations and other factors for the bidding process. (p.25)
- Our business is based on periodic purchase orders raised by our customers based on their requirements from time to time. (p.25)
- Our business and profitability are dependent on the availability and cost of raw materials under our manufacturing segment. (p.25)
Vishal Nirmiti Limited peer comparison: DRHP median P/E 14.3x
DRHP data only| Company | CMP | P/E | OPM% | ROE% | Source |
|---|---|---|---|---|---|
| GPT Infraprojects Limited | — | 14.8x | — | — | DRHP |
| Indian Hume Pipe Company Limited | — | 13.9x | — | — | DRHP |
P/E from offer document where live data unavailable. Not a fair-value judgement.
Vishal Nirmiti Limited market and competition
In the railway concrete sleeper industry, competition is highly centralized, with Indian Railways acting as the dominant procurer. The MS pipe market is fragmented, comprising both large organized manufacturers and a broad base of regional unorganized players.
Vishal Nirmiti Limited outlook, as the document states it
VNL intends to keep focusing on growing its manufacturing business of PSC sleepers and MS pipes along with enhancing its services sector business. The Company plans to specialize and continue expanding in the railway infrastructure sector, choosing new areas for future growth. VNL aims to expand its manufacturing units to newer geographies such as South India and North East India for ease of manufacturing and quicker dispatch.
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Vishal Nirmiti Limited IPO: common questions
When does the Vishal Nirmiti Limited IPO open and close?
The Vishal Nirmiti Limited IPO is open from 30 Sep 2026 to 5 Oct 2026.
What is the Vishal Nirmiti Limited IPO price band?
The price band is ₹208–₹220 per share.
What is the lot size and minimum investment for the Vishal Nirmiti Limited IPO?
One lot is 68 shares, and a retail application must be at least one lot. That is about ₹14,960 at the upper end of the band. An HNI application starts above Rs 2 lakh, so the minimum is higher for that category.
When are the Vishal Nirmiti Limited IPO allotment and listing dates?
Not published yet. Derived from the close date on the usual timetable: allotment around 6 Oct 2026, refund/unblock around 7 Oct 2026 and listing around 8 Oct 2026. Treat these as estimates until the exchange confirms them.
How do I apply for the Vishal Nirmiti Limited IPO?
Through any broker app or your bank's net banking, using a demat account and a PAN. You bid in lots at a price inside the band, or at cut-off. The money is blocked in your account, not debited, until allotment. One application per PAN. We do not recommend brokers and carry no broker links. How to apply, start to finish →
Sources & method
Subscription and issue data come from the NSE and BSE exchange feeds, with the third-party aggregator, clearly labelled, where an exchange feed is unreachable. DRHP analysis is extracted from the offer document itself, every figure cited to its page. Each figure on the page carries its source and its timestamp.
Grey-market premium (GMP) is unregulated.
Every GMP figure is a self-reported grey-market estimate. No exchange, regulator or clearing body records or audits it, and there is no settlement guarantee or recourse. Shown for context only; never decide on GMP alone. New to GMP? The 30-second explainer → Has GMP actually been right? →
How often do these actually open above the issue price?
Of the 526 mainboard IPOs that have listed on the NSE since 2003, 374 (71%) opened above their issue price, at a median of +10%. That is the segment's own record, not a forecast for this issue.