1. IPO Snapshot
| Particular | Details |
|---|
| Company Name | Vishal Nirmiti Limited |
| IPO Type | Fresh Offer + Offer for Sale |
| Fresh Issue | ₹145.00 crore |
| Offer for Sale | 15,00,000 shares |
| Face Value | ₹10 per Equity Share |
| Price Band | ₹208–₹220 per Equity Share |
| Lot Size | 68 Equity Shares |
| Opening Date | September 30, 2026 |
| Closing Date | October 5, 2026 |
| Listing | BSE and NSE; NSE is the Designated Stock Exchange |
| Registrar | MUFG Intime India Private Limited (formerly Link Intime India Private Limited) |
| BRLM | Saffron Capital Advisors Private Limited |
2. IPO Details
| Particular | At Floor Price ₹208 | At Cap Price ₹220 |
|---|
| Fresh Issue Shares | 69,71,153 | 65,90,909 |
| Fresh Issue Amount | ₹14,500.00 lakhs | ₹14,500.00 lakhs |
| Offer for Sale Shares | 15,00,000 | 15,00,000 |
| Offer for Sale Value | ₹3,120.00 lakhs | ₹3,300.00 lakhs |
| Total Offer Shares | 84,71,153 | 80,90,909 |
| Total Offer Value | ₹17,620.00 lakhs | ₹17,800.00 lakhs |
| Pre-Issue Shares | 1,98,00,000 | 1,98,00,000 |
| Post-Issue Shares | 2,67,71,153 | 2,63,90,909 |
| Post-Issue Market Capitalisation | ₹55,684.00 lakhs | ₹58,060.00 lakhs |
3. Issue Reservation
| Category | Reservation |
|---|
| QIB | Not more than 1% of the Offer; 5% of the QIB Portion is available for Mutual Funds, with the balance for QIBs including Mutual Funds, subject to the stated conditions |
| NII | Not less than 29% of the Offer; one-third for applications above ₹2 lakh and up to ₹10 lakh and two-thirds for applications above ₹10 lakh |
| Retail Individual Bidders | Not less than 70% of the Offer |
4. IPO Lot Size
| Application | Lots | Shares | Amount @ ₹208 | Amount @ ₹220 |
|---|
| Retail (Min) | 1 | 68 | ₹14,144 | ₹14,960 |
| Retail (Max) | 13 | 884 | ₹1,83,872 | ₹1,94,480 |
| S-HNI (Min) | 14 | 952 | ₹1,98,016 | ₹2,09,440 |
| S-HNI (Max) | 66 | 4,488 | ₹9,33,504 | ₹9,87,360 |
| B-HNI (Min) | 67 | 4,556 | ₹9,47,648 | ₹10,02,320 |
5. About the Company
Vishal Nirmiti Limited describes itself as a civil engineering, manufacturing and construction company. Its principal activities include manufacturing and dealing in Pre-Stressed Concrete (PSC) sleepers for railways, pre-cast and prestressed concrete products, and fabrication and erection of Mild Steel (MS) Pipes, MS Liners and Penstock Pipes for Pumped Storage Projects. It also provides engineering, procurement, infrastructure and construction services for railway, civil engineering, irrigation and infrastructure-development projects. The business is divided into Manufacturing and Services segments.
Within Manufacturing, the RHP identifies three principal verticals: PSC sleepers; MS Pipes, MS Liners and Penstock Pipes; and pre-cast concrete elements such as noise barriers and cable ducts. The Services segment includes sub-contracting/job-work activities, power generation through windmills, scrap sales, leasing and construction-related services.
The Company states that it operates across Maharashtra, Madhya Pradesh, Gujarat, Himachal Pradesh, Odisha, Delhi, Punjab and Karnataka through owned, leased, allotted or licensed/job-work locations. Its stated strategies include continued focus on PSC sleepers and MS Pipes, expansion of service activities, efficiency and cost improvement, entry into newer geographies, technology adoption and focus on higher-value projects.
Revenue Mix
| Vertical / Customer Type | FY2026 (₹ lakh) | % | FY2025 (₹ lakh) | % | FY2024 (₹ lakh) | % |
|---|
| Manufacturing – Sleeper / Government | 14,421.16 | 42.61% | 15,294.65 | 47.30% | 14,695.18 | 58.09% |
| Manufacturing – Sleeper / Private | 7,081.85 | 20.92% | 6,324.72 | 19.56% | 4,804.05 | 18.99% |
| Manufacturing – MS Pipe / Private | 3,758.98 | 11.11% | 3,130.38 | 9.68% | 2,829.83 | 11.19% |
| Manufacturing Total | 25,387.29 | 75.01% | 24,749.75 | 76.54% | 22,329.06 | 88.26% |
| Service – Subcontract & Jobwork / Private | 8,088.50 | 23.90% | 6,919.68 | 21.39% | 2,560.04 | 10.12% |
6. Restated Financial Information
| Particular | FY2026 | FY2025 | FY2024 |
|---|
| Revenue from operations | 33,867.73 | 31,851.62 | 24,288.20 |
| Other income | 545.53 | 634.74 | 504.98 |
| Total income | 34,413.26 | 32,486.36 | 24,793.18 |
| Finance costs | 1,504.04 | 1,421.72 | 1,444.07 |
| Depreciation & amortisation | 776.53 | 746.90 | 916.79 |
| Profit before tax | 3,377.92 | 3,147.50 | 458.37 |
| Profit after tax | 2,497.50 | 2,363.59 | 344.56 |
| Basic EPS (₹) | 12.61 | 11.94 | 1.74 |
| Diluted EPS (₹) | 12.61 | 11.94 | 1.74 |
| Total assets | 33,491.77 | 29,660.98 | 24,203.76 |
| Total equity | 8,678.35 | 6,156.22 | 3,856.33 |
| Total liabilities | 24,813.42 | 23,504.76 | 20,347.43 |
| Borrowings – non-current | 3,831.46 | 4,384.49 | 4,358.73 |
| Borrowings – current | 4,910.24 | 4,420.66 | 4,816.56 |
| Trade receivables | 6,321.02 | 4,703.01 | 3,718.08 |
| Inventory | 11,142.13 | 10,894.85 | 8,028.82 |
| CFO / operating cash flow | 2,715.47 | 3,820.17 | 2,773.05 |
| Cash flow from investing activities | (1,064.20) | (1,890.47) | (2,528.06) |
| Cash flow from financing activities | (2,205.52) | (1,438.18) | (977.86) |
7. Key Performance Indicators
| KPI | FY2026 | FY2025 | FY2024 |
|---|
| Revenue from Operations (₹ lakh) | 33,867.73 | 31,851.62 | 24,288.20 |
| EBITDA (₹ lakh) | 5,112.96 | 4,648.34 | 2,314.25 |
| EBITDA Margin (%) | 15.10 | 14.59 | 9.53 |
| PAT (₹ lakh) | 2,497.50 | 2,363.59 | 344.56 |
| PAT Margin (%) | 7.37 | 7.42 | 1.42 |
| Basic EPS (₹) | 12.61 | 11.94 | 1.74 |
| Debt-Equity Ratio (times) | 1.01 | 1.43 | 2.38 |
| Return on Equity (%) | 33.67 | 47.21 | 9.37 |
| Return on Capital Employed (%) | 28.02 | 30.32 | 14.60 |
| Growth in Revenue from Operations (%) | 6.33 | 31.14 | (8.91) |
| Fixed Assets Turnover Ratio | 4.28 | 5.03 | 4.86 |
| Net Worth (₹ lakh) | 8,634.40 | 6,112.27 | 3,812.38 |
| Capital Employed (₹ lakh) | 17,420.05 | 14,961.37 | 13,031.61 |
| Net Cash from Operating Activities (₹ lakh) | 2,715.47 | 3,820.17 | 2,773.05 |
| Bill to Book Ratio (%) | 49.35 | 84.07 | 69.99 |
8. IPO Valuation
| Parameter | Updated / Final Disclosure |
|---|
| Price Band | ₹208–₹220 |
| FY2026 diluted EPS | ₹12.61 |
| P/E at lower end | 16.49x |
| P/E at upper end | 17.45x |
| Industry peer P/E – highest | 14.83x |
| Industry peer P/E – lowest | 13.86x |
| Industry peer P/E – average | 14.35x |
| Weighted average RoNW | 34.39% |
| NAV per share at March 31, 2026 | ₹43.61 |
| NAV after offer – lower end | ₹86.42 |
| NAV after offer – upper end | ₹87.86 |
9. Peer Comparison
| Company | Closing Price 23-Jul-2026 | Face Value | FY2026 Revenue (₹ lakh) | Basic EPS | Diluted EPS | P/E | Net Worth (₹ lakh) | RoNW | NAV/Share |
|---|
| Vishal Nirmiti Limited* | [●] | ₹10 | 33,867.73 | 12.61 | 12.61 | [●] | 8,634.40 | 33.87% | ₹43.61 |
| GPT Infraprojects Limited | ₹114.24 | ₹10 | 1,28,991.69 | 7.70 | 7.70 | 14.83 | 52,775.35 | 18.25% | ₹41.77 |
| Indian Hume Pipe Company Limited | ₹371.40 | ₹2 | 1,30,556.83 | 26.79 | 26.79 | 13.86 | 1,48,435.98 | 9.51% | ₹281.76 |
10. Shareholding & Capital Structure
| Category | Name of Shareholder | Pre-Offer Shares | Pre-Offer % | Post-Offer Shares @ ₹208 | Post-Offer % @ ₹208 | Post-Offer Shares @ ₹220 | Post-Offer % @ ₹220 |
|---|
| Promoters | Brij B Tapadiya | 6,20,730 | 3.14% | 6,20,730 | 2.32% | 6,20,730 | 2.35% |
| Ajay Bhagwandas Tapadiya | 6,39,540 | 3.23% | 6,39,540 | 2.39% | 6,39,540 | 2.42% |
| Pavan Vithaldas Tapadiya | 8,77,800 | 4.43% | 8,77,800 | 3.28% | 8,77,800 | 3.33% |
| Akhil Ranchod Tapadiya | 6,20,730 | 3.14% | 6,20,730 | 2.32% | 6,20,730 | 2.35% |
| Naveen Tapadiya | 12,54,000 | 6.33% | 12,54,000 | 4.68% | 12,54,000 | 4.75% |
| Rajendrakumar Badrinarayan Tapadiya | 6,62,090 | 3.34% | 6,62,090 | 2.47% | 6,62,090 | 2.51% |
| Suyash Vithaldas Tapadiya | 8,77,800 | 4.43% | 8,77,800 | 3.28% | 8,77,800 | 3.33% |
| Vedant Tapadiya | 12,54,000 | 6.33% | 12,54,000 | 4.68% | 12,54,000 | 4.75% |
| Keshav Tapadiya | 6,20,730 | 3.14% | 6,20,730 | 2.32% | 6,20,730 | 2.35% |
| Promoter Group | Manish Akhilesh Tapadiya | 6,62,090 | 3.34% | 6,62,090 | 2.47% | 6,62,090 | 2.51% |
| Vijay Venugopal Tapadiya | 6,82,220 | 3.45% | 6,82,220 | 2.55% | 6,82,220 | 2.59% |
| Jaya Yash Tapadiya | 6,20,730 | 3.14% | 6,20,730 | 2.32% | 6,20,730 | 2.35% |
| Krishna Tapadiya | 8,27,640 | 4.18% | 8,27,640 | 3.09% | 8,27,640 | 3.14% |
| Nayan Tapadiya | 8,52,720 | 4.31% | 8,52,720 | 3.19% | 8,52,720 | 3.23% |
| Giriraj Tapadiya | 8,27,640 | 4.18% | 8,27,640 | 3.09% | 8,27,640 | 3.14% |
| Shyamsundar Tapadiya | 6,39,540 | 3.23% | 6,39,540 | 2.39% | 6,39,540 | 2.42% |
| Kishori Jeetendra Rathi | 1,59,500 | 0.81% | 1,59,500 | 0.60% | 1,59,500 | 0.60% |
| Vaman Prestressing Company Private Limited | 18,38,100 | 9.28% | 3,38,100 | 1.26% | 3,38,100 | 1.28% |
| Additional Top 10 Shareholders | Rajshree Gilda | 8,19,500 | 4.14% | 8,19,500 | 3.06% | 8,19,500 | 3.11% |
| Sampat Shankarlal Gilada | 7,26,000 | 3.67% | 7,26,000 | 2.71% | 7,26,000 | 2.75% |
| Gouradevi Shankarlal Gilada | 5,61,000 | 2.83% | 5,61,000 | 2.10% | 5,61,000 | 2.13% |
| Rajgopal Shankarlal Gilada | 5,35,490 | 2.70% | 5,35,490 | 2.00% | 5,35,490 | 2.03% |
| Deepak J Mehta and Bhakti D Mehta | 4,62,000 | 2.33% | 4,62,000 | 1.73% | 4,62,000 | 1.75% |
| Sangeetha Sampatkumar Gilada | 3,52,000 | 1.78% | 3,52,000 | 1.31% | 3,52,000 | 1.33% |
| Bindu Rajgopal Gilada | 2,95,900 | 1.49% | 2,95,900 | 1.11% | 2,95,900 | 1.12% |
| Sarvesh Gilda | 2,58,500 | 1.31% | 2,58,500 | 0.97% | 2,58,500 | 0.98% |
| Namrata Kabra | 2,50,250 | 1.26% | 2,50,250 | 0.93% | 2,50,250 | 0.95% |
| Vaibhav Gilda | 2,36,610 | 1.20% | 2,36,610 | 0.88% | 2,36,610 | 0.90% |
| Total | | 1,90,34,850 | 96.14% | 1,75,34,850 | 65.50% | 1,75,34,850 | 66.44% |
11. Objects of the Issue
| Object | Amount / Funding |
|---|
| Funding working capital requirements | ₹7,500.00 lakh from Net Proceeds |
| Repayment / pre-payment of term loans | ₹1,900.00 lakh from Net Proceeds |
| Sub-total | ₹9,400.00 lakh |
| General Corporate Purposes | [●]; subject to 25% cap of Fresh Offer |
| Offer for Sale | Proceeds accrue to the Selling Shareholder, net of applicable offer expenses attributable to the OFS |
12. OFS / Selling Shareholder
| Selling shareholder | Category | Shares offered | Weighted average acquisition cost |
|---|
| Vaman Prestressing Company Private Limited | Promoter Group Selling Shareholder | Up to 15,00,000 | ₹31.82 per Equity Share |
13. Key Risks Highlighted in the RHP
| Editorial Category | RHP Disclosure in Simple Language |
|---|
| Business / Government dependence | A substantial portion of manufacturing revenue is linked to railway infrastructure projects and government/government-controlled entities. Government policy, budgets and order flows can therefore affect revenue and cash flows. |
| Customer concentration | Indian Railways contributed 40.56% of FY2026 revenue from operations; the top five customers contributed 85.33%. Loss, delay or reduction of orders from key customers could affect revenue and margins. |
| Supplier concentration | The top five suppliers represented 47.12% of total purchases in FY2026 and the top ten represented 65.52%. Difficulty sourcing materials on comparable terms could affect operations. |
| Service-segment dependence | The RHP states that recent profitability benefited from higher revenue and margins in the service segment and that future performance may not maintain the same contribution. |
| Purchase orders / execution | Business is based on periodic customer purchase orders. Delays in order allocation or redeployment of customised equipment and production lines could affect revenue realization, costs and cash flows. |
| Competitive bidding | Projects are often secured through competitive bidding, and bids may not result in awards. The RHP reports bid-to-win ratios of 71.43% in FY2026, 60.61% in FY2025 and 100.00% in FY2024. |
| Geographic concentration | FY2026 revenue was generated mainly from Maharashtra, Madhya Pradesh, Gujarat and Himachal Pradesh, with smaller contributions from Odisha, Punjab and Jharkhand. Adverse developments in operating regions may affect results. |
| Manufacturing concentration | A significant portion of revenue comes from the manufacturing vertical, particularly PSC sleepers. A reduction in manufacturing revenue could affect overall revenue and profitability. |
| Working capital | The Company proposes ₹7,500 lakh of Net Proceeds for working capital. The RHP states that insufficient working capital could adversely affect operations. |
| Cash flows | The RHP reports negative investing and financing cash flows in FY2026, FY2025 and FY2024. Net cash from operating activities was positive in all three years. |
| Land / property | The Mohol sleeper manufacturing facility is on property associated with an Agreement for Sale with promoter Brij B Tapadiya; the RHP states that a definitive sale deed was awaited subject to lender NOC. |
| Indebtedness and receivables | The RHP identifies borrowings, financing obligations and receivables as relevant matters. Net trade receivables were ₹6,321.02 lakh in FY2026 and trade receivable days were 59. |
| Product demand | Demand for railway products depends on implementation of railway/metro projects and passenger and goods traffic, which may affect product demand and revenue. |
| Litigation | The RHP discloses criminal, civil and tax proceedings involving the Company and certain Promoters, while stating that no outstanding material proceedings were disclosed for the Directors and KMP/SMP categories as specified. |
14. Litigation & Contingent Liabilities
| Party / Category | Proceedings Disclosed | Aggregate Amount Involved Where Quantifiable |
|---|
| Company – by the Company | 3 criminal proceedings; 1 material civil litigation | ₹564.39 lakh |
| Company – against the Company | 1 criminal proceeding; 5 tax proceedings; 2 material civil litigations | ₹281.87 lakh |
| Promoters – by the Promoters | 1 criminal proceeding | ₹2.55 lakh |
| Promoters – against the Promoters | 3 criminal proceedings; 7 tax proceedings; 1 material civil litigation; 1 other | ₹33.88 lakh |
Tax matters and creditor dues
| Particular | Disclosure |
|---|
| Company tax proceedings | 5 cases: 4 direct tax and 1 indirect tax; ₹183.29 lakh total |
| Promoter tax proceedings | 7 direct tax cases; ₹7.15 lakh total |
| Outstanding demand notices | Company and some Promoters have outstanding demand notices amounting to ₹163.45 lakh |
| Material creditors | 3 creditors; ₹2,554.83 lakh |
| Other than material – MSME | 100 creditors; ₹1,387.73 lakh |
| Other than material – non-MSME | 532 creditors; ₹4,242.81 lakh |
| Total trade payables | 635 creditors; ₹8,185.37 lakh |
Contingent liabilities
| Particular | FY2026 | FY2025 | FY2024 |
|---|
| Claim against Company not acknowledged as debt | ₹184.31 lakh | ₹157.32 lakh | ₹342.30 lakh |
| Bank guarantees issued | ₹2,002.33 lakh | ₹2,265.53 lakh | ₹2,275.16 lakh |
| Total contingent liabilities | ₹2,186.64 lakh | ₹2,422.85 lakh | ₹2,617.46 lakh |
15. Registrar
| Particular | Disclosure |
|---|
| Name | MUFG Intime India Private Limited (formerly known as Link Intime India Private Limited) |
| Address | C-101, Embassy 247, L.B.S Marg, Vikhroli (West), Mumbai – 400 083, Maharashtra, India |
| Telephone | +91 810 811 4949 |
| Email | vishalnirmiti.ipo@in.mpms.mufg.com |
| Website | www.in.mpms.mufg.com |
| Contact Person | Shanti Gopalkrishnan |
| SEBI Registration Number | INR000004058 |
16. Lead Manager
17. Company Contact Details
| Particular | Disclosure |
|---|
| Registered office | 303, 17 Elphinstone House, Marzban Road, New Empire Cinema, Fort, Mumbai – 400001, Maharashtra, India |
| Corporate office | Suyash, S. No. 255/1 +2/2, Ashiyana Park-II, Aundh, Haveli, Pune – 411007, Maharashtra, India |
| Company Secretary & Compliance Officer | Suhas Ganpat Naik |
| Telephone | +91 9823877359 |
| Email | ipo@vishalnirmiti.com |
| Website | www.vishalnirmiti.com |
| CIN | U01122MH1994PLC185445 |
