Vishal Nirmiti IPO
Vishal Nirmiti IPO is a book-building public issue of ₹178.00 crore.
The issue comprises a fresh issue of 65,90,909 equity shares aggregating to approximately ₹145.00 crore and an offer for sale of 15,00,000 equity shares aggregating to approximately ₹33.00 crore.
The IPO is scheduled to open for subscription on 30 September 2026 and close on 5 October 2026. The shares are proposed to be listed on both NSE and BSE.
The IPO price band has been fixed at ₹208 to ₹220 per share, with a minimum lot size of 68 shares.
Vishal Nirmiti IPO Details
Vishal Nirmiti Ltd. is entering the primary market with a book-building IPO of approximately ₹178.00 crore. The issue consists of a fresh issue of 65,90,909 equity shares aggregating to approximately ₹145.00 crore and an offer for sale of 15,00,000 shares aggregating to approximately ₹33.00 crore.
The IPO price band has been fixed at ₹208 to ₹220 per share. Investors can apply for a minimum of 68 shares and thereafter in multiples of the specified lot size.
At the upper price band of ₹220, a retail investor needs ₹14,960 for one minimum lot of 68 shares.
The company proposes to use the net proceeds primarily towards funding working capital requirements and repayment and/or pre-payment of term loans, along with general corporate purposes.
Vishal Nirmiti IPO Details
| Particulars | Details |
|---|---|
| IPO Open Date | 30 September 2026 |
| IPO Close Date | 05 October 2026 |
| IPO Size | ₹178.00 Crore |
| Price Band | ₹208 to ₹220 per share |
| Face Value | ₹10 per share |
| Lot Size | 68 Shares |
| Issue Type | Book Building |
| Issue Structure | Fresh Issue + Offer for Sale |
| Listing Exchange | NSE and BSE |
| Total Issue Shares | 80,90,909 Shares |
| Fresh Issue | 65,90,909 Shares |
| Fresh Issue Amount | ₹145.00 Crore |
| Offer for Sale | 15,00,000 Shares |
| Offer for Sale Amount | ₹33.00 Crore |
| Retail Investment | ₹14,960 at Upper Price Band |
| Expected Allotment | 06 October 2026* |
| Refund / Unblocking | 07 October 2026* |
| Demat Credit | 07 October 2026* |
| Tentative Listing Date | 08 October 2026* |
Vishal Nirmiti IPO Issue Size
| Issue Component | Shares | Approx. Amount |
|---|---|---|
| Total Issue | 80,90,909 Shares | ₹178.00 Cr |
| Fresh Issue | 65,90,909 Shares | ₹145.00 Cr |
| Offer for Sale | 15,00,000 Shares | ₹33.00 Cr |
Vishal Nirmiti IPO Investor Reservation
| Investor Category | Reservation |
|---|---|
| Qualified Institutional Buyers (QIB) | Not more than 1% of the Offer Size |
| Retail Individual Investors | Not less than 70% of the Net Offer |
| Non-Institutional Investors (NII) | Not less than 29% of the Offer Size |
Vishal Nirmiti IPO Timeline
| Event | Date |
|---|---|
| IPO Opens | Wednesday, 30 September 2026 |
| IPO Closes | Monday, 05 October 2026 |
| Allotment | Tuesday, 06 October 2026* |
| Refund / Unblocking | Wednesday, 07 October 2026* |
| Shares Credited to Demat | Wednesday, 07 October 2026* |
| Listing | Thursday, 08 October 2026* |
Vishal Nirmiti IPO Lot Size
The minimum IPO application size is 68 shares. Investors can submit bids in multiples of the prescribed lot size.
| Investor Category | Lots | Shares | Investment at ₹220 |
|---|---|---|---|
| Retail Minimum | 1 | 68 | ₹14,960 |
| Retail Maximum | 13 | 884 | ₹1,94,480 |
| S-HNI Minimum | 14 | 952 | ₹2,09,440 |
| S-HNI Maximum | 66 | 4,488 | ₹9,87,360 |
| B-HNI Minimum | 67 | 4,556 | ₹10,02,320 |
About Vishal Nirmiti Ltd.
Vishal Nirmiti Limited, formerly known as Sejal Farms Private Limited, was incorporated in 1994 and is engaged in civil engineering, manufacturing and construction activities.
The company is primarily involved in the manufacturing and dealing of Pre-Stressed Concrete (PSC) sleepers for railways, along with pre-cast and pre-stressed concrete products. It also undertakes fabrication and erection of Mild Steel (MS) pipes, liners and penstock pipes for Pumped Storage Projects and other infrastructure applications.
Vishal Nirmiti also provides engineering, procurement and construction (EPC) services for railway infrastructure, irrigation, renewable power and civil engineering projects.
Its manufacturing activities include PSC sleepers for Indian Railways, DFCCIL and private clients, as well as MS pipes, MS liners and penstock pipes for hydro power, lift irrigation, water supply and infrastructure projects.
The company’s service activities include job-work contracts for MS pipes, liners, penstock pipes, pre-cast and pre-stressed elements, hydro-mechanical structures and construction works.
As of 30 June 2026, Vishal Nirmiti had 420 employees across various departments.
Vishal Nirmiti Business Strengths
- Experience in civil engineering, construction and infrastructure projects since 1994.
- Focus on manufacturing PSC railway sleepers for infrastructure projects.
- Manufacturing capabilities for MS pipes, MS liners and penstock pipes.
- EPC and construction capabilities across railway, irrigation and infrastructure projects.
- Customer relationships across railway and infrastructure sectors.
- Pan-India operational presence across multiple states.
- Experienced promoter and management group with domain expertise.
- Capabilities spanning manufacturing, engineering, fabrication and construction activities.
Vishal Nirmiti IPO Objects of the Issue
The company proposes to utilise the net proceeds from the IPO towards funding working capital requirements, repayment and/or pre-payment of term loans and general corporate purposes.
| # | Issue Objects | Estimated Amount |
|---|---|---|
| 1 | Funding working capital requirements of the Company | ₹75.00 Cr |
| 2 | Repayment and/or pre-payment, in part or full, of term loans | ₹19.00 Cr |
| 3 | General Corporate Purposes | Balance Amount |
| Total | ₹94.00 Cr | |
Vishal Nirmiti Financial Performance
Vishal Nirmiti reported total income of ₹344.13 crore in FY2026 compared with ₹324.86 crore in FY2025. Profit after tax stood at ₹24.98 crore in FY2026 compared with ₹23.64 crore in FY2025.
| Particulars (₹ Crore) | FY2026 | FY2025 | FY2024 |
|---|---|---|---|
| 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 | 59.76 | 36.76 |
| Total Borrowings | 87.42 | 88.05 | 91.75 |
| Assets | 334.92 | 296.61 | 242.04 |
Note: Financial figures are presented in ₹ crore and are based on the restated financial information supplied for the IPO.
Vishal Nirmiti IPO Key Performance Indicators
| KPI | FY2026 / Relevant Period |
|---|---|
| ROE | 33.67% |
| ROCE | 28.02% |
| Debt / Equity | 1.01 |
| RoNW | 33.87% |
| PAT Margin | 7.37% |
| EBITDA Margin | 15.10% |
| NAV | ₹43.61 |
| Price to Book Value | 5.04x |
Vishal Nirmiti IPO Valuation
The IPO price band is fixed at ₹208 to ₹220 per share. Based on the supplied IPO information, the post-issue valuation at the upper price band reflects an EPS of approximately ₹9.46 and a P/E multiple of approximately 23.26x.
| Valuation Metric | Pre IPO | Post IPO |
|---|---|---|
| EPS | ₹12.61 | ₹9.46 |
| P/E | 17.45x | 23.26x |
| Market Capitalisation | ₹435.60 Cr | ₹580.60 Cr |
| NAV | ₹43.61 | |
| Price to Book Value | 5.04x | |
Vishal Nirmiti Shareholding Structure
| Category | Pre IPO | Post IPO |
|---|---|---|
| Promoter and Promoter Group | 73.42% | 49.40% |
| Public | 26.58% | 50.60% |
| Total | 100% | 100% |
Promoters: Brij B Tapadiya, Ajay Bhagwandas Tapadiya, Pavan Vithaldas Tapadiya, Akhil Ranchod Tapadiya, Naveen Tapadiya, Rajendrakumar Badrinarayan Tapadiya, Suyash Vithaldas Tapadiya, Vedant Tapadiya and Keshav Tapadiya.
Vishal Nirmiti IPO Offer for Sale
| Selling Shareholder | Category | Shares Offered | Amount |
|---|---|---|---|
| Vaman Prestressing Co. Pvt. Ltd. | Promoter | 15,00,000 | ₹33.00 Cr |
| Total | 15,00,000 | ₹33.00 Cr | |
Vishal Nirmiti IPO Registrar & Lead Manager
IPO Registrar: MUFG Intime India Pvt. Ltd.
Book Running Lead Manager: Saffron Capital Advisors Pvt. Ltd.
Vishal Nirmiti IPO Important Information
| Particulars | Details |
|---|---|
| Company | Vishal Nirmiti Ltd. |
| IPO Type | Book Building Issue |
| IPO Size | ₹178.00 Crore |
| Price Band | ₹208 – ₹220 |
| Face Value | ₹10 per share |
| Lot Size | 68 Shares |
| Minimum Investment | ₹14,960 |
| Fresh Issue | ₹145.00 Crore |
| Offer for Sale | ₹33.00 Crore |
| Listing | NSE and BSE |
| Registrar | MUFG Intime India Pvt. Ltd. |
| Lead Manager | Saffron Capital Advisors Pvt. Ltd. |
| IPO Open | 30 September 2026 |
| IPO Close | 05 October 2026 |
| Allotment | 06 October 2026* |
| Listing Date | 08 October 2026* |
Vishal Nirmiti IPO Quick Summary
Vishal Nirmiti IPO is a book-building public issue of approximately ₹178.00 crore. The IPO is scheduled to open on 30 September 2026 and close on 5 October 2026.
The price band has been fixed at ₹208 to ₹220 per share, while the minimum application size is 68 shares. At the upper price band, one retail lot requires an investment of ₹14,960.
The issue comprises a fresh issue of 65,90,909 shares aggregating to approximately ₹145.00 crore and an offer for sale of 15,00,000 shares aggregating to approximately ₹33.00 crore.
Vishal Nirmiti operates in civil engineering, construction and infrastructure manufacturing, with activities covering PSC railway sleepers, MS pipes, MS liners, penstock pipes, pre-cast products and EPC services.
The company has operations across multiple Indian states and serves sectors including railways, irrigation, renewable power and industrial infrastructure.
The company reported total income of ₹344.13 crore and profit after tax of ₹24.98 crore for FY2026.
Vishal Nirmiti IPO FAQs
Disclaimer
This Vishal Nirmiti IPO information is provided for educational and informational purposes only. IPO investments are subject to market risks, and the actual listing price or post-listing performance may differ from expectations.
GMP figures are unofficial and may change frequently. Grey market premium should not be considered a guaranteed indication of the actual listing price or return.
Investors should read the company’s RHP, financial statements, risk factors and other official disclosures carefully before making an investment decision. TradingMinds does not provide investment advice and does not guarantee IPO listing gains.
*Dates marked with an asterisk are tentative and may change according to the IPO process and applicable regulatory or exchange timelines.
