Vishal Nirmiti IPO Details
Vishal Nirmiti IPO Summary
Vishal Nirmiti IPO opens for subscription on 30 Sep 2026 and closes on 05 Oct 2026.The IPO will be listed on NSE, BSE with the tentative listing date set for 08 Oct 2026.
Vishal Nirmiti IPO price band has been fixed at ₹208 – ₹220 per share. The face value is ₹10 per share with a lot size of 68.
Vishal Nirmiti IPO total issue size comprises 80,90,909 shares (aggregating up to ₹178.00 Cr). This includes a fresh issue of 65,90,909 shares (aggregating up to ₹145.00 Cr). Offer for Sale consists of 15,00,000 shares (aggregating up to ₹33.00 Cr). Pre-issue shareholding stands at 1,98,00,000, which will increase to 2,63,90,909 post-issue.
Vishal Nirmiti IPO carries a ₹2 (0.91%) GMP, reflecting investor sentiment.
Vishal Nirmiti IPO Lot Size :Retail Minimum is 1 lot (68 shares) amounting to ₹14,960. Retail Maximum is 13 lots (884 shares) amounting to ₹1,94,480. SHNI Minimum is 14 lots (952 shares) amounting to ₹2,09,440. SHNI Maximum is 66 lots (4,488 shares) amounting to ₹9,87,360. BHNI Minimum is 67 lots (4,556 shares) amounting to ₹10,02,320.
Vishal Nirmiti IPO Details
Vishal Nirmiti IPO Subscription
Vishal Nirmiti IPO Application Wise Breakup (Approx)
Vishal Nirmiti IPO Dates
- 30 Sep 2026Opening dateOpen
- 05 Oct 2026Closing dateClose
- 06 Oct 2026Allotment Date Allotment
- 07 Oct 2026Initiation of RefundsRefund
- 07 Oct 2026Credit of SharesCredit
- 08 Oct 2026Listing dateListing
Vishal Nirmiti IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 1 | 68 | ₹14,960 |
| Retail Maximum | 13 | 884 | ₹1,94,480 |
| SHNI Minimum | 14 | 952 | ₹2,09,440 |
| SHNI Maximum | 66 | 4488 | ₹9,87,360 |
| BHNI Minimum | 67 | 4556 | ₹10,02,320 |
Vishal Nirmiti IPO Reservation
Promoter Holding
Documents
Vishal Nirmiti IPO Valuations
Vishal Nirmiti Financial Information
| 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 | 59.76 | 36.76 |
| Total Borrowing | 87.42 | 88.05 | 91.75 |
| Amount in ₹ Crore | |||
About Vishal Nirmiti IPO
Incorporated in 1994, Vishal Nirmiti Limited (formerly Sejal Farms Private Limited) is a civil engineering, manufacturing, and construction company primarily engaged in manufacturing and dealing of Pre-Stressed Concrete (PSC) sleepers for railways, pre-cast and pre-stressed concrete products, as well as 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 such as railways, renewable power, and industrial infrastructure.
Business Segments:
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Manufacturing segment: Includes PSC sleeper manufacturing 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.
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Services segment: Covers job work contracts for MS pipes, liners, penstock pipes, pre-cast and pre-stressed elements (such as noise barriers and cable ducts), hydro-mechanical structures, as well as construction works, power generation through windmills, transportation, leasing, and sale of scrap.
VNL has a pan-India presence with operational units across Maharashtra, Madhya Pradesh, Gujarat, Himachal Pradesh, Uttar Pradesh, Odisha, and Karnataka and is led by a highly experienced promoter group with over four decades of domain expertise
As of June 30, 2026, the Company employed 420 employees in various departments.
Strength Of Vishal Nirmiti IPO
- Integrated manufacturing operations enabling us to provide comprehensive solutions to our customers in the PSC sleeper & Mild Steel Pipes (MS Pipes) manufacturing sector.
- Strong technical capabilities enhanced by relationships with reputed global prestress concrete sleeper & MS Pipes manufacturer & technology players.
- Strong 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.
Risk Of Vishal Nirmiti IPO
- The company's business and revenues in the manufacturing segment for PSC sleepers are substantially dependent on railroad infrastructure projects undertaken or awarded by government authorities and other government owned public sector undertakings and are thereby dependent on governmental policies and budgetary allocation, accordingly, 38.76%, 47.30%, 58.09% and 58.54% of the company's revenue from operations during the six months period ended September 30 2025, Fiscal 2025, Fiscal 2024 and Fiscal 2023 was generated from government authorities and entities related to the government in the manufacturing segment for Pre-Stressed Concrete (PSC) sleepers. Any adverse changes in the central or state government policies may lead to change in the volume of the company's business and/or a change in the terms of the company's contracts.
- The company depends significantly on a certain number of customers for the company's business and revenue. A substantial decrease in the orders placed on the company by these customers or a decrease in the demand of these products may adversely impact its revenues and profitability.
- The company relies on suppliers for the company's raw materials under its manufacturing segment. Though there are availability of substantial suppliers for the raw materials for the company's business, any loss or reduction in the number of suppliers may have an adverse effect on the company's business, results of operations and financial conditions.
- A substantial increase in the company's profitability in the recent past has been contributed by the increase in the revenue and the higher margins in the services segment. There can be no assurance that the company will continue to enjoy higher revenue and profitability from such segment on a regular basis in the future. Any reduction of revenue or profit margins from such segment will affect its profitability and may have an adverse effect on the company's financial condition and results of operation.
- The company's business is based on periodic purchase orders raised by its customers based on their requirements from time to time. If the company's customers reduce their purchases from the company or choose not to source their requirements from the company, there may be an adverse effect on the company's business, results of operations, financial condition and cash flows.
- Most of the company's projects are awarded to us through a competitive bidding process involving governmental authorities. Therefore, the company's business is dependent on securing tenders for projects, which involves cost estimations and other factors for the bidding process. The company cannot assure you that the company would bid where the company has been pre-qualified to submit a bid, or that the company's bids, when submitted or if already submitted, would necessarily result in projects being awarded to the company.
- The company's business is dependent on and will continue to depend on the company's Manufacturing Facilities, and the company is subject to certain risks in the company's manufacturing process due to the usage of heavy machinery in the company's manufacturing operations. Any mishap, failures, slowdown or disruption in the company's manufacturing operations could have an adverse effect on the company's business, cash flows, financial condition and results of operations.
- The company is subject to strict quality requirements, regular inspections and audits, and the success and wide acceptability of the company's products is largely dependent upon its quality controls and standards. Any inability to maintain quality standards may adversely affect the company's business prospects and financial performance, including cancellation of existing and future orders which may expose the company to warranty claims.
- The company is required to furnish bank guarantees as part of its business. The company's inability to arrange for such guarantees within prescribed timelines or the invocation of such guarantees may adversely affect its cash flows and financial condition.
- There have been certain instances of non-compliances and delay in filings with respect to certain regulatory filings under the Companies Act, 2013 by the Company in the past. Further, the company may be subject to regulatory actions and penalties for any such past or future non-compliance or delays and the company's business, financial condition and reputation may be adversely affected
Objectives Vishal Nirmiti IPO
1. Funding Working Capital Requirements
2. Repayment and/ or pre-payment, in part or full of term loans
3. General Corporate Purposes
Company Contact Details
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: www.vishalnirmiti.com
Registrar Contact Details
Vishal Nirmiti FAQs
The Vishal Nirmiti IPO is a MAINBOARD public issue comprising 8090909 equity shares with a face value of ₹10 each, aggregating to a total issue size of ₹178.00 Cr. The issue price has been fixed at ₹220 per equity share, and the minimum application size is 68 shares.
The IPO opens for subscription on 30 Sep 2026, and closes on 05 Oct 2026.
MUFG Intime India Pvt Ltd has been appointed as the registrar to the issue. The equity shares are proposed to be listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).
As of now, the current GMP stands at ₹2 (0.91%).
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