Vishal Nirmiti Limited IPO
Offer terms, application timeline, financial context and company details in one place.
Price per share₹22068 shares per lot · indicative
Opens30 Sept 2026
Closes5 Oct 2026
AllotmentNot reported
Listing8 Oct 2026
Offer
Issue at a glance
- Issue size
- ₹0.32 crore
- Face value
- ₹10
- Issue method
- Book Building
- Fresh issue
- ₹0.32 crore
- Symbol
- VNL
- ISIN
- INE1O5L01025
Demand
As of 5 Oct 2026, 12:01 amSubscription
0.44×overall subscribed
| Investor category | Applications | Shares bid | Subscribed |
|---|---|---|---|
| Qualified Institutional Buyers(QIBs) | — | 80,920 | 0.96× |
| Foreign Institutional Investors(FIIs) | — | 0 | — |
| Domestic Financial Institutions(Banks/ Financial Institutions(FIs)/ Insurance Companies) | — | 0 | — |
| Mutual funds | — | 0 | — |
| Others | — | 80,920 | — |
| Non Institutional Investors | — | 16,66,612 | 0.68× |
| Non Institutional Investors(Bid amount of more than Ten Lakh Rupees) | — | 14,95,728 | 0.91× |
| Corporates | — | 4,556 | — |
| Individuals(Other than RIIs) | — | 13,58,164 | — |
| Others | — | 1,33,008 | — |
| Non Institutional Investors(Bid amount of more than Two Lakh Rupees upto Ten Lakh Rupees) | — | 1,70,884 | 0.21× |
| Corporates | — | 0 | — |
| Individuals(Other than RIIs) | — | 1,68,980 | — |
| Others | — | 1,904 | — |
| Retail Individual Investors(RIIs) | — | 19,74,380 | 0.33× |
| Cut Off | — | 16,65,728 | — |
| Price bids | — | 3,08,652 | — |
| Total | — | 37,21,912 | 0.44× |
Demand by bid price
₹20837,21,912 shares
₹20924,00,400 shares
₹21023,99,788 shares
₹21123,96,660 shares
₹21223,96,116 shares
₹21323,95,776 shares
₹21423,95,572 shares
₹21523,95,300 shares
₹21623,93,668 shares
₹21823,93,464 shares
₹21923,93,396 shares
₹22023,93,328 shares
Business
About the company
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: 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.
Performance
Financial snapshot
| Particulars | FY25 | FY26 |
|---|---|---|
| Revenue | ₹318.52 cr | ₹338.67 cr (6.33%) |
| PAT | ₹23.63 cr | ₹24.98 cr (5.71%) |
| PAT Margin | 7.42 % | 7.38 % (-0.54%) |
| EBITDA | ₹46.48 cr | ₹51.13 cr (10.00%) |
| EBITDA Margin | 14.59 % | 15.10 % (3.50%) |
| ROE | 38.39 % | 28.93 % |
| ROCE | 30.32 % | 28.02 % |
| D/E | 1.43 | 1.01 |
Research
What to consider
Business strengths
- Proven Execution CapabilitiesWith around 20 years of experience in PSC sleepers and MS pipes, the company runs end-to-end sleeper production lines alongside MS pipe, liner and penstock fabrication and precast noise barriers. Its units hold ISO 9001:2015 certifications, and it has executed DFCCIL sub-contracts at Bhandu, Prithla and Timba.
- Focus on Railway PSC SleepersRailway infrastructure is the company's core focus. In Fiscal 2026 it won Indian Railways tenders from Central, Northern and West Central Railways covering 10,05,136 sleepers, about 13.88% of the overall tendered quantity, with manufacturing supported by quality-controlled, automated processes.
- Long-Term Customer RelationshipsThe company has repeat business with railway authorities and infrastructure contractors. Repeat customers generated 95.13% of Revenue from Operations in Fiscal 2026, and ten clients have worked with it for more than ten years, including Central Railway, Larsen & Toubro and ISC Projects.
Key risks
- Dependence on Government Railway ProjectsGovernment authorities and government-related entities generated ₹14,421.16 lakhs, or 42.61% of Revenue from Operations, in Fiscal 2026 through the PSC sleeper segment. Changes in railway policy, budget allocations or tender releases could reduce orders or alter contract terms.
- Customer ConcentrationIndian Railways, the largest customer, contributed 40.56% of revenue in Fiscal 2026, while the top ten customers accounted for 92.91%. The loss of a major customer, payment delays or order cancellations could materially affect revenue and profitability.
- Reliance on Raw Material SuppliersThe top ten suppliers accounted for 65.52% of total purchases in Fiscal 2026, with the largest at 11.53%. Losing a considerable number of suppliers or facing supply disruptions could delay production and customer deliveries and increase operating costs.
Context
Peer comparison
| Company Name | EPS (Basic) | EPS (Diluted) | NAV (₹ per share) | P/E (x) |
|---|---|---|---|---|
| Vishal Nirmiti Limited | 12.61 | 12.61 | 43.61 | 33.87 |
| Gpt Infraprojects Ltd. | 7.70 | 7.70 | 41.77 | 14.83 |
| Indian Hume Pipe Co.Ltd. | 26.79 | 26.79 | 281.76 | 13.86 |
Filings
Offer documents
Advertisement7 Oct 2026Final Prospectus6 Oct 2026Draft Prospectus/Draft Red Herring Prospectus30 Dec 2025Draft Prospectus/Draft Red Herring Prospectus29 Sept 2025Bidding CentersProcessing of ASBA ApplicationsRatios / Basis of Issue PriceRed Herring ProspectusSample Application FormsSecurity ParametersVishal Nirmiti IPO DRHP