Q3. What is the size of the issue and where will it list?

The issue size comprises a fresh issue of ₹ 125 crore plus an OFS of 15 Lakh equity shares. It will be listed on the BSE & NSE platform.

Q4. What are the risks to an investor?

Dependency on government tenders, raw material cost volatility, execution delays on large infrastructure contracts, and limited publicly disclosed market share data.

Q5. What are the potential upsides?

Positive sides of the IPO is it's strong infrastructure demand, diversified product mix, established project execution experience, and potential growth from capacity expansion funded by the IPO.

Q6. How to apply for the IPO?

You can apply for the IPO online via your broker or bank’s IPO/ASBA facility using UPI/net banking once dates and price band are announced.

Q 7. When is the tentative listing date?

Expected listing date is yet to be announced.

Vishal Nirmiti Limited: New IPO, Price, Profit, Price, Analysis, IPO Score

Open

Vishal Nirmiti Limited: New IPO, Price, Profit, Price, Analysis, IPO Score

Market Cap

₹580.60 Cr

IPO Issue Size

₹ 175 Cr

Expected Price by IPOCorner

₹ 194 – 198

IPO Score

*Score varies on actual price

Vishal Nirmiti Limited is engaged in civil engineering, manufacturing, and construction, including pre-stressed concrete sleepers for railways, pre-cast/pre-stressed concrete products, and fabrication/erection of mild steel pipes and penstock pipes for infrastructure projects.

Vishal Nirmiti Limited was incorporated in the year 1994 & currently Mr. Ajay Tapadiya and Mr. Pavan Tapadiya is the Joint Managing Director of the company.

The company has filed its Draft Red Herring Prospectus with SEBI for a proposed IPO for ₹178 Crore which includes a Fresh Issue of equity shares aggregating up to ₹145 Crore and an OFS of up to ₹33 Crore through the book-building route.

It offers manufacturing of pre-stressed concrete sleepers, precast/pre-stressed concrete products, large diameter mild steel (MS) pipes and turnkey construction/EPC services for railways, irrigation, and infrastructure sectors. Its customers include Indian Railways, government and private infrastructure projects nationwide.

Subscription date to apply for Vishal Nirmiti Limited is announced on 30th Sep, 2026 & closes on 5th Oct’26. Price band for the IPO is ₹208 to ₹220 with a lot size of 68 Shares.

Year	2025
Networth	₹ 61.1 Cr
Revenue	₹ 318.5 Cr
EBITDA	₹ 46.5 Cr
PAT	₹ 23.6 Cr
EBITDA Margin	~14.59%
PAT Margin	~7.42%
Face Value	Rs.10 per Equity Share

IPO Important Dates

#	Date
Open Date	Sep 30, 2026
Close Date	Oct 5, 2026
Anchor Investor Bidding	Sep 29, 2026
Allotment Date	Oct 6, 2026
Refunds& Demat Credit	Oct 7, 2026
Tentative Listing Date	Oct 8, 2026

Use Of Proceeds

Purpose	Amount
Borrowing payment	~ ₹ 20 Cr
Working Capital Requirement	~ ₹ 65 Cr
-	-
-	-
-	-
General Corporate Purpose	Balance

Financial Data

#	2023	2024	2025
Revenue (₹ Cr)	266.64	242.88	318.51
PAT (₹ Cr)	3.01	3.44	23.63
Asset (₹ Cr)	224.5	242.03	296.6
Net Worth (₹ Cr)	34.56	38.12	61.12

IPO Grey Market Premium

Date	IPO Price	IPO GMP	Profit Per Lot
03-Oct	₹208 to ₹220	₹ –	₹ –
02-Oct	₹208 to ₹220	₹ 20	₹ 1,360
01-Oct	₹208 to ₹220	₹ 05	₹ 340
30-Sep	₹208 to ₹220	₹ 6	₹ 408
29-Sep	₹208 to ₹220	₹ 02	₹ 136

Pros

Strong presence in railway and infrastructure manufacturing with long-standing relationships with Indian Railways and government bodies.
Diversified product portfolio including PSC sleepers, precast concrete, and MS pipes reduces single-segment dependency.
Nearly three decades of operating history supports execution capability and credibility.
Infrastructure and rail capex focus by the Government of India provides long-term demand visibility.
IPO proceeds expected to strengthen balance sheet and support capacity expansion.

Cons

Capital-intensive manufacturing business with sensitivity to raw-material price fluctuations.
High dependence on government and railway contracts exposes revenues to policy and tender delays.
Capital Intensive operations can impact cash flows during execution cycles.
Absence of disclosed market share limits clarity on competitive positioning.
Project execution risks and margin pressure due to intense competition in infrastructure contracts.

Promoters – Pre offer equity (Approx)

Promoters	% Shares
Naveen Tapadiya	~6.33%
Vedant Tapadiya	~6.33%
Suyash Vithaldas Tapadiya	~4.43%
Pavan Vithaldas Tapadiya	~4.43%
Ajay Bhagwandas Tapadiya	~3.23%
-	-

Lot Size details

Application Type	Lot Size	No. of Lot	No. of Shares	Investment Amount
Retail (Min)	68	1	68	₹ 14,960
Retail (Max)	68	13	884	₹ 194,480
HNI (Min)	68	14	952	₹ 209,440
HNI (Max)	68	66	4,488	₹ 987,360
Big HNI (Min)	68	67	4,556	₹ 1,002,320

Key Performance Index (KPI)

ROE	47.21%
ROCE	30.32%
RoNW	47.63%

Lead / Book Running Lead Managers

Saffron Capital Advisors Private Limited

Registrar (RTA)

MUFG Intime India Private Limited

Q1. What is the business of Vishal Nirmiti Limited?

It is a civil engineering and manufacturing company producing pre-stressed concrete sleepers, precast/pre-stressed concrete products, and mild-steel pipes for railways, irrigation, and infrastructure projects.

Q2. Why is the company raising funds via IPO?

Vishal Nirmiti is raising funds via IPO to expand it’s manufacturing capacity, reduce debt, strengthen the balance sheet, and support long-term working capital and growth in infrastructure project execution.

Q3. What is the size of the issue and where will it list?
The issue size comprises a fresh issue of ₹ 125 crore plus an OFS of 15 Lakh equity shares. It will be listed on the BSE & NSE platform.
Q4. What are the risks to an investor?
Dependency on government tenders, raw material cost volatility, execution delays on large infrastructure contracts, and limited publicly disclosed market share data.
Q5. What are the potential upsides?
Positive sides of the IPO is it’s strong infrastructure demand, diversified product mix, established project execution experience, and potential growth from capacity expansion funded by the IPO.
Q6. How to apply for the IPO?
You can apply for the IPO online via your broker or bank’s IPO/ASBA facility using UPI/net banking once dates and price band are announced.
Q 7. When is the tentative listing date?
Expected listing date is yet to be announced.