Vishal Nirmiti IPO
VNL · BSE, NSE · Mainboard · Engineering - Construction
Overview
Updated 8 days agoVishal Nirmiti Limited is an infrastructure and manufacturing company primarily engaged in the production of Pre-Stressed Concrete (PSC) sleepers for railways and fabrication of Mild Steel (MS) pipes. The company is launching an IPO comprising a fresh issue of equity shares aggregating up to ₹145 crore and an offer for sale of up to 15,00,000 equity shares.
The red bar is the price band. GMP-implied price is an unofficial grey-market number, not a forecast.
How much to apply
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 68 | ₹14,960 |
| Retail (max) | 13 | 884 | ₹1,94,480 |
| sNII (min) | 14 | 952 | ₹2,09,440 |
| bNII (min) | 67 | 4,556 | ₹10,02,320 |
At the upper band. The amount is blocked in your bank account through UPI, not paid, until allotment.
Final subscription
As of 4 Nov, 10:00 ISTTimes the shares on offer were bid for, by investor category. Above 1x means the category is fully booked.
Listing performance
Latest price updated 5 hr ago.
Issue details
| Status | Listed |
| Exchange | BSE, NSE |
| Segment | Mainboard |
| Sector | Engineering - Construction |
| Price band | ₹208–220 |
| Final issue price | ₹220.00 |
| Face value | ₹10 per share |
| Lot size | 68 shares |
| Minimum investment | ₹14,960 |
| Issue size | ₹178 Cr |
| Fresh issue | ₹145 Cr |
| P/E at upper band | 17.5x |
| Registrar | MUFG Intime India Private Limited |
| Lead managers | Saffron Capital Advisors Private Limited |
| NSE symbol | VNL |
| ISIN | INE1O5L01025 |
Fresh issue vs offer for sale
Shareholder quota and promoter holding
Company & business
Vishal Nirmiti Limited, founded in 1994, is a civil engineering, manufacturing, and construction company. Its core business involves the manufacturing and supply of PSC sleepers for railway infrastructure projects, primarily for Indian Railways and DFCCIL. Additionally, the company fabricates MS pipes, MS liners, and penstock pipes for various infrastructure projects, including pumped storage projects, irrigation, and water supply. The company also provides infrastructure services and operates wind power generation assets. It operates through multiple manufacturing facilities across India, catering to diverse infrastructure needs.
Objects of the issue — how the money will be used
- Funding Working Capital Requirements of the Company (₹75 Cr)
- Repayment and/ or pre-payment, in part or full, of term loans availed by our Company (₹19 Cr)
- General Corporate Purposes
Key strengths
- Integrated manufacturing operations for PSC sleepers and MS pipes.
- Strong order book providing revenue visibility.
- Long-standing relationships with key clients like Indian Railways and L&T.
- Experienced promoters and management team with deep domain expertise.
- Geographical presence across multiple states in India.
- Proven track record in executing infrastructure projects.
Key risks
- High dependence on government authorities and public sector undertakings for revenue.
- Concentration risk due to reliance on a limited number of major customers.
- Dependence on third-party suppliers for raw materials like cement and steel.
- Negative cash flows from investing and financing activities in the past.
- Operational risks associated with manufacturing facilities and heavy machinery.
- Regulatory and compliance risks, including pending legal proceedings.
- Geographical concentration of operations in specific states.
- Significant debt and high debt-to-equity ratio.
Promoters
Brij B Tapadiya, Ajay Bhagwandas Tapadiya, Pavan Vithaldas Tapadiya, Akhil Ranchod Tapadiya, Naveen Tapadiya, Rajendrakumar Badrinarayan Tapadiya, Suyash Vithaldas Tapadiya, Vedant Tapadiya, Keshav Tapadiya
Decoded from the RHP with AI on 31-Oct-2026. Check the offer document before you apply.
Financials (restated, ₹ crore)
| Period | Revenue | Expenses | Profit after tax | Assets | Net worth | Borrowings |
|---|---|---|---|---|---|---|
| FY24 | 242.88 | -- | 3.45 | 242.04 | 38.12 | 91.75 |
| FY25 | 318.52 | -- | 23.64 | 296.61 | 61.12 | 88.05 |
| FY26 | 338.68 | -- | 24.98 | 334.92 | 86.34 | 87.42 |
Key performance indicators · FY26
Peers & valuation
Listed peers as chosen by the issuer in the offer document (Basis for Issue Price).
| Company | Revenue (₹ Cr) | EPS (₹) | P/E | RoNW % | NAV (₹) |
|---|---|---|---|---|---|
| Vishal Nirmiti this issue | 338.7 | 12.61 | 17.5x | 33.67 | 43.61 |
| GPT Infraprojects Limited | 1,289.9 | 7.70 | 14.8 | 18.25 | 41.77 |
| Indian Hume Pipe Company Limited | 1,305.6 | 26.79 | 13.9 | 9.51 | 281.76 |
This issue is priced at 17.5x P/E against a peer median of 14.3x: a premium of 22%. A measurement, not a verdict.
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Offer documents and the issuer, exchange, registrar and SEBI pages for this issue.