VISHAL NIRMITI IPO
VISHAL NIRMITI is a MAINBOARD IPO with a current status of LISTED. The price band is 208 - 220. The issue opens on 30 SEP and closes on 05 OCT. The listing date is 08 OCT.
Price Band
208 - 220
Unofficial GMP
₹2
Lot Size
68 shares
Minimum Investment
₹₹14,960
VISHAL NIRMITI IPO GMP
The latest available GMP is ₹2. Grey Market Premium is unofficial, may change frequently and does not guarantee the listing price, listing gains or investment returns.
Estimated Listing Price
₹222.00
Estimated Gain
+0.9%
VISHAL NIRMITI IPO GMP History
2
28 SEP
6
30 SEP
20
01 OCT
20
04 OCT
20
05 OCT
8
05 OCT
3
06 OCT
2
07 OCT
VISHAL NIRMITI IPO Details
- IPO Type
- MAINBOARD
- Status
- LISTED
- Price Band
- 208 - 220
- Issue Size
- ₹178.00 Cr
- Issue Type
- Book Build Issue
- Fresh Issue
- ₹145.00 Cr
- Offer for Sale
- ₹33.00 Cr
- Face Value
- 10
- Lot Size
- 68
- Minimum Investment
- ₹14,960
- Exchange
- BSE , NSE
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead Managers
- Saffron Capital Advisors Pvt.Ltd
VISHAL NIRMITI IPO Dates
- Open Date
- 30 SEP
- Close Date
- 05 OCT
- Allotment Date
- 06 OCT
- Refund Date
- 07 OCT
- Demat Credit Date
- 07 OCT
- Listing Date
- 08 OCT
VISHAL NIRMITI IPO Subscription
- QIB
- 1.27x
- NII / HNI
- 1.81x
- Retail
- 1.63X
- Employee
- --
- Total Subscription
- 1.68X
VISHAL NIRMITI IPO Financials
Revenue
FY2026
₹339.00 Cr
+6.27% vs FY2025
PAT
FY2026
₹24.97 Cr
+5.67% vs FY2025
Total Assets
FY2026
₹335.00 Cr
+12.79% vs FY2025
| Particulars | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Revenue | 243 | 319 | 339 |
| Net Profit | 3.44 | 23.63 | 24.97 |
| Total Assets | 242 | 297 | 335 |
VISHAL NIRMITI IPO Valuation
- Market Cap (Post IPO)
- ₹580.60 Cr.
- EPS
- 12.61
- P/E Ratio
- 17.45
- Price to Book Value
- 5.04
- ROE
- 33.67%
- ROCE
- 28.02%
- RONW
- 33.87%
- Debt / Equity
- 1.01%
- PAT Margin
- 7.37%
- EBITDA Margin
- 15.10%
VISHAL NIRMITI Peer Comparison
| Peer | Revenue | PAT | EPS | P/E | ROE | RONW | Debt / Equity |
|---|---|---|---|---|---|---|---|
| INDIAN HUME PIPE CO. | 1,491.23 | 55.81 | 26.79 | 13.86x | 10.18% | 9.51% | 0.33 |
| GPT INFRAPROJECTS | 1,188.07 | 74.93 | 7.70 | 14.83x | 19.50% | 18.25% | 0.25 |
VISHAL NIRMITI IPO Market Lot
| Category | Lots | Shares | Investment |
|---|---|---|---|
| Retail Minimum | 1 | 68 | ₹14,960 |
| Retail Maximum | 13 | 884 | ₹1,94,480 |
| Small HNI | 14 | 952 | ₹2,09,440 |
| Big HNI | 67 | 4,556 | ₹10,02,320 |
VISHAL NIRMITI IPO Reservation
- QIB
- 1%
- NII / HNI
- 29%
- Retail
- 70%
VISHAL NIRMITI Promoter Holding and Anchor Allocation
- Pre-IPO Promoter Holding
- 73.42%
- Post-IPO Promoter Holding
- 49.40%
VISHAL NIRMITI Company Overview
1. Vishal Nirmiti Limited was incorporated in 1994 and is engaged in civil engineering, manufacturing and construction activities. 2. The company primarily manufactures and deals in Pre-Stressed Concrete (PSC) railway sleepers. 3. It also manufactures precast and prestressed concrete products for various infrastructure applications. 4. The company is engaged in fabrication and erection of Mild Steel (MS) pipes, liners and penstock pipes. 5. Its products and services cater to railway infrastructure, renewable power projects and other industrial infrastructure requirements. 6. The company operates through Manufacturing and Services business segments. 7. Its manufacturing and project activities are spread across states including Maharashtra, Gujarat, Madhya Pradesh, Rajasthan, Haryana and Himachal Pradesh. 8. The company has been operating in the infrastructure and construction sector for more than three decades. 9. FY26 total income was approximately ₹344.13 Cr and PAT was approximately ₹24.98 Cr. 10. The company is raising ₹178 Cr through a combination of fresh issue and offer for sale.
VISHAL NIRMITI Business Model
1. Core Business: Civil engineering, construction and manufacturing of infrastructure products. 2. Railway Products: Manufacturing and supply of Pre-Stressed Concrete (PSC) sleepers for railway infrastructure. 3. Precast Products: Manufacturing of precast and prestressed concrete products for infrastructure applications. 4. MS Pipe Business: Fabrication and erection of Mild Steel pipes, liners and penstock pipes. 5. Pumped Storage Projects: The company supplies MS pipes, liners and penstock pipes for Pumped Storage Projects (PSPs). 6. Construction Services: The company undertakes civil engineering and construction-related activities. 7. Infrastructure Focus: Its business is linked to railway, renewable power and industrial infrastructure development. 8. Geographic Presence: Operations and projects are spread across multiple Indian states. 9. Manufacturing & Services: Revenue is generated through both manufacturing of infrastructure products and project/service activities. 10. Customer Base: The company caters to infrastructure developers, railway-related projects and other institutional/project customers.
VISHAL NIRMITI Objects of the Issue
1. Working Capital: ₹75 Cr towards funding the working-capital requirements of the company. 2. Debt Repayment: ₹19 Cr towards repayment and/or pre-payment, partly or fully, of certain term loans. 3. General Corporate Purposes: The remaining issue proceeds will be utilised for general corporate purposes. 4. Fresh Issue: ₹145 Cr of the IPO proceeds will be raised through the fresh issue. 5. Offer for Sale: ₹33 Cr represents the OFS by Vaman Prestressing Company Private Limited. 6. Business Support: The fresh issue proceeds are intended primarily to strengthen working capital and reduce term-loan obligations.
VISHAL NIRMITI Strengths
1. Established Track Record: The company has been operating since 1994, providing long-term experience in infrastructure and construction. 2. Railway Exposure: Manufacturing of PSC railway sleepers provides exposure to railway infrastructure projects. 3. Diversified Product Portfolio: The company manufactures railway sleepers, precast/prestressed concrete products and MS pipes, liners and penstock pipes. 4. Renewable Energy Exposure: Its MS pipe and penstock business provides exposure to Pumped Storage Projects and renewable-power infrastructure. 5. Multiple Business Segments: The combination of manufacturing and construction/services provides multiple sources of revenue. 6. Geographic Diversification: The company operates across several Indian states rather than depending on a single regional market. 7. Established Manufacturing Capabilities: The company has manufacturing infrastructure for concrete and steel-based infrastructure products. 8. Infrastructure Demand: Its products are used in railway, power and industrial infrastructure projects. 9. Strong FY26 Financials: FY26 total income was approximately ₹344.13 Cr and PAT was approximately ₹24.98 Cr. 10. IPO Debt Reduction: A portion of the fresh issue is earmarked for repayment/pre-payment of term loans, which can reduce outstanding debt.
VISHAL NIRMITI Risks
1. Working Capital Requirement: The infrastructure and construction business requires substantial working capital for projects, inventory and receivables. 2. Debt Exposure: The company had total borrowings of approximately ₹87.42 Cr as of March 2026. 3. Project Execution Risk: Delays in construction, manufacturing or infrastructure projects may affect revenue and profitability. 4. Government & Infrastructure Dependence: Demand is linked substantially to government, railway, power and infrastructure spending. 5. Order Timing Risk: Revenue can be affected by delays in receiving orders, project commencement and execution schedules. 6. Raw Material Price Risk: Steel, cement and other construction-material price fluctuations can affect project margins. 7. Customer Concentration: Dependence on large infrastructure/project customers can create revenue concentration. 8. Competitive Risk: The company operates in competitive railway, construction, precast and infrastructure-product markets. 9. Geographic Project Risk: Projects across different states expose the company to local regulatory, approval and execution conditions. 10. Receivables Risk: Delays in receiving payments from project customers can increase working-capital requirements. 11. EPC & Construction Risk: Cost overruns, delays, labour availability and contractor/vendor issues can affect project profitability. 12. Infrastructure-Cycle Risk: Any slowdown in railway, renewable-energy or infrastructure investment could affect order inflows and business performance.
VISHAL NIRMITI Frequently Asked Questions
What is the VISHAL NIRMITI IPO price band?
The VISHAL NIRMITI IPO price band is 208 - 220.
What is the latest VISHAL NIRMITI IPO GMP?
The latest available VISHAL NIRMITI IPO GMP in the IPOWEB database is ₹2. GMP is unofficial and does not guarantee a listing gain.
When does the VISHAL NIRMITI IPO open and close?
The VISHAL NIRMITI IPO opens on 30 SEP and closes on 05 OCT.
When is the VISHAL NIRMITI IPO allotment date?
The VISHAL NIRMITI IPO allotment date is 06 OCT.
When is the VISHAL NIRMITI IPO listing date?
The VISHAL NIRMITI IPO listing date is 08 OCT.
What is the VISHAL NIRMITI IPO subscription?
The latest total subscription available for the VISHAL NIRMITI IPO is 1.68X.