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Vishal Nirmiti IPO

Vishal Nirmiti IPO

Engineering - Construction
open
₹14,144Min. investment
  1. Pre-apply
    29 Sep
  2. Bid start
    30 Sep
  3. Bid end
    5 Oct
  4. Allotment
    6 Oct
  5. Release of funds
    7 Oct
  6. Demat transfer
    7 Oct
  7. Listing
    8 Oct

Vishal Nirmiti Limited IPO Details

SectorEngineering - Construction
Price range₹208 – ₹220
IPO type
Regular
Lot size68 shares
Issue size₹178Cr
Red Herring Prospectus
Read
Market Cap
₹580.6CrLower than sector avg
RevenueApr 2025 - Mar 2026
₹338.6CrLower than sector avg
Growth rate3Y CAGR
18.09%Higher than sector avg

Vishal Nirmiti Limited IPO Overview

Vishal Nirmiti IPO date

Vishal Nirmiti IPO will open for subscription on September 30, 2026, and the closing date for the IPO is October 05, 2026. After this, investors are expected to be updated about the allotment status on October 06, 2026.

Investors who have been allotted shares can expect them to be credited to their demat account on October 07, 2026. The shares will be listed on NSE and BSE on Thursday, October 08, 2026.

Vishal Nirmiti IPO price band

Vishal Nirmiti IPO is a combination of fresh issue and offer-for-sale. The IPO price band has been set between ₹208 and ₹220 per share. Interested investors can choose a price within this band to apply for the IPO.

The IPO is a book-building issue, comprising a fresh issue of ₹145 crore and an offer for sale of ₹33 crore. Vishal Nirmiti IPO listing price will be determined on October 08, 2026. The listing price is the price at which a company’s shares debut on the stock exchanges.

Vishal Nirmiti IPO lot size

Vishal Nirmiti IPO details have been declared. The minimum lot size for an application is 68 shares, and the investor would have to apply for a minimum of 1 lot. Meanwhile, the IPO issue size is approximately ₹178 crore.

Checklist

Quality analysis
Revenue growth
Company valuation
Earnings expansion
Risk analysis
Debt to Equity ratio
Promoter holdings
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Revenue
Higher revenue means strong sales and good market demand
This IPO
₹338.6Cr
This sector
₹2,186.73Cr
Compare with companies
3Y growth
Strong 3-year growth shows consistent progress and potential
This IPO
18.09%
This sector
0.03%
Compare with companies
PAT
Higher PAT means strong profitability and efficient cost management
This IPO
₹24.9Cr
This sector
₹107.3Cr
Compare with companies
Market cap
Higher market cap means strong confidence but may suggest overvaluation
This IPO
₹580.6Cr
This sector
₹5,580.04Cr
Compare with companies
P/E ratio
Lower ratio usually means stock is undervalued
This IPO
17.45
This sector
39.87
Compare with companies
D/E ratio
Lower ratio usually means fewer liabilities
This IPO
1.01
This sector
1.33
Compare with companies

Objectives

Working capital requirements
51.70%
General corporate purposes
35.10%
Repayment of loan
13.10%

Strength and Weakness

Integrated execution capability

Approximately 20 years of experience across PSC sleepers, MS pipes and infrastructure job work, supported by project setup, manufacturing, quality-control, installation and logistics capabilities.

Rail-infrastructure exposure

Four sleeper plants and experience with conventional rail, dedicated freight corridor and high-speed-rail products provide direct participation in track renewal and network-expansion activity.

Strong repeat business

Repeat customers contributed 95.13% of FY26 revenue, while 29 customers had relationships exceeding five years. However, this helps in achieving continuity in executions.

Order book visibility

Order book value of ₹581.77 crore as of 30th June, 2026, in terms of sleepers, precast products, pipes, and infrastructure manufacturing gives visibility in terms of future earnings

Scope through multiple plants and nearby products

The presence of multiple plants in various states and expertise in the manufacture of sleepers, pipes, precast products, pumped storage, and fabricated products gives scope to work on multiple projects.

About Vishal Nirmiti Limited

Vishal Nirmiti is a civil engineering, manufacturing and construction company primarily engaged in the business of manufacturing and dealing of pre-stressed concrete (PSC) sleepers for railways, pre cast and prestressed concrete products for various applications. The company also does fabrication and erection of Mild Steel Pipes (MS Pipes), MS Liner, and Penstock Pipes for Pumped Storage Project (PSP). The company offers its various services across railways, renewable power and industrial sectors. Vishal Nirmiti business is divided into two segments, namely, (a) Manufacturing segment and (b) Services segment.
Public-sector railway contracts are generally secured through competitive tenders. Successful awards form a letter of intent, and then periodic purchase orders; tender quantities and revenue recognition may be in different periods.
Mainline sleeper tenders are typically floated for requirements spanning two to three years and may include additional-quantity clauses. Private contracts are obtained through competitive quotations and negotiation. The company seeks to place project-specific facilities near customers because the weight and size of sleepers and large pipes make transport a material execution consideration.
Manufacturing contributed 75.01% in FY26, while services contributed 24.99%. Government sleeper sales represented 42.61%, private sleeper sales 20.92%, private MS pipes 11.11%, and subcontract/job work 23.90%. Services expanded from 11.74% of this revenue base in FY24 to 24.99% in FY26. In terms of geography, Maharashtra contributed 35.52% of FY26 revenue, followed by Madhya Pradesh at 33.96%, Gujarat at 17.90% and Himachal Pradesh at 10.53%.
The four sleeper plants at Timba, Bankhedi, Kandrori and Mohol had an aggregate annual installed capacity of 11,00,124 sleepers, with FY26 production of 7,15,673 units and 65.05% utilisation. In FY26, MS-pipe installed capacity was 1,54,000 MT, production was 62,710 MT, and utilisation was 40.72%; capacity had increased from 81,000 MT in FY25. At Nadiad, FY26 capacity utilisation was 47.49% for noise barriers and 52.77% for cable ducts.
Indian Railways accounted for 40.56% of FY26 revenues, whereas the top five and top ten clients were responsible for 85.33% and 92.91% of FY26 revenues, respectively. Repeat customers contributed 95.13% of FY26 revenues. The outstanding order book amounted to ₹581.77 crore as of June 30, 2026.
Indian PSC-sleeper demand grew from 10.10 million units in FY21 to 17.90 million units in FY25, driven by track renewal, electrification, freight corridors, and network expansion. Vishal Nirmiti is involved via its four sleeper plants, Indian Railways connections, and adjoining high-speed rail sleeper products. The company’s diversity in terms of its various sleeper products and the capacity of locating facilities close to projects are pertinent to the highly specified tendering and freight economics. Demand for the industry still has to translate into tenders and purchase orders.
India’s MS-pipe market is projected to grow from $22.3 billion in FY25 to $38.9 billion in FY30, an 11.8% CAGR, supported by infrastructure, urban water systems, renewables and hydropower. The company participates through onsite large-diameter pipe, liner and penstock fabrication, protective coating and hydro-mechanical execution. Eleven pumped-storage projects aggregating 15,870 MW were under construction as of July 20, 2026, while six projects aggregating 8,140 MW had completed CEA appraisal.
Now, Vishal Nirmiti is launching its Initial public offering (IPO), which consists of a fresh issue of ₹145 crore and an offer for sale of ₹33 crore. The total issue size of the IPO is ₹178 crore. Its shares will be listed on the NSE and BSE.

How to apply for Vishal Nirmiti IPO?

If you are interested in this investment opportunity but unsure how to apply for a Vishal Nirmiti IPO, follow these steps.
When the public issue opens for subscription, one can follow this step-by-step guide on how to apply for the Vishal Nirmiti IPO on Upstox:
  • Log in to your Upstox account using your six-digit PIN
  • After logging in, click on ‘Discover’
  • On the ‘Discover’ tab, you will find the ‘Invest in IPO’ section
  • Under the Invest in IPO section, look for the ‘Vishal Nirmiti IPO’ tab and click on it
  • Now fill in all the required information, like ‘bid price’ and ‘lot size’
  • Confirm and click on ‘Apply’
  • Accept the mandate on your UPI app

Frequently asked questions

Investors can apply for the Vishal Nirmiti IPO through their Demat account via the stock exchange or through their broker.
The issue size of the Vishal Nirmiti IPO is 178 Cr.
Pre-applying for an IPO allows you to submit your application before the official subscription period begins.
The IPO shares will typically list on major stock exchanges such as the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE), as specified in the IPO prospectus.
Ipo opens on 30 Sep 2026, 10:00 AM