Vishal Nirmiti IPO

Mainboard • Equity • Fresh capital cum OFS

LISTEDMAINBOARDEquity

Vishal Nirmiti

Price band

₹208 – ₹220

Lot size

68 shares

Min investment

₹14,960

Issue size

₹178 Cr

About the company

Vishal Nirmiti Limited was incorporated in 1994 and was earlier called Sejal Farms Private Limited. It is a civil engineering, manufacturing and construction company whose main product is the pre-stressed concrete sleeper used on railway track. The manufacturing side makes PSC sleepers for Indian Railways, DFCCIL and private customers, and fabricates MS pipes, MS liners and penstock pipes for hydro power, lift irrigation, water supply and other infrastructure work. The services side does job work on pipes, liners and penstock pipes, makes pre-cast and pre-stressed items such as noise barriers and cable ducts, builds hydro-mechanical structures, and takes on construction contracts, windmill power generation, transportation, leasing and scrap sale. It works across Maharashtra, Madhya Pradesh, Gujarat, Himachal Pradesh, Uttar Pradesh, Odisha and Karnataka. As on 30 June 2026 it employed 420 people.

Vishal Nirmiti Limited makes pre-stressed concrete sleepers for Indian Railways and DFCCIL, along with pre-cast concrete products and fabricated MS pipes, liners and penstock pipes for pumped storage and lift irrigation projects. It also takes up EPC work in railway, irrigation and civil engineering, with units in seven states.

IPO details

Issue price: ₹220
Price band: ₹208 – ₹220
Face value: ₹10
Lot size: 68
Min investment: ₹14,960
Issue size: ₹178 Cr
Sale type: Fresh capital cum OFS
Listing on: BSE, NSE
BSE scrip code: 8020
NSE symbol: VNL.NS

Lot size & investment by category

APPLICATION	LOTS	SHARES	AMOUNT
Retail (Min)	1	68	₹14,960
Retail (Max)	13	884	₹1,94,480
S-HNI (Min)	14	952	₹2,09,440
B-HNI (Min)	67	4,556	₹10,02,320

Investor reservation

CATEGORY	RESERVED
QIB	80,909 shares (1.00% of the Offer)
NII	23,46,364 shares (29.00% of the Offer)
Retail	56,63,636 shares (70.00% of the Offer)

Objects of the issue

1Funding working capital requirements of the Company75.00

2Repayment and/ or pre-payment, in part or full of term loans19.00

3General Corporate Purposes

Financials

Rs. Crore • restated

METRIC	31 Mar 2026	31 Mar 2025	31 Mar 2024
Assets	334.92	296.61	242.04
Total Income	344.13	324.86	247.93
Profit After Tax	24.98	23.64	3.45
EBITDA	51.13	46.48	23.14
NET Worth	86.34	61.12	38.12
Reserves and Surplus	66.98	59.76	36.76
Total Borrowing	87.42	88.05	91.75

Key performance indicators

P/E Ratio

23.26

EPS (₹)

9.46

RoE

33.67%

RoCE

28.02%

RoNW

33.87%

PAT Margin

7.37%

EBITDA Margin

15.10%

Debt / Equity

1.01

NAV (₹)

43.61

✓ Strengths

• Profit rose sharply in FY2025 and held there, going from Rs 3.45 crore in FY2024 to Rs 23.64 crore in FY2025 and Rs 24.98 crore in FY2026.

• Revenue has grown from Rs 247.93 crore in FY2024 to Rs 324.86 crore in FY2025 and Rs 344.13 crore in FY2026.

• EBITDA more than doubled in two years, from Rs 23.14 crore in FY2024 to Rs 51.13 crore in FY2026, an EBITDA margin of 15.10%.

• Return on net worth is 33.87% and return on capital employed is 28.02%.

• Net worth has more than doubled, from Rs 38.12 crore in FY2024 to Rs 86.34 crore in FY2026, while borrowing came down slightly from Rs 91.75 crore to Rs 87.42 crore.

• PSC sleepers go to Indian Railways and DFCCIL, buyers whose track renewal and new line work is funded from the railway budget.

• It works in two segments, manufacturing and services, and has units in seven states, so it is not tied to one site or one order type.

• The company has been in business since 1994 and employed 420 people as on 30 June 2026.

⚠ Risks

• Growth has slowed sharply. Revenue rose about 6% and profit about 6% in FY2026, after profit had jumped nearly seven times the year before, so FY2025 looks like the exception rather than the trend.

• FY2024 profit was only Rs 3.45 crore on revenue of Rs 247.93 crore, which shows how thin the earnings can get in a bad year.

• Borrowing of Rs 87.42 crore is almost the whole net worth of Rs 86.34 crore, a debt to equity ratio of 1.01.

• The profit margin is thin at 7.37%, which is normal for construction but leaves little room when a contract runs over cost.

• The issue is priced at 23.26 times post issue earnings on an EPS of Rs 9.46, against 17.45 times on a pre issue EPS of Rs 12.61.

• Rs 75 crore of the Rs 178 crore issue goes to working capital and Rs 19 crore repays term loans, so most of the money does not add capacity.

• This is a fresh issue combined with an offer for sale, so a part of the money goes to the selling shareholders and not to the company.

• Railway and irrigation work is won through tenders, where rates are set by the buyer and payments are slow, and order flow depends on government spending.

• Promoter holding falls from 73.42% to 49.4%, taking the nine-member promoter group just below a half share.

Promoters & holding

Brij B Tapadiya, Ajay Bhagwandas Tapadiya, Pavan Vithaldas Tapadiya, Akhil Ranchod Tapadiya, Naveen Tapadiya, Rajendrakumar Badrinarayan Tapadiya, Suyash Vithaldas Tapadiya, Vedant Tapadiya and Keshav Tapadiya

Pre-issue promoter holding

73.42%

Post-issue promoter holding

49.4%

Promoters hold 73.42% before the issue and will hold 49.4% after it.

Data refreshed 07 Nov 2026, 04:39 pm IST. GMP is unofficial market sentiment, not investment advice.