Vishal Nirmiti IPO

ListedMainboardMaterialsNSE · BSE

Price band: ₹208 – ₹220
Issue size: ₹178 Cr
Lot size: 68 sh
Bidding: 30 Sep – 5 Oct
Grey market: —

Market data to 30 Oct 2026. Company figures are as filed, sourced 15 Oct 2026. Every figure’s origin is listed under Sources.

The question this issue poses

In one sentence

Vishal Nirmiti Limited, incorporated on 30 June 1994 and employing 420 people, makes pre-stressed concrete railway sleepers and other precast concrete products and fabricates MS pipe; it raised Rs 178 Cr at a band of Rs 208-220, of which Rs 145 Cr was a fresh issue and Rs 33 Cr an offer for sale. Revenue was Rs 242.88 Cr in FY24, Rs 318.52 Cr in FY25 and Rs 338.68 Cr in FY26, growth of 31.14% and then 6.33%; profit after tax over the same three years was Rs 3.45 Cr, Rs 23.64 Cr and Rs 24.98 Cr. The book closed 1.79 times subscribed on day three, with QIB at 1.33 times, NII at 1.89 times and retail at 1.75 times. It listed at Rs 215 against a band top of Rs 220 and last traded at Rs 115.90 on 23 October 2026.

IPOVista score

How this issue scores, and why

Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.

61Balanced

IPOVista score

A trade-off in both directions

63% of the scoring model was backed by disclosed data for Vishal Nirmiti, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.

How this score is built

PillarScoreWeight

Below the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.

The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.

The company

What the business actually does

Founded 1994 · Mumbai, Maharashtra (registered office: 303, 17 Elphinstone House, Marzban Road, Fort, Mumbai 400001); corporate office at Aundh, Pune · 420 employees

Vishal Nirmiti Limited makes pre-stressed concrete (PSC) sleepers — the concrete beams that hold railway track in place — for broad gauge, metre gauge and standard gauge lines. It was incorporated at Bombay on 30 June 1994 as Sejal Farms Private Limited and took the Vishal Nirmiti name in February 2005. Alongside sleepers it casts other precast and prestressed concrete products, and fabricates and erects mild steel pipes, MS liners and penstock pipes for pumped storage projects, welding large-diameter pipe on site to cut transport cost. A services arm does engineering, procurement and construction work on railway, irrigation and renewable-power projects. Sleeper plants are at Mohol (Maharashtra), Bankhedi (Madhya Pradesh), Kandrori (Himachal Pradesh) and Timba (Gujarat). Buyers include Indian Railways, DFCCIL, Larsen & Toubro and Kalpataru Projects.

Revenue is the sale of manufactured sleepers and pipes plus EPC and job-work fees, split into a Manufacturing and a Services segment. It is a materials-heavy conversion business: cost of materials consumed was 54.87% of total income in FY25 and 58.79% in FY24, leaving an EBITDA margin of 14.59% in FY25 against 9.53% in FY24. Two structural constraints define it. Demand is concentrated — the largest customer was 47.16% of operating revenue in FY25 and the top five 87.51% — and the PSC sleeper vertical drew 48.02% of FY25 operating revenue from government bodies, so order flow tracks Indian Railways tendering. Debt is the second: finance cost was Rs 14.22 Cr in FY25, and Rs 19.00 Cr of fresh-issue proceeds was earmarked to repay borrowings.

The company on paper

Legal name: Vishal Nirmiti Limited
IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first: 30 Jun 1994
CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA: U01122MH1994PLC185445
Sector: Materials · Pre-stressed concrete railway sleepers, precast concrete products and MS pipe fabrication
Employees: 420
Registered office: Mumbai, Maharashtra (registered office: 303, 17 Elphinstone House, Marzban Road, Fort, Mumbai 400001); corporate office at Aundh, Pune
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
Promoter holding, pre-issue: 73.4%
Promoter holding, post-issue: 49.4%
Website: vishalnirmiti.com

The numbers

Financial performance

Revenue has compounded at 18.1% a year across the 3 reported financial years.

Revenue and profit

Figures in ₹ crore, as reported in the prospectus. Interim quarters are not annualised.

Revenue
Profit after tax

Margin trend

Profit and operating margin as a percentage of revenue

Net margin
EBITDA margin

Net worth and borrowings

At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.

Net worth
Total borrowings

The price

Valuation

What the issue asks for the business, set against what the business earns.

No valuation ratios are recorded for this issue. The price band and the reported financials above are what this record holds.

The terms

How the issue is structured

81% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.

Fresh issueNew shares — proceeds go to the company: ₹145 Cr
Offer for saleExisting shares — proceeds go to the selling shareholders: ₹33.00 Cr
Total issue size: ₹178 Cr
Shares offered in the OFS: —
Pre-issue shares outstanding: —
Employee discount: —

What the issue does to ownership

Share of paid-up equity before and after the offer. The promoters give up 24.0% of the company.

Promoters
Everyone else

Hover or focus a segment to see who it is. The two bars are the same company, measured before and after the offer.

Percentages are of paid-up equity, and the “after” column assumes the offer is fully subscribed, which is how the offer document states it. This record does not disclose a pre- and post-issue share count, so the part of the company actually changing hands is not split out — everyone who is not a promoter is shown together.

Demand

What the market is bidding

Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.

Subscription by category

Cumulative bid multiples at the end of day 3. Anchor allocations are excluded.

Hover or focus a category to see who bids in it.

Total subscription1.79×

A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.

Grey market premium

Unofficial over-the-counter sentiment

No grey-market quotes have been recorded for this issue.

Outcome

How it actually listed

Issue price: ₹220.00
Listed at: ₹215.00
Listing gain: down 2.3%
Since listing: down 51.6%
Against the issue price: down 52.7%

Work it out

What this means for one application

Three calculations, each stating the assumption it rests on.

What one application costs

Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.

Lots

Shares applied for: 68
At cut-off price: ₹220.00
Amount blocked: ₹14,960

One lot is 68 shares at ₹14,960. Retail applications are capped at ₹2,00,000, which allows up to 13 lots here — apply for more and you are bidding as a non-institutional investor instead.

Odds of getting an allotment

When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.

~57%

chance of one lot, per application

Retail subscription: 1.75×
Applicants per share available: 1.8× the retail quota

This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.

What it actually did

This issue has listed, so there is a real number instead of a prediction. The grey-market premium is shown beside it for comparison.

₹215.00

listed at, −2.3% against the issue price

Issue price: ₹220.00
Premium said: —
If allotted 68 shares: −₹340

Listing-day figures are as reported by the exchanges.

Our read

The case for and against

Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.

What works

EBITDA margin on recorded revenue was 9.53% in FY24 (Rs 23.14 Cr on Rs 242.88 Cr), 14.59% in FY25 (Rs 46.48 Cr on Rs 318.52 Cr) and 15.10% in FY26 (Rs 51.13 Cr on Rs 338.68 Cr).
Net worth was Rs 38.12 Cr in FY24, Rs 61.12 Cr in FY25 and Rs 86.34 Cr in FY26, while total borrowings were Rs 91.75 Cr, Rs 88.05 Cr and Rs 87.42 Cr; borrowings divided by net worth therefore works out at 2.41x, 1.44x and 1.01x.
The record states cost of materials consumed at 58.79% of total income in FY24 and 54.87% in FY25, the two years for which it carries that figure.
Profit after tax was 1.42% of revenue in FY24 (Rs 3.45 Cr on Rs 242.88 Cr), 7.42% in FY25 (Rs 23.64 Cr on Rs 318.52 Cr) and 7.38% in FY26 (Rs 24.98 Cr on Rs 338.68 Cr).

What to weigh against it

The record states that the largest customer was 47.16% of FY25 operating revenue and the top five 87.51%, and that the PSC sleeper vertical drew 48.02% of FY25 operating revenue from government bodies.
Finance cost is recorded at Rs 14.22 Cr in FY25, equal to 30.59% of that year's EBITDA of Rs 46.48 Cr. Total borrowings were still Rs 87.42 Cr at FY26, against which Rs 19.00 Cr of fresh-issue proceeds was earmarked for repayment — 13.10% of the Rs 145 Cr fresh issue and 21.73% of the FY26 borrowings.
Revenue growth was 31.14% in FY25 (Rs 242.88 Cr to Rs 318.52 Cr) and 6.33% in FY26 (to Rs 338.68 Cr); profit-after-tax growth was 585.22% (Rs 3.45 Cr to Rs 23.64 Cr) and then 5.67% (to Rs 24.98 Cr).
The shares listed at Rs 215 against the Rs 220 band top, a listing gain of -2.27%, closed day one at Rs 204.25, and stood at Rs 115.90 on 23 October 2026 — 47.32% below the band top, 46.09% below the Rs 215 listing price and 43.26% below the day-one close.

Easy to miss in the prospectus

The record carries no valuation block, no post-issue share count and no EPS, so the Rs 208-220 band cannot be expressed as a multiple of the FY26 profit after tax of Rs 24.98 Cr from this record alone.
Subscription is a single day-three snapshot dated 5 October 2026 (total 1.79 times); no day-one or day-two figures, no anchor book and no category allocation are recorded.
Expenses, total assets and cash flow from operations are null for all three financial years on record, so working capital and cash conversion cannot be checked against it.

Straight from the filing

Read it yourself

Every figure on this page comes out of these. Go and check them.

Vishal Nirmiti — Draft Red Herring Prospectus dated 2025-09-2929 Sep 2025The first draft, filed for review. No price band and no dates.Opens on bseindia.com

Served by the issuer, the exchange or the regulator — never a copy hosted here, so what you open is the filing itself.

The paperwork

Who is running the issue

Lead managers: Saffron Capital Advisors Private Limited
RegistrarAllotment status is checked on the registrar's own site: MUFG Intime India Private Limited

How these figures were checked

Reconciled to Vishal Nirmiti's own prospectus and to exchange disclosures, then cross-checked against 10 other independently published compilations of the same filing. Where a stated ratio disagreed with the line items it should come from, the disagreement was settled against the prospectus itself.

The prospectus is the authoritative document. Check anything that matters against it before you act.

At a glance

Board: Mainboard
Opens: 30 Sep 2026
Closes: 5 Oct 2026
Allotment: 6 Oct 2026
Lists: 8 Oct 2026
Revenue (FY26): ₹339 Cr
Profit (FY26): ₹24.98 Cr

Timeline

Every step in this issue's calendar has passed.

Tap a step for what it means. Dates are as disclosed in the prospectus and can move.

On this page

IPOVista publishes research and data compiled from public filings and exchange disclosures. Nothing here is investment advice, a recommendation, or an offer to buy or sell any security. Figures can contain errors and sources can be stale — verify against the prospectus before you act, and speak to a SEBI-registered adviser. Investing in securities carries risk, including loss of capital.