Vishal Nirmiti IPO
Incorporated in 1994, Vishal Nirmiti is one of the leading civil engineering, manufacturing, and construction companies that manufacture Pre-Stressed Concrete (PSC) sleepers for railways, pre-cast and pre-stressed concrete products, as well as fabrication and erection of Mild Steel (MS) pipes, liners, and penstock pipes for Pumped Storage Projects (PSPs).
IPO GMP
+₹2
+1% expected gain
Price Band
₹208 - ₹220
Lot Size
68 shares
Min Investment
₹14,960
Listing Date
October 8, 2026
About Vishal Nirmiti
Company overview, business, and key facts.
Incorporated in 1994, Vishal Nirmiti is one of the leading civil engineering, manufacturing, and construction companies that manufacture Pre-Stressed Concrete (PSC) sleepers for railways, pre-cast and pre-stressed concrete products, as well as fabrication and erection of Mild Steel (MS) pipes, liners, and penstock pipes for Pumped Storage Projects (PSPs).
The firm also offers EPC services for railway infrastructure, irrigation, and civil engineering projects, catering to various sectors such as railways, renewable power, and industrial infrastructure. Vishal Nirmiti has a pan-India presence across Maharashtra, Madhya Pradesh, Gujarat, Himachal Pradesh, Uttar Pradesh, Odisha, and Karnataka. Moreover, the firm is backed by experienced promoters and has over 4 years of industry experience.
Founded
1994
Headquarters
Mumbai, Maharashtra
Website
https://www.vishalnirmiti.com/
IPO Details
Subscription Status
How many times each investor category has bid for the issue.
Strengths & Risks
Strengths
- Demonstrated Execution Ability: With roughly 20 years’ experience in PSC sleepers and MS pipes, the company operates complete sleeper manufacturing plants along with MS pipes, liners and penstock manufacturing and precast noise barriers manufacturing. Its units are ISO 9001:2015 certified, and it has successfully executed subcontracts of DFCCIL in Bhandu, Prithla and Timba.
- Emphasis on Railway PSC Sleepers: Railway Infrastructure is the primary focus of the company. In FY 2026, the company bagged tenders of Indian Railways worth 10,05,136 sleepers from Central, Northern and West Central Railways which account for 13.88% of total tendered quantity with manufacturing process being automatic and quality controlled.
- Loyal Customer Base: The company has loyal railway authorities and infrastructure companies who are its repeat clients. Repeat customers have contributed to 95.13% of Revenue from Operations in FY 2026, and there are 10 clients who have been working with it for over 10 years including Central Railway, L&T and ISC Projects.
Risks
- Dependencies on Railway Contracts of Government Organizations: The railway contracts and government organizations made a revenue of ₹14,421.16 lakhs, which is 42.61% of Revenue from Operations in Fiscal 2026 through the PSC sleeper. Any changes in railway policy, budget allotment or contract tender release might adversely impact the orders and revenue.
- Customer Dependencies: Indian Railways, our largest customer, is responsible for the largest portion of the revenues (40.56%). The top ten customers constitute 92.91% of the revenue of Fiscal 2026. Loss of any major customers or any payment or cancellation of orders could significantly affect the revenue and profit levels.
- Dependence on the Suppliers of Raw Material: The ten largest suppliers provided 65.52% of our total purchases, and our largest supplier supplied 11.53% of our total purchases. Loss of our considerable number of suppliers could cause problems to our production and delivery.
Financials
Restated summary financials for the most recent periods.
Figures are indicative and restated for presentation.
Vishal Nirmiti IPO Key Numbers
Calculated by IPOLyst from the published offer-document data. These are figures, not buy or sell calls.
Market cap at upper band
₹580.6 Cr
Post-IPO shares × upper price band
P/E on 2026 profit
23.2x
Peer median 14.3x (premium of 62.2%)
Price to sales
1.69x
Revenue growth, 2026
+5.9%
8.3% a year over the period
Profit growth, 2026
+5.7%
102.5% a year over the period
Profit margin (PAT)
7.3%
EBITDA margin 15.1%
ROE / ROCE
33.67% / 28.02%
As published in the offer document
Debt to equity
1.01
Promoter holding
73.42% → 49.4%
Before → after the IPO
Issue mix
81.5% fresh / 18.5% sale
Fresh issue goes to the company, offer for sale to selling shareholders
GMP-implied gain per lot
₹136
68 shares on ₹14,960. GMP is unofficial.
Watch-outs
- Leverage: debt to equity is 1.01.
- Priced at a 62.2% premium to the peer median P/E of 14.3.
- 1 use-of-proceeds item(s) have no disclosed amount.
- Promoter holding drops to 49.4% after the IPO.
Scenarios apply today's grey market premium figures to the upper price band. They are illustrations, not predictions. GMP is unofficial and can be wrong.
IPO Analysis SummaryAI-generated
A plain-language review of Vishal Nirmiti's financials, valuation and demand, based only on the verified figures above. For information only. It does not recommend whether to apply.
Vishal Nirmiti IPO Review
Analysis based on live GMP, subscription, and issue details.
As of today, Vishal Nirmiti IPO is trading at a grey market premium (GMP) of +₹2 (+1% estimated listing gain), indicating positive market sentiment.
The IPO has been subscribed 1.68x overall — QIB: 1.27x, NII: 1.81x, Retail: 1.63x.
Vishal Nirmiti IPO subscription has closed. The shares are expected to list on October 8, 2026.
The minimum investment required is ₹14,960 for 68 shares (1 lot). Retail investors can apply at cut-off price for the best chance of allotment.
Key strengths include: Demonstrated Execution Ability: With roughly 20 years’ experience in PSC sleepers and MS pipes, the company operates complete sleeper manufacturing plants along with MS pipes, liners and penstock manufacturing and precast noise barriers manufacturing. Its units are ISO 9001:2015 certified, and it has successfully executed subcontracts of DFCCIL in Bhandu, Prithla and Timba.; Emphasis on Railway PSC Sleepers: Railway Infrastructure is the primary focus of the company. In FY 2026, the company bagged tenders of Indian Railways worth 10,05,136 sleepers from Central, Northern and West Central Railways which account for 13.88% of total tendered quantity with manufacturing process being automatic and quality controlled.. Investors should note the following risks: Dependencies on Railway Contracts of Government Organizations: The railway contracts and government organizations made a revenue of ₹14,421.16 lakhs, which is 42.61% of Revenue from Operations in Fiscal 2026 through the PSC sleeper. Any changes in railway policy, budget allotment or contract tender release might adversely impact the orders and revenue.; Customer Dependencies: Indian Railways, our largest customer, is responsible for the largest portion of the revenues (40.56%). The top ten customers constitute 92.91% of the revenue of Fiscal 2026. Loss of any major customers or any payment or cancellation of orders could significantly affect the revenue and profit levels..
Disclaimer: IPO GMP is indicative and sourced from the grey market. This is not investment advice. Please consult a SEBI-registered advisor before investing.
Vishal Nirmiti IPO — Frequently Asked Questions
What is Vishal Nirmiti IPO GMP today?
Vishal Nirmiti IPO GMP (grey market premium) today is +₹2, suggesting an estimated listing gain of +1%. GMP is indicative and subject to change.
What is the price band of Vishal Nirmiti IPO?
The price band for Vishal Nirmiti IPO is ₹208 - ₹220 with a lot size of 68 shares. The minimum investment required is ₹14,960.
When is Vishal Nirmiti IPO allotment date?
Vishal Nirmiti IPO allotment is expected to be finalised on October 6, 2026. You can check your allotment status on the registrar's website (MUFG Intime India Pvt. Ltd.) using your PAN number.
When will Vishal Nirmiti IPO list on NSE/BSE?
Vishal Nirmiti IPO is expected to list on BSE, NSE on October 8, 2026.
How to check Vishal Nirmiti IPO allotment status?
To check Vishal Nirmiti IPO allotment status, visit the registrar's website (MUFG Intime India Pvt. Ltd.) and enter your PAN number, application number, or DP/Client ID. You can also check on the BSE IPO allotment page at https://www.bseindia.com/investors/appli_check.aspx.
Should I apply for Vishal Nirmiti IPO?
Vishal Nirmiti IPO has a GMP of +₹2. Before applying, review the company's financials, business model, issue structure (OFS vs fresh issue), and sector outlook. IPOLyst is not a SEBI-registered investment advisor — please consult a qualified financial advisor before investing.
What is the lot size of Vishal Nirmiti IPO?
The lot size for Vishal Nirmiti IPO is 68 shares per lot. The minimum investment for retail investors is ₹14,960. Retail investors can apply for a maximum of 13 lots or up to ₹2 lakh, whichever is lower.