Vishal Nirmiti IPO
Vishal Nirmiti IPO at a glance
Vishal Nirmiti IPO was a mainboard issue of ₹178 Cr at a price band of ₹208 – ₹220 per share, open from 30 Sep 2026 to 05 Oct 2026. It was subscribed 0.9 times overall (QIB 1x, NII 0.97x, retail 0.83x). The shares listed on BSE, NSE on 08 Oct 2026.
IPO Signal Analysis
📊 Based on Grey Market Premium (GMP) & Subscription Data — not financial advice
Not financial advice
Issue Details
Objects of the Issue
- 💰 Working capital — ₹75 Cr
- 💰 Repayment of term loans — ₹19 Cr
- 💰 General corporate purposes
About the Company
Vishal Nirmiti, incorporated in 1994 and based in Mumbai, makes pre-stressed concrete (PSC) sleepers for Indian Railways and the Dedicated Freight Corridor, along with MS pipes, liners and penstock pipes used in hydro and water projects. It also takes up EPC work in railways, irrigation and civil construction, and runs manufacturing units across seven states. The offer for sale portion is being sold by promoter group entity Vaman Prestressing Co.
Strengths
- ✅ Long-standing supplier of concrete sleepers to Indian Railways and DFCCIL
- ✅ Manufacturing units spread across seven states, close to rail project sites
- ✅ PAT rose sharply from about ₹3.5 Cr in FY24 to ₹23.6 Cr in FY25
- ✅ Diversified into pipes, penstocks and EPC work beyond sleepers
Risk Factors
- ⚠️ Heavily dependent on railway spending and government tenders
- ⚠️ Debt-to-equity of about 1.4x before the IPO
- ⚠️ Profit was thin in FY23 and FY24, so the recent jump has a short track record
- ⚠️ Promoter holding drops below 50% after the issue
Subscription Status
GMP Trend
Day-wise Subscription
| Day | QIB | NII | RII | Overall |
|---|---|---|---|---|
| Day 1 | — | — | — | 0.00x |
| Day 2 | — | — | — | 0.00x |
| Day 3 | — | — | — | 0.00x |
Share Reservation
Allocation as per SEBI regulations for Mainboard IPO
Anchor Investors
Promoter Holding
Founders & Leadership
IPO Timeline
Key Financials
Company Financials (Restated Consolidated)
| Period Ended | H1 FY26 | FY25 | FY24 |
|---|---|---|---|
| Total Income | 136.75 | 324.86 | 247.93 |
| Profit After Tax | 8.41 | 23.64 | 3.45 |
| EBITDA | 21.67 | 46.48 | 23.14 |
| Net Worth | 69.53 | 61.12 | 38.12 |
| Total Borrowing | 85.38 | 88.05 | 91.75 |
Amount in ₹ Crore
Key Performance Indicators (KPI)
| KPI | H1 FY26 | FY25 |
|---|---|---|
| ROE (%) | 12.10 | 38.68 |
| EBITDA Margin (%) | 15.85 | 14.31 |
| Debt / Equity | 1.23 | 1.44 |
| Net Worth (Rs. Cr) | 69.53 | 61.12 |
| Metric | Pre IPO | Post IPO |
|---|---|---|
| EPS | ₹11.91 | — |
| P/E (x) | 18.51x | — |
| ROE (%) | 47.21% | — |
| Promoter Holding | 73.42% | 49.4% |
| Market Cap | ₹580.60 Cr | |