Vishal Nirmiti Share Price & Announcements

Quick check

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Compared with its industry

Vishal Nirmiti against the typical company in its industry. The rank is out of the companies that report each figure; green means the better quarter of the pack, red the worse quarter.

Valuation (P/E)12.9 against a typical 14.3: cheaper than most peers (1st = cheapest).80th of 187
Sales growth+35.4% against a typical +12% from a year earlier.50th of 151
Profit growth+76.4% against a typical +6.7% from a year earlier.31st of 133
Size₹ 303.9 Cr. market value against a typical ₹ 157 Cr. (1st = largest).63rd of 160

Latest announcements

Exchange filings and their impact on the company.

28 Oct 2026Outcome of Board MeetingHigh impactPositivePrice +4.8% on 29 Oct

Q1 FY27 revenue up 35% YoY and PAT up 76% YoY, with Rs 145 cr IPO fresh capital listed in October.

AIAI analysisPositive for shareholdersHigh impact

Q1 FY27 revenue up 35% YoY and PAT up 76% YoY, with Rs 145 cr IPO fresh capital listed in October.

Vishal Nirmiti reported Q1 FY27 standalone revenue of Rs 87.0 crore versus Rs 64.2 crore a year ago, and net profit of Rs 6.9 crore versus Rs 3.9 crore. Revenue fell sequentially from Rs 109.7 crore in Q4 FY26. The company also noted its IPO of 80.9 lakh shares at Rs 220, including a Rs 145 crore fresh issue, listed on NSE and BSE on 8 October 2026, and appointed Suhas Ganpat Naik as compliance officer.

Why it matters: Q1 FY27 revenue Rs 87.0 cr up 35.4% YoY and PAT Rs 6.88 cr up 76.4% YoY implies ~Rs 85-118 cr incremental annual revenue and ~Rs 10-15 cr incremental annual profit, plus Rs 145 cr IPO fresh issue materially lifts net worth; appointment of compliance officer has no business effect.

For shareholders: Strong double-digit YoY revenue and profit growth plus large IPO equity infusion outweigh sequential decline and dilution.

Estimated effect over the next 12 months

Estimated effect over the next 12 months
Metric	Now	Estimated change	Confidence
Revenue	— company context not available	▲ +25% to +35% · +₹ 85 Cr. to +₹ 118 Cr. Q1 FY27 revenue Rs 87.0 cr vs Rs 64.2 cr in Q1 FY26, up 35.4% YoY; FY26 revenue Rs 338.7 cr from document; sustaining Q1 run-rate implies 25-35% full-year uplift ~Rs 85-118 cr; baseline null as company context not available	60%
Operating margin	— company context not available	0 pts to +0.5 pts Q1 EBITDA proxy Rs 14.39 cr on Rs 87.0 cr revenue = 16.5% vs 16.6% in Q1 FY26 and 16.7% in FY26; margins stable across Manufacturing and Service divisions; expect flat to +50 bps; baseline null as company context not available	60%
Net profit	— company context not available	▲ +40% to +60% · +₹ 10 Cr. to +₹ 15 Cr. Q1 PAT Rs 6.88 cr vs Rs 3.90 cr YoY up 76.4%; FY26 PAT Rs 25.0 cr from document; annualising strong Q1 with operating leverage implies +Rs 10-15 cr (+40-60%) in next 12 months pre-dilution; baseline null as company context not available	55%
EPS	— company context not available; FY26 EPS Rs 12.61 in document	▲ +4% to +15% · +₹ 0.5 to +₹ 2 Q1 EPS Rs 3.47 vs Rs 1.97 YoY on pre-IPO capital; PAT growth partly offset by fresh issue of 6590909 shares (+33% share count to ~2.64 cr shares) at Rs 220 in Oct 2026 IPO; net EPS up modestly ~Rs 0.5-2.0 in next 12 months; baseline null as company context not available	50%
Net worth	— company context not available; Mar-26 net worth ~Rs 86.8 cr in document	▲ +160% to +170% · +₹ 145 Cr. Subsequent IPO fresh issue 6590909 shares at Rs 220 aggregating Rs 145.0 cr disclosed in notes and listed 8 Oct 2026; directly adds ~Rs 145 cr to equity net worth in next 12 months; baseline null as company context not available	90%

Generated by AI from the original document. It can be wrong or incomplete and is not investment advice. Check the source before acting on it. Estimates are rough projections, not forecasts by Minerva Capital Research Solutions.

Vishal Nirmiti reported Q1 FY27 standalone revenue of Rs 87.0 crore versus Rs 64.2 crore a year ago, and net profit of Rs 6.9 crore versus Rs 3.9 crore. Revenue fell sequentially from Rs 109.7 crore in Q4 FY26. The company also noted its IPO of 80.9 lakh shares at Rs 220, including a Rs 145 crore fresh issue, listed on NSE and BSE on 8 October 2026, and appointed Suhas Ganpat Naik as compliance officer.

Filing

15 Oct 2026Outcome of Board MeetingMedium impactPositivePrice −5% on 16 Oct

Board approved land for M.S. pipe expansion, Rs 12 cr modernisation and Rs 2.61 cr staff flats while leasing out Nadiad unit.

AIAI analysisPositive for shareholdersMedium impact

Board approved land for M.S. pipe expansion, Rs 12 cr modernisation and Rs 2.61 cr staff flats while leasing out Nadiad unit.

Vishal Nirmiti's board on 15 October 2026 approved buying about 40 acres at Gosainsar, Bikaner for expansion of its M.S. pipe project. It also approved Rs 12 crore for modernisation of sleeper and infrastructure sites and Rs 2.61 crore for 9 staff flats at Khalapur, Raigad. The company will lease out its owned pre-cast unit at Nadiad, Gujarat to monetise the asset.

Why it matters: Board approved 40-acre land for M.S. pipe expansion, Rs 12 cr modernisation capex, Rs 2.61 cr staff accommodation, and leasing out the Nadiad pre-cast unit, implying Rs 15-25 cr investment with only small near-term income.

For shareholders: Expansion and efficiency capex plus monetisation of idle unit support growth, partly offset by near-term cash outflow.

Estimated effect over the next 12 months

Estimated effect over the next 12 months
Metric	Now	Estimated change	Confidence
Capex	— context not available - no baseline disclosed	▲ +₹ 14.61 Cr. to +₹ 25 Cr. Disclosed Rs 12 cr modernisation + Rs 2.61 cr staff flats = Rs 14.61 cr; plus 40-acre Bikaner land for M.S. pipe expansion cost not disclosed, estimated Rs 8-10 cr at rural Rajasthan rates -> total cash capex Rs 22-25 cr in next 12 months	60%
Revenue	— context not available - no baseline disclosed	▲ +₹ 0.5 Cr. to +₹ 2 Cr. Only land approved for M.S. pipe project so no new plant revenue in 12 months; incremental revenue limited to lease rental from Nadiad pre-cast unit and small throughput gains from modernisation, estimated Rs 0.5-2 cr	35%
Operating margin	— context not available - no baseline disclosed	▲ +0.2 pts to +0.7 pts Modernisation and allied machinery to improve efficiency at sleeper and infra sites plus high-margin lease rental income, assumed to lift margin by 20-70 bps with no baseline to scale against	35%
Net debt	— context not available - no baseline disclosed	▲ +₹ 5 Cr. to +₹ 12 Cr. Assuming 40-50 percent of Rs 22-25 cr total outlay debt-funded with remainder from internal accruals, net debt rises in next 12 months	30%
Net profit	— context not available - no baseline disclosed	▲ +₹ 0.2 Cr. to +₹ 0.8 Cr. Lease rental net of costs plus efficiency savings assumed to exceed incremental depreciation and interest in year one, adding Rs 0.2-0.8 cr to profit	30%

Generated by AI from the original document. It can be wrong or incomplete and is not investment advice. Check the source before acting on it. Estimates are rough projections, not forecasts by Minerva Capital Research Solutions.

Vishal Nirmiti's board on 15 October 2026 approved buying about 40 acres at Gosainsar, Bikaner for expansion of its M.S. pipe project. It also approved Rs 12 crore for modernisation of sleeper and infrastructure sites and Rs 2.61 crore for 9 staff flats at Khalapur, Raigad. The company will lease out its owned pre-cast unit at Nadiad, Gujarat to monetise the asset.

Filing

Credit ratings

Every rating action on file, newest first, including reaffirmations. Open a row for the agency's reasoning. All credit rating updates

Moderate safety, with caution

Rated BBB+ by Infomerics

BBB+

DefaultRiskyModerateSafeVery safe

The company stopped sharing information with CRISIL.

Agency	Current rating	Outlook	As of
Infomerics	IVR BBB+	Stable	12 Nov 2026
CRISIL	—	Stable	6 Nov 2026

Rating

12 Nov 2026

▲ Upgrade

IVR BBB+

High

Infomerics

₹ 115 Cr.

AIAI analysisPositive for shareholdersHigh impact

Rating details

Rating: IVR BBB+
Instruments: Bank Loan Facilities
Source: Infomerics rationale

Upgraded to BBB+/A2 as Rs 145 cr IPO triples net worth and Rs 552 cr order book backs 10% revenue growth.

Infomerics upgraded Vishal Nirmiti's Rs 115 cr bank facilities to IVR BBB+/Stable for long-term and IVR A2 for short-term. The upgrade cites 6.3% revenue growth to Rs 338.68 cr in FY26, EBITDA margin of 15.1%, and an unexecuted order book of Rs 551.66 cr as of September 2026. It also factors in the October 2026 IPO that infused Rs 145 cr of fresh equity, which is expected to sharply strengthen net worth and financial flexibility despite working-capital and customer-concentration risks.

Why it matters: Upgrade reflects 6.3% FY26 sales growth to Rs 338.68 cr, 15.1% EBITDA margin, Rs 551.66 cr order book (~1.6x sales) and Rs 145 cr October 2026 IPO that sharply deleverages the balance sheet.

For shareholders: Stronger capital structure, lower funding cost and revenue visibility outweigh dilution and working-capital intensity.

Estimated effect over the next 12 months

Estimated effect over the next 12 months
Metric	Now	Estimated change	Confidence
Revenue	₹ 338 Cr. FY26 year ended Mar 31 2026	▲ +8% to +12% · +₹ 27 Cr. to +₹ 41 Cr. Rs 551.66 cr unexecuted order book Sep-26, agency expects Rs 372.55 cr execution in next 12m -> +Rs 34 cr (+10%) on FY26 sales Rs 338 cr	75%
Operating margin	15% FY26 year ended Mar 31 2026	▲ +0.2 pts to +0.8 pts FY26 EBITDA margin 15.10% vs 14.59% on higher-margin MS-pipe mix; mix sustains -> +0.2 to +0.8pp	65%
Net profit	₹ 25 Cr. FY26 year ended Mar 31 2026	▲ +16% to +28% · +₹ 4 Cr. to +₹ 7 Cr. Rs 372 cr revenue at ~7.5% PAT margin plus interest saving from IPO deleveraging on FY26 PAT Rs 25 cr -> +Rs 4-7 cr	60%
EPS	₹ 12.62 FY26 year ended Mar 31 2026	▼ −30% to −18% · −₹ 3.8 to −₹ 2.3 PAT ~Rs 30-32 cr spread over ~3.2-3.4 cr shares after Rs 145 cr fresh IPO vs 2 cr shares pre-IPO -> EPS dilutes despite profit growth	55%
Net debt	₹ 92 Cr. Mar 31 2026 Borrowings	▼ −75% to −50% · −₹ 69 Cr. to −₹ 46 Cr. Rs 145 cr IPO infusion to repay part of Rs 87-92 cr total debt and fund working capital -> net debt down Rs 46-69 cr	65%
Market cap	₹ 303.89 Cr. Nov 5 2026	▲ +10% to +25% · +₹ 30.4 Cr. to +₹ 76 Cr. Earnings growth plus lower risk premium after upgrade to BBB+ and stronger balance sheet -> +10-25% on Rs 303.89 cr base	55%
Order book	₹ 551.66 Cr. Sep 30 2026 per rating rationale	0% · +₹ 0 Cr. Rs 551.66 cr book is ~1.6x FY26 sales; Rs 372.55 cr to execute and replenished by new Railway and MS-pipe wins, net level seen stable	50%
Working capital	11 days FY26 Working Capital Days	▼ −36.4% to −18.2% · −4 to −2 100-day operating cycle with 140-day inventory and 60-day receivables; IPO liquidity and Railway advances improve WC days by 2-4 days from 11 days	55%
Capex	₹ 108 Cr. Mar 31 2026 Fixed Assets 102 plus CWIP 6	▲ +27.8% to +55.6% · +₹ 30 Cr. to +₹ 60 Cr. Part of Rs 145 cr IPO for growth plans; fixed assets plus CWIP Rs 108 cr -> +Rs 30-60 cr capex in next 12m	55%
Net worth	₹ 87 Cr. Mar 31 2026 Equity 20 plus Reserves 67	▲ +189.7% to +201.1% · +₹ 165 Cr. to +₹ 175 Cr. Rs 145 cr fresh IPO proceeds plus ~Rs 25-30 cr retained profit on Rs 87 cr base -> net worth ~Rs 252-262 cr	90%

Generated by AI from the original document. It can be wrong or incomplete and is not investment advice. Check the source before acting on it. Estimates are rough projections, not forecasts by Minerva Capital Research Solutions.

6 Nov 2026

Rating action

—

CRISIL

₹ 137.24 Cr.

Board meetings

Results dates and other board meetings. Full calendar

		Details
14 Nov 2026Upcoming	Financial Results	To consider and approve the financial results for the period ended September 30, 2026
28 Oct 2026	Financial Results	To consider and approve the financial results for the period ended Jun 30, 2026

Share price

1Y change −41.49%

0 of 2 filing days came with a big price move

Volume (shares)Price (₹)

Close priceFiling moves (0)Other filings (2)Volume

Financials

Standalone figures in ₹ crore.

Quarterly results
₹ Cr.	Jun 2025	Sep 2025	Mar 2026	Jun 2026	Sep 2026
Sales	64	64	110	87	87
Expenses	54	54	93	73	73
Operating Profit	11	11	17	14	14
OPM %	16.5%	16.5%	15.2%	15.8%	15.8%
Other Income	0	0	3	1	1
Interest	4	4	4	3	3
Depreciation	2	2	2	2	2
Profit before tax	5	5	13	9	9
Tax %	20.4%	20.4%	28.7%	19.3%	19.3%
Net Profit	4	4	9	7	7
EPS in Rs	1.97	1.97	4.59	3.47	3.47

Growth and returns

Compounded yearly rates over each period.

Compounded Sales Growth

10 Years: —
5 Years: —
3 Years: 8%
TTM: 6%

Compounded Profit Growth

10 Years: —
5 Years: —
3 Years: 100%
TTM: 6%

Stock Price CAGR

10 Years: —
5 Years: —
3 Years: —
TTM: —

Return on Equity

10 Years: —
5 Years: —
3 Years: 32%
TTM: —

Shareholding

Latest: Oct 2026.

Promoters

49.4%

FIIs

0.01%

DIIs

0.29%

Public

50.29%

P/E and EPS over time

Daily P/E and trailing 12-month EPS. EPS updates with each result.

P/E 12.9xEPS (12 months) ₹ 12.45Median P/E 12.9x

P/E (times)EPS (₹)