Vishal Nirmiti
- Issue price
- ₹ 220
- Issue size
- ₹ 178 Cr.
- Min. investment
- ₹ 14,960
- Listing price
- ₹ 215
- Subscribed
- 1.71x
- Lot size
- 68 shares
- P/E
- 23.26
- RoNW
- 33.87%
- RoCE
- 28.02%
- Debt / Equity
- 1.01
- PAT margin
- 7.37%
- EBITDA margin
- 15.10%
- RoE
- 33.67%
- EPS
- ₹ 9.46
- NAV
- ₹ 43.61
- Promoter stake
- 49.4%
About
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.
Timeline
- doneOpens30 Sep
- doneCloses5 Oct
- doneAllotment6 Oct
- doneRefunds7 Oct
- doneDemat credit7 Oct
- doneListing8 Oct
Grey market premium (GMP)
GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.
- Highest
- ₹ 20 on 1 Oct 2026
- Lowest
- ₹ 0 on 27 Sep 2026
- First quoted
- ₹ 0 on 27 Sep 2026
Subscription
How many times each investor group bid for its share, as of 08 Oct 2026, 06:30 PM IST.
How much to apply for
The smallest and largest bids for each kind of investor at the upper price band.
| 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 |
Company overview
Financials
| 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 |
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.
What the money is for
| Funding working capital requirements of the Company | 75 |
| Repayment and/ or pre-payment, in part or full of term loans | 19 |
| General Corporate Purposes | — |
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
Registrar, lead managers and documents
- Listing on
- BSE, NSE
- Face value
- ₹ 10 a share
- Registrar
- MUFG Intime India Private Limited
- Red herring prospectus (RHP)
- Open
- Draft prospectus (DRHP)
- Open
- Basis of allotment
- Open
IPO dates, prices, grey market premium (GMP), subscription and the company overview: IPO Guru, updated three times a day. GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.
Our recommendations are research opinions, not investment advice. Read the offer document (RHP) and consult your financial adviser before investing.