Vishal Nirmiti IPO 2026: Details, Price Band, GMP, Financials & IPO Analysis

Vishal Nirmiti IPO is a ₹178 crore book-built issue comprising a ₹145 crore fresh issue and ₹33 crore offer for sale (OFS). The IPO will open for subscription on September 30, 2026, and close on October 5, 2026. The shares are proposed to be listed on BSE and NSE on October 8, 2026.

Vishal Nirmiti Limited operates in the civil construction and infrastructure sector, with businesses spanning Pre-Stressed Concrete (PSC) railway sleepers, pre-cast and pre-stressed concrete products, MS pipes, liners, penstock pipes and EPC services.

The company serves infrastructure projects across railways, irrigation, renewable power and industrial infrastructure. Its price band is fixed at ₹208–₹220 per share, with a minimum lot size of 68 shares. At the upper price band, one retail lot requires an investment of ₹14,960.

Vishal Nirmiti IPO Details

Vishal Nirmiti IPO Timeline

All dates are tentative and subject to change.

Vishal Nirmiti IPO GMP

As of September 26, 2026, the supplied grey market data shows a GMP of ₹0.

With the GMP at ₹0, the reported grey-market data is currently indicating no premium over the upper end of the IPO price band.

GMP Disclaimer: Grey market premium is unofficial and can change rapidly. It should not be treated as a guaranteed listing indicator.

Vishal Nirmiti IPO Subscription Status

The IPO will open on September 30, 2026. Therefore, live subscription figures are not available yet.

The subscription figures can be updated once bidding begins.

Day-wise Subscription Trend

Since the issue has not opened, day-wise subscription data is currently unavailable.

Current Subscription

Vishal Nirmiti IPO subscription has not started yet. The IPO opens on September 30, 2026, after which category-wise and overall subscription data will become available.

Vishal Nirmiti IPO Lot Size

The minimum bid is 68 shares and bids can be made in multiples of 68 shares.
 

Vishal Nirmiti IPO Reservation

About Vishal Nirmiti

Incorporated in 1994, Vishal Nirmiti Limited, formerly known as Sejal Farms Private Limited, operates across civil engineering, manufacturing and construction activities.

The company's manufacturing portfolio includes Pre-Stressed Concrete (PSC) sleepers for railways, pre-cast and pre-stressed concrete products, as well as Mild Steel pipes, liners and penstock pipes used in infrastructure and water-related projects.

The company also provides engineering, procurement and construction (EPC) services for railway infrastructure, irrigation and civil engineering projects.

Business Segments

• Manufacturing: The company manufactures PSC sleepers for Indian Railways, DFCCIL and private customers. It also manufactures MS pipes, MS liners and penstock pipes used in hydro power, lift irrigation, water supply and other infrastructure projects.
• Services: Its services include job work contracts for MS pipes and liners, penstock pipes, pre-cast and pre-stressed products such as noise barriers and cable ducts, hydro-mechanical structures and construction activities. The company also has activities involving windmill power generation, transportation, leasing and scrap sales.
• Vishal Nirmiti has a pan-India operational presence across Maharashtra, Madhya Pradesh, Gujarat, Himachal Pradesh, Uttar Pradesh, Odisha and Karnataka.

Vishal Nirmiti IPO Objectives

The company proposes to use the net IPO proceeds for working capital, debt repayment and general corporate purposes.
 

Data note: The supplied source identifies ₹94 crore of IPO proceeds for specific purposes, while the total IPO size is ₹178 crore. The source does not specify the utilisation of the remaining amount. The final RHP/offer documents should be checked for the complete proceeds allocation.

Vishal Nirmiti Financial Performance

Vishal Nirmiti has reported growth in revenue and profitability between FY25 and FY26.

Total income increased from ₹247.93 crore in FY24 to ₹344.13 crore in FY26. PAT increased sharply from ₹3.45 crore in FY24 to ₹24.98 crore in FY26.

Between FY25 and FY26, total income increased by around 6%, while PAT increased by around 6%, according to the supplied source data.

EBITDA increased from ₹23.14 crore in FY24 to ₹51.13 crore in FY26, indicating improvement in operating earnings.

Borrowings stood at ₹87.42 crore in FY26, slightly lower than ₹88.05 crore in FY25.

Vishal Nirmiti IPO Key Financial Ratios

The company reported ROE of 33.67% and RoNW of 33.87% for FY26. Its EBITDA margin stood at 15.10%, while PAT margin was 7.37%.

Vishal Nirmiti IPO Valuation

The supplied valuation data indicates a post-IPO P/E of 23.26x, compared with 17.45x on the pre-IPO calculation.

The promoter holding is expected to reduce from 73.42% to 49.40% after the IPO, according to the supplied data.

Vishal Nirmiti Promoter Holding

The promoters listed in the supplied IPO data are:

• 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 is stated at 73.42% before the IPO and 49.40% after the IPO.

Vishal Nirmiti IPO Peer Comparison

Vishal Nirmiti reports a higher RoNW than the two supplied peers. However, peer comparison should also consider company size, order book, project mix, margins, debt levels and the valuation assigned at the IPO price.

Competitive Strengths

• Railway infrastructure exposure: Vishal Nirmiti has experience in PSC sleeper manufacturing for railway-related customers, including Indian Railways and DFCCIL.
• Diversified infrastructure activities: The company operates across railways, irrigation, renewable power and industrial infrastructure.
• Manufacturing capabilities: Its manufacturing portfolio includes PSC sleepers, MS pipes, liners and penstock pipes.
• EPC capabilities: In addition to manufacturing, the company provides engineering, procurement and construction services for infrastructure projects.
• Long-term customer relationships: The company highlights established relationships with its customers as one of its competitive strengths.
• Experienced management: The promoter group has more than four decades of domain experience, according to the supplied company information.

Risks Investors Should Consider

• The company's business is linked to infrastructure and construction activity, which can be affected by project cycles and government spending.
• Revenue can depend on the timing and execution of large infrastructure projects.
• Raw material prices can affect manufacturing margins.
• The company operates in competitive infrastructure and construction markets.
• Working-capital requirements are significant, and the IPO proposes ₹75 crore towards working capital.
• Borrowings stood at ₹87.42 crore as of FY26.
• Project execution can face delays related to approvals, site conditions, supply chains or customer schedules.

The source data identifies only ₹94 crore of specific IPO utilisation against the ₹178 crore issue size, so the complete use of proceeds should be verified from the final offer documents.

Should You Invest in Vishal Nirmiti IPO?

Vishal Nirmiti operates across railway infrastructure, civil construction and specialised manufacturing, giving it exposure to several infrastructure-related applications. The company has reported growth in total income, EBITDA and PAT between FY24 and FY26, while its FY26 RoNW stood at 33.87%.

The company's railway-related manufacturing capabilities, pan-India presence and experience in PSC sleepers, MS pipes and penstock pipes are key aspects of its business model. Its EPC activities provide another source of project opportunities.

On the other hand, the business remains exposed to infrastructure project cycles, execution risks, raw material costs and working-capital requirements. The company also carries borrowings of ₹87.42 crore as of FY26.

At the supplied IPO valuation, the post-IPO P/E is 23.26x, compared with the supplied peer P/E figures of 13.86x for Indian Hume Pipe and 14.83x for GPT Infraprojects. Investors may therefore want to assess the valuation alongside the company's growth, margins, order visibility, debt and project execution record.

As of September 26, 2026, the supplied grey market data shows a GMP of ₹0. the reported grey-market data is currently indicating no premium over the upper end of the IPO price band.

The IPO also contains a data point requiring clarification: ₹94 crore of specific utilisation is provided against the ₹178 crore issue size. Investors should review the final offer documents for the complete use of proceeds before evaluating the issue.

Vishal Nirmiti IPO Allotment Status

The tentative basis of allotment date is October 6, 2026.

After the allotment is finalised, investors can check their application status through the IPO registrar, MUFG Intime India Pvt. Ltd., using their PAN or application details.

Refunds are scheduled to begin on October 7, 2026, while shares are expected to be credited to successful applicants' demat accounts on the same date.

Vishal Nirmiti IPO Registrar

• MUFG Intime India Pvt. Ltd.
• Address: LBS Marg
  Vikhroli West, Mumbai
• Website: MUFG Intime IPO Status portal
• Phone: 022-49186000
• Email: vishalnirmiti.ipo@in.mpms.mufg.com

Vishal Nirmiti IPO Lead Manager

Saffron Capital Advisors Pvt. Ltd.

Saffron Capital Advisors Pvt. Ltd. is the book-running lead manager for the Vishal Nirmiti IPO.

Vishal Nirmiti Company Details

• Company: Vishal Nirmiti Ltd.
• Sector: Civil Construction
• Registered Office: 303, 17 Elphinstone House, Marzban Road, New Empire Cinema, Fort, Mumbai, Maharashtra – 400001
• Website: https://www.vishalnirmiti.com/
• Phone: +91 20 27299915
• Email: ipo@vishalnirmiti.com

Vishal Nirmiti IPO Summary

Vishal Nirmiti IPO is a ₹178 crore book-built issue comprising a ₹145 crore fresh issue and ₹33 crore offer for sale. The IPO will open from September 30 to October 5, 2026, with a price band of ₹208–₹220 and a lot size of 68 shares. 

The company operates in civil construction and infrastructure, with businesses covering PSC railway sleepers, pre-cast and pre-stressed concrete products, MS pipes, liners, penstock pipes and EPC services. Its total income increased from ₹247.93 crore in FY24 to ₹344.13 crore in FY26, while PAT increased from ₹3.45 crore to ₹24.98 crore. FY26 ROE stood at 33.67% and RoNW at 33.87%. 

As of September 26, 2026, the supplied grey market data shows a GMP of ₹0. the reported grey-market data is currently indicating no premium over the upper end of the IPO price band.

The supplied post-IPO P/E is 23.26x. Key factors to evaluate include infrastructure project execution, working-capital requirements, borrowings, valuation and the complete utilisation of the ₹178 crore IPO proceeds.

Vishal Nirmiti IPO FAQs

When will Vishal Nirmiti IPO open?

The IPO is scheduled to open on September 30, 2026.

When will Vishal Nirmiti IPO close?

The IPO is scheduled to close on October 5, 2026.

What is the Vishal Nirmiti IPO price band?

The price band is ₹208 to ₹220 per share.

What is the Vishal Nirmiti IPO lot size?

The minimum lot size is 68 shares. At the upper price band of ₹220, one lot costs ₹14,960.

What is the Vishal Nirmiti IPO issue size?

The total issue size is ₹178 crore, consisting of ₹145 crore fresh issue and ₹33 crore OFS.

What is the Vishal Nirmiti IPO GMP today?

The supplied GMP dated September 26, 2026 is ₹0. GMP is unofficial and can change before listing.

When will Vishal Nirmiti IPO be listed?

The tentative listing date is October 8, 2026 on BSE and NSE.

Who is the registrar of Vishal Nirmiti IPO?

MUFG Intime India Pvt. Ltd. is the registrar.

Who is the lead manager of Vishal Nirmiti IPO?

Saffron Capital Advisors Pvt. Ltd. is the book-running lead manager.

What does Vishal Nirmiti do?

Vishal Nirmiti operates in civil engineering, construction and manufacturing, with a focus on railway PSC sleepers, concrete products, MS pipes, liners, penstock pipes and EPC infrastructure projects.

Disclaimer

This article is for informational purposes only and does not constitute investment advice. IPO details, GMP, subscription figures, valuation data and timelines can change. Investors should review the company's RHP/offer documents and conduct their own due diligence before making any investment decision.

Author: Komal Bhatt

Komal Bhatt is a finance content writer at InvestKraft, specialising in well-researched articles on financial products, stock markets, and investment opportunities, with a particular focus on unlisted shares.

She holds a Master’s degree in Commerce from the University of Delhi, which gives her a solid academic foundation in finance and business. With over three years of hands-on experience in creating digital finance content, Komal has developed a clear understanding of investor needs through her work on wealth management, NISM certification programs, and market education materials.

Komal is passionate when it comes to breaking down complex financial concepts into simple, accurate and actionable insights. Her goal is to help everyday investors understand markets better and make more informed decisions based on reliable, research-backed information.