Vishal Nirmiti IPO
Grey Market Premium (GMP)
GMP applies before listing only. This IPO has listed — see Listing Performance below for the actual debut.
Subscription Status
| Category | Subscription |
|---|---|
| QIB | 1.33x |
| NII | 1.89x |
| sNII (₹2L–₹10L) | 2.1x |
| bNII (above ₹10L) | 1.79x |
| Retail (RII) | 1.75x |
| Total | 1.79x |
Bidding day 6 · final figures at close of bidding: 8 Oct 2026, 6:30 pm IST
IPO Details
- Open Date
- 30 Sept 2026
- Close Date
- 5 Oct 2026
- Listing Date
- 8 Oct 2026
- Face Value
- ₹10
- Fresh Issue
- ₹145 Cr
- OFS
- ₹33 Cr
- Listing On
- NSE, BSE
- Registrar
- —
The fresh issue is money for the company; the OFS goes to selling shareholders. Fresh issue vs offer for sale, explained
Lot Size & Application Amounts
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 68 | ₹14,960 |
| Retail (Max) | 14 | 952 | ₹2,09,440 |
| B-HNI (Min) | 67 | 4,556 | ₹10,02,320 |
Issue Reservation
| Investor category | Shares offered | % of issue |
|---|---|---|
| QIB (ex-anchor) | 80,908 | 1% |
| NII | 23,46,364 | 29% |
| — sNII (< ₹10L) | 7,82,121 | 9.67% |
| — bNII (> ₹10L) | 15,64,243 | 19.33% |
| Retail | 56,63,637 | 70% |
| Total | 80,90,909 | 100% |
The anchor portion is carved out of the QIB quota. Percentages are of the total shares offered.
Financials (₹ Cr)
| Period Ended | Revenue | PAT | EBITDA | Net Worth | Total Assets | Borrowings | EPS (₹) |
|---|---|---|---|---|---|---|---|
| FY 2024 | 247.93 | 3.45 | 23.14 | 38.12 | 242.04 | 91.75 | — |
| FY 2025 | 324.86 | 23.64 | 46.48 | 61.12 | 296.61 | 88.05 | — |
| FY 2026 | 344.13 | 24.98 | 51.13 | 86.34 | 334.92 | 87.42 | 12.61 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March.
KPIs & Valuation
- P/E (pre-issue)
- 17.45x
- P/E (post-issue)
- 23.26x
- RoNW
- 33.87%
- RoE
- 33.67%
- RoCE
- 28.02%
- Debt / Equity
- 1.01
- EPS (pre-issue)
- ₹12.61
- EPS (post-issue)
- ₹9.46
- EBITDA Margin
- 15.1%
- PAT Margin
- 7.37%
- P/BV
- 5.04x
- NAV / share
- ₹43.61
- Market Cap
- ₹580.6 Cr
As of 31 Mar 2026 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Objects of the Issue
| Purpose | Est. Amount |
|---|---|
| Funding working capital requirements of the Company | ₹75 Cr |
| Repayment and/ or pre-payment, in part or full of term loans | ₹19 Cr |
| General Corporate Purposes | ₹34.29 Cr |
| Issue Expenses | ₹20.5 Cr |
Net-proceeds utilisation as disclosed in the offer document.
Issue Expenses
| Purpose | Est. Amount |
|---|---|
| Fixed fees payable to Book Running Lead Manager | ₹2.12 Cr |
| Underwriting /Selling Commission to the BRLM | ₹10.5 Cr |
| Commission/processing fee for SCSBs, Sponsor Bank and fees payable to sponsor bank for bids made by RIBs, Banker to the Offer, Brokerage, bidding charges for Members of the Syndicate, Registered Brokers, RTAs and CDPs | ₹0.72 Cr |
| Fees payable to the Registrar to the Offer | ₹0.04 Cr |
| Listing fees, SEBI filing fees, upload fees, BSE and NSE processing fees, book building software fees and other regulatory expenses | ₹1.4 Cr |
| Printing and distribution of stationery | ₹0.14 Cr |
| Advertising and marketing expenses | ₹0.61 Cr |
| Fees payable to legal counsel | ₹1.15 Cr |
| Fees payable to monitoring agency, including industry report provider, etc | ₹0.25 Cr |
| Miscellaneous expenses | ₹3.57 Cr |
Promoters & Shareholding
Promoters: <p>Brij B Tapadiya, Ajay Bhagwandas Tapadiya, Pavan Vithaldas Tapadiya, Akhil Ranchod Tapadiya, Naveen Tapadiya, Rajendrakumar Badrinarayan Tapadiya, Suyash Vithaldas Tapadiya, Vedant Tapadiya, Keshav Tapadiya</p>
- Holding (pre-issue)
- 73.42%
- Holding (post-issue)
- 49.4%
- Dilution
- 24.02%
Peer Comparison
| Company | EPS (₹) | NAV (₹) | P/E | RoNW | P/BV | Statements |
|---|---|---|---|---|---|---|
| Vishal Nirmiti | 12.61 | 43.61 | — | 33.87% | — | Restated |
| Gpt Infraprojects Ltd. | 7.7 | 41.77 | 14.83x | 18.25% | 2.78x | — |
| Indian Hume Pipe Co.Ltd. | 26.79 | 281.76 | 13.86x | 9.51% | 1.32x | — |
Peer group as disclosed in the offer document, figures as of 31 Mar 2026. The issuer’s P/E is computed at the upper price band.
Lead Managers (BRLMs)
Tap a lead manager to see every IPO it has run and how those listings fared.
Broker Recommendations
| Reviewer | Verdict |
|---|---|
| Capital Market | Neutral |
Third-party analyst views on the Vishal Nirmiti IPO, aggregated for reference. ipostation does not rate IPOs — nothing here is investment advice.
Listing Performance
About the Vishal Nirmiti IPO
The Vishal Nirmiti mainboard IPO runs from 30 Sept 2026 to 5 Oct 2026, offered at a price band of ₹208–220 per share, and is set to list on NSE and BSE. The company is looking to raise ₹178 crore through the offer. Retail investors bid in lots of 68 shares, a minimum application of ₹14,960.
Issue structure
The offer combines a fresh issue of ₹145 crore with an offer for sale (OFS) of ₹33 crore by existing shareholders. Money raised through the fresh issue goes to the company for its stated objects, while OFS proceeds go to the selling shareholders rather than the business.
Objects of the issue
Per the offer document, the company intends to deploy the net proceeds primarily toward funding working capital requirements of the company (₹75 crore), alongside general corporate purposes (₹34.29 crore). In all, 4 objects are disclosed — the full break-up is in the table above.
Financials
In FY2026, Vishal Nirmiti reported revenue of ₹344.13 crore and a net profit of ₹24.98 crore. Revenue grew from ₹247.93 crore in FY2024 to ₹344.13 crore in FY2026 (+39.0%). Net worth stood at ₹86.34 crore at the end of FY2026. At the upper band, that puts the issue at roughly 17.4× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.
Valuation
At the upper band, the issue is priced at 23.26× post-issue earnings and 5.04× book value, against a return on net worth of 33.87% and a debt-to-equity ratio of 1.01. These ratios come from the offer document and are for comparison, not a recommendation.
Peer comparison
The offer document names listed peers including Gpt Infraprojects Ltd. and Indian Hume Pipe Co.Ltd., with a median peer P/E of about 14.3×. The issue's own post-issue P/E works out to 23.26×.
Promoters
The promoters of the company are <p>Brij B Tapadiya, Ajay Bhagwandas Tapadiya, Pavan Vithaldas Tapadiya, Akhil Ranchod Tapadiya, Naveen Tapadiya, Rajendrakumar Badrinarayan Tapadiya, Suyash Vithaldas Tapadiya, Vedant Tapadiya, Keshav Tapadiya</p>. Promoter holding stands at 73.42% before the issue and comes down to 49.4% after listing.
Grey market premium (GMP)
In the unofficial grey market, Vishal Nirmiti shares are quoted at a premium of ₹2 implying an expected listing around ₹222, about +0.9% over the upper band. Grey market premium is a sentiment indicator set by private dealers, not the company or the exchange — it moves quickly and is not a reliable predictor of the actual listing price.
Subscription
The Vishal Nirmiti IPO was subscribed 1.79 times overall. The strongest demand came from non-institutional investors (NII) at 1.89 times, with qualified institutional buyers (QIB) at 1.33× and retail investors at 1.75×.
Listing performance
Vishal Nirmiti listed on 8 Oct 2026 at ₹215, a discount of -2.3% over the issue price of ₹220.
What to weigh
When evaluating the Vishal Nirmiti IPO, the data points most investors look at are the fresh-issue-versus-OFS split, the revenue and profitability trend, subscription demand across investor categories and the grey market premium. Grey market premium and subscription figures reflect short-term sentiment rather than long-term fundamentals; the figures on this page are for information only and are not investment advice.
About Vishal Nirmiti
Incorporated in 1994, Vishal Nirmiti Limited (formerly Sejal Farms Private Limited) is a civil engineering, manufacturing, and construction company primarily engaged in manufacturing and dealing of 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 company also provides engineering, procurement, and construction (EPC) services for railway infrastructure, irrigation, and civil engineering projects across sectors such as railways, renewable power, and industrial infrastructure. Business Segments: Manufacturing segment: Includes PSC sleeper manufacturing for Indian Railways, DFCCIL, and private clients, as well as MS pipes, MS liners, and penstock pipes for hydro power, lift irrigation, water supply, and infrastructure projects. Services segment: Covers job work contracts for MS pipes, liners, penstock pipes, pre-cast and pre-stressed elements (such as noise barriers and cable ducts), hydro-mechanical structures, as well as construction works, power generation through windmills, transportation, leasing, and sale of scrap. VNL has a pan-India presence with operational units across Maharashtra, Madhya Pradesh, Gujarat, Himachal Pradesh, Uttar Pradesh, Odisha, and Karnataka and is led by a highly experienced promoter group with over four decades of domain expertise Competitive Strengths: Execution capabilities with industry experience and strong operating systems, providing comprehensive solution. Dedicated focus on railway infrastructure development and manufacture of PSC sleepers Deeply entrenched, long term relationships with customers Experienced Management Team driving the growth of the Company
Vishal Nirmiti — Contact Details
- Registered office
- 303, 17 Elphinstone House,, Marzban Road, New Empire Cinema,, Fort, Mumbai, Maharashtra, 400001
- Phone
- +91 9823877359
- Website
- www.vishalnirmiti.com/
- Registrar (IPO queries)
- vishalnirmiti.ipo@in.mpms.mufg.com
Frequently asked questions
- What is the Vishal Nirmiti IPO price band?
- The Vishal Nirmiti IPO price band is ₹208 to ₹220 per share, with a lot size of 68 shares.
- What was the Vishal Nirmiti IPO GMP before listing?
- The final grey market premium recorded before the Vishal Nirmiti IPO listed was ₹2. The IPO listed on 8 Oct 2026 at ₹215, -2.3% against the issue price. GMP is an unofficial figure and was never a guarantee of the listing price.
- When does the Vishal Nirmiti IPO open and close?
- The Vishal Nirmiti IPO opens on 30 Sept 2026 and closes on 5 Oct 2026.
- When is the Vishal Nirmiti IPO allotment and listing date?
- Allotment is expected on 6 Oct 2026. The shares are scheduled to list on 8 Oct 2026 on NSE and BSE.
- How many times was the Vishal Nirmiti IPO subscribed?
- The Vishal Nirmiti IPO was subscribed 1.79 times in total across all investor categories.
- What is the reservation split in the Vishal Nirmiti IPO?
- Of the total shares offered, retail investors get 70%, QIBs 1%, non-institutional investors 29%. The full category-wise break-up is in the Issue Reservation table on this page.
- Who are the promoters of Vishal Nirmiti and what is their holding?
- The promoters are <p>Brij B Tapadiya, Ajay Bhagwandas Tapadiya, Pavan Vithaldas Tapadiya, Akhil Ranchod Tapadiya, Naveen Tapadiya, Rajendrakumar Badrinarayan Tapadiya, Suyash Vithaldas Tapadiya, Vedant Tapadiya, Keshav Tapadiya</p>. Promoter holding is 73.42% before the issue and 49.4% after listing.
- What is the P/E ratio of the Vishal Nirmiti IPO?
- At the upper price band, the Vishal Nirmiti IPO is valued at 17.45× pre-issue earnings and 23.26× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the Vishal Nirmiti IPO?
- The net proceeds go primarily toward funding working capital requirements of the company, among 4 disclosed objects. See the Objects of the Issue table for the full break-up.
- Who are the lead managers and registrar of the Vishal Nirmiti IPO?
- The book-running lead manager is Saffron Capital Advisors Pvt.Ltd..
- Is Vishal Nirmiti a Mainboard or SME IPO?
- Vishal Nirmiti is a Mainboard IPO, listing on NSE and BSE.