BSE List Price : ₹215.00

NSE List Price : ₹215.00

Subscription

Category	Times
QIBs	1.33x
HNIs	1.89x
Retail	1.75x
Total : 1.79x

IPO Market Lot(s) Distribution

Application	Lot Size	Shares	Amount
Retail Minimum	1	68	₹14,960
Retail Maximum	13	884	₹194,480
S - HNI Minimum	14	952	₹209,440
S - HNI Maximum	66	4,488	₹987,360
B - HNI Minimum	67	4,556	₹1,002,320

About the Company

Vishal Nirmiti Limited, incorporated in 1994, is a civil engineering, manufacturing and construction company operating across railway infrastructure, precast concrete products, MS pipes and infrastructure projects. The company has its registered office in Mumbai and corporate office in Pune.

Business Model: The company operates through two segments — Manufacturing and Services. Its manufacturing business includes railway PSC sleepers, MS pipes, MS liners, penstock pipes and precast products, while the services segment provides fabrication, erection and infrastructure-related services.

Products & Services

• Pre-Stressed Concrete (PSC) Railway Sleepers
• Precast & Pre-Stressed Concrete Products
• Mild Steel (MS) Pipes
• MS Liners
• Penstock Pipes
• Fabrication & Erection Services
• Railway Infrastructure Services
• Irrigation & Water Infrastructure
• Pumped Storage Project (PSP) Infrastructure

Company Financial Report

_{Amount ₹ in Crores}

Period Ended	Revenue	Expense	PAT	Assets
2023	₹270.58	₹266.65	₹3.01	₹224.50
2024	₹247.93	₹243.35	₹3.01	₹242.04
2025	₹324.86	₹293.72	₹23.64	₹296.61
2026	₹344.13	₹310.35	₹24.98	₹334.92

Company Promoter

Brij B Tapadiya

Ajay Bhagwandas Tapadiya

Pavan Vithaldas Tapadiya

Akhil Ranchod Tapadiya

Naveen Tapadiya

Rajendrakumar Badrinarayan Tapadiya

Suyash Vithaldas Tapadiya

Vedant Tapadiya

Keshav Tapadiya

Know before investing

• • Strengths

  Integrated Manufacturing Operations: The company has integrated manufacturing capabilities across PSC sleepers and MS pipe products, enabling it to provide multiple infrastructure solutions.

  Railway Infrastructure Presence: The company manufactures PSC sleepers for railway projects and has established experience in railway infrastructure.

  Large Order Book: As of June 2026, the order book stood at approximately 581.8 crore, including 306.9 crore from PSC railway sleepers and 146.8 crore from infrastructure services involving MS pipes and MS liners.

  Diversified Infrastructure Applications: Its products and services cater to railways, renewable power, irrigation, water infrastructure and industrial projects.

  Technology & Technical Capabilities: The company has technical relationships with prestressed concrete sleeper and MS pipe technology players, supporting its manufacturing capabilities.

  Improved Financial Performance: Revenue increased from 247.93 crore in FY24 to 344.13 crore in FY26, while PAT increased from 3.45 crore to 24.98 crore

• • Risks

  Customer Concentration: The largest customer contributed approximately 46.1% of FY25 revenue, while the top 10 customers contributed approximately 95.6% of H1 FY26 revenue, creating significant customer concentration.

  Railway Dependence: A substantial part of the manufacturing business is linked to railway PSC sleepers, making the company dependent on railway infrastructure spending and order flows.

  Working Capital Requirement: The business requires significant working capital for inventory, project execution and receivables.

  High Borrowings: Outstanding borrowings were approximately 87.4 crore as of March 2026, creating financial leverage.

  Order Execution Risk: The company needs to execute its large order book within specified timelines. Delays in procurement, manufacturing or project execution could affect financial performance.

  Project-Based Business: Infrastructure projects can be affected by government approvals, tender schedules, execution timelines, weather conditions and changes in project requirements.

  Services Revenue Volatility: The significant improvement in profitability was partly driven by growth in the higher-margin services segment, and the offer-document analysis notes that continuation of these margins is not assured.

Objects of the Issue & Utilisation of proceeds

Working Capital: 75 crore towards funding the company's working capital requirements.

Debt Repayment: 19 crore towards repayment and/or pre-payment of existing term loans.

General Corporate Purposes: Remaining net proceeds for general corporate purposes, subject to applicable limits.

Company Address

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

IPO Registrar

MUFG Intime India Pvt. Ltd.
Phone: +91-22-4918 6270
Email: vishalnirmiti.ipo@in.mpms.mufg.com
Website: https://in.mpms.mufg.com/Initial_Offer/public-issues.html