Vishal Nirmiti IPO

Last updated: October 8, 2026 at 4:30 pm IST

Vishal Nirmiti IPO Price Range is ₹208 - ₹220, with a minimum investment of ₹14,960 for 68 shares per lot.

Subscription Rate

1.71x

as on 05 Oct 2026, 08:23PM IST

Minimum Investment

₹14,960

/ 68 shares

IPO Status

Closed

Price Band

₹208 - ₹220

Bidding Dates

Sep 30, 2026 - Oct 5, 2026

Issue Size

₹178.00 Cr

Lot Size

68 shares

Min Investment

₹14,960

Listing Exchange

BSE

IPO Doc

RHP PDF

Vishal Nirmiti IPO Application Timeline

Open Date30 Sep 2026

Close Date5 Oct 2026

Allotment Date6 Oct 2026

Listing Date8 Oct 2026

IPO Subscription Status

as on 05 Oct 2026, 08:23PM IST

IPO subscribed over

🚀 1.71x

This IPO has been subscribed by 1.668x in the retail category and 1.268x in the QIB category.

Subscription Rate

Total Subscription	1.71x
Retail Individual Investors	1.668x
Qualified Institutional Buyers	1.268x
Non Institutional Investors	1.81x

Objectives of IPO

Vishal Nirmiti Limited is raising ₹145.00 crore through a Fresh Issue of equity shares in its initial public offering. The Net Proceeds from the Fresh Issue will be used for three main purposes: working capital requirements, repayment of existing debt, and general corporate purposes.
To support its day-to-day operations and growing business, the company has set aside ₹75.00 crore from the Net Proceeds for its fund-based working capital requirements in FY27. In simple terms, this money will help the company buy raw materials and cover operating expenses while it works on its growing infrastructure order book. Using equity funding for working capital can reduce the need for short-term borrowing and help the company maintain enough cash to keep projects moving smoothly.
The company also plans to use up to ₹19.00 crore to repay or prepay existing term loans taken from banks and financial institutions. Reducing this debt can lower the company's interest costs and strengthen its balance sheet. It can also improve leverage measures such as the debt-to-equity ratio. Lower interest expenses could leave more internal cash available for business operations.
The remaining Net Proceeds will be used for general corporate purposes, subject to a maximum limit of 25% of the Fresh Offer. This flexible pool can be used for areas such as strategic initiatives, asset maintenance, capital expenditure, administrative expenses, and other general business requirements. Having this additional financial flexibility can help the company respond to business needs as they arise.

Financial Performance of Vishal Nirmiti

*Value in ₹ crore

Details	FY24	FY25	FY26
Total Revenue	₹242.88	₹318.52	₹338.68
Total Assets	₹242.04	₹296.61	₹334.92
Total Profit	₹3.45	₹23.64	₹24.98

The company has maintained steady growth in revenue over the last three years. Revenue from operations increased from ₹242.88 crore in FY24 to ₹318.52 crore in FY25, a growth of 31.14%, and then rose further to ₹338.68 crore in FY26, up 6.33%. Growth came mainly from higher sales of mild steel pipes, civil construction services, and continued execution of railway concrete sleeper orders. The services business also grew quickly, increasing its share of operational revenue from 11.74% in FY24 to 24.99% in FY26. This gave the company a broader mix of revenue sources.

Profit grew at a faster pace than revenue. EBITDA, which measures operating profit before interest, tax, depreciation and amortisation, increased from ₹23.14 crore with a 9.53% margin in FY24 to ₹46.48 crore with a 14.59% margin in FY25. It then reached ₹51.13 crore with a 15.10% margin in FY26. Net profit also rose sharply, from ₹3.45 crore or a 1.42% margin in FY24 to ₹23.64 crore or 7.42% in FY25, before reaching ₹24.98 crore or 7.37% in FY26. The improvement in margins was supported by the growing contribution from the higher-margin services business and relatively slower growth in raw material costs compared with overall sales.

The balance sheet has also strengthened over this period. Net worth increased from ₹38.12 crore in FY24 to ₹61.12 crore in FY25 and ₹86.34 crore in FY26, while total debt declined from ₹91.75 crore in FY24 to ₹87.42 crore in FY26. The core business generated positive net cash flow from operations in each of the three years, at ₹27.73 crore in FY24, ₹38.20 crore in FY25, and ₹27.15 crore in FY26. These operating cash flows supported capital expenditure of ₹35.29 crore in FY26 as well as working capital requirements of ₹59.15 crore.

Return ratios also improved meaningfully. Return on Equity, which shows how efficiently the company generates profit from shareholders' money, increased from 9.37% in FY24 to 47.21% in FY25 and stood at 33.67% in FY26. Return on Capital Employed rose from 14.60% in FY24 to 28.02% in FY26. At the same time, the debt-to-equity ratio declined from 2.37 times in FY24 to 1.01 times in FY26, indicating lower reliance on borrowed funds. Working capital efficiency remained relatively stable, with receivables at 59 days and inventory holding at 178 days in FY26.

Strengths and Risks

Strengths

The company's integrated operating model gives it the ability to handle several stages of a project, from design coordination and pipe fabrication to quality testing and installation. By keeping much of the project work within its own operations, Vishal Nirmiti can reduce its dependence on outside contractors, manage execution costs better, and shorten project timelines. This also gives the company greater control over quality and delivery across railway, civil engineering, and pipeline projects.
Another key advantage comes from its specialised focus on railway Pre-Stressed Concrete sleepers, supported by mandatory vendor registration from the Research Designs and Standards Organisation. Approval under the Ministry of Railways creates a technical entry barrier, as new companies need to meet the required standards before they can compete for such work. This qualification allows Vishal Nirmiti to participate in large railway expansion and track renewal projects across India.
Long-standing customer relationships also support the business. Ten major customers have been working with the company for more than 10 years. Repeat customers contributed ₹320.40 crore or 95.13% of operational revenue in FY26, compared with ₹306.71 crore or 95.17% in FY25 and ₹241.54 crore or 95.92% in FY24. Such high customer retention suggests that established relationships and execution experience are important parts of the company's revenue base. It can also reduce the need to spend heavily on finding new customers.
The company also has growing visibility for future revenue through its order book. The order book increased from ₹359.79 crore in FY24 to ₹682.47 crore in FY26, representing a compound annual growth rate of 37.73%. This backlog reflects demand from railway infrastructure, lift irrigation, and hydro-mechanical projects. Having confirmed orders ahead of time also helps management plan raw material purchases and use its production capacity more efficiently.
The location of its manufacturing facilities provides another practical advantage. The company's plants are positioned near important railway zones and customer project sites, helping reduce freight costs and improve delivery speed. Its four sleeper facilities have an annual installed capacity of 11,00,124 units, while seven pipe manufacturing sites have a combined capacity of 1,54,000 metric tonnes. Being closer to key transport routes and project locations can help the company control logistics costs and respond faster to customer requirements.
The business is also supported by experienced promoters and senior management with long experience in railway infrastructure and civil construction. Promoter chairman Brij B Tapadiya has more than 45 years of industry experience, while Joint Managing Directors Ajay Bhagwandas Tapadiya and Pavan Vithaldas Tapadiya bring more than 30 years and 25 years of domain experience, respectively. Their long involvement in the industry provides continuity and established knowledge of the company's markets.

Risks

The company remains significantly dependent on government infrastructure projects. Government contracts contributed ₹144.21 crore or 42.61% of operational revenue in FY26, compared with ₹152.95 crore or 47.30% in FY25 and ₹146.95 crore or 58.09% in FY24. Since a large part of this business is linked to Ministry of Railways policies and state infrastructure budgets, changes in policy, project delays, or lower public spending could affect order volumes and cash flows.
Customer concentration is another important risk. Indian Railways alone contributed ₹137.27 crore or 40.56% of total revenue in FY26. The top 5 customers accounted for ₹288.80 crore or 85.33% of revenue, while the top 10 contributed ₹314.42 crore or 92.91%. This means a large portion of revenue comes from a small number of institutional customers. Any delay, reduction, or cancellation of orders from these customers could therefore have a noticeable effect on the company's financial performance.
The company also has considerable geographic concentration. Maharashtra, Madhya Pradesh, and Gujarat together contributed 87.38% of FY26 revenue, with Maharashtra accounting for ₹120.31 crore or 35.52%, Madhya Pradesh ₹115.03 crore or 33.96%, and Gujarat ₹60.64 crore or 17.90%. Any slowdown in infrastructure activity, construction disruption, or reduction in government spending in these states could have a disproportionate impact on the company's revenue.
Working capital is another area to watch as the business expands. Projected working capital requirements are expected to rise sharply to ₹164.41 crore in FY27 from ₹59.15 crore in FY26. Trade receivables reached ₹63.38 crore in FY26, with the collection period stretching to 59 days. The company also reported net cash outflows from financing activities of ₹22.06 crore in FY26 and ₹14.38 crore in FY25. If customers take longer to pay or the company cannot arrange funding when required, liquidity could come under pressure and project execution could be affected.
The company also carries a meaningful level of debt. As of March 31, 2026, total borrowings stood at ₹87.42 crore against equity of ₹86.78 crore, resulting in a debt-to-equity ratio of 1.01. This included ₹67.69 crore of secured loans and ₹19.73 crore of unsecured borrowings. A higher debt burden means regular interest payments and can limit financial flexibility. It may also expose the company to loan conditions and other restrictions attached to its borrowings.
Raw material costs are another area of uncertainty. Important inputs such as prestressing steel wire, cement, and aggregates are purchased without long-term fixed-price contracts. The company also has some supplier concentration, with its top 5 raw material vendors accounting for ₹106.24 crore or 47.12% of total purchases in FY26. A sudden increase in raw material prices or delays from important suppliers could therefore put pressure on operating margins.

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Listed Competitors of Vishal Nirmiti

Company	Operating Revenue (₹ Cr)	Revenue Growth (%)	EBITDA (₹ Cr)	EBITDA Margin (%)	PAT (₹ Cr)	PAT Margin (%)	P/E Ratio (x)	ROE (%)	ROCE (%)	Debt-to-Equity (x)
Vishal Nirmiti	₹338.68 Cr	6.33%	₹51.13 Cr	15.10%	₹24.98 Cr	7.37%	23.25	33.67%	28.02%	1.01x
GPT Infraprojects	₹1,289.92 Cr	8.57%	₹174.18 Cr	13.50%	₹96.33 Cr	7.47%	14.83	17.10%	18.42%	0.50x
Indian Hume Pipe Company	₹1,305.57 Cr	-12.45%	₹145.73 Cr	11.16%	₹141.11 Cr	10.81%	13.86	25.06%	9.01%	0.28x

Vishal Nirmiti Shareholding Pattern

Promoters & Promoter Group		73.42%
Name	Role	Stakeholding
Brij B Tapadiya	Promoter	3.14%
Ajay Bhagwandas Tapadiya	Promoter	3.23%
Pavan Vithaldas Tapadiya	Promoter	4.43%
Akhil Ranchod Tapadiya	Promoter	3.14%
Naveen Tapadiya	Promoter	6.33%
Rajendrakumar Badrinarayan Tapadiya	Promoter	3.34%
Suyash Vithaldas Tapadiya	Promoter	4.43%
Vedant Tapadiya	Promoter	6.33%
Keshav Tapadiya	Promoter	3.14%
Manish Akhilesh Tapadiya	Promoter Group	3.34%
Vijay Venugopal Tapadiya	Promoter Group	3.45%
Jaya Yash Tapadiya	Promoter Group	3.14%
Krishna Tapadiya	Promoter Group	4.18%
Nayan Tapadiya	Promoter Group	4.31%
Giriraj Tapadiya	Promoter Group	4.18%
Shyamsundar Tapadiya	Promoter Group	3.23%
Kishori Jitendra Rathi	Promoter Group	0.81%
Vaman Prestressing Company Private Limited	Promoter Group	9.28%
Rajshree Gilda	Public	4.14%
Sampat Shankarlal Gilada	Public	3.67%
Gourajadevi Shankarlal Gilada	Public	2.83%
Rajgopal Shankarlal Gilada	Public	2.7%
Deepak J Mehta and Bhakti D Mehta	Public	2.33%
Sangeetha Sampatkumar Gilada	Public	1.78%
Bindu Rajgopal Gilada	Public	1.49%
Sarvesh Gilada	Public	1.31%
Namrata Kabra	Public	1.26%
Vaibhav Gilda	Public	1.2%
Others	Public	3.87%

About Vishal Nirmiti

Just like a strong foundation keeps a building standing, Vishal Nirmiti Limited makes the heavy concrete bases and steel pipes that help keep railway tracks stable and water pipelines running across India. Incorporated in 1994, the civil engineering company earns revenue from two main areas: manufacturing and services. In FY26, its total revenue from operations stood at ₹338.68 crore, with manufacturing contributing the larger share of ₹253.87 crore, or 75.01%. Within manufacturing, railway concrete sleepers contributed ₹215.03 crore or 63.53%, mild steel pipes added ₹37.59 crore or 11.11%, and precast concrete elements contributed ₹1.25 crore or 0.37%. The services business, which includes subcontracted job work, windmill power generation, and property leasing, contributed the remaining ₹84.58 crore or 24.99% of total revenue.

The company mainly works with institutional customers across railway infrastructure, water supply, hydropower, and urban transit. Government contracts are an important part of the business, with Indian Railways alone contributing ₹137.27 crore or 40.56% of FY26 revenue. Government entities together accounted for ₹144.21 crore or 42.61%. Revenue is also concentrated among a relatively small group of customers. The top 5 customers contributed ₹288.80 crore or 85.33% of revenue, while the top 10 accounted for ₹314.42 crore or 92.91%. Geographically, Maharashtra contributed ₹120.31 crore or 35.52%, followed by Madhya Pradesh at ₹115.03 crore or 33.96% and Gujarat at ₹60.64 crore or 17.90%. Together, these three states contributed 87.38% of revenue, meaning the company's performance is closely linked to infrastructure spending in these regions.

The business also has a few operational advantages that support this model. One of the key requirements is vendor registration with the Research Designs and Standards Organisation under the Ministry of Railways. This technical approval can make it harder for new players to enter the market. The company also operates production facilities close to major railway tracks and customer project locations, including Mohol in Maharashtra and Bankhedi in Madhya Pradesh. This helps reduce transportation costs and makes deliveries quicker. Across four plants, the company has an annual installed capacity of 11,00,124 concrete sleepers, while its seven steel pipe locations can produce 1,54,000 metric tonnes annually.

Another important part of the story is its growing order book. It increased from ₹359.79 crore in FY24 to ₹682.47 crore in FY26, representing a compound annual growth rate of 37.73%. This provides visibility into future revenue. The company has also moved into more specialised projects, including precast noise barriers and cable ducts for the Mumbai-Ahmedabad high-speed rail corridor, as well as penstock pipes for pumped storage hydro projects. With more than 45 years of industry experience from its promoter chairman and an integrated setup covering design, fabrication, and installation, the company is positioned to participate in ongoing infrastructure projects.

For more details, visit here: https://www.vishalnirmiti.com/

The People Behind the Company: Leadership and Expertise

The Promoter

Vishal Nirmiti Limited is promoted by a nine-member promoter group comprising Brij B Tapadiya, Ajay Bhagwandas Tapadiya, Pavan Vithaldas Tapadiya, Akhil Ranchod Tapadiya, Naveen Tapadiya, Rajendrakumar Badrinarayan Tapadiya, Suyash Vithaldas Tapadiya, Vedant Tapadiya, and Keshav Tapadiya. Together, the promoters hold 74,27,420 equity shares, which accounts for 37.51% of the company's pre-IPO paid-up equity share capital. When including members and entities of the broader promoter group, such as selling shareholder Vaman Prestressing Company Private Limited (holding 9.28%), the total promoter and promoter group pre-IPO holding stands at 1,45,37,600 equity shares, or 73.42%.

The promoter group brings deep collective domain experience in civil engineering, infrastructure execution, and railway component manufacturing, with senior members having over 25 to 45 years of industry tenure. The company was originally incorporated on June 30, 1994, as "Sejal Farms Private Limited" in Maharashtra. It subsequently changed its name to "Vinamra Trading Company Private Limited" in January 2005, "Vishal Nirmiti Private Limited" in February 2005, and was converted into a public limited company under its present name, "Vishal Nirmiti Limited," on September 12, 2025. A pivotal structural event in the company's history occurred in 2007 through a strategic scheme of amalgamation that consolidated key group entities, transferring the railway pre-stressed concrete sleeper manufacturing business and facilities at Mohol (Maharashtra) and Bankhedi (Madhya Pradesh) into the company, alongside expanding into civil infrastructure job work.

Key Leadership and Management

1. Brij B Tapadiya - Chairman and Whole-Time Director

Background: Brij B Tapadiya, aged 62 years, is a Promoter and the founding Chairman and Whole-Time Director of the company, having served on the Board since incorporation on June 30, 1994. His current five-year term as Chairman and Whole-Time Director commenced on September 16, 2025. He holds 6,20,730 equity shares, representing 3.14% of the pre-IPO equity capital. In FY26, he received a basic salary compensation of ₹60.00 lakhs. His related-party transactions include lease and sale agreements with the company for land at Solapur (Gat No. 149 12-B, 146/1 & 149/11 at Kolegaon), rent payments of ₹5.70 lakhs to Brij Tapadiya HUF, and temporary unsecured loan transactions (₹25.00 lakhs taken and repaid in FY26).
Qualification: He passed his higher secondary examination from the Maharashtra State Board of Secondary and Higher Secondary Education.
Contribution: With over 45 years of domain experience in railway sleeper manufacturing and infrastructure execution, he provides overall strategic direction, long-term vision, and corporate leadership to the organization.
Legal / Regulatory Matters: He was involved in a compounding application under Section 441 of the Companies Act, 2013, before the NCLT Mumbai Bench regarding the signing of FY16 and FY19 financial statements during a period of technical disqualification under Section 164(2). The tribunal passed an order on September 11, 2026, directing the company to pay ₹3.00 lakhs and Brij B Tapadiya to pay a fine of ₹1.50 lakhs to compound the matter. He is also named in individual direct tax proceedings involving aggregate disputed demands of ₹7.15 lakhs across the promoter group.

2. Ajay Bhagwandas Tapadiya - Joint Managing Director

Background: Ajay Bhagwandas Tapadiya, aged 55 years, is a Promoter and Joint Managing Director, associated with the company since March 29, 1995. His current term as Joint Managing Director was re-appointed for five years effective September 16, 2025. He holds 6,39,540 equity shares, or 3.23% of the pre-IPO equity capital. In FY26, he received a basic salary compensation of ₹36.00 lakhs. Related-party disclosures show he is a partner in firms like Samruddhi Industries and Ajay Constructions, with the company paying ₹8.25 lakhs in rent to Ajay Constructions and ₹5.70 lakhs to Ajay Tapadiya HUF in FY26.
Qualification: His educational degrees and certificates are untraceable; the prospectus and Book Running Lead Manager have relied on formal representations and undertakings submitted by him for inclusion of profile details.
Contribution: He brings over 30 years of operational experience in sleeper manufacturing and civil infrastructure, overseeing overall business management, plant operations, and commercial expansion.
Legal / Regulatory Matters: He is impleaded as the 5th defendant in a Motor Vehicle Claim (M.V.C. No. 2456 of 2024) before the 5th Additional District and Sessions Judge at Belagavi, concerning an alleged road accident involving a company-related vehicle, where ₹15.00 lakhs in compensation is claimed.

3. Pavan Vithaldas Tapadiya - Joint Managing Director

Background: Pavan Vithaldas Tapadiya, aged 54 years, is a Promoter and Joint Managing Director, associated with the company since December 27, 2007. He was re-appointed for a five-year term as Joint Managing Director on September 16, 2025. He holds 8,77,800 equity shares, representing 4.43% of the pre-IPO equity capital. In FY26, he received a basic salary compensation of ₹3.60 lakhs along with ₹4.40 lakhs in benefits for office premises. Related-party transactions include an unsecured loan of ₹250.00 lakhs provided to and repaid by the company in FY26.
Qualification: He holds a Bachelor of Commerce (B.Com) degree from Rashtrasant Tukadoji Maharaj Nagpur University, Maharashtra.
Contribution: He possesses over 25 years of experience in railway infrastructure and sleeper production, taking direct responsibility for business development, tendering operations, and manufacturing coordination.
Legal / Regulatory Matters: He was initially named alongside the company in an FIR registered on February 19, 2025, by the CBI regarding suspected offenses under the Prevention of Corruption Act involving another sleeper unit. Following a complete investigation, the CBI filed its formal chargesheet on April 16, 2025, which fully exonerated Pavan Vithaldas Tapadiya, the company, and its employees from all charges.

4. Natraj Gopikishan Ladda - Executive Director

Background: Natraj Gopikishan Ladda is an Executive Director, associated with the company since December 27, 2007. He holds 1,65,000 equity shares, or 0.83% of the pre-IPO equity capital. In FY26, he drew a basic salary compensation of ₹36.00 lakhs. Related-party balances record an employee payable balance of ₹6.85 lakhs as of March 31, 2026.
Qualification: He possesses extensive technical and practical experience in concrete sleeper plant management and civil project execution.
Contribution: He handles day-to-day factory operations, manufacturing execution, quality compliance, and site-level project management across concrete sleeper plants.
Legal / Regulatory Matters: He was initially listed in the February 2025 CBI FIR but was completely cleared of all allegations in the final chargesheet submitted by the CBI in April 2025, with no charges or proceedings pending against him.

5. Abhijeet Kumudchandra Shah - Chief Financial Officer

Background: Abhijeet Kumudchandra Shah was appointed as Chief Financial Officer on September 17, 2025, having served the company since January 1, 2008. He holds no equity shares in the company. During FY26, he received a compensation of ₹26.71 lakhs. His related-party balance includes an employee payable amount of ₹5.45 lakhs as of March 31, 2026.
Qualification: He holds a Bachelor of Commerce (B.Com) degree from Hirachand Nemchand College of Commerce.
Contribution: He has over 32 years of financial and accounting experience, overseeing the company's financial reporting, treasury operations, statutory compliance, and banking relationships.

6. Akhil Ranchod Tapadiya - Chief Operating Officer

Background: Akhil Ranchod Tapadiya, aged 34 years, is a Promoter and Chief Operating Officer, associated with the company since April 1, 2024, and formally designated as COO on September 17, 2025. He holds 6,20,730 equity shares, representing 3.14% of the pre-IPO equity capital. In FY26, his managerial remuneration was ₹18.00 lakhs. He serves as a director in group entity Raghavendra Rail Infrastructure Private Limited, and had an outstanding employee payable balance of ₹4.37 lakhs as of March 31, 2026.
Qualification: He holds a Bachelor of Business Management (BBM) degree from Jain university.
Contribution: He handles operational strategy, plant logistics, supply chain management, and operational efficiency across manufacturing facilities.

7. Suhas Ganpat Naik - Company Secretary and Compliance Officer

Background: Suhas Ganpat Naik was appointed as Company Secretary and Compliance Officer on September 25, 2025. He holds no equity shares in the company. In FY26, he received a remuneration of ₹8.59 lakhs. Related-party balances reflect an employee payable of ₹2.51 lakhs as of March 31, 2026.
Qualification: He holds Bachelor of Commerce (B.Com) and Bachelor of Law (LL.B.) degrees from the University of Mumbai and is an Associate Member of the Institute of Company Secretaries of India (ICSI).
Contribution: He brings over 13 years of professional experience across legal and secretarial domains, managing corporate governance, secretarial compliances, board processes, and IPO regulatory disclosures.

Industry Overview

The global railway sleeper market is worth around 271.4 million units in FY25 and is growing at a 3.8% CAGR to reach 323.8 million units by FY30. Within this market, Vishal Nirmiti Limited remains a key operational player, recording an operating revenue of ₹338.68 crore in FY26.
Centralized government procurement dominates India's railway concrete sleeper market, with Indian Railways acting as the primary institutional buyer. Operating primarily as an RDSO-approved vendor, Vishal Nirmiti Limited generated ₹137.27 crore or 40.56% of its FY26 operating revenue through Indian Railways, while its top 10 institutional customers accounted for ₹314.42 crore or 92.91% of total revenue.
Annual concrete sleeper consumption by Indian Railways grew at an 18.4% CAGR from 10.10 million units in FY21 to 16.70 million units in FY24 and is projected to touch 29.40 million units by FY31. Vishal Nirmiti Limited has aligned with this expanding demand, with its operating revenue growing at an 18.09% CAGR from ₹242.88 crore in FY24 to ₹338.68 crore in FY26.
Key regional infrastructure hubs in central and western India drive major consumption in India's railway track renewal and civil piping sectors. Vishal Nirmiti Limited has a strong presence in these markets, with three core states Maharashtra, Madhya Pradesh, and Gujarat contributing ₹295.98 crore or 87.38% of its FY26 operating revenue.

Vishal Nirmiti IPO GMP

According to InvestorGain, the Vishal Nirmiti IPO GMP is ₹10, or 4.55%, indicating that the IPO is currently commanding a ₹10 premium over its issue price in the grey market.

GMP reflects unofficial grey-market sentiment before listing and can change frequently, so it should be treated as an indicative figure rather than a guaranteed listing price. We do not promote or endorse GMP as a basis for investment decisions. Investors should consider the company's fundamentals, valuation, financial performance, and risks.

Read our detailed guide on IPO GMP to understand how it works and its limitations.

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Frequently Asked Questions of Vishal Nirmiti IPO

What is the size of the Vishal Nirmiti IPO?

The size of the Vishal Nirmiti IPO is ₹178 Cr.

What is the allotment date of the Vishal Nirmiti IPO?

Vishal Nirmiti IPO allotment date is Oct 6, 2026 (tentative).

What are the open and close dates of the Vishal Nirmiti IPO?

The Vishal Nirmiti IPO will open on Sep 30, 2026 and close on Oct 5, 2026

What is the lot size of Vishal Nirmiti IPO?

The lot size for the Vishal Nirmiti IPO is 68.

When will my Vishal Nirmiti IPO order be placed?

Your Vishal Nirmiti IPO order will be placed on Sep 30, 2026

Can we invest in Vishal Nirmiti IPO?

Yes, once Vishal Nirmiti IPO opens, you can invest in the shares of the company.

What would be the listing gains on the Vishal Nirmiti IPO?

The potential listing gains on the Vishal Nirmiti IPO will depend on various market factors and cannot be predicted with certainty.

What is 'pre-apply' for Vishal Nirmiti IPO?

'Pre-apply' for Vishal Nirmiti IPO indicates your interest in the IPO before it opens for subscription. This ensures quick application when the IPO goes live.

Who are the promoters of Vishal Nirmiti?

Vishal Nirmiti Limited is promoted by Brij B Tapadiya, Ajay Bhagwandas Tapadiya, Pavan Vithaldas Tapadiya, Akhil Ranchod Tapadiya, Naveen Tapadiya, Rajendrakumar Badrinarayan Tapadiya, Suyash Vithaldas Tapadiya, Vedant Tapadiya, and Keshav Tapadiya. They collectively hold 37.51% of the company's pre-IPO equity share capital, representing 74,27,420 equity shares. Individually, Brij B Tapadiya holds 6,20,730 shares (3.14%), Ajay Bhagwandas Tapadiya holds 6,39,540 shares (3.23%), Pavan Vithaldas Tapadiya holds 8,77,800 shares (4.43%), Akhil Ranchod Tapadiya holds 6,20,730 shares (3.14%), Naveen Tapadiya holds 12,54,000 shares (6.33%), Rajendrakumar Badrinarayan Tapadiya holds 6,62,090 shares (3.34%), Suyash Vithaldas Tapadiya holds 8,77,800 shares (4.43%), Vedant Tapadiya holds 12,54,000 shares (6.33%), and Keshav Tapadiya holds 6,20,730 shares (3.14%).

Who are the competitors of Vishal Nirmiti?

The key competitors of Vishal Nirmiti Limited include GPT Infraprojects Limited and Indian Hume Pipe Company Limited. These companies operate in the same or closely related industry and compete with Vishal Nirmiti Limited across similar products, services, or markets.

How does Vishal Nirmiti make money?

Vishal Nirmiti Limited earns revenue mainly from two business areas: manufacturing and services. In FY26, the company generated ₹338.68 Crore in revenue from operations. Manufacturing was the main contributor, generating ₹253.87 Crore or 75.01% of total operational revenue. Railway pre-stressed concrete sleepers contributed ₹215.03 Crore or 63.53%, mild steel pipes contributed ₹37.58 Crore or 11.11%, and precast concrete elements added ₹1.25 Crore or 0.37%. The services business contributed the remaining ₹845.83 Crore or 24.99%. This includes subcontracted job work and civil construction services for infrastructure projects, windmill-based power generation, property leasing, and scrap sales.

What is the GMP of Vishal Nirmiti IPO?

According to InvestorGain, the Vishal Nirmiti IPO GMP is ₹10, or 4.55%, indicating that the IPO is currently commanding a ₹10 premium over its issue price in the grey market. GMP reflects unofficial grey-market sentiment before listing and can change frequently, so it should be treated as an indicative figure rather than a guaranteed listing price. We do not promote or endorse GMP as a basis for investment decisions. Investors should consider the company's fundamentals, valuation, financial performance, and risks.

Should I Apply for Vishal Nirmiti IPO?

Whether to apply for Vishal Nirmiti Limited's IPO depends on your assessment of its valuation, financial performance, growth prospects, and risks. At the IPO valuation of 23.25x P/E, the company trades at a premium compared to listed peers such as GPT Infraprojects Limited and Indian Hume Pipe Company Limited, which trade at an average P/E of 14.35x. While the company demonstrates strong operational performance with a 15.10% EBITDA margin, a 33.67% ROE, and an expanding order book of ₹682.47 crore, 92.91% of its FY26 revenue comes from its top 10 customers (with Indian Railways alone accounting for 40.56%), and 87.38% of its business is concentrated in Maharashtra, Madhya Pradesh, and Gujarat. Investors should evaluate these factors and their own risk tolerance before making an investment decision.