Vishal Nirmiti
Vishal Nirmiti Limited, incorporated in 1994, is a leading civil engineering, manufacturing, and construction company specializing in Pre-Stressed Concrete (PSC) sleepers for railways, pre-cast concrete products, and MS pipes/penstock fabrication for infrastructure and pumped storage projects.
Price Band
₹208 - ₹220
Lot Size
68 Shares
Issue Size
₹178.00 Cr
Fresh Issue
₹145.00 Cr
OFS
₹33.00 Cr
Registrar
AI Sentiment Score
Current GMP
+₹20
Est. Listing: ₹240 (+9.1%)
📅 IPO Timeline
1
Open
Sep 30, 2026
2
Close
Oct 5, 2026
3
Allotment
Oct 6, 2026
4
Refund
Oct 7, 2026
5
Demat
Oct 7, 2026
6
Listing
Oct 8, 2026
✨ AI Analysis & Prediction
+1.4%
predicted listing gain
Vishal Nirmiti Limited shows subdued overall subscription metrics with total subscription at 0.44x, despite strong profitability turnaround in recent years. The grey market indicates a mild positive premium of around 9%, suggesting a modest, cautious listing.
💪 Strengths
- Established track record since 1994 in specialized infrastructure products like PSC sleepers.
- Strong return metrics with ROE at 33.67% and ROCE at 28.02% for FY26.
- Pan-India presence across major states catering to railways and renewable power sectors.
⚠️ Weaknesses
- Subdued institutional and retail subscription levels pointing to weak primary market demand.
- Moderate debt-to-equity ratio of 1.01 requiring continuous capital management.
🚀 Opportunities
- Expansion in pumped storage projects (PSPs) and railway infrastructure development across India.
- Utilization of fresh issue proceeds for working capital and debt reduction.
🛡️ Threats
- Execution risks tied to large civil engineering and infrastructure contracts.
- Cyclical nature of government spending on railway and irrigation projects.
🎯 Objectives of the IPO
| Requirement / Purpose | Amount (₹ Cr) |
|---|---|
| Funding Working Capital Requirements | ₹75.00 |
| Repayment and/ or pre-payment, in part or full of term loans | ₹19.00 |
| General Corporate Purpose | ₹84.00 |
📊 Financial Overview
| Metric | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue (₹ Cr) | Rs 242.00 Cr | Rs 318.00 Cr | Rs 338.00 Cr |
| Net Profit / PAT (₹ Cr) | Rs 3.00 Cr | Rs 24.00 Cr | Rs 25.00 Cr |
| EBITDA / Op. Profit (₹ Cr) | Rs 23.00 Cr | Rs 47.00 Cr | Rs 51.00 Cr |
| Borrowings (₹ Cr) | Rs 92.00 Cr | Rs 89.00 Cr | Rs 92.00 Cr |
| Total Assets (₹ Cr) | Rs 242.00 Cr | Rs 297.00 Cr | Rs 335.00 Cr |
| ROCE % | 15.00% | 32.00% | 29.00% |
📋 Live Subscription Status
QIB
0.96x
NII
0.68x
Retail
0.33x
Total
0.44x
Updated: Oct 2, 2026 6:32 PM
💼 Reservation Quota
QIB
1.00%
Retail
70.00%
NII
29.00%
📈 Shareholding & Anchor Lock-In
🔗 Important Links & Lead Managers
- Registrar WebsiteVisit →
- Download DRHP ProspectusDownload PDF 📥
- Download RHP ProspectusDownload PDF 📥
Lead Managers / Merchant Bankers
This issue is managed by Hem Securities Ltd., and Share India Capital Services Pvt. Ltd.
Disclaimer: The information provided on this page is for educational and informational purposes only and does not constitute financial advice. IPO investments are subject to market risks. AI-generated analysis is based on publicly available data and may not be accurate. Grey Market Premium (GMP) is unofficial and highly speculative. Always consult a qualified financial advisor and read the DRHP/RHP carefully before making investment decisions.
The company has demonstrated steady scaling of operations and improvement in net profits reaching ₹24.98 crores in FY26, backed by robust ROCE of 28.02% and ROE of 33.67%, though carrying a moderate debt-to-equity ratio of 1.01.
The mainboard IPO aims to raise ₹178 crores consisting of a fresh issue of ₹145 crores and an offer for sale (OFS) of up to 15,00,000 equity shares. Subscription levels were low with QIB at 0.96x, NII at 0.68x, and Retail at 0.33x.