Vishal Nirmiti IPO 2026: Date, Price Band, GMP, Lot Size, Allotment & Listing Details

Vishal Nirmiti Limited IPO
VN
Vishal Nirmiti Limited IPO
Railway PSC Sleepers · MS Pipes & Penstocks · EPC Civil Engineering · Mumbai / Pan-India
📋 Mainline IPO Fresh + OFS BSE, NSE
₹220
Upper Price
₹178.00 Cr
Issue Size
Oct 8, 2026
Listing Date
₹435.60 Cr
Market Cap (Pre)
📅 IPO Timetable
All dates tentative
🟢
IPO Opens
Wednesday, 30 September 2026
Bidding starts — apply before close
🔒
IPO Closes
Monday, 5 October 2026
Last day to bid — closes at 5:00 PM IST
📊
Basis of Allotment
Tuesday, 6 October 2026
Allotment finalised by registrar
🔄
Refund & Share Credit
Wednesday, 7 October 2026
Unallotted funds returned; shares credited to demat
🏷️
Thursday, 8 October 2026
Trading begins from 10:00 AM IST
📋 IPO Details
IPO Open Date30 September 2026 (Wed)
IPO Close Date5 October 2026 (Mon)
Listing Date8 October 2026 (Thu)
Face Value₹10 per share
Price Band₹208 to ₹220
Issue Price (Upper Band)₹220 per share
Issue TypeBook Build — Fresh + OFS
Lot Size68 shares (Min App: 1 Lot / 68 Shares)
Total Issue Size80,90,909 shares (₹178.00 Cr)
Fresh Issue65,90,909 shares (₹145.00 Cr)
Offer for Sale (OFS)15,00,000 shares (₹33.00 Cr)
Pre-Issue Shares1,98,00,000
Post-Issue Shares2,63,90,909
Promoter Holding (Pre)73.42%
Market Cap (Pre-IPO)₹435.60 Cr
Listing ExchangeBSE, NSE
Lead ManagerSaffron Capital Advisors Pvt.Ltd.
RegistrarMUFG Intime India Pvt.Ltd.
💰 Lot Size & Minimum Investment
At upper price ₹220
Investor TypeLotsSharesAmount
Retail — Minimum168₹14,960
Retail — Maximum13884₹1,94,480
S-HNI (sNII) — Min14952₹2,09,440
S-HNI (sNII) — Max664,488₹9,87,360
B-HNI (bNII) — Min674,556₹10,02,320
⚠️ Note: Investors can bid for a minimum of 68 shares and in multiples thereof. Retail individual investors can apply for up to ₹2,00,000 (13 lots / 884 shares).
👥 Investor Reservation
Allocated portion of Offer Size
Not less than 70%
Retail Portion
Not less than 29%
NII Portion
Not more than 1%
QIB Portion
📊 Subscription Status
Loading…
📈 Company Financials
Restated Standalone · ₹ Crore
Metric31 Mar 202631 Mar 202531 Mar 2024
Total Assets334.92296.61242.04
Total Income344.13324.86247.93
PAT24.9823.643.45
EBITDA51.1346.4823.14
Net Worth86.3461.1238.12
Reserves & Surplus66.9859.7636.76
Total Borrowing87.4288.0591.75
Income Growth
FY 2023–24₹247.93 Cr
FY 2024–25₹324.86 Cr
FY 2025–26₹344.13 Cr
🎯 Key Performance Indicators
33.67%
ROE
Mar 31, 2026
1.01
Debt/Equity
Mar 31, 2026
28.02%
ROCE
Mar 31, 2026
7.37%
PAT Margin
Mar 31, 2026
15.10%
EBITDA Margin
Mar 31, 2026
33.87%
RoNW
Mar 31, 2026
5.04x
Price/Book
Mar 31, 2026
43.61
NAV
Mar 31, 2026
⚖️ Valuation & EPS
Pre-IPO EPS
₹12.61
FY26 earnings + pre-issue shares
P/E: 17.45x
Post-IPO EPS
₹9.46
FY26 earnings + post-issue shares
P/E: 23.26x
Price to Book Value
5.04x
At upper price band ₹220
Market Cap (Pre-IPO)
₹435.60 Cr
At issue price ₹220
ℹ️ Pre-IPO EPS (₹12.61) based on pre-issue shares (1,98,00,000) and FY26 restated PAT (₹24.98 Cr). Post-IPO EPS (₹9.46) accounts for the dilution resulting from the issuance of 65,90,909 fresh equity shares extending the total post-issue equity to 2,63,90,909 shares. Post-IPO Market Cap expands to ₹580.60 Cr at the upper issue price of ₹220.
🎯 Objects of the Issue
Net proceeds utilisation
1
Funding working capital requirements of the Company
₹75.00 Cr
2
Repayment and/ or pre-payment, in part or full of term loans
₹19.00 Cr
3
General Corporate Purposes
Balance
Total Fresh Issue Goal ₹145.00 Cr
🏢 About Vishal Nirmiti Ltd.
Est. 1994 · Mumbai / Pan-India · Railway PSC Sleepers & Heavy Civil Engineering

Vishal Nirmiti Limited (formerly Sejal Farms Private Limited), incorporated in 1994, is a civil engineering, heavy manufacturing, and infrastructure company primarily engaged in the manufacturing and distribution of Pre-Stressed Concrete (PSC) railway sleepers, pre-cast concrete systems, and the fabrication and erection of Mild Steel (MS) pipes, liners, and penstock pipes for Pumped Storage Projects (PSPs).

The business operates across two core segments: (i) Manufacturing Segment, delivering PSC sleepers to Indian Railways, Dedicated Freight Corridor Corporation of India (DFCCIL), and private rail sidings, alongside MS pipes and penstocks for hydro power, lift irrigation, and bulk water supply; and (ii) Services Segment, encompassing EPC railway construction contracts, pre-cast noise barriers, cable ducts, hydro-mechanical structures, windmill power generation, and specialized equipment leasing. VNL maintains an expansive pan-India presence with operational manufacturing hubs across Maharashtra, Madhya Pradesh, Gujarat, Himachal Pradesh, Uttar Pradesh, Odisha, and Karnataka. Backed by promoters with over four decades of domain expertise, the company employed 420 personnel across various technical and project departments as of June 30, 2026.

Brand Ecosystem
🚂
Railway PSC Sleepers
Heavy-haul pre-stressed concrete sleepers supplied directly to Indian Railways, DFCCIL, and private corridors.
🚰
Hydro & Penstock Piping
Fabrication and erection of heavy-gauge MS pipes, liners, and penstocks for Pumped Storage and lift irrigation projects.
🏗️
Turnkey Railway EPC
Comprehensive EPC execution covering track linking, earthwork, bridges, noise barriers, and pre-cast concrete ducts.
🌎
Pan-India Production Footprint
Operating multi-state facilities across Maharashtra, MP, Gujarat, HP, UP, Odisha, and Karnataka.
Competitive Strengths
🏆Four decades of domain leadership with deep expertise in heavy civil engineering and PSC railway sleeper production.
🤝Entrenched long-standing client relationships with Indian Railways, DFCCIL, state irrigation bodies, and power majors.
🏭Strategically diversified multi-state manufacturing and execution units ensuring optimized logistical outreach.
📈Strong financial performance generating ₹344.13 Cr in FY26 revenue accompanied by a 33.67% ROE and 28.02% ROCE.
Company Promoters
BT
Brij B Tapadiya, Ajay Bhagwandas Tapadiya & Pavan Vithaldas Tapadiya
Promoters, Vishal Nirmiti Ltd.
AT
Akhil Ranchod Tapadiya, Naveen Tapadiya & Rajendrakumar B. Tapadiya
Promoters, Vishal Nirmiti Ltd.
ST
Suyash Vithaldas Tapadiya, Vedant Tapadiya & Keshav Tapadiya
Promoters, Vishal Nirmiti Ltd.
Key Selling Shareholders (OFS)
Vaman Prestressing Co. Pvt. Ltd.15,00,000 Shares (₹33.00 Cr)
📅 Key Dates
IPO Opens30 Sep 2026
IPO Closes5 Oct 2026
Allotment6 Oct 2026
Refund & Share Credit7 Oct 2026
Listing Day8 Oct 2026
💡 Quick Summary
Price Band₹208 – ₹220
Upper Price₹220 / share
Lot Size68 shares
Min. Investment (Retail)₹14,960 (1 Lot)
Issue Size₹178.00 Cr
ListingBSE, NSE
🏦 Registrar & Lead Manager
Registrar
MUFG Intime India Pvt.Ltd.
📞 022-49186000
[email protected]
Lead Manager
Saffron Capital Advisors Pvt.Ltd.
📍 Registered Address
Vishal Nirmiti Ltd.
303, 17 Elphinstone House, Marzban Road,
New Empire Cinema, Fort,
Mumbai, Maharashtra — 400001
📞 +91 20 27299915
[email protected]
🛡️ Regulatory Note: Mainline IPO investments are subject to SEBI regulations. Always read the Prospectus/RHP before applying. Consult a SEBI-registered advisor before investing.
⚠️ Disclaimer: This page presents publicly available information from the Vishal Nirmiti IPO RHP for informational purposes only. This format is generated adhering to the required structure as specified in the IPO NEW FORMAT source file. It does not constitute investment advice. IPO investments are subject to market risk. Please read all offer documents and consult a SEBI-registered advisor before investing.
📊
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