Vishal Nirmiti IPO Date & Timeline
Tentative schedule from the RHP.
Vishal Nirmiti IPO Subscription Status
From NSE + BSE bid data, excluding the anchor portion.
Day-wise subscription
| Day | QIB | bHNI | sHNI | NII total | Retail | Total |
|---|---|---|---|---|---|---|
| Shares offered | 80,909 | 15,63,973 | 7,82,391 | 23,46,364 | 56,63,636 | 80,90,909 |
| Day 1 · Sep 30 | 1.00× | 0.00× | 0.02× | 0.01× | 0.06× | 0.06× |
| Day 2 · Oct 1 | 1.00× | 1.10× | 0.32× | 0.84× | 0.49× | 0.60× |
| Day 3 · Oct 5 | 1.33× | 1.79× | 2.10× | 1.89× | 1.75× | 1.79× |
Vishal Nirmiti IPO Details
Checked against the RHP and cross-checked on NSE and BSE.
| IPO date | Sep 30 – Oct 5, 2026 |
| Price band | ₹208 – 220 per share |
| Face value | ₹10 per share |
| Lot size | 68 shares |
| Total issue size | 80,90,909 shares ₹178.00 Cr |
| Fresh issue | 65,90,909 shares ₹145.00 Cr |
| Offer for sale | 15,00,000 shares ₹33.00 Cr |
| Issue type | Book Built · Mainboard |
| Listing at | BSE, NSE |
| Market cap | ≈ ₹580.60 Cr |
| Promoter holding | 73.42% → 49.4% |
| Lead manager | Saffron Capital Advisors Pvt. Ltd. |
| Registrar | MUFG Intime India Pvt. Ltd. |
Offer documents
Vishal Nirmiti IPO Lot Size
Minimum and maximum bids by investor type at the upper band of ₹220.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 68 | ₹14,960 |
| Retail (max) | 13 | 884 | ₹1,94,480 |
| sHNI (min) | 14 | 952 | ₹2,09,440 |
| sHNI (max) | 66 | 4,488 | ₹9,87,360 |
| bHNI (min) | 67 | 4,556 | ₹10,02,320 |
Vishal Nirmiti IPO Reservation
Shares set aside for each category, and the maximum number of applicants who can get an allotment.
| Category | Shares offered | % of issue | Max. allottees |
|---|---|---|---|
| QIB (up to 1%) | 80,909 | 1% | — |
| NII (HNI) | 23,46,364 | 29% | — |
| ↳ bHNI (>₹10L) | 15,63,973 | 19.3% | 1,643 |
| ↳ sHNI (₹2–10L) | 7,82,391 | 9.7% | 822 |
| Retail | 56,63,636 | 70% | 83,289 |
| Total | 80,90,909 | 100% |
Vishal Nirmiti Financials (FY24 – FY26)
Restated consolidated figures from the RHP, ₹ crore. Years end March 31. Restated.
Financial statement
| ₹ Cr | FY24 | FY25 | FY26 | YoY |
|---|---|---|---|---|
| Revenue | 247.93 | 324.86 | 344.13 | +5.9% |
| EBITDA | 23.14 | 46.48 | 51.13 | +10.0% |
| Profit after tax | 3.45 | 23.64 | 24.98 | +5.7% |
| Total assets | 242.04 | 296.61 | 334.92 | +12.9% |
| Net worth | 38.12 | 61.12 | 86.34 | +41.3% |
| Reserves & surplus | 36.76 | 59.76 | 66.98 | +12.1% |
| Total borrowing | 91.75 | 88.05 | 87.42 | −0.7% ✓ |
Vishal Nirmiti IPO Valuation & Peer Comparison
At the upper band of ₹220. Peers from the RHP "Basis for Offer Price".
Peer comparison
| Company | P/E | P/B | RoNW |
|---|---|---|---|
| Vishal Nirmiti | 23.3× | 5.04× | 33.87% |
| GPT Infraprojects | 14.9× | — | — |
| Indian Hume Pipe | 19.5× | — | — |
About Vishal Nirmiti
Business profile from the RHP.
- 1994Incorporated (as Sejal Farms Pvt. Ltd.) · Mumbai office
- ~420Employees (June 30, 2026), plus ~805 contract workers
- 95.13%FY26 revenue from repeat customers
- 10,05,136PSC sleepers won in FY26 Indian Railways tenders (13.88% of tendered quantity)
Promoters & holding
Brij B Tapadiya, Ajay Bhagwandas Tapadiya, Pavan Vithaldas Tapadiya, Akhil Ranchod Tapadiya, Naveen Tapadiya, Rajendrakumar Badrinarayan Tapadiya, Suyash Vithaldas Tapadiya, Vedant Tapadiya, Keshav Tapadiya
Objects of the issue
Vishal Nirmiti IPO Review: Should You Apply?
Our 100-point score, and both sides of the case.
Our view: A long record in railway PSC sleepers, repeat customers and a ~34% RoNW are positives. The concerns are slowing FY26 growth after a one-off profit jump, debt about equal to net worth, heavy customer concentration and a valuation above listed peers. The issue closed 1.79× subscribed overall (QIBs 1.33×).
- About 20 years of experience in PSC sleepers and MS pipes, with ISO 9001:2015 certified plants and completed DFCCIL subcontracts.
- Won Indian Railways tenders for 10,05,136 sleepers in FY26, about 13.88% of the total tendered quantity.
- Sticky clients: repeat customers gave 95.13% of FY26 revenue, and 10 clients (including Central Railway and L&T) have worked with it for over 10 years.
- Strong returns on a small equity base: ~34% RoNW and ~28% ROCE in FY26, with an EBITDA margin of ~15%.
- Most of the fresh money (₹75 Cr) goes to working capital and ₹19 Cr to repaying loans, which should ease the debt load.
- Heavy concentration: Indian Railways gave ~41% of FY26 revenue and the top ten customers ~93%.
- Profit jumped seven-fold in FY25, then grew only ~6% in FY26, so it is unclear whether the higher margins will last.
- Borrowings of ~₹87 Cr roughly equal net worth (debt/equity ~1.0), and trade receivables have risen to ~₹63 Cr.
- Priced at ~23× post-issue earnings and ~5× book, above the listed names it is compared with.
- Promoter holding falls below 50% (73.42% to 49.4%), and the issue includes a ₹33 Cr offer for sale.
- Contingent liabilities of ~₹21.87 Cr, and the top ten suppliers make up ~66% of purchases.
Vishal Nirmiti Listing Performance Updates after Oct 8
We close the loop: issue vs listing price, and how our score compared.
Vishal Nirmiti IPO Allotment Status & Contact Details
Allotment was finalised on Oct 6. Check it with your PAN or application number.
MUFG Intime India Pvt. Ltd.
- Phone
- 022-49186000
- vishalnirmiti.ipo@in.mpms.mufg.com
- Website
- in.mpms.mufg.com
Vishal Nirmiti Ltd.
- Address
- 303, 17 Elphinstone House, Marzban Road, New Empire Cinema, Fort, Mumbai, Maharashtra 400001
- Phone
- +91 20 27299915
- ipo@vishalnirmiti.com
- Website
- vishalnirmiti.com
Vishal Nirmiti IPO FAQs
GMP, price, lot size, dates, allotment and how to apply.
What is Vishal Nirmiti IPO?
Vishal Nirmiti IPO is a ₹178.00 Cr Mainboard book built issue made up of a fresh issue of ₹145.00 Cr and an offer for sale of ₹33.00 Cr. The shares will list on BSE and NSE.
What is the price band of Vishal Nirmiti IPO?
The price band is ₹208 – ₹220 per equity share of face value ₹10.
What is the lot size of Vishal Nirmiti IPO?
The minimum lot is 68 shares. Retail investors can apply for 1 to 13 lots (68 to 884 shares).
What is the minimum investment for Vishal Nirmiti IPO?
The minimum retail investment is ₹14,960 (68 shares at ₹220). The maximum retail application is ₹1,94,480 (13 lots).
When does Vishal Nirmiti IPO open and close?
The IPO opens on Sep 30, 2026 and closes on Oct 5, 2026.
What is the allotment date of Vishal Nirmiti IPO?
The basis of allotment is finalised on Oct 6, 2026. Refunds and demat credit are expected on Oct 7, 2026.
When will Vishal Nirmiti IPO be listed?
The tentative listing date is Oct 8, 2026 on BSE and NSE.
What is Vishal Nirmiti IPO subscription status?
At the end of Day 3 (Oct 5 · 5:00 PM IST), the issue was subscribed 1.79× overall — QIB 1.33×, bHNI 1.79×, sHNI 2.10×, Retail 1.75×.
What is the P/E ratio and valuation of Vishal Nirmiti IPO?
At the upper band, the P/E is 17.4× pre-issue and 23.3× post-issue, with a market cap of about ₹580.60 Cr. Listed peers include GPT Infraprojects (14.9×) and Indian Hume Pipe (19.5×).
Should I apply for Vishal Nirmiti IPO?
IPOSignal scores it 53/100 (Mixed Signal), with data confidence Medium (70%). A long record in railway PSC sleepers, repeat customers and a ~34% RoNW are positives. The concerns are slowing FY26 growth after a one-off profit jump, debt about equal to net worth, heavy customer concentration and a valuation above listed peers. The issue closed 1.79× subscribed overall (QIBs 1.33×). The score describes the issue; it is research, not investment advice or a prediction of listing gains.
How to check Vishal Nirmiti IPO allotment status?
Check on the registrar MUFG Intime India Pvt. Ltd.'s site (in.mpms.mufg.com/Initial_Offer/public-issues.html), or on the BSE / NSE allotment pages, using your PAN or application number.
Who is the registrar and lead manager of Vishal Nirmiti IPO?
The registrar is MUFG Intime India Pvt. Ltd.. The book-running lead manager is Saffron Capital Advisors Pvt. Ltd..