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IPO ·
NSE, BSE
Vishal Nirmiti Ltd
Listed
Makes pre-stressed concrete railway sleepers and steel penstock pipes, and executes EPC work in railways, irrigation and civil infrastructure.
Issue details
Price band
₹208 – ₹220
Face value
₹10
Lot size
68 shares
Minimum investment
₹14,960
Issue size
₹178 Cr
Fresh issue
₹145 Cr
Offer for sale
₹33 Cr
Issue type
Book Built
Exchange
NSE, BSE
Key dates
Opens
30 Sep 2026
Closes
5 Oct 2026
UPI mandate cut-off
5:00 PM on 5 Oct 2026
Allotment
6 Oct 2026
Refunds
7 Oct 2026
Shares in demat
7 Oct 2026
Listing
8 Oct 2026
Subscription and listing
Subscription
1.79x
Listing price
₹215
Registrar
MUFG Intime India Pvt Ltd
Lead manager
Saffron Capital Advisors Pvt Ltd
Subscription by category
QIB (Ex Anchor)
1.33x
NII
1.89x
bNII (> ₹10L)
1.79x
sNII (< ₹10L)
2.10x
Retail
1.75x
Total
1.79x
Total applications
1,19,523
Listing day
Issue price
₹220
Open
₹215.00
High
₹215.00
Low
₹204.25
Day close
₹204.25
Listing gain at open
-2.27%
Issue structure
Shares reserved per category and share of the total issue
QIB
80,908
1.00%
NII
23,46,364
29.00%
bNII > ₹10L
15,64,243
19.33%
sNII < ₹10L
7,82,121
9.67%
Retail
56,63,637
70.00%
Total
80,90,909
100.00%
Finaccle’s quick read
Neutral
ROE of 33.67% and post-issue P/E of 23.26 look reasonable, but FY26 income and PAT grew only about 6%, PAT jumped sharply from ₹3.45 Cr in FY24, and debt/equity is 1.01.
A rules-based screen of growth, margins, debt and valuation, built from the offer document and data on Chittorgarh.com. It is for information only and is not investment advice or a recommendation to buy or sell. Read the RHP and speak to a SEBI-registered adviser before you apply.
About the company
Vishal Nirmiti is an infrastructure company that manufactures pre-stressed concrete sleepers for railways and MS pipes, liners and penstock pipes for pumped storage projects. It also takes up EPC work in railway, irrigation and civil infrastructure. The company has units across seven states including Maharashtra, Madhya Pradesh and Gujarat, and employed 420 people as of June 2026.
Founded
Promoters
Products and segments
Promoter holding
Financial performance
Period
PAT
ROE
33.67%
ROCE
28.02%
Debt / equity
1.01
PAT margin
7.37%
P/E post issue
23.26
Market cap
₹580.60 Cr
Use of IPO money
Working capital
₹75.00 Cr
Repayment/prepayment of term loans
₹19.00 Cr
General corporate purposes
₹34.29 Cr
Issue expenses
₹20.50 Cr
Strengths
✓
Long-standing supplier of PSC sleepers to railways
✓
Presence across seven states
✓
High ROE of 33.67% and ROCE of 28.02%
✓
Part of proceeds used to cut term debt
Risks to watch
!
Debt/equity of 1.01 is on the high side
!
FY26 growth slowed to about 6% in income and profit
!
PAT jumped from ₹3.45 Cr in FY24 to ₹23.64 Cr in FY25
!
Thin PAT margin of 7.37%
!
Dependent on railway and government infrastructure spending
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Last updated:
Information is compiled from exchange notices and the company’s offer document. It is for general information only and is not investment advice or a recommendation to apply. Read the prospectus before investing.