Vishal Nirmiti Ltd.
RHP · filed 30 Sept 2026
Vishal Nirmiti Ltd. is a company that generates revenue from manufacturing and service businesses, with a 28.78% return on equity and a 18.09% revenue CAGR, reporting a latest revenue of Rs 338.68 crore and a profit of Rs 24.98 crore. The offer is structured as a fresh issue of shares, with the company's financial trajectory showing consistent profitability and growth. The most material risks include high dependence on government authorities and public sector undertakings for business, as well as the potential for adverse changes in government policies and budgetary allocations to impact operations and contracts.
What stands out
Large related-party dealings. Related-party transactions are 15.1% of revenue.
Risk factor. Our business and revenues are substantially dependent on railroad infrastructure projects undertaken or awarded by government authorities such as the Ministry of Railways and operations of Indian Railways, DFCCIL and other government owned public sector undertakings, and are thereby dependent on gov
Risk factor. Any adverse change in the central or state government policies may lead to change in the volume of our business and/or a change in the terms of our contracts.
Risk factor. Any adverse change in the policies adopted by the central government regarding award of its projects such as pre-qualification criteria could adversely affect our ability to bid for and/or win such projects.
Healthy return on equity. ROE of 28.8%.
How the offer is structured
- Funding Working Capital Requirements of the Company
- Repayment and/ or pre-payment, in part or full of term loans availed by our Company
- General Corporate Purposes
Restated financials
Revenue
₹339 Cr
Latest fiscal year
Profit after tax
₹25.0 Cr
Revenue CAGR
18.1%
Return on equity
28.8%
Debt / equity
1.01
PAT CAGR
169.2%
| Fiscal year | Revenue | EBITDA | PAT | Net worth |
|---|---|---|---|---|
| 2024 | ₹243 Cr | ₹3.4 Cr | ₹38.6 Cr | |
| 2025 | ₹319 Cr | ₹23.6 Cr | ₹61.6 Cr | |
| 2026 | ₹339 Cr | ₹25.0 Cr | ₹86.8 Cr |
Promoters, litigation & related parties
Promoter (pre)
37.5%
Related-party
15.1%
Share of revenue
Except as stated in this section, there are no outstanding (i) criminal proceedings involving our Company, Directors, or Promoters; (ii) actions by any statutory or regulatory authorities involving the Relevant Parties, Key Managerial Personnel or Senior Management; or (iii) claims involving the Relevant Parties, Key Managerial Personnel or Senior Management for any direct or indirect tax liabilities; (iv) criminal proceedings involving our Key Managerial Personnel or Senior Management; and (v) proceedings involving the Relevant Parties (other than proceedings covered under (i) to (iii) above) which has been determined to be 'material' pursuant to the materiality policy approved by our Board in its meeting held on September 17, 2025. Further, there are no disciplinary actions (including penalties) imposed by SEBI or a recognized stock exchange against any of the Relevant Parties, Key Managerial Personnel or Senior Management in the last five Fiscals immediately preceding the date of this Red Herring Prospectus, including any outstanding action, and (iii) outstanding litigation involving the Group Companies, which may have a material impact on our Company.
Risks the company discloses
Our business and revenues are substantially dependent on railroad infrastructure projects undertaken or awarded by government authorities such as the Ministry of Railways and operations of Indian Railways, DFCCIL and other government owned public sector undertakings, and are thereby dependent on governmental policies and budgetary allocation.(Customer Concentration)
Any adverse change in the central or state government policies may lead to change in the volume of our business and/or a change in the terms of our contracts.(Regulatory)
Any adverse change in the policies adopted by the central government regarding award of its projects such as pre-qualification criteria could adversely affect our ability to bid for and/or win such projects.(Regulatory)
The projects from central and state governments that we participate in may be subject to delays, extensive internal processes, policy changes, and changes due to local, national and internal political forces, insufficiency of government funds or changes in budget allocations of governments or other entities.(Regulatory)
Any withdrawal of support or adverse changes in their policies may lead to our agreements and purchase orders being, restructured or renegotiated and which could materially and adversely affect our financing, capital expenditure, revenues, development or operations relating to our existing projects as well as our ability to participate in competitive bidding or negotiations for our future projects.(Regulatory)
Our total revenue generated from our manufacturing and service business are predominantly derived from a certain number of customers including but not limited to Northern Railways, Central Railways, North Central Railways, West Central Railways, Larsen & Toubro Limited, Samruddhi Industries, Kalpataru Projects International Limited, ISC Projects Limited, and Raj Infrastructure Development (India) Private Limited.(Customer Concentration)
Our consistent top five customers across the last three Fiscals include Indian Railways, Larsen & Toubro Limited and Samruddhi Industries (Promoter Group entity).(Customer Concentration)
Any failure to retain these customers and/or negotiate and execute contracts with such customers on terms that are commercially viable, could adversely affect our business, financial condition and results of operations.(Customer Concentration)
How this document reads, dimension by dimension
Each bar is a fixed formula applied to the figures shown above, scored 0–100. This is a reading of what the company disclosed — not a recommendation to apply or avoid, not a price target, and not a prediction of listing performance. Dimensions that could not be extracted are excluded rather than assumed, so coverage varies between documents.