Vishal Nirmiti Limited IPO
ListedMainboardInfrastructure Developers & Operators
1.71×
Subscribed
Price band
₹208 – ₹220
Lot size
68
1 lot = ₹14,960
Issue size
₹178 Cr
Open – close
30 Sept 2026
to 05 Oct 2026
Listing
08 Oct 2026
Listing gain
-2.27%
What the filing actually says
Our read of the offer document and the exchange data — not the issuer's summary of itself
Mixed6 of 7 dimensions read
A mixed but reasonable offering — 3 positive against 2 negative signals
Strength56/100
- Undemanding valuation17.4× earnings at the upper band, with no peer set published to compare against
- Steady revenue growthRevenue compounding at 18.1%
- Profit growth outpaces salesPAT up 169.2% a year against revenue at 18.1% — check whether that is operating leverage or a one-off before extrapolating it
- High return on equityROE of 28.8%
- Conservative balance sheetDebt/equity of 0.38×
- No anchor bookNo anchor investors took a pre-placement, so no institution committed to a lock-in before bidding opened
- Large related-party dealingsRelated-party transactions run at 15.1% of revenue — a material share of the business is with connected entities
- Institutional book coveredQIB portion subscribed 1.27×
Every line above is arithmetic on a figure shown elsewhere on this page - no model, no opinion. It describes the quality of the offering as disclosed. It is not a prediction of the listing price, and it is not advice to apply.
Dates
The issuer's tentative timetable — a date passing is not confirmation the step completed
- Opens30 Sept 2026
- Closes05 Oct 2026
- Allotment06 Oct 2026
- Listing08 Oct 2026
Demand and your odds
How the book filled, and what that means for an application
Subscription by category
Qualified institutionalQIB1.27x
Non-institutionalNII / HNI1.81x
Big NIIabove ₹10L1.71x
Small NII₹2L – ₹10L2.00x
Retail individualRII1.67x
1,25,441 applications received — how many people bid, as opposed to how much money did. Exchange figures as of 05 Oct 2026.
Chance of allotment
Retail1.67× subscribed
~1 in 1.7
Minimum 1 lot · 68 shares · ₹14,960 blocked
Retail is 1.67× subscribed. Allotment is a lottery on a single lot, so roughly 1 in 1.7 applications gets one lot. Bidding for extra lots does not improve these odds.
HNI / NII1.81× subscribed
~1 in 1.8
Minimum 14 lots · 952 shares · ₹2,09,440 blocked
HNI is 1.81× subscribed. This category is allotted proportionately, so a bid receives roughly 1/1.8 of the shares applied for, subject to the minimum-lot draw.
Derived from SEBI's allotment mechanics and the subscription figures beside it. Retail allotment is a lottery on a single lot, so applying for more lots does not improve your chance of getting something.
Grey market premium
Unofficial dealer quotes — not published by NSE, BSE, SEBI or the company
₹20+9.1%
over the upper band · last seen 23 Oct 2026 · rising since 28 Sept 2026
What this number is not. Grey-market premium is an unregulated, thinly-traded quote from private dealers. It is not a forecast of the listing price, it is not verifiable, and it can be moved by the same people who benefit from it looking high. We publish it because you will look it up anyway — and we deliberately do not convert it into an expected listing gain, because that arithmetic implies a reliability the number has never earned. For what actually happened to comparable issues, see recent outcomes below.
The offering
Terms, structure and who is selling
Terms
Price band₹208 – ₹220
Face value₹10
Lot size68shares
Minimum application₹14,960at cut-off
Total issue size₹178 Cr
Listing atMainboard
Anchor investorsNone
Company & valuation
P/E at upper band17.45×
EPS₹10.58pre-issue
NAV per share₹43.61
Return on equity28.78%
Debt / equity0.38×
Related-party15.09%of revenue
ROCE28.02%
RoNW33.87%
PAT Margin7.37%
EBITDA Margin15.10%
NAV43.61
P/B (x)5.04
ISININE1O5L01025
RegistrarMUFG Intime India Private Limited
Lead managersSaffron Capital Advisors Private Limited
Who gets what
How the issue is split between investor categories, and what each may bid.
| Category | Shares | % of issue |
|---|---|---|
| QIB | 80,909 | — |
| NII (HNI) | 23,46,364 | — |
| bNII > ₹10L | 15,63,973 | 1642.00% |
| sNII < ₹10L | 7,82,391 | 821.00% |
| Retail | 56,63,636 | 83288.00% |
Total issue 80,90,909 shares. Indented rows sit inside the category above them and are not added to it.
What each category may bid
Retail (Min)₹14,9601 lot · 68 sh
Retail (Max)₹1,94,48013 lots · 884 sh
S-HNI (Min)₹2,09,44014 lots · 952 sh
S-HNI (Max)₹9,87,36066 lots · 4,488 sh
B-HNI (Min)₹10,02,32067 lots · 4,556 sh
Lot size alone does not answer "how much do I need" — an S-HNI minimum is several lots, not one.
What the money is for
Stated use of the net proceeds
- 01Funding Working Capital Requirements of the Companynot stated
- 02Repayment and/ or pre-payment, in part or full of term loans availed by our Companynot stated
- 03General Corporate Purposesnot stated
Objects with no stated amount — typically general corporate purposes — are funded from whatever remains, so the quantified figures do not sum to the whole issue.
Financials
Restated figures as reported in the offer document, ₹ crore
| Period | Revenue | EBITDA | PAT | Net worth | Debt |
|---|---|---|---|---|---|
| 2024 | 242.882 | — | 3.446 | 38.563 | — |
| 2025 | 318.516 | — | 23.636 | 61.562 | — |
| 2026 | 338.677 | — | 24.975 | 86.784 | — |
Revenue CAGR 18.1%PAT CAGR 169.2%
How the issuer compares
The listed companies the offer document itself names as comparable.
| Company | EPS | P/E | NAV | RoNW |
|---|---|---|---|---|
| Vishal Nirmiti Limitedthis issue | 12.61 | 17.45 | 43.61 | 33.87% |
| GPT Infraprojects Limited | 7.70 | 14.83 | 41.77 | 18.25% |
| Indian Hume Pipe Company Limited | 26.79 | 13.86 | 281.76 | 9.51% |
Blank cells are figures the offer document does not publish. An unlisted issuer has no market price, so it has no price-based multiple until it lists — which is exactly why the comparison is against companies that already trade. The peer set is the issuer's own selection, so read it as the flattering-est comparison available rather than a neutral one.
Risks worth reading
Ranked by our severity assessment, not by the order the prospectus prints them
Large related-party dealingsmedium
Related-party transactions are 15.1% of revenue.
mediumOur business and revenues in the manufacturing segment for Pre-Stressed Concrete (PSC) sleepers are substantially dependent on railroad infrastructure projects undertaken or awarded by government authorities such as the Ministry of Railways and operations of Indian Railways and other government owne
mediumAny adverse changes 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
mediumOur business and revenues are substantially dependent on the policies of the Ministry of Railways and operations of Indian Railways
mediumAny change in the policies or decisions by the Ministry of Railways in relation to its infrastructural development and maintenance projects in the future could adversely affect our results of operations
Litigation
There are no outstanding criminal proceedings involving the Company, Directors, or Promoters; actions by any statutory or regulatory authorities involving the Relevant Parties, Key Managerial Personnel or Senior Management; claims involving the Relevant Parties, Key Managerial Personnel or Senior Management for any direct or indirect tax liabilities; criminal proceedings involving Key Managerial Personnel or Senior Management; or proceedings involving the Relevant Parties (other than those covered under the above) which has been determined to be 'material' pursuant to the materiality policy approved by the Board in its meeting held on September 17, 2025. 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 Prospectus, including any outstanding action. There are no outstanding litigation involving the Group Companies, which may have a material impact on the Company. Pre-litigation notices received by the Relevant Parties from third parties (excluding notices issued by statutory or regulatory authorities or notices threatening criminal action) have not and shall not, unless otherwise decided by the Board, be considered 'material' until such time that the Relevant Parties are impleaded as a defendant before any judicial or arbitral forum.
Positives the filing discloses (2)
Low leverage
Debt-to-equity of 0.38x.
Healthy return on equity
ROE of 28.8%.
What happened to comparable issues
The last 8 issues to list with a recorded opening price, most comparable first
Median listing gain
+6.6%
Listed up
8 of 8
Best
+65.3%
BLS Polymers Limited
Worst
0.6%
EAAA India Alternatives Limited
Bombay Coated and Special Steels Limitedsame segment
60.8× sub+11.0%
M. K. Sons Fine Jewels Limitedsame segment
5.1× sub+5.6%
BLS Polymers Limitedsame segment
241.2× sub+65.3%
SFC Environmental Technologies Limitedsame segment
9.5× sub+7.6%
EAAA India Alternatives Limitedsame segment
5.3× sub+0.6%
Paras Healthcare Limitedsame segment
2.2× sub+3.9%
Jio Platforms Limitedsame segment
21.6× sub+21.4%
Zetwerk Manufacturing Businesses Limitedsame segment
3.1× sub+5.5%
Past issues are context, not a forecast — this issue is a different company at a different price. We show it because "how have issues like this one actually opened" is a question with a real answer, and grey-market premium is not that answer.
About Vishal Nirmiti Limited
Vishal Nirmiti Limited is a civil engineering, manufacturing and construction company engaged in manufacturing and dealing in pre-stressed concrete (PSC) railway sleepers and precast and prestressed concrete products. It also fabricates and erects mild steel (MS) pipes, MS Liners, and Penstock Pipes for pumped storage projects. The company provides engineering, procurement, infrastructure and construction services for railway infrastructure, civil engineering, irrigation and infrastructure development projects across railways, renewable power and industrial sectors. Its business is divided into manufacturing and services segments. The company has units that are owned, leased, allotted or licensed for job work purposes across Maharashtra, Madhya Pradesh, Gujarat, Himachal Pradesh, Odisha, Delhi, Punjab and Karnataka. Its registered office is in Fort, Mumbai, Maharashtra, while its corporate office is in Aundh, Pune, Maharashtra. The company has ISO 9001:2015 certifications for its PSC sleeper and MS pipe manufacturing units and ISO 45001:2018 certification for occupational health and safety at its Kukshi, Madhya Pradesh, unit.
Founded 1994MD Ajay Bhagwandas Tapadiya and Pavan Vithaldas TapadiyaSector Infrastructure Developers & Operators
Offer documents
The primary sources everything above is drawn from
Common questions
What is the Vishal Nirmiti Limited IPO GMP today?
The most recent grey-market premium recorded for Vishal Nirmiti Limited is ₹20 per share — about 9.1% over the ₹220 upper band. Grey-market premium is an unofficial, unregulated quote from private dealers. It is not published by NSE, BSE, SEBI or the company, and it is not a forecast of the listing price.
How many times is the Vishal Nirmiti Limited IPO subscribed?
Vishal Nirmiti Limited is subscribed 1.71× overall (QIB 1.27×, NII 1.81×, retail 1.67×). Subscription keeps changing until the issue closes; the final basis of allotment is published by the registrar, MUFG Intime India Private Limited.
What is the minimum investment in the Vishal Nirmiti Limited IPO?
One lot is 68 shares, so a retail application at the ₹220 cut-off price blocks ₹14,960. Retail applications are capped at ₹2,00,000; above that you bid in the HNI category, where allotment is proportionate rather than by lottery.
What are the chances of allotment in the Vishal Nirmiti Limited IPO?
The retail portion is subscribed 1.67×, so allotment is by lottery and the odds of receiving at least one lot are roughly 1 in 2. Applying for more lots does not improve the chance of getting something — every retail applicant competes for the same single minimum lot.
When is the Vishal Nirmiti Limited IPO allotment date?
Allotment is scheduled for 2026-10-06, with listing on 2026-10-08. These dates are the issuer's tentative timetable — a date passing is not confirmation that the step completed. Allotment status is published by the registrar, MUFG Intime India Private Limited.
Disclaimer. Figures are compiled from the issuer's offer document and exchange-published bidding data. Subscription changes until the issue closes, and the final basis of allotment is published by the registrar. Grey-market premium is unofficial and is not a forecast. Nothing here is investment advice or a recommendation — read the offer document and consult a SEBI-registered adviser before applying.