Vishal Nirmiti IPO

About Vishal Nirmiti IPO

Vishal Nirmiti IPO, a Mainboard IPO, opens on September 30, 2026 and closes on October 5, 2026. The allotment of shares will take place on October 6, 2026. The listing of shares will take place on October 8, 2026 on the BSE and the NSE.

Vishal Nirmiti IPO’s price band is set at ₹208 to ₹220 per share. The lot size for an application is 68 shares. The minimum amount of investment required by a retail individual investor is ₹14,960 (68 shares) based on the upper price.

The offer consists of both a fresh issue and an offer for sale component. The fresh issue will include 0.66 crore shares aggregating to ₹145 crore. The offer for sale portion includes 0.15 crore shares aggregating to ₹33 crore. The total number of shares and aggregate amount are 80,90,909 shares aggregating up to ₹178 crore.

Vishal Nirmiti is a civil engineering, manufacturing and construction company, primarily engaged in the business of manufacturing and dealing of Pre-Stressed Concrete (PSC) sleepers for railways, pre cast and prestressed concrete products for various applications and are also into fabrication and erection of Mild Steel Pipes (MS Pipes), MS Liner, and Penstock Pipes for Pumped Storage Project (PSP).

Objectives of Vishal Nirmiti IPO

• Funding working capital requirements of the company.
• Repayment and/ or pre-payment, in part or full, of term loans availed by the company.
• General corporate purposes.

Industry Outlook

The railway sleeper industry has seen a marked transition toward prestressed concrete sleepers, which offer superior loadbearing strength, longer service life, and lower maintenance compared to traditional wooden or steel alternatives. Their application spans high-speed rail corridors, metro networks, freight corridors, and industrial railways each requiring durability and resistance to environmental stress. The steady expansion of India’s railway network, coupled with track doubling and modernization programs, ensures consistent demand for concrete sleepers as part of ongoing and future infrastructure projects.

MS pipes, in contrast, are characterized by their versatility and adaptability across end-use industries.

With rapid urbanization, government-led infrastructure projects, and industrial expansion, demand for MS pipes continues to grow both in India and globally. The sector benefits from relatively low production costs and scalability, allowing it to meet diverse needs from basic utility pipelines to high-specification industrial applications.

Together, railway sleepers and MS pipes represent two critical yet complementary segments of infrastructure development. While sleepers ensure the reliability and safety of rail transport the backbone of logistics, MS pipes provide the skeletal framework for utilities and construction. Their growth trajectories reflect larger themes of modernization, urban expansion, and industrialization, making them central to national and global infrastructure strategies.

About Vishal Nirmiti

Vishal Nirmiti is a civil engineering, manufacturing and construction company, primarily engaged in the business of manufacturing and dealing of Pre-Stressed Concrete (PSC) sleepers for railways, pre cast and prestressed concrete products for various applications and are also into fabrication and erection of Mild Steel Pipes (MS Pipes), MS Liner, and Penstock Pipes for Pumped Storage Project (PSP). They provide engineering, procurement, infrastructure and construction services for railway infrastructure and various civil engineering, irrigation and infrastructure development projects across sectors such as railways, renewable power and industrial sectors. Their business is divided into two segments, namely, (a) Manufacturing segment and (b) Services segment.

Strengths of Vishal Nirmiti

• Execution capabilities with industry experience and effective operating systems, providing comprehensive solutions.
• Dedicated focus on railway infrastructure development and manufacture of Pre-stressed Concrete (PSC) sleepers.
• Deeply entrenched, long term relationships with customers.
• Experienced management team driving the growth of the company.
• Efficient and effective business model.
• Ability to deliver across geographies with multiple manufacturing facilities across the country catering to different regions.

Risks of Vishal Nirmiti

• Their business and revenues in the manufacturing segment for Pre-Stressed Concrete sleepers are substantially dependent on railroad infrastructure projects undertaken or awarded by government authorities.
• They depend significantly on a certain number of customers for their business and revenue.
• They rely on suppliers for their raw materials under their manufacturing segment.
• A substantial increase in their profitability in the recent past has been contributed by the increase in the revenue and the higher margins in the services segment.
• Their business is based on periodic purchase orders raised by their customers based on their requirements from time to time.
• Most of their projects are awarded to them through a competitive bidding process involving governmental authorities.
• Their operations and revenue in general are concentrated in certain specific states such as Maharashtra, Madhya Pradesh and Gujarat.
• A significant portion of their revenue is derived from their manufacturing vertical.

IPO Registrar and Book Running Lead Managers

Registrar Details
MUFG Intime India Pvt.Ltd.
Email: vishalnirmiti.ipo@in.mpms.mufg.com
Tel: 022-49186000

Book Running Lead Manager
Saffron Capital Advisors Pvt.Ltd.

Vishal Nirmiti Contact Details
303, 17 Elphinstone House, Marzban Road, New Empire Cinema, Fort,
Mumbai, Maharashtra, 400001
Email: ipo@vishalnirmiti.com
Phone: +91 20 27299915

Vishal Nirmiti Business Model

The company earns its revenue as a civil engineering, manufacturing and construction company, primarily engaged in the business of manufacturing and dealing of Pre-Stressed Concrete (PSC) sleepers for railways, pre cast and prestressed concrete products for various applications and are also into fabrication and erection of Mild Steel Pipes (MS Pipes), MS Liner, and Penstock Pipes for Pumped Storage Project (PSP).

Vishal Nirmiti Growth Trajectory

Vishal Nirmiti’s Total Income for FY26 was ₹344.13 crore, whereas in FY25 and FY24 it was ₹324.86 crore and ₹247.93 crore, respectively.

The Profit After Tax for FY26 was ₹24.97 crore, whereas in FY25 and FY24 it was ₹23.63 crore and ₹3.44 crore, respectively.

Their EBITDA for FY26 was ₹51.13 crore, whereas in FY25 and FY24 it was ₹46.48 crore and ₹23.14 crore, respectively.

Vishal Nirmiti Market Position

Vishal Nirmiti is currently present in the states of Maharashtra, Madhya Pradesh, Gujarat, Himachal Pradesh, Odisha, Delhi, Punjab and Karnataka wherein they have units either owned by them, or leased or allotted or licensed for job work purposes catering to their clients and business requirement.

As of 31 March 2026, the company’s Total Income, Profit After Tax, and EBITDA were ₹344.13 crore, ₹24.97 crore, and ₹51.13 crore, respectively.

How to apply for Vishal Nirmiti IPO?

• Step 1: Log in to your Kotak Neo Demat account to access IPO investments. Next, select the current IPO section.
• Step 2: Specify IPO details. Enter the number of lots and the price you wish to apply for.
• Step 3: Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.
• Step 4: Mandate Notification. Your UPI app will receive a mandate notification to block funds.
• Step 5: Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.