Vishal Nirmiti Ltd.

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Overview

Vishal Nirmiti Limited (VNL) is an Indian civil engineering and infrastructure manufacturing company supplying railway pre-stressed concrete (PSC) sleepers and precast concrete products, and fabricating large-diameter mild steel (MS) pipes, liners and penstock pipes used in water, irrigation, pipeline and pumped storage hydropower projects. VNL also undertakes infrastructure and construction services (including subcontract/job-work), operates a small wind power portfolio, and earns ancillary income from scrap sales and leasing, with operations across multiple Indian states and a client base led by Indian Railways and large EPC contractors.

Opening Date

Sep 30, 2026

Closing Date

Oct 05, 2026

Listing Date

Oct 08, 2026

IPO Type

Mainboard

IPO Status

Upcoming

Issue Size

178 Cr

Fresh Issue

145 Cr

Offer for Sale

33 Cr

Price Band

₹208 - ₹220

Lot Size

Grey Market PremiumGMP

₹0.00

Est. Listing gains

+0.00%

GMP Trend

Last updated 6 hours ago

IPO Timeline

Sep 30, 2026

Open Date

Oct 05, 2026

Close Date

Oct 06, 2026

Allotment Date

Oct 07, 2026

Initiation of Refunds

Oct 08, 2026

Listing Date

Financials

Revenue

Profit After Tax (PAT)

Use of IPO funds

Total IPO size₹178 Cr

Funding Working Capital Requirements of the Company₹75 Cr

Repayment and/ or pre-payment, in part or full of term loans availed by our Company₹19 Cr

General Corporate Purposes₹0 Cr

To selling shareholders₹1500000 Cr

Key Performance Indicator

P/E Ratio

17.45

EPS

12.61

ROE

33.67%

ROCE

28.02%

RONW

33.87%

Debt to Equity Ratio

1.01

PAT Margin

7.37%

EBITDA Margin

15.1%

P/B

5.04

Bull vs Bear

Bull case

•
Government-linked rail and DFCCIL work can provide steadier demand than many private markets, which matters for long planning and capacity use.
•
RDSO-style approvals and ongoing audits create a compliance barrier, so proven vendors can be harder to replace quickly by new competitors.
•
Order book plus repeat purchase orders can offer visibility, which matters because factories and staff costs continue even when new tenders slow.

Bear case

•
Revenue is tied to government budgets and policy shifts, so one change in tender rules or allocations can hit volumes and contract terms.
•
Customer concentration is high, so losing a top buyer or delayed payments can quickly squeeze margins, inventory planning, and cash flows.
•
Key inputs come from a limited supplier set, so disruptions or price changes can raise costs or delay deliveries, risking penalties and credibility.

Subscription Rate

Subscription data will be available once the IPO opens.

Application Details

Category	Price Band	Application Range	Lot Size
Regular		Upto ₹2 Lakhs	0
High Networth Individual		₹2 - ₹10 Lakhs; Above ₹10 Lakhs	0

Frequently Asked Questions

The Vishal Nirmiti Ltd. IPO is scheduled to open for subscription on Sep 30, 2026 and close on Oct 05, 2026. Investors can apply for shares during this period through eligible platforms.

The price band for the Vishal Nirmiti Ltd. IPO is ₹208 to ₹220. Investors can place bids within this range once the issue opens.

The minimum lot size for the Vishal Nirmiti Ltd. IPO is 68 shares. The minimum investment amount ₹14,960.

The total issue size of the Vishal Nirmiti Ltd. IPO is approximately ₹178.00. Issue size represents the total value of shares offered to the public.

As per the latest available information, the Vishal Nirmiti Ltd. IPO has been subscribed data will be available once the issue opens. Subscription levels can change significantly during the offer period.

The Grey Market Premium (GMP) for the Vishal Nirmiti Ltd. IPO is ₹[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]. GMP reflects unofficial market sentiment and should not be considered a guarantee of listing performance.

The shares of Vishal Nirmiti Ltd. are expected to list on stock exchanges on Oct 08, 2026, subject to completion of the allotment process and regulatory approvals.

The net proceeds from the Vishal Nirmiti Ltd. IPO are proposed to be used for The Net Proceeds from the Fresh Offer are proposed to be utilized towards the following objects., 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.

Before applying for the Vishal Nirmiti Ltd. IPO, investors generally review the company’s business model, financial performance, valuation, industry outlook, and risk factors mentioned in the offer document.