Home › Listed IPOs › Vishal Nirmiti IPO

Vishal Nirmiti IPOLISTED

NSE, BSEMainboardBook Built Issue

Vishal Nirmiti Limited is engaged in manufacturing PSC sleepers, pre-cast concrete products, MS pipes, liners and penstock pipes for railway, irrigation and infrastructure projects.

Compare

Listing price

₹215

Listing gain

-2.27%

Current

₹215

Listed

08 Oct 26

Opens

30 Sept 26

Closes

05 Oct 26

Allotment

06 Oct 26

Refund

07 Oct 26

Demat

07 Oct 26

Listing

08 Oct 26

Listed at

₹215

-2.27% on 08 Oct 26

Min. investment₹14,960

GMP₹0 · +0.0%

Subscribed1.79x

Track in the app

Overview

Price band

₹208-220

Lot size

68 shares

Min. investment

₹14,960

Issue size

₹178.00 Cr

80.91 L shares

Fresh issue

₹145 Cr

65.91 L shares

Offer for sale

₹33 Cr

15.00 L shares

Face value

₹10 / share

Issue type

Book Built Issue

Listing at

NSE, BSE

Reservation

QIB 1%B-HNI 19.33%S-HNI 9.67%Individual 70%

Category	Shares offered	% of issue
QIB	80,909	1%
NII (HNI)	23,46,364	29%
B-HNI	15,63,973	19.33%
S-HNI	7,82,391	9.67%
Individual	56,63,636	70%
Total	80,90,909	100%

Lot size & investment

Application	Lots	Shares	Amount
Retail (Min)	1	68	₹14,960
Retail (Max)	13	884	₹1,94,480
S-HNI (Min)	14	952	₹2,09,440
S-HNI (Max)	66	4,488	₹9,87,360
B-HNI (Min)	67	4,556	₹10,02,320

Listing performance

NSE/BSE: VISHALNIRMITI

Listing gain

−2.27%

Gain per retail lot

₹-340

Latest vs issue

—

GMP was

—

₹220

₹215−2.27%

Issue price

Listing price

Latest price appears here during market hours.

Vishal Nirmiti Live GMP

GMP₹0

Est. Price₹220

Est. Gain0.00%

Latest GMP

₹0

All-time high

₹1

All-time low

₹0

GMP × retail lot ₹0GMP × S-HNI min ₹0Expected listing ~ ₹220GMP is unofficial and changes often. Data as of 05 Oct, 06:57 pm.

Subscription

05 Oct, 06:57 pm

Oversubscribed 1.79 times · 1,25,442 applications

QIB

1.33x

NII (HNI)

1.89x

S-HNI

2.10x

B-HNI

1.79x

Retail

1.75x

Total

1.79x

Total applications

1,25,442

Total bid amount

₹318 Cr

Category breakdown

Category	Shares offered	Shares bid	Times	Bid amount
QIB	80,909	1,07,372	1.33x	₹2.36 Cr
NII (HNI)	23,46,364	44,45,908	1.89x	₹97.81 Cr
B-HNI	15,63,973	28,04,184	1.79x	₹61.69 Cr
S-HNI	7,82,391	16,41,724	2.10x	₹36.12 Cr
Retail	56,63,636	98,93,524	1.75x	₹218 Cr
Total	80,90,909	1,44,46,804	1.79x	₹318 Cr

Application-wise breakup

Category	Applications reserved	Applied	Times
B-HNI	1,643	319	0.19x
S-HNI	821	1,621	1.97x
Retail	83,289	1,23,255	1.48x

Allotment chance per application is roughly 1 ÷ times for the category (lottery for retail and S-HNI).

Financials

(₹ in crores)

Key performance indicators

As of 31 Mar 2026

ROE

33.67%

PAT Margin

7.37%

ROCE

28.02%

EBITDA Margin

15.1%

Debt to Equity Ratio

1.01

Price to Book Value

5.04

RoNW

33.87%

Valuation vs listed peers

EPS Pre IPO

₹12.61

EPS Post IPO

₹9.46

P/E Pre IPO

17.45

P/E Post IPO

23.26

Price-to-earnings

Vishal Nirmiti (post-issue)

23.26×

GPT Infraprojects Limited

14.83×

Indian Hume Pipe Company Limited

13.86×

Company	P/E	P/B	RoNW	Face value
GPT Infraprojects Limited	14.83	—	—	₹10
Indian Hume Pipe Company Limited	13.86	—	—	₹2

Peer median P/E 14.3× · Ratios as disclosed in the offer document.

Buzz AI analysis

From this IPO's filings and market data · educational, not investment advice

Revenue growth FY24 → FY26

+38.8%

Profit growth FY24 → FY26

+624.1%

P/E vs peer median

23.3× vs 14.3×

PAT margin 7.4% and ROCE 28.0%.
Priced above its listed-peer median P/E.

Strengths & risks

Experienced Management with 24–45+ years of industry experience.
Diversified Products across sleepers, pipes and infrastructure products.
Established Presence with over 30 years of industry experience.
Multiple Facilities serving railway and infrastructure projects.
Railway Expertise in PSC sleeper manufacturing.

5.6/10

Buzz score · Neutral

From GMP, subscription and issue size

Financials6.6

Growth5.0

Business6.9

Demand4.6

Risk7.2

Objects of the issue

Purpose	Amount (₹ Cr)
Funding working capital requirements of the Company.	75
Repayment and/ or pre-payment, in part or full of term loans.	19
General Corporate Purposes.	-

Company & documents

Vishal Nirmiti Limited (VNL) is an infrastructure and manufacturing company engaged in railway infrastructure, water resources, pipelines and hydropower projects. It manufactures PSC sleepers, pre-cast concrete products, MS pipes, LSAW/HSAW pipes and hydro-mechanical equipment, while also providing related infrastructure services.

Business Segments:

Railway Infrastructure: PSC sleepers and pre-cast products such as noise barriers and cable ducts.
Pipes & Hydro-Mechanical Products: MS pipes, liners, penstocks, LSAW/HSAW pipes and coating solutions.
Infrastructure Services: Hydro-mechanical equipment, gates, penstocks, installation, maintenance and civil works.
Other Activities: Transportation, leasing, wind power generation and scrap sales.

VNL has manufacturing facilities and project operations across Maharashtra, Madhya Pradesh, Gujarat, Odisha and other parts of India, serving railway, water resource, hydropower, pipeline, industrial and civil infrastructure projects.

As of June 30, 2026, the Company reported a consolidated order book of ₹581.77 crore, covering ongoing manufacturing and infrastructure projects.

As of June 30, 2026, the Company had 420 employees on its payroll.

Registrar

MUFG Intime India Pvt. Ltd.

Phone: 022-49186000

Email: vishalnirmiti.ipo@in.mpms.mufg.com

Web: https://in.mpms.mufg.com/Initial_Offer/public-issues.html

Company contact

Vishal Nirmiti Ltd.

303, 17 Elphinstone House, Marzban Road, New Empire Cinema, Fort Mumbai, Maharashtra, 400001

Phone: +91 20 27299915

Email: ipo@vishalnirmiti.com

Web: https://www.vishalnirmiti.com/