Vishal Nirmiti IPO
Vishal Nirmiti IPO is a mainboard IPO raising ₹178 Cr at ₹208 – ₹220 a share. It listed on 8 Oct 2026 at ₹215, −2.3% against its issue price of ₹220, and trades at ₹104 today (−52.6% since issue). It was subscribed 1.71× in total.
Just covered — bids slightly exceed the shares on offer
populated partly populated we hold nothing here — the tab says why
What this company actually does
Read out of the prospectus’s business section, stripped of its marketing language.
Vishal Nirmiti Limited (formerly Vishal Nirmiti Private Limited) is a civil engineering, manufacturing and construction company that primarily manufactures Pre-Stressed Concrete (PSC) sleepers for Indian Railways and its subsidiaries, and makes Mild Steel (MS) Pipes, MS Liners and Penstock Pipes for Pumped Storage Projects (PSPs). It also fabricates precast concrete elements (noise barriers, cable ducts) for high-speed rail corridors and provides EPC and sub-contract services for railway, irrigation and infrastructure projects across India, including a 1.8 MW wind power portfolio in Maharashtra. The company operates in two segments — Manufacturing and Services — and is present in Maharashtra, Gujarat, Madhya Pradesh, Himachal Pradesh, Odisha, Delhi, Punjab and Karnataka.
How it earns
Earns from sale of manufactured PSC sleepers, MS pipes/lining and precast concrete elements, plus service income from sub-contracted job-work for private infrastructure firms, windmill power sale to DISCOMs, scrap sales and property leasing.
Who buys
Indian Railways is the single largest customer at 40.56% of FY26 revenue (₹137.27 crore of ₹338.46 crore; fell from 56.78% in FY24). Top 5 customers contributed 85.33% and top 10 contributed 92.91% of FY26 revenue. Named key customers across FY24-FY26 include Indian Railways, Larsen & Toubro Limited, KEC International Limited, ISC Projects Limited, Kalpataru Projects International Limited, Raj Infrastructure Development (India) Private Limited and Samruddhi Industries (a Promoter Group entity). Repeat-customer revenue was 95.13% in FY26 (₹320.40 crore).
Scale
6 plants across India (Bankhedi-MP, Kandrori-HP, Mohol-Maharashtra, Raigad-Maharashtra, Kukshi-MP, Nadiad-Gujarat); 1.8 MW windmill portfolio in Maharashtra; Order Book ₹1,280.10 crore at FY26 / ₹581.77 crore as on 30-Jun-2026; FY26 Revenue from Operations ₹338.68 crore (₹33,867.73 lakhs; 1 lakh = 0.01 crore), Net Profit ₹24.98 crore (₹2,497.50 lakhs).
What it says sets it apart
- Around 20 years of experience in PSC sleeper and MS pipe manufacturing with end-to-end execution from project setup to delivery, including DFCCIL sub-contracts at Bhandu/Prithla/Timba.
- Onsite large-diameter MS pipe fabrication using automatic longitudinal submerged-arc welding, with maximum circular pipe size of 7,500 mm diameter and thickness 3-36 mm, minimising logistics cost.
- Deep customer entrenchment — 95.13% of FY26 revenue came from repeat customers, with 10 clients of 10+ years standing and 19 clients of 5-10 years.
- Strong order book visibility of ₹1,280.10 crore at end of FY26 (70 orders in hand), reducing to ₹581.77 crore as on 30 June 2026 after execution.
- Multiple ISO 9001:2015 (Quality) and ISO 45001:2018 (OHS) certifications across Bankhedi, Kandrori, Mohol, Raigad and Kukshi manufacturing units, plus auditor inspections by clients and statutory authorities.
Revenue mix
The numbers at a glance
The price they’re asking →derived: cut-off price Rs220 / stated EPS Rs12.61 (Fiscal 2026 diluted EPS (basic and diluted are equal at ₹12.61), restated consolidated, face value ₹10, audited certificate dated September 24, 2026). Stated figures are as printed in the prospectus; margins, growth and the borrowing ratio are computed from its own summary table. A multiple is one lens, not a verdict.
The last few years in numbers
From the prospectus’s own summary financial table (restated standalone). Margins and growth are computed from the stated figures; everything else is as printed.
| Period | Revenue | Profit after tax | PAT margin | Net worth | Borrowings |
|---|---|---|---|---|---|
| FY2026 | ₹339 Cr+6% | ₹25 Cr+6% | 7.4% | ₹87 Cr | ₹87 Cr |
| FY2025 | ₹319 Cr+31% | ₹24 Cr+586% | 7.4% | ₹62 Cr | ₹88 Cr |
| FY2024 | ₹243 Cr | ₹3 Cr | 1.4% | ₹39 Cr | ₹92 Cr |
Where the money goes
The offer →Most of this issue is new shares — the money raised goes to the company, not to exiting shareholders.
How its cohort has done
101 mainboard issues listed in 2026 that we can price today. This is the group this issue belongs to.
Neither figure is a forecast for this issue — they describe what happened to comparable issues. Full cohort analytics →
How the book finished
The category split is the number worth reading, not the total.
Demand is spread fairly evenly across investor categories.
What we hold for this issue
Stated up front on every issue, so a sparse page reads as a fact about the source rather than a broken one.
Led by Saffron Capital Advisors Private Limited — median −50.6% across the 5 of its issues we can price. All lead managers →
What happens when
Next: the UPI mandate expires on 16 Nov 2026.
What to watch
- Priced at 17.4× earnings — 21% above the median of the peers the issuer itself names.
- Its cohort's record: median +9.4% since issue price, 36.6% now below it — a base rate, not a forecast.
Each line restates a disclosure from the prospectus or the exchanges — nothing here is a recommendation to apply to this issue.
Track VISHAL NIRMITI LIMITED
Results, orders, board decisions and every other filing — summarised and sent to your WhatsApp the minute they are out.
Figures are as published by the exchanges and the issuer’s prospectus. MarketPing publishes facts, comparisons and history only — nothing here is a recommendation to apply to this issue, and we do not publish grey market premium.