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IPO Open

Wed, Sep 30, 2026

IPO Close

Mon, Oct 5, 2026

Price Band

₹208 to ₹220

Market Cap*

₹580.60 Cr * on Upper Price

IPO Details

  • IPO Date
    30 Sep to 5 Oct, 2026
  • Listing Date
    Thu, Oct 8, 2026
  • Face Value
    ₹10 per share
  • Price Band
    ₹208 to ₹220
  • Lot Size
    68 Shares
  • Sale Type
    Fresh capital cum OFS
  • Issue Type
    Bookbuilding IPO
  • Listing At
    BSE, NSE
  • Total Issue Size
    80,90,909 shares (agg. up to ₹178 Cr)
  • Fresh Issue
    65,90,909 shares (agg. up to ₹145 Cr)
  • Offer for Sale
    15,00,000 shares of ₹10 (agg. up to ₹33 Cr)
  • Share Holding Pre Issue
    1,98,00,000 shares
  • Share Holding Post Issue
    2,63,90,909 shares

IPO Timetable (Tentative)

  • IPO Open
    Wed, Sep 30, 2026
  • Allotment
    Tue, Oct 6, 2026
  • Credit of Shares
    Wed, Oct 7, 2026
  • IPO Close
    Mon, Oct 5, 2026
  • Refund
    Wed, Oct 7, 2026
  • Listing
    Thu, Oct 8, 2026

Issue Reservation

Investor Category Shares
QIB Not more than 1% of the Offer Size
Retail Not less than 70%of the Net Offer
NII Not less than 29% of the Offer Size

IPO Lot Size

Investors can bid for a minimum of 68 shares and in multiples thereof.

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 4488 ₹9,87,360
B-HNI (Min) 67 4556 ₹10,02,320

About Vishal Nirmiti Ltd.

Incorporated in 1994, Vishal Nirmiti Limited (formerly Sejal Farms Private Limited) is a civil engineering, manufacturing, and construction company primarily engaged in manufacturing and dealing of Pre-Stressed Concrete (PSC) sleepers for railways, pre-cast and pre-stressed concrete products, as well as fabrication and erection of Mild Steel (MS) pipes, liners, and penstock pipes for Pumped Storage Projects (PSPs).

The company also provides engineering, procurement, and construction (EPC) services for railway infrastructure, irrigation, and civil engineering projects across sectors such as railways, renewable power, and industrial infrastructure.

Business Segments:

  • Manufacturing segment: Includes PSC sleeper manufacturing for Indian Railways, DFCCIL, and private clients, as well as MS pipes, MS liners, and penstock pipes for hydro power, lift irrigation, water supply, and infrastructure projects.
  • Services segment: Covers job work contracts for MS pipes, liners, penstock pipes, pre-cast and pre-stressed elements (such as noise barriers and cable ducts), hydro-mechanical structures, as well as construction works, power generation through windmills, transportation, leasing, and sale of scrap.

VNL has a pan-India presence with operational units across Maharashtra, Madhya Pradesh, Gujarat, Himachal Pradesh, Uttar Pradesh, Odisha, and Karnataka and is led by a highly experienced promoter group with over four decades of domain expertise

As of June 30, 2026, the Company employed 420 employees in various departments.

Competitive Strengths:

  • Execution capabilities with industry experience and strong operating systems, providing comprehensive solution.
  • Dedicated focus on railway infrastructure development and manufacture of PSC sleepers
  • Deeply entrenched, long term relationships with customers
  • Experienced Management Team driving the growth of the Company

Company Financials (Restated)

Vishal Nirmiti Ltd.’s revenue increased by 6% and profit after tax (PAT) rose by 6% between the financial year ending with March 31, 2026 and March 31, 2025.      (Amount in ₹ Crore)

Period Ended 31 Mar 2026 31 Mar 2025 31 Mar 2024
Assets 334.92 296.61 242.04
Total Income 344.13 324.86 247.93
Profit After Tax 24.98 23.64 3.45
EBITDA 51.13 46.48 23.14
NET Worth 86.34 61.12 38.12
Reserves and Surplus 66.98 59.76 36.76
Total Borrowing 87.42 88.05 91.75

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Annu Projects Ltd. Mainboard ₹175.06 Cr ₹99 14.33 ₹75.60 -23.64% ₹49.33
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IPO Objects of the Issue

The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:

  • # Issue Objects
    Est Amt (₹ Cr.)
  • 1 Funding working capital requirements of the Company
    75.00
  • 2 Repayment and/ or pre-payment, in part or full of term loans
    19.00
  • 3 General Corporate Purposes
  • Total
    94.00

Key Performance Indicator (KPI)

KPI Mar 31, 2026
ROE 33.67%
ROCE 28.02%
Debt/Equity 1.01
RoNW 33.87%
PAT Margin 7.37%
EBITDA Margin 15.10%
NAV 43.61
Price to Book Value 5.04

IPO Valuation

Valuation Metric Pre IPO Post IPO
EPS (₹) 12.61 9.46
P/E (x) 17.45 23.26
Market Cap at Offer Price ₹435.60 Cr. ₹580.60 Cr
  • The value will be calculated using Equity Dilution = Share Holding Pre Issue – Share Holding Post Issue
  • The Pre IPO EPS is calculated based on Pre issue shareholding as on date of RHP and the latest FY earnings as of March 31, 2026 available in RHP.
  • The Post Issue EPS is calculated based on the Post issue shareholding and annualized FY earnings of March 31, 2026 available in RHP.

Shareholding Structure

Category Pre IPO Post IPO
Promoter and Promoter Group 73.42% 49.4%
Public 26.58% 50.60%
Total 100% 100%

Company Promoters: Brij B Tapadiya, Ajay Bhagwandas Tapadiya, Pavan Vithaldas Tapadiya, Akhil Ranchod Tapadiya, Naveen Tapadiya, Rajendrakumar Badrinarayan Tapadiya, Suyash Vithaldas Tapadiya, Vedant Tapadiya and Keshav Tapadiya.

Offer For Sale – Selling Shareholder

Name Category No. of Shares Offered Amount (₹ cr.)
Vaman Prestressing Co.Pvt.Ltd. Promoter 15,00,000 33.00
Total 15,00,000 33.00

Vishal Nirmiti IPO Recommendations

Review By Subscribe May Apply Neutral Avoid
Brokers 0 0 0 0
Members 0 0 0 0

IPO Registrar

MUFG Intime India Pvt.Ltd.

IPO Lead Manager(s)

  1. Saffron Capital Advisors Pvt.Ltd.

Lead Manager Reports

  • Lead Manager Performance Summary
  • Lead Manager Performance Tracker

Contact Details

Vishal Nirmiti Ltd. Address
303, 17 Elphinstone House,
Marzban Road, New Empire Cinema,
Fort
Mumbai, Maharashtra, 400001

IPO FAQs

Vishal Nirmiti IPO is a main-board IPO of 80,90,909 equity shares of the face value of ₹10 aggregating up to ₹178 Crores. The issue is priced at ₹208 to ₹220. The minimum order quantity is 68.

The IPO opens on Wed, Sep 30, 2026, and closes on Mon, Oct 5, 2026.

MUFG Intime India Pvt.Ltd. is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.

Angel One customers can apply online in Vishal Nirmiti IPO using UPI as a payment gateway. Angel One customers can apply in Vishal Nirmiti IPO by login into Angel One Console (back office) and submitting an IPO application form.

Steps to apply in Vishal Nirmiti IPO through Angel One

Visit the Angel One website and login to Console.
Go to Portfolio and click the IPOs link.
Go to the ‘Vishal Nirmiti IPO’ row and click the ‘Bid’ button.
Enter your UPI ID, Quantity, and Price.
Submit IPO application form.
Visit the UPI App (net banking or BHIM) to approve the mandate.
Visit Angel One IPO Application Process Review for more detail.

The Vishal Nirmiti IPO opens on Wed, Sep 30, 2026 and closes on Mon, Oct 5, 2026.

Vishal Nirmiti IPO lot size is 68, and the minimum amount required for application is ₹14,960.

You can apply in Vishal Nirmiti IPO online using either UPI or ASBA as a payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO Application is offered by brokers who don’t offer banking services. Read more detail about applying IPO online through Angel One, Upstox, 5Paisa, Nuvama, HDFC Bank, and SBI Bank.

The finalization of Basis of Allotment for Vishal Nirmiti IPO will be done on Tuesday, October 6, 2026, and the allotted shares will be credited to your demat account by Wed, Oct 7, 2026. Check the Vishal Nirmiti IPO allotment status.

The Vishal Nirmiti IPO listing date is not yet announced. The tentative date of listing is Thu, Oct 8, 2026.

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