Vishal Nirmiti IPO Price: ₹208 to ₹220 per share
IPO Dates: 30 Sept to 5 Oct, 2026
Company Overview
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 Operations
The Company’s business is divided into two 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.
Market Presence
The Company has a pan-India presence with operational units across Maharashtra, Madhya Pradesh, Gujarat, Himachal Pradesh, Uttar Pradesh, Odisha, and Karnataka.
Management & Experience
The Company is led by a highly experienced promoter group with over four decades of domain expertise.
Workforce
As of June 30, 2026, the Company employed 420 employees across various departments.
Competitive Strengths
- Execution capabilities with industry experience and strong operating systems, providing comprehensive solutions.
- 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.
Bidding Starts In
Vishal Nirmiti Limited IPO Specifics:
| IPO Date | 30 Sep to 5 Oct, 2026 |
| Listing Date | Thu, Oct 8, 2026T |
| 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 |
Vishal Nirmiti Limited IPO Timetable (Important Dates)
| Event | Date |
|---|---|
| IPO Open | Wed, Sep 30, 2026 |
| IPO Close | Mon, Oct 5, 2026 |
| Allotment | Tue, Oct 6, 2026 |
| Refund | Wed, Oct 7, 2026 |
| Credit of Shares | Wed, Oct 7, 2026 |
| Listing | Thu, Oct 8, 2026 |
Vishal Nirmiti Limited IPO Lot Size
Bidders have the opportunity to bid for a minimum of 68 shares, with the option to increase in multiples. The table below outlines the minimum and maximum investment thresholds for both retail investors and High Net Worth Individuals (HNIs), specifying the corresponding number of shares and amounts involved.
| 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 |
Vishal Nirmiti Limited IPO 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 |
Vishal Nirmiti Limited IPO Financial Information
| Particulars (₹ Cr) | 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 |
Key Performance Indicator-Vishal Nirmiti Limited IPO
| 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 |
| 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 |
Prospectus Links:
Prospectus: Official documents that provide detailed information about the IPO and the company.
Vishal Nirmiti Limited IPO DRHP
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