Vishal Nirmiti Limited IPO — Subscription & GMP
- Price band
- ₹208 – ₹220
- Lot size
- 68
- Issue size
- ₹178 Cr
- Bidding
- 30 Sept 2026 → 05 Oct 2026
- Allotment
- —
- Listing
- 08 Oct 2026
Listing outcome
Official exchange pricesNo grey market premium was recorded at the close of bidding, so there is nothing to score this listing against.
Schedule
- 30 Sept 2026IPO open date
- 05 Oct 2026IPO close date
- 06 Oct 2026Allotment date†
- 06 Oct 2026Funds unblock or debit†
- 08 Oct 2026Tentative listing date
† Derived from the close date using the T+3 working-day timeline. The exchanges publish the open and close dates; the rest are indicative until confirmed, and exchange holidays are not accounted for.
Fundamentals
The business, its valuation and returnsVishal Nirmiti makes pre-stressed concrete (PSC) sleepers for Indian Railways and fabricates large steel pipes for water and hydropower projects. Incorporated in 1994, it reports two segments: manufacturing and services.
How it makes money
On the manufacturing side it produces PSC railway sleepers and other precast and prestressed concrete products. It also fabricates and erects mild steel (MS) pipes, MS liners and penstock pipes — the high-pressure pipelines used in pumped storage hydropower projects.
The services side is engineering, procurement and construction (EPC) work on railway infrastructure, irrigation, renewable power and industrial projects. Revenue in both segments comes largely from tendered contracts, so the order book matters more than any single year's sales.
The numbers
- Revenue: ₹338.7 Cr in FY26, up from ₹318.5 Cr (FY25) and ₹242.9 Cr (FY24)
- Profit after tax: ₹25.0 Cr in FY26, against ₹23.6 Cr and ₹3.4 Cr
- EBITDA margin: about 15.1% in FY26; PAT margin about 7.4%
- Return on equity: 33.7% in FY26, down from 47.2% in FY25
- Net worth: ₹86.3 Cr at March 2026
- EPS: ₹12.61 for FY26, which puts the price at about 17.4× earnings at the top of the band
The step from FY24 to FY25 is the striking one: profit rose roughly sevenfold on revenue growth of 31%. FY26 then slowed to 6% revenue growth and 6% profit growth.
Where the money goes
The offer combines a fresh issue of up to ₹145 Cr, which goes to the company, with an offer for sale of 15 lakh shares by a selling shareholder, whose proceeds do not reach the business. From the fresh issue, about ₹75 Cr is earmarked for working capital and ₹19 Cr for repaying term loans, with the rest for general corporate purposes.
Worth knowing
- Concrete-sleeper and pipeline work is contract-driven and dependent on government and PSU spending, so revenue can be lumpy between years.
- Most of the fresh money funds working capital rather than new capacity — consistent with a business that carries large receivables on long contracts.
- The company split its shares from ₹100 to ₹10 face value in February 2025; per-share figures above are on the post-split basis.
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS | ₹12.61 | — |
| P/E ratio | 17.45× | — |
| NAV per share | ₹43.61 | — |
Promoter holding pre/post issue is in the offer document but we do not yet extract it. Left blank rather than estimated.
Read from the company’s offer document filed with SEBI. Figures are the latest reported financial year, as restated in that filing.
Figures are as reported and not independently audited, and are read 45 d ago.
Grey market premium
Unofficial · not from any exchangeSubscription status
Live from NSE · fetched 841 hr ago| Category | Shares offered | Shares bid for | Subscribed |
|---|---|---|---|
| 1Qualified Institutional Buyers(QIBs) | 84,710 | 1.02 L | 1.20× |
| 1(a)Foreign Institutional Investors(FIIs) | — | 0 | — |
| 1(b)Domestic Financial Institutions(Banks/ Financial Institutions(FIs)/ Insurance Companies) | — | 952 | — |
| 1(c)Mutual funds | — | 0 | — |
| 1(d)Others | — | 1.01 L | — |
| 2Non Institutional Investors | 24.57 L | 33.05 L | 1.35× |
| 2.1Non Institutional Investors(Bid amount of more than Ten Lakh Rupees) | 16.38 L | 22.17 L | 1.35× |
| 2.1(a)Corporates | — | 9,112 | — |
| 2.1(b)Individuals(Other than RIIs) | — | 20.70 L | — |
| 2.2Non Institutional Investors(Bid amount of more than Two Lakh Rupees upto Ten Lakh Rupees) | 8.19 L | 10.88 L | 1.33× |
| 3Retail Individual Investors(RIIs) | 59.30 L | 66.14 L | 1.12× |
| 3(a)Cut Off | — | 59.70 L | — |
| 3(b)Price bids | — | 6.43 L | — |
| Total | 84.71 L | 1.00 Cr | 1.18× |
Source: NSE issue information · BSE public issue
Demand curve
Shares bid at each price point · BSE₹208 → ₹220 · peak 1.45 Cr shares bid
Equity split
Fresh equity vs offer for sale- Fresh equity
- ₹145.00 Cr 81.5%
- Offer for sale
- ₹33.00 Cr 18.5%
- Total issue size
- ₹178.00 Cr
Read from the issue size stated in NSE's filing. The filing quotes the offer for sale as 15.00 L shares rather than a rupee amount, so it is valued here at the cap price of ₹220 — the final figure moves with the issue price.
Allotment status
You will need your PAN, application number or DP/client ID. These links go to the registrar and exchanges directly — UpcomingIPO never asks for those details.
Issue details
- Price band
- ₹208 – ₹220
- Lot size
- 68 shares
- Min. bid quantity
- 68
- Face value
- ₹10.00
- Tick size
- ₹1.00
- Shares offered
- 84.71 L
- Issue size
- ₹178 Cr
- Max bid · QIB
- 84.71 L
- Max bid · NII
- 83.86 L
Timeline & process
- Bidding opens
- 30 Sept 2026
- Bidding closes
- 05 Oct 2026
- Bidding hours
- 10.00 am to 5.00 pm
- UPI mandate cutoff
- 05th Octomber 2026 (Upto 5.00 Pm)
- Allotment
- —
- Listing
- 08 Oct 2026
Intermediaries
- Registrar
- MUFG INTIME INDIA PRIVATE LIMITED
- Sponsor bank
- HDFC BANK
- Lead managers
- Saffron Capital Advisors Private Limited
- Syndicate members
- https://listing.bseindia.com/Download//PreAnchor/SubSyndicateMemberlist_20260928145304.zip