Vishal Nirmiti IPO
LISTEDMAINBOARDListing Performance
▼ 2.27%
Issue Price
₹220
Listing Price
₹215
Listed On
08 Oct 2026
- Price Band
- ₹208 – ₹220
- Lot Size
- 68
- Lot Value
- ₹14,960
- Open Date
- 30 Sep30 Sep 2026
- Close Date
- 05 Oct05 Oct 2026
- Min Investment
- ₹14,960
About Vishal Nirmiti
Use of IPO Proceeds
Promoters
Brij B Tapadiya
Chairman and Whole-Time Director · age 62
Pre-issue: 3.14%
Ajay Bhagwandas Tapadiya
Joint Managing Director · age 55
Pre-issue: 3.23%
Keshav Tapadiya
Promoter · age 26
Currently the internal audit manager at Siddhasiri Souharda Sahakari Niyamit (Ethanol and Power Unit), Kalaburagi, Karnataka.
Bachelor of Commerce from Bengaluru City University, Bangalore; Chartered Accountant
Investment Analysis
Quick Analysis: 4 strengths · 6 risk factors· Exchange: Equity
Strengths (4)
- •Diversified manufacturing capabilities across multiple product verticals
- •Significant order book indicating future revenue pipeline
- •Multiple manufacturing facilities across geographies serving different regions
- •Strong customer relationships with Indian Railways and DFCCIL
Risk Factors (6)
- •Revenue heavily dependent on government railway projects; 42.61% from government authorities in FY26. Policy changes could materially reduce business.
- •First public issue with no formal market history. Post-listing price cannot be assured and may trade below offer price or decline significantly.
- •PSC sleeper business depends on Ministry of Railways policies and budgetary allocations. Government tender delays or policy shifts threaten operations.
- •Government contracts subject to delays, policy changes, budget allocation insufficiency, and local political forces. Support withdrawal could restructure existing agreements.
- •No instances of contract suspension historically, but no assurance future government policy changes won't cause renegotiation or restructuring.
- •If Indian Railways stops issuing tenders or reduces volumes, business, operations, financial condition and cash flows materially adversely affected.
Demand snapshot
Subscription and grey market data as reported. Not a recommendation.
- Subscribed 1.70x (QIB 1.27x, NII 1.81x, Retail 1.67x) at close
Investor Quota
Approx. shares reserved per category
Estimated from total issue size; actual reserved lots are set in the RHP.
Application Lot Sizes
Retail caps at ₹2,00,000 (13 lots here). S-HNI is ₹2L–₹10L, B-HNI is above ₹10L.
| Category | 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 |
Subscription Status
| Category | Day 1 | Day 2 | Day 3 | Day 5 |
|---|---|---|---|---|
| QIB | 0.96x | 0.96x | 0.96x | 1.27x |
| sNII (S-HNI) | — | — | — | — |
| bNII (B-HNI) | — | — | — | — |
| Retail | 0.06x | 0.47x | 0.47x | 1.67x |
| Total | 0.05x | 0.57x | 0.57x | 1.70x |
Colour: red <1x · amber 1–10x · green ≥10x oversubscribed.
Allotment Statistics
Retail Individual Investors (RII)
Subscription
1.67x
Allotment Ratio
1 lot per 2 applicants
Allotment Probability
~59.9%
Non-Institutional Investors (NII / HNI)
Subscription
1.81x
Allotment Type
Proportionate allotment
Qualified Institutional Buyers (QIB)
Subscription
1.27x
Allotment Type
Discretionary allotment
Total Subscription
1.70x
Allotment probability is estimated based on subscription data and is not guaranteed. Actual allotment depends on the registrar's process.
Basis of Allotment
Category-wise subscription & allotment ratio
Weigh your chances
IPO Timeline
Issue Opens
30 Sep 2026 · Wed
Issue Closes
05 Oct 2026 · Mon
Bidding Cut-off (UPI Mandate)
05 Oct 2026 · 5:00 PM IST
Allotment
06 Oct 2026 · Tue
Listing
08 Oct 2026 · Thu
Issue Opens
30 Sep 2026 · Wed
Issue Closes
05 Oct 2026 · Mon
Bidding Cut-off (UPI Mandate)
05 Oct 2026 · 5:00 PM IST
Allotment
06 Oct 2026 · Tue
Listing
08 Oct 2026 · Thu
IPO Details
| Registrar | — |
| Exchange | Equity |
| ISIN | — |
| Face Value | — |
| Issue Size | ₹178.00 Cr |
| Fresh Issue | ₹145.00 Cr |
| OFS Size | ₹33.00 Cr |
| Lead Managers | — |
3-Year Financial Summary
Revenue trend
↑ FY24→FY26
| Fiscal Year | Revenue (₹Cr) | PAT (₹Cr) | EPS | P/E | ROE |
|---|---|---|---|---|---|
| FY26 | 338.68 | 24.98 | 12.61 | 17.44 | — |
| FY25 | 318.52 | 23.64 | 11.94 | 18.43 | — |
| FY24 | 242.88 | 3.45 | 1.74 | 126.42 | — |
Detailed Line Items (₹ Cr)
| Line Item | FY24 | FY25 | FY26 |
|---|---|---|---|
| Total Income | 247.93 | 324.86 | 344.13 |
| Cash Flow — Operating | 27.73 | 38.2 | 27.15 |
| Cash Flow — Investing | -25.28 | -18.9 | -10.64 |
| Cash Flow — Financing | -9.78 | -14.38 | -22.06 |
From the company's offer document (DRHP/RHP); restated figures where available.
Valuation at Issue Price
Issue P/E
17.4x
Price ÷ EPS
EPS (FY26)
₹13
Earnings per share
RoNW
—
Return on net worth
ROCE
—
Not in abridged DRHP
EBITDA margin
—
EBITDA ÷ revenue
Price/NAV
—
NAV not in abridged DRHP
Check the valuation yourself
Company Fundamentals
12 sections extracted from this filingCapital Structure
| Authorised Capital | — |
| Issued Capital | — |
| Paid-up Capital | — |
| Equity Shares (Pre-Issue) | 1,98,00,000 |
| Equity Shares (Post-Issue) | — |
Source: Vishal Nirmiti offer document (DRHP/RHP).
Shareholding Pattern
Pre-Issue
Pre-Issue not disclosed in this filing.Not separately disclosed in Vishal Nirmiti's filing.
Post-Issue
Post-Issue not disclosed in this filing.Not separately disclosed in Vishal Nirmiti's filing.
Source: Vishal Nirmiti offer document (DRHP/RHP).
Reservations & OFS
Investor Reservation
- NII / HNI29.00%
OFS Selling Shareholders
- Vaman Prestressing Company Private Limited15,00,000 sh
Source: Vishal Nirmiti offer document (DRHP/RHP).
Board & Management
Key Managerial Personnel (3)
- Abhijeet Kumudchandra Shah
Chief Financial Officer
- Suhas Ganpat Naik
Company Secretary and Compliance Officer
- Akhil Ranchod Tapadiya
Chief Operating Officer
Source: Vishal Nirmiti offer document (DRHP/RHP).
Industry & Market
Per Industry Report on Railway Concrete Sleepers, MS Pipes and Infrastructure Services by Dun & Bradstreet Information Services India Private Limited, a report commissioned by the company (not independent).
Peer Comparison
| Company | P/E | EPS | RoNW % | NAV |
|---|---|---|---|---|
| Vishal Nirmiti Limited | — | 12.61 | 33.87 | 43.61 |
| GPT Infraprojects Limited | 14.83 | 7.7 | 18.25 | 41.77 |
| Indian Hume Pipe Company Limited | 13.86 | 26.79 | 9.51 | 281.76 |
Documents
Frequently Asked Questions
When is the Vishal Nirmiti IPO opening?
The Vishal Nirmiti IPO opens on 30 Sep 2026 and closes on 05 Oct 2026. Check this page for the latest updates as we refresh every 30 minutes.
What is the price band of the Vishal Nirmiti IPO?
The price band for the Vishal Nirmiti IPO is ₹208 to ₹220. The final price is announced after the book-building process and is confirmed before listing.
What is the lot size and minimum investment for the Vishal Nirmiti IPO?
The minimum lot size is 68 shares with a minimum investment of ₹14,960. Retail investors can apply for up to the retail limit defined by SEBI.
What is the GMP of Vishal Nirmiti IPO today?
The latest Grey Market Premium for Vishal Nirmiti is ₹2 (+0.91%). GMP is unofficial data and is not a guarantee of listing price.
When will the Vishal Nirmiti IPO list on NSE and BSE?
The Vishal Nirmiti IPO is expected to list on 08 Oct 2026 on Equity. Actual listing day trading begins at the start of the normal market session.
How can I check the Vishal Nirmiti IPO allotment status?
You can check your allotment status on the registrar's portal using your PAN, application number, or DP ID. We link to the registrar directly on our allotment page after the allotment date.
Is the Vishal Nirmiti IPO a mainboard or SME issue?
Vishal Nirmiti is a mainboard IPO that will list on the main NSE and BSE boards. Mainboard IPOs are open to retail investors with a minimum application of one lot.
How do I apply for the Vishal Nirmiti IPO?
You can apply for the Vishal Nirmiti IPO through any SEBI-registered broker such as Zerodha, Upstox, or Angel One using UPI or ASBA while the issue is open for bidding.
What is the GMP-implied price of Vishal Nirmiti IPO?
The GMP-implied price (unofficial, not a forecast) is ₹222: the upper price band of ₹220 plus the latest grey market premium of ₹2, as of 08 Oct 2026, 06:00 PM IST. GMP is unofficial grey market data, and the actual listing price can differ from it.
What is the allotment ratio for Vishal Nirmiti IPO?
Based on the retail subscription of 1.67x, the estimated allotment ratio is 1 lot per 2 applicants (approximately 59.9% chance of allotment). This is an estimate and actual allotment may vary.
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