Vishal Nirmiti IPO
UPCOMINGMAINBOARDNEUTRALUpcoming Issue
₹178.00 Cr
Opens
30 Sep 2026
Fresh / OFS
₹145.00 Cr / ₹33.00 Cr
- Price Band
- ₹208 – ₹220
- Lot Size
- TBA
- Lot Value
- TBA
- Open Date
- 30 Sep30 Sep 2026
- Close Date
- 05 Oct05 Oct 2026
About Vishal Nirmiti
Use of IPO Proceeds
Total allocation: ₹94.00 Cr (excludes issue expenses)
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.
📊 Algorithmic Score
Computed from issue structure — GMP, fresh issue %, OFS %, issue size
Why do these differ? The Algorithmic Score measures issue quality (structure, size, promoter commitment). The Demand Analysis measures investor interest signals (subscription, GMP, risks). A high-quality issue can still have unconfirmed demand — especially before subscription opens.
✍️ Demand & Risk Analysis
Based on market demand signals — subscription, GMP trend, risk factors
IPO Market Analysis
“Mixed signals — moderate demand and average GMP suggest cautious participation. Apply based on company fundamentals rather than listing gain expectations.”
- ⚠️Neutral GMP +1%
- ✅4 business strengths identified
- ⚠️6 risk factors noted
- ✅Mainboard IPO (higher regulatory standards)
This is algorithmic analysis, not investment advice. Always read the DRHP before investing.
GMP Trend
Latest: ₹2 (+0.91%)Investor Quota
Approx. shares reserved per category
Estimated from total issue size; actual reserved lots are set in the RHP.
Subscription Status
Subscription data will appear once bidding begins.
Weigh your chances
IPO Timeline
Issue Opens
30 Sep 2026 · Wed · Tomorrow
Issue Closes
05 Oct 2026 · Mon
Bidding Cut-off (UPI Mandate)
05 Oct 2026 · 5:00 PM IST
Allotment
TBA
Listing
08 Oct 2026 · Thu
Issue Opens
30 Sep 2026 · Wed · Tomorrow
Issue Closes
05 Oct 2026 · Mon
Bidding Cut-off (UPI Mandate)
05 Oct 2026 · 5:00 PM IST
Allotment
TBA
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 / HNI+29.00%
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 TBA shares with a minimum investment of not yet announced. 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. Use the Apply Now buttons on this page to go directly to the broker.
What is the expected listing price of Vishal Nirmiti IPO?
Based on the current GMP of ₹2, the expected listing price of Vishal Nirmiti is ₹222 (issue price ₹220 + GMP ₹2). Note that GMP is unofficial grey market data and actual listing price may differ.
Should I subscribe to Vishal Nirmiti IPO?
Based on our algorithmic analysis, Vishal Nirmiti IPO is rated NEUTRAL with medium confidence. Mixed signals — moderate demand and average GMP suggest cautious participation. Apply based on company fundamentals rather than listing gain expectations. This is not investment advice — please read the DRHP and consult a financial advisor before investing.
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Vishal Nirmiti