About the Business
Incorporated in 1994, Vishal Nirmiti Limited (formerly Sejal Farms Private Limited) is a civil engineering, heavy manufacturing, and infrastructure company. The company specializes primarily in the manufacturing and supply of Pre-Stressed Concrete (PSC) railway sleepers, pre-cast and pre-stressed structural concrete components, and the fabrication and erection of Mild Steel (MS) pipes, liners, and penstock pipes for Pumped Storage Projects (PSPs) and hydro-power systems.
Beyond manufacturing, the company provides turnkey engineering, procurement, and construction (EPC) solutions spanning railway networks, lift irrigation, water supply schemes, and renewable power infrastructure. Over more than three decades, it has established deeply entrenched relationships as an approved vendor to Indian Railways, Dedicated Freight Corridor Corporation of India (DFCCIL), and various state infrastructure boards.
- Dual Business Architecture: Operates across two integrated verticals – Manufacturing (PSC railway sleepers, MS pipes, and penstock assemblies) and Services (EPC project execution, job-work, hydro-mechanical erection, and clean windmill power generation).
- Critical Railway Infrastructure Focus: Acts as a key supplier of heavy-duty PSC sleepers for high-speed tracks, dedicated freight corridors, and private rail sidings.
- Penstock & Pumped Storage Capabilities: Fabricates high-pressure MS liners and penstock pipelines catering to clean-energy Pumped Storage Projects (PSPs) and lift irrigation projects.
- Pan-India Operating Footprint: Maintains operational manufacturing and site execution facilities across Maharashtra, Madhya Pradesh, Gujarat, Himachal Pradesh, Uttar Pradesh, Odisha, and Karnataka.
- Dedicated Technical Workforce: Supported by a workforce of 420 personnel across engineering, operations, and project delivery as of June 30, 2026.
The company’s promoters are 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.
Company Financials
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.
| 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 & Surplus | 66.98 | 59.76 | 36.76 |
| Total Borrowing | 87.42 | 88.05 | 91.75 |
Amount in ₹ Crore
Key Performance Indicator (KPI)
Issue Reservation
| Investor Category | Allocation Share |
|---|---|
| Retail Shares Offered | Not less than 70.00% of the Net Offer |
| NII (HNI) Shares Offered | Not less than 29.00% of the Offer Size |
| QIB Shares Offered | Not more than 1.00% of the Offer Size |
Shareholding Structure
| Category | Pre IPO | Post IPO |
|---|---|---|
| Promoter and Promoter Group | 73.42% | 49.40% |
| Public | 26.58% | 50.60% |
| Total | 100% | 100% |
IPO Objects of the Issue
The Company proposes to utilise the Net Proceeds from the Fresh Issue towards the following objects:
- Funding working capital requirements of the Company ₹75.00 Cr
- Repayment and/ or pre-payment, in part or full, of term loans ₹19.00 Cr
- General Corporate Purposes Balance
Vishal Nirmiti Limited is backed by three decades of operating history in heavy railway infrastructure manufacturing, establishing strong positioning as a core PSC sleeper supplier to Indian Railways and the Dedicated Freight Corridor (DFCCIL). Its deliberate transition into specialized hydro-mechanical engineering – supplying MS liners and penstock pipelines for pumped storage projects (PSPs) and lift irrigation – broadens its addressable market into fast-growing clean energy storage and water management ecosystems.
Financially, the company shows stable performance, posting ₹344.13 Cr in revenue and a PAT of ₹24.98 Cr for FY26, alongside robust capital returns with an ROE of 33.67% and ROCE of 28.02%. The public issue is predominantly fresh capital (₹145 Cr out of ₹178 Cr), of which ₹75 Cr is earmarked for working capital to support order execution and ₹19 Cr is designated to retire debt, strengthening balance sheet leverage (currently at 1.01x Debt/Equity). At the upper price band of ₹220, the issue commands a post-IPO P/E multiple of 23.26x against an overall market capitalization of ₹580.60 Cr. While priced at a modest premium compared to standard civil engineering peers (LCC Projects at 13.87x, Annu Projects at 14.33x), the company’s niche railway pre-stressing credentials, superior return on equity, and exposure to pumped storage infrastructure offer medium-to-long-term promise for infrastructure-oriented investors.
