{"id":53582,"date":"2026-09-28T16:10:28","date_gmt":"2026-09-28T10:40:28","guid":{"rendered":"https:\/\/flattrade.in\/kosh\/?p=53582"},"modified":"2026-09-28T16:10:28","modified_gmt":"2026-09-28T10:40:28","slug":"vishal-nirmiti-ipo","status":"publish","type":"post","link":"https:\/\/flattrade.in\/kosh\/vishal-nirmiti-ipo\/","title":{"rendered":"Vishal Nirmiti IPO"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"53582\" class=\"elementor elementor-53582\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-e254d88 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"e254d88\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-45499b8\" 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class=\"cmr-g-label\">Price Band<\/div>\n      <div class=\"cmr-g-value\">\u20b9208 \u2013 \u20b9220<\/div>\n      <div class=\"cmr-g-sub\">FV: \u20b910 \/ share<\/div>\n    <\/div>\n\n    <div class=\"cmr-glance-item cmr-highlight\">\n      <div class=\"cmr-g-label\">Issue Dates<\/div>\n      <div class=\"cmr-g-value\">Sep 30 \u2013 Oct 5<\/div>\n      <div class=\"cmr-g-sub\">Year: 2026<\/div>\n    <\/div>\n\n    <div class=\"cmr-glance-item\">\n      <div class=\"cmr-g-label\">Lot Size<\/div>\n      <div class=\"cmr-g-value\">68 Shares<\/div>\n      <div class=\"cmr-g-sub\">Min: \u20b914,960<\/div>\n    <\/div>\n\n    <div class=\"cmr-glance-item\">\n      <div class=\"cmr-g-label\">Total Issue Size<\/div>\n      <div class=\"cmr-g-value\">\u20b9178.00 Cr<\/div>\n      <div class=\"cmr-g-sub\">Fresh + OFS<\/div>\n    <\/div>\n\n    <div class=\"cmr-glance-item\">\n      <div class=\"cmr-g-label\">Listing At<\/div>\n      <div class=\"cmr-g-value\">BSE &amp; NSE<\/div>\n      <div class=\"cmr-g-sub\">Tentative: Oct 8<\/div>\n    <\/div>\n\n    <div class=\"cmr-glance-item\">\n      <div class=\"cmr-g-label\">Lead Managers<\/div>\n      <div class=\"cmr-g-value\" style=\"font-size: 13.5px;\">Saffron Capital<\/div>\n      <div class=\"cmr-g-sub\">Reg: MUFG Intime<\/div>\n    <\/div>\n  <\/div>\n\n\n\n  <!-- \u2500\u2500 ABOUT THE COMPANY \u2500\u2500 -->\n  <h2 class=\"section-heading\">About the Business<\/h2>\n  <p>\n    Incorporated in <strong>1994<\/strong>, 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.\n  <\/p>\n  <p>\n    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.\n  <\/p>\n\n  <ul class=\"cmr-feature-list\">\n    <li><strong>Dual Business Architecture:<\/strong> Operates across two integrated verticals &#8211; Manufacturing (PSC railway sleepers, MS pipes, and penstock assemblies) and Services (EPC project execution, job-work, hydro-mechanical erection, and clean windmill power generation).<\/li>\n    <li><strong>Critical Railway Infrastructure Focus:<\/strong> Acts as a key supplier of heavy-duty PSC sleepers for high-speed tracks, dedicated freight corridors, and private rail sidings.<\/li>\n    <li><strong>Penstock &amp; Pumped Storage Capabilities:<\/strong> Fabricates high-pressure MS liners and penstock pipelines catering to clean-energy Pumped Storage Projects (PSPs) and lift irrigation projects.<\/li>\n    <li><strong>Pan-India Operating Footprint:<\/strong> Maintains operational manufacturing and site execution facilities across Maharashtra, Madhya Pradesh, Gujarat, Himachal Pradesh, Uttar Pradesh, Odisha, and Karnataka.<\/li>\n    <li><strong>Dedicated Technical Workforce:<\/strong> Supported by a workforce of 420 personnel across engineering, operations, and project delivery as of June 30, 2026.<\/li>\n  <\/ul>\n\n  <p>\n    The company&#8217;s promoters are <strong>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<\/strong>.\n  <\/p>\n\n  <hr class=\"divider\" \/>\n\n  <!-- \u2500\u2500 FINANCIAL OVERVIEW \u2500\u2500 -->\n  <h2 class=\"section-heading\">Company Financials<\/h2>\n  <p>\n    Vishal Nirmiti Ltd.&#8217;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.\n  <\/p>\n\n  <div class=\"table-container\">\n    <table class=\"fin-table\">\n      <thead>\n        <tr>\n          <th>Period Ended<\/th>\n          <th>31 Mar 2026<\/th>\n          <th>31 Mar 2025<\/th>\n          <th>31 Mar 2024<\/th>\n        <\/tr>\n      <\/thead>\n      <tbody>\n        <tr>\n          <td>Assets<\/td>\n          <td>334.92<\/td>\n          <td>296.61<\/td>\n          <td>242.04<\/td>\n        <\/tr>\n        <tr>\n          <td>Total Income<\/td>\n          <td>344.13<\/td>\n          <td>324.86<\/td>\n          <td>247.93<\/td>\n        <\/tr>\n        <tr>\n          <td>Profit After Tax<\/td>\n          <td>24.98<\/td>\n          <td>23.64<\/td>\n          <td>3.45<\/td>\n        <\/tr>\n        <tr>\n          <td>EBITDA<\/td>\n          <td>51.13<\/td>\n          <td>46.48<\/td>\n          <td>23.14<\/td>\n        <\/tr>\n        <tr>\n          <td>NET Worth<\/td>\n          <td>86.34<\/td>\n          <td>61.12<\/td>\n          <td>38.12<\/td>\n        <\/tr>\n        <tr>\n          <td>Reserves &amp; Surplus<\/td>\n          <td>66.98<\/td>\n          <td>59.76<\/td>\n          <td>36.76<\/td>\n        <\/tr>\n        <tr>\n          <td>Total Borrowing<\/td>\n          <td>87.42<\/td>\n          <td>88.05<\/td>\n          <td>91.75<\/td>\n        <\/tr>\n      <\/tbody>\n    <\/table>\n  <\/div>\n  <p class=\"fin-note\">Amount in \u20b9 Crore<\/p>\n\n  <!-- \u2500\u2500 KPIS \u2500\u2500 -->\n  <h2 class=\"section-heading\">Key Performance Indicator (KPI)<\/h2>\n  <div class=\"kpi-grid\">\n    <div class=\"kpi-card\">\n      <div class=\"kpi-value\">33.67%<\/div>\n      <div class=\"kpi-label\">ROE (FY26)<\/div>\n    <\/div>\n    <div class=\"kpi-card\">\n      <div class=\"kpi-value\">28.02%<\/div>\n      <div class=\"kpi-label\">ROCE<\/div>\n    <\/div>\n    <div class=\"kpi-card\">\n      <div class=\"kpi-value\">15.10%<\/div>\n      <div class=\"kpi-label\">EBITDA Margin<\/div>\n    <\/div>\n    <div class=\"kpi-card\">\n      <div class=\"kpi-value\">7.37%<\/div>\n      <div class=\"kpi-label\">PAT Margin<\/div>\n    <\/div>\n    <div class=\"kpi-card\">\n      <div class=\"kpi-value\">1.01<\/div>\n      <div class=\"kpi-label\">Debt \/ Equity<\/div>\n    <\/div>\n    <div class=\"kpi-card\">\n      <div class=\"kpi-value\">\u20b943.61<\/div>\n      <div class=\"kpi-label\">Net Asset Value (NAV)<\/div>\n    <\/div>\n  <\/div>\n\n  <hr class=\"divider\" \/>\n\n \n \n  <hr class=\"divider\" \/>\n\n  <!-- \u2500\u2500 ISSUE RESERVATION \u2500\u2500 -->\n  <h2 class=\"section-heading\">Issue Reservation<\/h2>\n  <div class=\"table-container\">\n    <table class=\"res-table\">\n      <thead>\n        <tr>\n          <th>Investor Category<\/th>\n          <th>Allocation Share<\/th>\n        <\/tr>\n      <\/thead>\n      <tbody>\n        <tr><td>Retail Shares Offered<\/td><td>Not less than 70.00% of the Net Offer<\/td><\/tr>\n        <tr><td>NII (HNI) Shares Offered<\/td><td>Not less than 29.00% of the Offer Size<\/td><\/tr>\n        <tr><td>QIB Shares Offered<\/td><td>Not more than 1.00% of the Offer Size<\/td><\/tr>\n      <\/tbody>\n    <\/table>\n  <\/div>\n\n  <hr class=\"divider\" \/>\n\n  <!-- \u2500\u2500 SHAREHOLDING STRUCTURE \u2500\u2500 -->\n  <h2 class=\"section-heading\">Shareholding Structure<\/h2>\n  <div class=\"table-container\">\n    <table class=\"res-table\">\n      <thead>\n        <tr>\n          <th>Category<\/th>\n          <th>Pre IPO<\/th>\n          <th>Post IPO<\/th>\n        <\/tr>\n      <\/thead>\n      <tbody>\n        <tr>\n          <td>Promoter and Promoter Group<\/td>\n          <td>73.42%<\/td>\n          <td>49.40%<\/td>\n        <\/tr>\n        <tr>\n          <td>Public<\/td>\n          <td>26.58%<\/td>\n          <td>50.60%<\/td>\n        <\/tr>\n        <tr>\n          <td><strong>Total<\/strong><\/td>\n          <td><strong>100%<\/strong><\/td>\n          <td><strong>100%<\/strong><\/td>\n        <\/tr>\n      <\/tbody>\n    <\/table>\n  <\/div>\n\n  <hr class=\"divider\" \/>\n\n \n\n\n  <hr class=\"divider\" \/>\n\n  <!-- \u2500\u2500 OBJECTS OF ISSUE \u2500\u2500 -->\n  <h2 class=\"section-heading\">IPO Objects of the Issue<\/h2>\n  <p>The Company proposes to utilise the Net Proceeds from the Fresh Issue towards the following objects:<\/p>\n  <ul class=\"objects-list\">\n    <li>\n      <span class=\"obj-label\">Funding working capital requirements of the Company<\/span>\n      <span class=\"obj-amt\">\u20b975.00 Cr<\/span>\n    <\/li>\n    <li>\n      <span class=\"obj-label\">Repayment and\/ or pre-payment, in part or full, of term loans<\/span>\n      <span class=\"obj-amt\">\u20b919.00 Cr<\/span>\n    <\/li>\n    <li>\n      <span class=\"obj-label\">General Corporate Purposes<\/span>\n      <span class=\"obj-amt\">Balance<\/span>\n    <\/li>\n  <\/ul>\n\n  <!-- \u2500\u2500 VERDICT CARD \u2500\u2500 -->\n  <div class=\"cmr-verdict-card\">\n    <div class=\"cmr-verdict-title\">The Final Verdict<\/div>\n    <p>\n      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 &#8211; supplying MS liners and penstock pipelines for pumped storage projects (PSPs) and lift irrigation &#8211; broadens its addressable market into fast-growing clean energy storage and water management ecosystems.\n    <\/p>\n    <p style=\"margin-top: 10px;\">\n      Financially, the company shows stable performance, posting \u20b9344.13 Cr in revenue and a PAT of \u20b924.98 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 (\u20b9145 Cr out of \u20b9178 Cr), of which \u20b975 Cr is earmarked for working capital to support order execution and \u20b919 Cr is designated to retire debt, strengthening balance sheet leverage (currently at 1.01x Debt\/Equity). At the upper price band of \u20b9220, the issue commands a post-IPO P\/E multiple of 23.26x against an overall market capitalization of \u20b9580.60 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\u2019s 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.\n    <\/p>\n  <\/div>\n\n  <!-- \u2500\u2500 CTA BUTTON \u2500\u2500 -->\n  <div class=\"cta-wrap\">\n    <a class=\"cta-btn\" href=\"https:\/\/novo.flattrade.in\/\" target=\"_blank\" rel=\"noopener\">\n      Apply for Vishal Nirmiti IPO on Flattrade &rarr;\n    <\/a>\n  <\/div>\n\n  <div class=\"source-note\">Source: Chittorgarh IPO Filings<\/div>\n\n<\/div>\n\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-2279771 elementor-section-boxed elementor-section-height-default 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Your first step costs nothing.<\/p>\n    <span class=\"cta-light-btn-element\">Open Free Account<\/span>\n  <\/div>\n<\/a>\n\n<style>\n\/* ==========================================================================\n   FLATTRADE INDEPENDENT CTA ELEMENT (PRESERVED ORIGINAL LIGHT DESIGN)\n   ========================================================================== *\/\n\n@import url('https:\/\/fonts.googleapis.com\/css2?family=Inter:wght@400;500;600;700&display=swap');\n\n.ft-inline-light-cta {\n  width: 100%;\n  max-width: 680px;\n  margin: 1.5rem auto;\n  display: flex;\n  flex-direction: column;\n  align-items: center;\n  justify-content: center;\n  text-decoration: none;\n  position: relative;\n  overflow: hidden;\n  text-align: center;\n  border-radius: 12px;\n  \n  \/* Original Light Layout Properties *\/\n  background: #ffffff;\n  color: #1a2a40;\n  padding: clamp(1.75rem, 5vw, 2.75rem) clamp(1rem, 4vw, 2.25rem);\n  box-shadow: 0 8px 24px rgba(10, 22, 40, 0.06);\n  border: 1px solid #e2e8f0;\n  font-family: 'Inter', sans-serif;\n  transition: transform 0.2s ease, box-shadow 0.2s ease;\n}\n\n\/* Original radial light brand glow element *\/\n.ft-inline-light-cta::before {\n  content: '';\n  position: absolute;\n  top: -40%;\n  right: -20%;\n  width: clamp(160px, 35vw, 280px);\n  height: clamp(160px, 35vw, 280px);\n  background: radial-gradient(circle, rgba(0, 102, 204, 0.05) 0%, rgba(0,0,0,0) 70%);\n  pointer-events: none;\n}\n\n.cta-light-content {\n  display: flex;\n  flex-direction: column;\n  align-items: center;\n  justify-content: center;\n  width: 100%;\n  position: relative;\n  z-index: 2;\n}\n\n\/* Original Title Light Styling *\/\n.ft-inline-light-cta h2 {\n  color: #0a1628;\n  font-size: clamp(19px, 3.8vw, 24px);\n  font-weight: 700;\n  margin-bottom: 10px;\n  line-height: 1.3;\n  letter-spacing: -0.02em;\n  width: 100%;\n}\n\n\/* Original Paragraph Light Styling *\/\n.ft-inline-light-cta p { \n  color: #4a5568; \n  font-size: clamp(13.5px, 2.5vw, 14.5px); \n  margin-bottom: clamp(18px, 4vw, 24px); \n  line-height: 1.55;\n  font-weight: 400;\n  width: 100%;\n  max-width: 520px;\n}\n\n\/* Original Bold Highlight Box Badge Light Styling *\/\n.ft-inline-light-cta p strong {\n  color: #0066cc;\n  font-weight: 600;\n  background: rgba(0, 102, 204, 0.08);\n  padding: 2px 6px;\n  border-radius: 4px;\n  display: inline-block;\n}\n\n\/* Original Flattrade Vivid Electric Blue Button Mapping *\/\n.cta-light-btn-element {\n  display: inline-block;\n  background: #0066cc;\n  color: #ffffff;\n  font-weight: 600;\n  font-size: clamp(13.5px, 2.5vw, 14.5px);\n  padding: 12px clamp(20px, 5vw, 36px);\n  border-radius: 6px;\n  box-shadow: 0 4px 12px rgba(0, 102, 204, 0.25);\n  white-space: nowrap;\n  width: auto;\n  transition: background 0.2s ease, transform 0.1s ease, box-shadow 0.2s ease;\n}\n\n\/* Element wrapper hover actions routing down to the synthetic button element *\/\n.ft-inline-light-cta:hover {\n  transform: translateY(-2px);\n  box-shadow: 0 12px 32px rgba(10, 22, 40, 0.1);\n}\n\n.ft-inline-light-cta:hover .cta-light-btn-element {\n  background: #0052a3; \n  box-shadow: 0 6px 18px rgba(0, 102, 204, 0.35);\n}\n\n.ft-inline-light-cta:active {\n  transform: scale(0.99);\n}\n\n.ft-inline-light-cta:active .cta-light-btn-element {\n  transform: scale(0.98);\n  box-shadow: 0 2px 6px rgba(0, 102, 204, 0.15);\n}\n\n\/* Media query adaptation for viewports under 480px width *\/\n@media (max-width: 480px) {\n  .cta-light-btn-element {\n    width: 100%;\n    text-align: center;\n    padding: 13px 16px; \n  }\n}\n<\/style>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"IPO Summary Price Band \u20b9208 \u2013 \u20b9220 FV: \u20b910 \/ share Issue Dates Sep 30 \u2013 Oct 5&hellip;","protected":false},"author":10,"featured_media":53590,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"csco_display_header_overlay":false,"csco_singular_sidebar":"","csco_page_header_type":"","csco_page_load_nextpost":"","csco_post_video_location":[],"csco_post_video_location_hash":"","csco_post_video_url":"","csco_post_video_bg_start_time":0,"csco_post_video_bg_end_time":0,"csco_post_video_bg_volume":false,"footnotes":""},"categories":[15],"tags":[],"class_list":["post-53582","post","type-post","status-publish","format-standard","has-post-thumbnail","category-ipos","cs-entry","cs-video-wrap"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - 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