| Annual Financials | Mar 2024 | Mar 2025 | Mar 2026 |
| Revenue | 242.88 | 318.52 | 338.68 |
| Expenses | 243.35 | 293.72 | 310.35 |
| Other Income | 5.05 | 6.35 | 5.46 |
| Total Revenue | 247.93 | 324.86 | 344.13 |
| Profit Before Tax | 4.58 | 31.48 | 33.78 |
| Net Profit | 3.45 | 23.64 | 24.98 |
Vishal Nirmiti
Vishal Nirmiti IPO
₹14,144
0.04 xOver-subscribedBidding Dates 30 Sept, 26 -05 Oct, 26
Min Investment ₹14,144
Lot Size68
Price Range ₹208 – ₹220
Issue Size ₹178.00 Cr.
Download Doc
IPO Subscription Details
Retail Subscription Details
0.05 x
Non-Institutional Buyers (sHNI)
0.01 x
Non-Institutional Buyers (bHNI)
0 x
Qualified Institutional Buyers (QIB)
0.96 x
Total0.04 x
0.04 x IPO Timeline
IPO Offer Start
30 Sept,26
IPO Offer Ends
05 Oct,26
Allotment Finalisation
06 Oct,26
Refund Initiation
07 Oct,26
Listing of Shares
08 Oct,26
IPO Analysis
Strengths
The company has ~20 years of industry experience in PSC sleeper manufacturing and MS Pipes fabrication, with ISO certifications across multiple units, managing end-to-end production lines while minimizing logistics costs by locating facilities near client sites.
The company is primarily focused on the railway sector, manufacturing PSC sleepers for broad-gauge and standard-gauge tracks using automated systems; Indian Railways' indigenous manufacturing capacity exceeds 15 million units annually, positioning the company favorably in this growing market.
The company has maintained long-term client relationships, with 95.13% of Fiscal 2026 revenue (₹32,039.87 lakhs) derived from repeat customers, and 10 clients retained for over 10 years, including Indian Railways, Larsen & Toubro, and KEC International.
Risks
The company derives 42.61%, 47.30%, and 58.09% of its Revenue from Operations in Fiscals 2026, 2025, and 2024, respectively, from government authorities including Indian Railways and DFCCIL. Any adverse changes in government policies, budgetary allocations, or reduction in tender issuances could materially impact revenues and operations.
The company's top 5 customers accounted for 85.33%, 86.33%, and 87.85% of Revenue from Operations in Fiscals 2026, 2025, and 2024, with Indian Railways alone contributing 40.56%, 46.14%, and 56.78%. Any loss of, or reduction in orders from, these key customers could significantly impair financial performance.
The company's estimated working capital requirement for Fiscal 2027 is ₹16,441.46 lakhs, a substantial increase from ₹5,915.04 lakhs in Fiscal 2026, with ₹7,500.00 lakhs of Offer Proceeds earmarked for this purpose. If alternate funding cannot be secured post-utilization of Net Proceeds, operations could be adversely affected.
Objectives
The company intends to utilize a portion of the Net Proceeds to meet its fund-based working capital requirements, as the business requires significant working capital funded through internal accruals, bank financing, and unsecured loans.
The company proposes to utilize a portion of the Net Proceeds towards repayment and/or pre-payment, in part or full, of existing term loans availed from banks and financial institutions, to reduce borrowings and lower future interest expenses.
The company intends to utilize the balance Net Proceeds towards general corporate purposes including strategic initiatives, business development, capital expenditure, branding, marketing, and other administrative expenses, subject to a cap of not exceeding a specified percentage of the Fresh Offer.
The Offer for Sale is intended to allow the Selling Shareholder to divest an aggregate of up to a specified number of Equity Shares; the company will not receive any proceeds from the Offer for Sale.
Yearly Financial Results
Balance Sheet
| Balance Sheet | Mar 2024 | Mar 2025 | Mar 2026 |
| Total Assets | 242.04 | 296.61 | 334.92 |
| Current Assets | 179.42 | 204.11 | 222.27 |
| Fixed Assets | 60.55 | 91.07 | 111.21 |
| Total Equity & Liabilities | 242.04 | 296.61 | 334.92 |
| Total Liabilities | 203.47 | 235.05 | 248.13 |
| Current Liabilities | 157.69 | 188.00 | 204.48 |
| Non Current Liabilities | 45.78 | 47.04 | 43.66 |
| Total Equity | 38.56 | 61.56 | 86.78 |
Cash Flow
| Cash Flow | Mar 2024 | Mar 2025 | Mar 2026 |
| Net Cash Flow | -7.33 | 4.92 | -5.54 |
| Investing Activities | -25.28 | -18.90 | -10.64 |
| Operating Activities | 27.73 | 38.20 | 27.15 |
| Financing Activities | -9.78 | -14.38 | -22.06 |
About Vishal Nirmiti
Vishal Nirmiti Limited is a civil engineering, manufacturing, and construction company primarily engaged in manufacturing Pre-Stressed Concrete (PSC) sleepers for railways, precast and prestressed concrete products, and fabrication of Mild Steel (MS) Pipes, MS Liners, and Penstock Pipes for Pumped Storage Projects (PSP). The company operates two segments — Manufacturing...more
Website
Managing DirectorBrij B Tapadiya
we are part of Raise Financial Services
built with love
for indians who love to invest & trade
Market Community
Follow us on
