IPO Overview
Incorporated in 1994 (formerly known as Sejal Farms Private Limited), Vishal Nirmiti Limited is a Pune-based integrated civil engineering, heavy manufacturing, and infrastructure development company with over three decades of operating history. The company operates across two core segments — Manufacturing and Services. On the manufacturing side, it supplies Pre-Stressed Concrete (PSC) sleepers and other precast concrete products primarily to Indian Railways and DFCCIL, and fabricates large-diameter Mild Steel (MS) pipes, liners, and penstock pipes used in pumped storage hydropower, irrigation, and water supply projects. On the services side, it provides Engineering, Procurement & Construction (EPC) solutions spanning railway infrastructure, lift irrigation, water supply schemes, and renewable power. As of June 2026, the company employs 420 personnel and operates units across seven Indian states, with approximately 95% of FY26 revenue derived from repeat customers.
The company is now launching its Mainboard IPO on BSE and NSE, aiming to raise ₹178 crore. The issue comprises a fresh issue of ₹145 crore and an OFS of ₹33 crore by the promoter entity Vaman Prestressing Company. The price band is fixed at ₹208–₹220 per share with a lot size of 68 shares. The IPO opens on 30 September 2026 and closes on 5 October 2026, with listing expected on 8 October 2026.
IPO Detailed Information
Issue Details
| Parameter | Details |
| IPO Type | Book Built – Mainboard |
| Listing Exchange | BSE & NSE |
| IPO Open Date | 30 September 2026 |
| IPO Close Date | 5 October 2026 |
| Allotment Date | 6 October 2026 (Expected) |
| Refund / Credit to Demat | 7 October 2026 |
| Listing Date | 8 October 2026 (Tentative) |
| Price Band | ₹208 – ₹220 per share |
| Face Value | ₹10 per share |
| Lot Size | 68 shares |
| Minimum Investment (Retail) | ₹14,960 (1 lot = 68 shares) |
| Issue Size | ₹178 crore |
| Fresh Issue | 65,91,000 shares (₹145 crore) |
| Offer For Sale (OFS) | 15,00,000 shares (₹33 crore) |
Issue Break-up
| Category | Allocation |
| Qualified Institutional Buyers (QIB) | Not more than 1% of Net Offer |
| Non-Institutional Investors (NII) | At least 29% of Net Offer |
| Retail Individual Investors (RII) | At least 70% of Net Offer |
OFS / Selling Shareholders
The OFS component of ₹33 crore (15 lakh shares) is being offered by the promoter entity Vaman Prestressing Company. The proceeds from the OFS portion will go entirely to the selling shareholder and not to the company.
The fresh issue of ₹145 crore will flow directly into the company for business use.
Objects of the Issue (Fund Utilization)
The company plans to use the net fresh issue proceeds as follows:
- Working capital requirements — ₹75 crore
- Repayment / prepayment of term loans — ₹19 crore
- General corporate purposes — remaining proceeds
Total stated allocations: ₹94 crore out of ₹145 crore fresh issue proceeds.
Lead Managers & Registrar
- Book Running Lead Manager: Saffron Capital Advisors Private Limited
- Registrar to the Issue: MUFG Intime India Private Limited (formerly Link Intime)
Promoters & Management
The company is promoted by a large Tapadiya family group:
- Brij B. Tapadiya
- Ajay Bhagwandas Tapadiya
- Pavan Vithaldas Tapadiya
- Akhil Ranchod Tapadiya
- Naveen Tapadiya
- Rajendrakumar Badrinarayan Tapadiya
- Suyash Vithaldas Tapadiya
- Vedant Tapadiya
- Keshav Tapadiya
The promoter family brings deep domain expertise in civil engineering, concrete manufacturing, and railway infrastructure, having built the company over 30+ years into a multi-segment infrastructure player.
Company Details
Vishal Nirmiti Limited operates across two primary business segments — Manufacturing and Services — serving India’s core infrastructure sectors.
Sectors Served:
- Indian Railways & DFCCIL (Pre-Stressed Concrete Sleepers)
- Pumped Storage Hydropower Projects (MS Pipes, Liners, Penstock Pipes)
- Lift Irrigation & Water Supply Schemes
- Civil & Industrial Infrastructure (EPC)
Key Products & Services:
- Pre-Stressed Concrete (PSC) Sleepers for Railways
- Precast and Pre-Stressed Concrete Products
- Mild Steel (MS) Pipes, Liners & Penstock Pipes for Hydro Projects
- EPC Services for Railway Networks, Irrigation & Civil Infrastructure
- Wind Power Generation (as part of Services segment)
Key Capabilities:
- Manufacturing contributes over 75% of total revenue, indicating a strong core business, with services providing diversification and higher-margin contract opportunities
- Repeat customer base of ~95.13% in FY26, reflecting high client retention and execution reliability
- Strong order book of ₹581.77 crore as of June 2026, of which ₹306.9 crore relates to railway pre-stressed concrete sleepers
Operational Presence:
- Units across 7 Indian states
- Registered Office: Aundh, Haveli, Pune — 411007, Maharashtra
- Revenue CAGR of 18.09% from FY23 to FY26
Financial Snapshot
| Period | Revenue (₹ Cr) | PAT (₹ Cr) | EBITDA (₹ Cr) |
| FY24 | ₹242.88 | ₹2.44 | ₹23.14 |
| FY25 | ₹324.86 | ₹23.64 | ₹46.48 |
| FY26 | ₹344.13 | ₹24.98 | ₹51.13 |
Key Financial Metrics
- Revenue CAGR of ~18% from FY23 to FY26; PAT surged from ₹2.44 crore in FY24 to ₹24.98 crore in FY26
- ROE: 33.67% | ROCE: 28.02% (FY26)
- EBITDA Margin: ₹51.13 crore in FY26, up from ₹46.48 crore in FY25
- Debt/Equity: 1.01x as of March 2026; outstanding borrowings of ₹87.4 crore
- PAT Margin trend: 17.56% (FY23) → 8.97% (FY25) → 16.65% (9M FY26) — FY25 PAT was impacted by an extraordinary item
- Post-IPO Market Cap: ~₹580.60 crore at ₹220 per share
- Post-IPO P/E: 23.26x based on FY26 PAT; 15.51x based on annualised 9M FY26 earnings
Company Strengths
- Three decades of operating history in railway infrastructure manufacturing — established as a core PSC sleeper supplier to Indian Railways and DFCCIL
- Strong and growing order book of ₹581.77 crore as of June 2026, providing high revenue visibility for the near term
- Diversifying into fast-growing sectors — MS pipes and penstock pipelines for pumped storage projects (PSPs) and lift irrigation broadens its addressable market into clean energy and water management
- ~95% repeat customer base in FY26, reflecting high client loyalty and consistent execution quality
- Manufacturing contributes over 75% of revenue, with EPC services adding diversification and higher-value contract potential
- Strong return ratios — ROE of 33.67% and ROCE of 28.02% in FY26 — alongside improving EBITDA margins
Key Risks & Challenges
- High customer concentration: Indian Railways accounts for approximately 40.56% of FY26 revenue — any policy change, budget cut, or delays in railway procurement can significantly impact earnings
- Modest revenue growth in FY26: Revenue grew only ~6% YoY in FY26 (₹324.86 crore to ₹344.13 crore), and PAT growth was similarly muted at ~6% — relatively low given the post-issue valuation
- CBI investigation risk: There is an ongoing CBI investigation regarding suspected corruption offences linked to the company, which may influence institutional investor sentiment and overall IPO reception
- Working capital intensive business: The company has a significant working capital gap projected for FY27, even after utilizing ₹75 crore of IPO proceeds — suggesting continued dependency on external financing
- OFS component: ₹33 crore of the IPO goes to promoter entity Vaman Prestressing Company, not to the company — indicating partial promoter monetization
- No listed peers: The company has no directly comparable listed peers, making valuation benchmarking difficult for investors and raising concerns that the issue may be priced aggressively
Disclaimer:
This document is for informational purposes only and should not be considered as investment advice. Investors should read the Red Herring Prospectus (RHP) carefully and consult a financial advisor before investing in any IPO. Market investments are subject to risk.
