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Latest GMP
- Lead Manager
- Saffron Capital Advisors Private Limited
- IPO Registrar
- MUFG Intime India Private Limited
- IPO Open Date
- 30th Sep 2026
- IPO Close Date
- 5th Oct 2026
- Allotment date
- 6th Oct 2026
- Listing date
- 8th Oct 2026
- Issue Size
- ₹ 178 Cr.
- Issue Price Band
- ₹ 208 to 220
- Lot Size
- 68 Share
- Minimum Investment
- ₹ 14960
Disclaimer: IPO details, GMP, subscription figures, and other related information are for informational purposes only and may not always be accurate or up to date. Please verify the latest details from official sources before investing.
About Vishal Nirmiti Limited
Incorporated in 1994, Vishal Nirmiti Limited (formerly Sejal Farms Private Limited) is a civil engineering, manufacturing, and construction company primarily engaged in manufacturing and dealing of Pre-Stressed Concrete (PSC) sleepers for railways, pre-cast and pre-stressed concrete products, as well as fabrication and erection of Mild Steel (MS) pipes, liners, and penstock pipes for Pumped Storage Projects (PSPs).
The company also provides engineering, procurement, and construction (EPC) services for railway infrastructure, irrigation, and civil engineering projects across sectors such as railways, renewable power, and industrial infrastructure.
Business Segments
Manufacturing Segment
Includes PSC sleeper manufacturing for Indian Railways, DFCCIL, and private clients, as well as MS pipes, MS liners, and penstock pipes for hydro power, lift irrigation, water supply, and infrastructure projects.
Services Segment
Covers job work contracts for MS pipes, liners, penstock pipes, pre-cast and pre-stressed elements (such as noise barriers and cable ducts), hydro-mechanical structures, as well as construction works, power generation through windmills, transportation, leasing, and sale of scrap.
Geographic Presence
VNL has a pan-India presence with operational units across Maharashtra, Madhya Pradesh, Gujarat, Himachal Pradesh, Uttar Pradesh, Odisha, and Karnataka and is led by a highly experienced promoter group with over four decades of domain expertise.
Workforce
As of June 30, 2026, the Company employed 420 employees in various departments.
Competitive Strengths
- Execution capabilities with industry experience and strong operating systems, providing comprehensive solution
- Dedicated focus on railway infrastructure development and manufacture of PSC sleepers
- Deeply entrenched, long term relationships with customers
- Experienced Management Team driving the growth of the Company
IPO Subscription Details
| Category | Shares Offered | Shares Applied | Subscription Times (x) |
|---|
Grey Market Premium (GMP)
| GMP Date | IPO Price | GMP | Estimated Listing Price | Estimated Profit* | Last Updated |
|---|
Financials of Vishal Nirmiti Limited
A quick overview of the key Financial Performance of Vishal Nirmiti Limited.
Total Assets (₹ Cr)
Revenue (₹ Cr)
Profit after Tax (₹ Cr)
*All values are in Rs. Cr
Company Financials
Revenue increased by 6%, Profit after Tax (PAT) increased by 6%, Total Assets increased by 13% between FY2025 and FY2026.
| Period Ended | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Revenue | 242.88 | 318.52 | 338.68 |
| Assets | 242.04 | 296.61 | 334.92 |
| Total Income | 247.93 | 324.86 | 344.13 |
| Profit After Tax | 3.45 | 23.64 | 24.98 |
| EBITDA | 23.14 | 46.48 | 51.13 |
| Net Worth | 38.12 | 61.12 | 86.34 |
| Reserves & Surplus | 36.76 | 59.76 | 66.98 |
| Total Borrowings | 91.75 | 88.05 | 87.42 |
IPO Lot Size
Application
Lots
Shares
Amount
Retail (Min)
1
68
₹ 14,960
Retail (Max)
13
884
₹ 1,94,480
S-HNI (Min)
14
952
₹ 2,09,440
S-HNI (Max)
66
4,488
₹ 9,87,360
B-HNI (Min)
67
4,556
₹ 10,02,320
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 68 | ₹ 14,960 |
| Retail (Max) | 13 | 884 | ₹ 1,94,480 |
| S-HNI (Min) | 14 | 952 | ₹ 2,09,440 |
| S-HNI (Max) | 66 | 4,488 | ₹ 9,87,360 |
| B-HNI (Min) | 67 | 4,556 | ₹ 10,02,320 |
Key Performance Indicators (KPI)
| KPI | Latest |
|---|---|
| ROE (%) | 33.67 |
| ROCE (%) | 28.02 |
| Debt / Equity | 1.01 |
| RoNW (%) | 33.87 |
| PAT Margin (%) | 7.37 |
| EBITDA Margin (%) | 15.1 |
|
Pre IPO
Post IPO
|
|
| EPS (₹) |
12.61
-
|
| P/E (x) |
-
-
|
| Promoter Holding (%) |
37.51
-
|
IPO Lead Manager(s)
Lead Manager Details
- Saffron Capital Advisors Private Limited
- Contact Person: Pratibha Joshi / Satej Darde
- SEBI Registration Number: INM000011211
- Investor Grievance Email: investorgrievance@saffronadvisor.com
- Website: https://www.saffronadvisor.com/
- Email: ipos@saffronadvisor.com
- Phone: +91 22 4973 0394
- Address: 605, Sixth Floor, Centre Point, Andheri Kurla Road, JB Nagar, Andheri East, Mumbai - 400059, Maharashtra, India
IPO Registrar
- Registrar Name
- MUFG Intime India Private Limited
- Phone
- +91 810 811 4949
- Contact Person
- Shanti Gopalkrishnan
- SEBI Registration Number
- INR000004058
- Address
- C-101, Embassy 247, L.B.S Marg, Vikhroli (West), Mumbai - 400083, Maharashtra, India
- Website
- https://in.mpms.mufg.com/
Company Contact Details
- Company Name
- Vishal Nirmiti Limited
- ipo@vishalnirmiti.com
- Phone
- +91 9823877359
- Contact Person
- Suhas Ganpat Naik
- Corporate Identity Number
- U01122MH1994PLC185445
- Address
- 303, 17 Elphinstone House, Marzban Road, New Empire Cinema, Fort, Mumbai - 400001, Maharashtra, India
- Website
- https://www.vishalnirmiti.com/
Vishal Nirmiti Limited FAQs
