Vishal Nirmiti IPO
ListedMainboardOpens 30 September 2026Closes 5 October 2026
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…
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. VNL has a pan-India presence with operational units across Maharashtra, Madhya Pradesh, Gujarat, Himachal Pradesh, Uttar Pradesh, Odisha, and Karnataka.
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Key ratios
As per RHP / filingsTimeline
IPO Opens
30 Sept 2026
IPO Closes
5 Oct 2026
Allotment
6 Oct 2026
Listing
8 Oct 2026
IPO Timeline & Listing Details
| Event | Date |
|---|---|
| IPO Open Date | 30 September 2026 |
| IPO Close Date | 5 October 2026 |
| Allotment Date | 6 October 2026 |
| Listing Date | 8 October 2026 |
Investment Categories
| Category | Lots | Amount |
|---|---|---|
Retail (Min) | 1 | ₹14,960 |
Retail (Max)Just less than ₹2,00,000 | 13 | ₹1,94,480 |
SHNI (Min)Just above ₹2,00,000 | 14 | ₹2,09,440 |
SHNI (Max)Below ₹10,00,000 | 66 | ₹9,87,360 |
BHNIAbove ₹10,00,000 | 67 | ₹10,02,320 |
IPO Reservation Details
| Category | Reservation |
|---|---|
| QIB (Qualified Institutional Buyer) | 1.00% |
| NII (Non-Institutional Investor) | 29.00% |
| SHNI (Small Non-Institutional Investor) | 9.67% |
| BHNI (Big Non-Institutional Investor) | 19.33% |
| Retail | 70.00% |
| Total | 100.00% |
IPO Objectives
- 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.
Strengths
- Execution capabilities with industry experience and strong operating systems, providing comprehensive solutions.
- Dedicated focus on railway infrastructure development and manufacture of PSC sleepers.
- Deeply entrenched, long-term relationships with marquee customers like Indian Railways and Larsen & Toubro.
- Pan-India presence with operational units across Maharashtra, Madhya Pradesh, Gujarat, Himachal Pradesh, Uttar Pradesh, Odisha, and Karnataka.
Weaknesses
- Substantial dependence on railroad infrastructure projects undertaken by government authorities (Indian Railways, DFCCIL), making the business highly vulnerable to shifts in government policies and budgetary allocations.
- Revenue concentration from top customers; the top 5 customers accounted for 85.33% of operational revenue in FY26, exposing the company to order cancellation or deferment risks.
- Negative cash flows from investing and financing activities historically, placing pressure on the company's high working capital requirements.
- Reliance on third-party contract labor and suppliers, exposing operations to physical hazards, labor shortages, and supply chain disruptions without long-term commitments.
Financial Performance
| Period Ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets (₹ Cr.) | 334.92 | 296.61 | 242.04 |
| Revenue (₹ Cr.) | 344.13 | 324.86 | 247.93 |
| PAT (₹ Cr.) | 24.98 | 23.64 | 3.45 |
| Net Worth (₹ Cr.) | 86.34 | 61.12 | 38.12 |
Peer Comparison
| Company | P/B Ratio | P/E Ratio | RONW (%) | Net Worth (₹ Cr.) |
|---|---|---|---|---|
| Vishal Nirmiti | 5.04 | 23.26 | 33.87% | 86.34 |
| Indian Hume Pipe Co.Ltd. | 1.25 | 13 | 6.25% | 1,484 |
| Gpt Infraprojects Ltd. | 2.47 | 15.5 | 16.14% | 590.88 |
Subscription Details
Daily Bids Status
| Category | Day 1 | Day 2 | Day 3 |
|---|---|---|---|
| QIB | 1x | 1x | 1.33x |
| NII | 0.01x | 0.84x | 1.89x |
| S-HNI | 0.02x | 0.32x | 2.1x |
| B-HNI | 0x | 1.1x | 1.79x |
| RII | 0.06x | 0.49x | 1.75x |
| Total | 0.06x | 0.6x | 1.79x |
Overall Subscription Statistics
| Category | Shares Offered | Shares Bid | Bid Amount (₹ Cr) |
|---|---|---|---|
| QIB | 80,909 | 1,07,372 | 2.36 |
| NII | 23,46,364 | 44,45,908 | 97.81 |
| Small NII | 7,82,391 | 16,41,724 | 36.12 |
| Big NII | 15,63,973 | 28,04,184 | 61.69 |
| RII | 56,63,636 | 98,93,456 | 217.66 |
| Total | 80,90,909 | 1,44,46,736 | 317.83 |
Company Details
- Vishal Nirmiti Limited
- Registered Office: 303, 17 Elphinstone House, Marzban Road, New Empire Cinema, Fort, Mumbai-400001 Maharashtra, India; Corporate Office: Suyash, S. No. 255/1 +2/2, Ashiyana Park-II, Aundh, Haveli, Pune 411007 Maharashtra, India
- +91 9823877359
- ipo@vishalnirmiti.com
- www.vishalnirmiti.com
Registrar Details
- MUFG Intime India Private Limited
- +91 8108114949
- vishalnirmiti.ipo@in.mpms.mufg.com
- www.in.mpms.mufg.com
Frequently Asked Questions
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Vishal Nirmiti IPO News & Updates
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Vishal Nirmiti IPO IPO Pages
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Vishal Nirmiti IPO Details
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Vishal Nirmiti IPO GMP
Live grey market premium and listing estimate
Vishal Nirmiti IPO Subscription
QIB, NII, Retail, SHNI and BHNI subscription
Vishal Nirmiti IPO Allotment
Allotment date, chances, and check by PAN
Vishal Nirmiti IPO Review
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Vishal Nirmiti IPO FAQ
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Vishal Nirmiti IPO Registrar
Registrar website and how to check allotment
Vishal Nirmiti IPO Timeline
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Vishal Nirmiti IPO News
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Sources
We match Vishal Nirmiti IPO IPO numbers with official sources. For final dates and allotment results, double-check the registrar or exchange.
- SEBIRules for IPO allotment and disclosures in India
- NSEExchange notices, bidding data, and listing updates
- BSEExchange notices and IPO allotment check tools
- RHP / Offer DocumentCheck the company RHP on NSE/BSE or the IPO detail page
- MUFG Intime India Private LimitedOfficial site to check allotment status for this IPO
Also read our Editorial Policy, How GMP is calculated, How allotment chances work, and IPO fund allocation.
Reviewed by
Dinesh Agrawal · Lead IPO Analyst
15+ years in Indian markets and IPO research. He reviews IPO dates and key details before they go live.