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Vishal Nirmiti IPO
Price Band
₹208.0–220.0
Issue Size
₹178.0 Cr
Lot Size
68 shares
Min Investment
₹14,960
GMP
—
Issue Price
₹220.0
Vishal Nirmiti IPO AI Summary
- Vishal Nirmiti IPO is upcoming on BSE, NSE in the Civil Construction sector.
- Price band: ₹208.0–₹220.0 per share, lot size 68 shares (min. investment ₹14,960).
- Subscription window: 30 Sep–05 Oct 2026, listing on 08 Oct 2026.
TopFund is not SEBI-registered — this is educational analysis, not personalized investment advice.
Important Dates
Subscription Status
IPO not open yet
Opens 30 Sep 2026 · in 2 days
Vishal Nirmiti IPO Grey Market Premium (GMP) Today
GMP not available yet
Grey Market Premium is updated daily. Check back closer to the listing date.
TopFund Score — Listing Data Indicator
GMP is 0.0% above issue price
Subscription not open yet
No anchor allocation for this IPO
Similar IPOs (same sector & type) averaged 15.2% listing gain
A rules-based composite of GMP, subscription demand, anchor participation and comparable-IPO history — each weighted as shown above. Not a statistically validated probability, a guarantee of listing performance, or personalized investment advice.
Limitations: weights are fixed by TopFund, not backtested against outcomes; the "Historical Similar-IPO Performance" factor needs at least 3 comparable past listings and falls back to a broader, less specific cohort when this sector/type doesn't have enough; GMP and subscription data can change daily right up to listing day, so scores shown may already be stale — check the "as of" date above.
About the Company
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. 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 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
Company Financials (₹ Cr)
As of 2026-03-31
| Period Ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 334.92 | 296.61 | 242.04 |
| Total Income | 344.13 | 324.86 | 247.93 |
| Profit After Tax | 24.98 | 23.64 | 3.45 |
| EBITDA | 51.13 | 46.48 | 23.14 |
| NET Worth | 86.34 | 61.12 | 38.12 |
| Reserves and Surplus | 66.98 | 59.76 | 36.76 |
| Total Borrowing | 87.42 | 88.05 | 91.75 |
Key Ratios
EPS
₹12.61
NAV
₹43.61
ROE
33.67%
ROCE
28.02%
RoNW
33.87%
P/B Value
5.04
P/E Ratio
17.45
Market Cap
₹580.60 Cr
PAT Margin
7.37%
Debt/Equity
1.01
Peer Comparison
| Company | NAV | RoNW | P/E (x) | EPS Basic | EPS Diluted |
|---|---|---|---|---|---|
| Indian Hume Pipe Co.Ltd. | 281.76 | 9.51% | 13.86 | 26.79 | 26.79 |
| Gpt Infraprojects Ltd. | 41.77 | 18.25% | 14.83 | 7.7 | 7.7 |
| Vishal Nirmiti Limited This IPO | 43.61 | 33.87% | — | 12.61 | 12.61 |
Promoters
Brij B Tapadiya, Ajay Bhagwandas Tapadiya, Pavan Vithaldas Tapadiya, Akhil Ranchod Tapadiya, Naveen Tapadiya, Rajendrakumar Badrinarayan Tapadiya, Suyash Vithaldas Tapadiya, Vedant Tapadiya, Keshav Tapadiya
Objects of the Issue
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects: # Issue Objects Est Amt (₹ Cr.) 1 Funding working capital requirements of the Company 75.00 2 Repayment and/ or pre-payment, in part or full of term loans 19.00 3 General Corporate Purposes Total 94.00
IPO Evaluation
Generated 26 Sep 2026Revenue Trend
Total income was ₹247.93 Cr in the year ending 31 Mar 2024, increasing to ₹324.86 Cr by 31 Mar 2025, and further rising to ₹344.13 Cr by 31 Mar 2026.
Profit Trend
Profit After Tax was ₹3.45 Cr in the year ending 31 Mar 2024, which grew to ₹23.64 Cr by 31 Mar 2025, and reached ₹24.98 Cr by 31 Mar 2026.
Valuation
Vishal Nirmiti Limited's implied P/E at the issue price of ₹220.0 is approximately 17.45 times its earnings, compared to peers trading at P/E ratios ranging from 13.86 to 14.83.
Grey Market Premium, Explained
The grey market refers to the unofficial trading of shares before they are listed on the stock exchange. The Grey Market Premium (GMP) indicates the expected listing price compared to the issue price. A positive GMP suggests that the shares are likely to list at a higher price than the issue price, while a negative GMP indicates the opposite.
Who This IPO Suits
Investors comfortable with short-term volatility and a long-term horizon typically weigh IPOs like this against their risk tolerance and investment goals, considering the company's growth potential and market conditions.
Who May Want to Wait
Investors who are risk-averse or prefer stable, established companies may want to avoid IPOs like this, which can be subject to market fluctuations and operational risks.
IPO Timeline, Explained
The IPO process includes several key dates: the issue opens on 30 September 2026 and closes on 5 October 2026. Allotment of shares will be done on 6 October 2026, and the shares are expected to be listed on the stock exchange on 8 October 2026.
Listing Gains — The Risk
Listing gains refer to the profit made by investors when shares are listed on the stock exchange at a price higher than the issue price. However, these gains are not guaranteed and can be influenced by market demand, investor sentiment, and overall market conditions.
This evaluation is generated from Vishal Nirmiti's own public IPO filing data for educational purposes and is not investment advice or a recommendation to apply, subscribe to, or avoid this issue — see Broker Recommendations below for named third-party research views (clearly attributed, not TopFund's own). TopFund is not a SEBI-registered investment adviser — see our Disclaimer.
Frequently Asked Questions
What is the price band of Vishal Nirmiti IPO?
The price band of Vishal Nirmiti IPO is ₹208.0–₹220.0 per share.
When does Vishal Nirmiti IPO open and close?
Vishal Nirmiti IPO opens on 30 September 2026 and closes on 05 October 2026.
When does Vishal Nirmiti IPO list on the stock exchange?
Vishal Nirmiti IPO is scheduled to list on 08 October 2026, with an estimated listing price of ₹220.0 based on current GMP.
What is the lot size for Vishal Nirmiti IPO?
The lot size for Vishal Nirmiti IPO is 68 shares, requiring a minimum investment of ₹14,960.
What is the TopFund Listing Data Indicator for Vishal Nirmiti?
Vishal Nirmiti's Listing Data Indicator score is 35/100 (Low signal), a weighted composite of GMP strength, subscription demand, anchor investor interest and how similar past IPOs performed on listing. It's a rules-based summary of public market data, not a statistically validated probability, a guarantee, or personalized investment advice.
What is the lot size for this IPO?
The lot size for the Vishal Nirmiti IPO is 68 shares.
What is the minimum investment required?
The minimum investment required for this IPO is ₹14,960.
What is the price band for this IPO?
The price band for the Vishal Nirmiti IPO is ₹208.0 to ₹220.0.
When does the IPO open and close?
The IPO opens on 30 September 2026 and closes on 5 October 2026.
What does GMP mean?
GMP stands for Grey Market Premium, which indicates the expected listing price of shares compared to the issue price.
Issue Details
Investor Allocation
Registrar
Lead Managers / Book Running
IPO Timeline
Open
30 Sep 2026
Close
05 Oct 2026
Allotment
06 Oct 2026
Listing
08 Oct 2026
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