- POSITIVE
Annual Revenue Vishal Nirmiti Mar-2026 Annual Revenue is Rs 344 Cr which is growth of 5.9% YoY.
- POSITIVE
Annual Net Profit Vishal Nirmiti Mar-2026 Annual Net Profit is Rs 25 Cr which is growth of 5.7% YoY.
Vishal Nirmiti was incorporated on June 30, 1994. The company manufactures PSC sleepers, precast concrete products, and MS pipes, while providing EPC and construction services. It serves railways, renewable power, and industrial infrastructure sectors through its Manufacturing and Services segments
| Bidding Dates |
|---|
| 30 Sep 2026 - 05 Oct 2026 |
| Subscription |
|---|
| 1.71x Oversubscribed |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price Band | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| ₹14,144 | 1 | 13 | 68 | 8.1 M | ₹208 - ₹220 | 49.4 % | ₹1,682.9 M - ₹1,780.0 M | RHP DOC |
Vishal Nirmiti IPO SUBSCRIPTION STATUS
05 Oct '26Total1.71x
Retail Individual Investor1.67x
HNI (NII) Investors1.81x
Qualified Institutional Buyers1.27x
Vishal Nirmiti IPO overall subscription rate was 1.71 times the total available shares
Vishal Nirmiti IPO retail subscription rate was 1.67 times in the retail segment
Vishal Nirmiti IPO non-institutional investor subscription rate was 1.81 times in the non-institutional investor category
Vishal Nirmiti IPO Qualified Institutional Bidder subscription rate was 1.27 times the available shares for Qualified Institutional Bidder
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers |
|---|---|---|---|
| Category Reservation | 70% | 29% | 1% |
05 Oct 2026 (Day 3) | 1.67x | 1.81x | 1.27x |
01 Oct 2026 (Day 2) | 0.47x | 0.8x | 0.96x |
30 Sep 2026 (Day 1) | 0.06x | 0.01x | 0.96x |
Vishal Nirmiti FINANCIALS
| Period | Revenue from Operations (Rs in crore) | Net Profit (Rs in crore) | Cash Flow from Operations (Rs in crore) | Free Cash Flow (Rs in crore) | Margins |
| FY26 | 338.7 | 25.0 | 27.2 | 3.6 | 15.1% |
| FY25 | 318.5 | 23.6 | 38.2 | 0.4 | 14.6% |
| FY24 | 242.9 | 3.4 | 27.7 | 13.5 | 9.5% |
Vishal Nirmiti IPO SUBSCRIPTION STATUS DETAILS
Vishal Nirmiti had 8.1 M shares on offer
Vishal Nirmiti IPO offer price was in the range ₹208 - ₹220
Vishal Nirmiti IPO minimum Investment was ₹14144
Vishal Nirmiti IPO issue size was ₹ 1,682.9 M - ₹ 1,780.0 M
Vishal Nirmiti had a minimum lot size of 68 Shares per application
Vishal Nirmiti NUMBER OF SHARES ON OFFER
Total8.1 M
Fresh Issue6.6 M
Offer for Sale1.5 M
Post Issue Promoter Holding %49.4 %
Vishal Nirmiti IPO IMPORTANT DATES
| Issue Open Date | 30 Sep 2026 |
| Issue close Date | 05 Oct 2026 |
| Allotment Date | 06 Oct 2026 |
| Refund Date | 07 Oct 2026 |
| Demat Account Credit Date | 07 Oct 2026 |
| Listing Date | 08 Oct 2026 |
| Listing on Exchange(s) | NSE and BSE |
| Vishal Nirmiti Allotment Status | Exchange/ Registrar |
Vishal Nirmiti IPO subscription opened on 30 Sep 2026, and closed on 05 Oct 2026
IPO allotment for Vishal Nirmiti was finalized on Tuesday, 06 Oct 2026
IPO listing for Vishal Nirmiti was on NSE and BSE on Thursday, 08 Oct 2026
Vishal Nirmiti IPO LISTING GAINS
| Issue Price (adjusted) | 220.0 |
| Listing Open Price | 215.0 |
| Listing Close Price | 204.3 |
| Listing Gain% | -2.3% |
| Current Gain% | -52.7% |
Vishal Nirmiti Peer
| Stock | Stock Price | Market Cap (Rs crore) | PE TTM | PEG TTM | PS TTM | ROE% | ROA% | Annual Revenue (Rs crore) | Annual Revenue Growth % | Annual Net Profit (Rs crore) | Annual Net Profit Growth % | EPS TTM | EPS TTM Growth % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Vishal Nirmiti Ltd. | 104.1 | 274.8 | 11 | 1.9 | 0.8 | 28.8 | 7.4 | 344.1 | 5.9 | 25 | 5.7 | 9.5 | 5.7 |
| UltraTech Cement Ltd. | 11045 | 325473.2 | 37 | 2 | 3.4 | 10.6 | 5.8 | 89089 | 16.2 | 8165.6 | 35.2 | 298.7 | 18.8 |
| Grasim Industries Ltd. | 2981.4 | 202890.6 | 35.6 | 1 | 1.1 | 4.8 | 0.9 | 176610.9 | 17.8 | 4966.5 | 34 | 83.7 | 35.5 |
| Ambuja Cements Ltd. | 348 | 86031.8 | 30.7 | -0.6 | 2.2 | 8 | 5.3 | 41490 | 10.1 | 4728.2 | 13.5 | 11.3 | -50.2 |
| Shree Cements Ltd. | 22995 | 82967.6 | 52.4 | -6.6 | 3.6 | 7.5 | 5.5 | 21604.3 | 8.7 | 1743.6 | 55.3 | 438.8 | -7.9 |
| JK Cement Ltd. | 4785.5 | 36976.7 | 38.6 | -5.2 | 2.4 | 14.1 | 5.4 | 13916.8 | 15.5 | 992.5 | 15.3 | 124 | -7.4 |
Revenue Mix
Quarterly
Annual
Balance Sheet
Ratios
Cash Flow
Vishal Nirmiti annual results: revenue, profit, P&L, and margins as of Mar 2026 – 11 year history
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| Indicator | Graph | CAGR 3 Yrs | Mar '26 | Mar '25 | Mar '24 | Mar '23 | Mar '22 |
|---|---|---|---|---|---|---|---|
8.4% | 344.1 | 324.9 | 247.9 | 270.5 | 240.6 | ||
Operating Exp. Ann. | 6.9% | 287.6 | 272 | 219.7 | 235.6 | 204.8 | |
Operating Profit Ann. | 18.1% | 51.1 | 46.5 | 23.1 | 31 | 32.6 | |
OPM Ann. % | 9% | 14.86% | 14.31% | 9.33% | 11.46% | 13.53% | |
6.3% | 310.4 | 293.7 | 243.4 | 258.6 | 227.3 | ||
EBITDA Ann. | 17.5% | 56.6 | 52.8 | 28.2 | 34.9 | 35.8 | |
EBITDA Ann. margin % | 8.5% | 16.44% | 16.26% | 11.37% | 12.88% | 14.87% | |
Interest Ann. | -1.7% | 15 | 14.2 | 14.4 | 15.8 | 16.4 | |
Depr. | 3.2% | 7.8 | 7.5 | 9.2 | 7.1 | 6 | |
PBT Ann. | 65.9% | 33.8 | 31.5 | 4.6 | 7.4 | 9.4 | |
Tax Ann. | 19.9% | 8.8 | 7.8 | 1.1 | 5.1 | ||
124.8% | 25 | 23.6 | 3.5 | 2.2 | 9.4 | ||
Net Profit Ann. | 124.8% | 25 | 23.6 | 3.5 | 2.2 | 9.4 | |
NPM Ann. % | 107.9% | 7.37% | 7.42% | 1.41% | 0.82% | 3.94% | |
EPS Adj. latest Ann. | 128.1% | 9.5 | 9 | 1.3 | 0.8 | 3.6 |
*All financials are in INR Cr and price data in INR
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Total Rev. Ann.
1Y CHG
5.9%
2Y CAGR
17.8%
3Y CAGR
8.4%
Net Profit Ann.
1Y CHG
5.9%
2Y CAGR
167.3%
3Y CAGR
124.8%
Operating Exp. Ann.
1Y CHG
5.7%
2Y CAGR
14.4%
3Y CAGR
6.9%
Vishal Nirmiti IPO Reports
Vishal Nirmiti INFORMATION ON IPO ISSUE
About Vishal Nirmiti
Vishal Nirmiti was incorporated on June 30, 1994. The company manufactures PSC sleepers, precast concrete products, and MS pipes, while providing EPC and construction services. It serves railways, renewable power, and industrial infrastructure sectors through its Manufacturing and Services segments
Object of the Issue
- Funding working capital requirements of the company
- Repayment and/ or pre-payment, in part or full, of term loans availed by the company
- General corporate purposes
Vishal Nirmiti - PROMOTERS
| Name |
|---|
| Brij B Tapadiya |
| Ajay Bhagwandas Tapadiya |
| Pavan Vithaldas Tapadiya |
| Akhil Ranchod Tapadiya |
| Naveen Tapadiya |
| Rajendrakumar Badrinarayan Tapadiya |
| Suyash Vithaldas Tapadiya |
| Vedant Tapadiya |
| Keshav Tapadiya |
Vishal Nirmiti - MANAGEMENT & LEADERSHIP
| Name | Designation |
|---|---|
| Brij B Tapadiya | Chairman & Whole-Time Director |
| Pavan Vithaldas Tapadiya | Joint Managing Director |
| Ajay Bhagwandas Tapadiya | Joint Managing Director |
| Natraj Gopikishan Ladda | Executive Director |
| Rasik Singhania | Independent Director |
| Dillip Kumar Nanda | Independent Director |
| Truptee Brijesh Didvaniya | Independent Director |
| Deepak Kabra | Independent Director |
Vishal Nirmiti Book Running Lead Manager
Saffron Capital Advisors Private Limited
ipos@saffronadvisor.com
Vishal Nirmiti Registrar to the Offer
MUFG Intime India Private Limited
vishalnirmiti.ipo@in.mpms.mufg.com
Vishal Nirmiti Strengths
Execution capabilities
The company has proven expertise in managing end-to-end sleeper production lines, PSC sleepers, MS pipes, pre-cast concrete, and renewable power projects, optimising schedules to meet demand efficiently. Regular client and authority inspections ensure product quality and proper working conditions at its manufacturing units
Strength
Client relationship
The company maintains long-term relationships with key clients, including railway authorities and infrastructure contractors, built on trust, consistent delivery, and technical excellence. These partnerships drive repeat business, sustained revenue growth, and competitive advantage
Strength
Efficient & effective business model
The company’s model emphasises long-term client relationships through transparent communication, on-time delivery, and post-project support, managing the full project lifecycle for cost, quality, and timeline control. Strategic vendor partnerships, flexible operations, and modern tools ensure efficient resource use, operational excellence, and financial sustainability
Strength
Vishal Nirmiti Risks
Dependent on client orders & tenders
The company relies on periodic purchase orders and tender awards from public and private sector clients, with no long-term supply obligations. Reduced orders or changes in client sourcing could adversely affect its business, financial condition, and cash flows
Risk
Competition
The company depends on securing projects through competitive bidding, where awards are based on pricing, technical capabilities, experience, and reputation. Success in obtaining tenders is uncertain, and business growth relies on winning these bids
Risk
Brand & reputation
The company’s business relies on its brand recognition and reputation, which are key assets for attracting and retaining clients. Any decline in product quality, service, or market perception could harm client trust, brand value, and business performance
Risk
IPO FAQs
This IPO consists of an offer for sale of up to Rs 33.0 crore, of 1,500,000 shares. It also consists of a fresh issue of Rs 145.0 crore.
The promoters of the company are Brij B Tapadiya, Ajay Bhagwandas Tapadiya, Pavan Vithaldas Tapadiya, Akhil Ranchod Tapadiya, Naveen Tapadiya, Rajendrakumar Badrinarayan Tapadiya, Suyash Vithaldas Tapadiya, Vedant Tapadiya and Keshav Tapadiya.
The category allocation of qualified institutional buyers is 1.0%, the category allocation of non individual investors or high networth individuals is 29.0% and for retail investors it is 70.0%.
The price band of the IPO is Rs 208.0 - 220.0.
The IPO application opens on Sep 30, 2026 and closes on Oct 05, 2026.
The minimum lot size for the IPO is 68. The maximum lot size for the IPO is 884.
For all category investors, the minimum application amount for this IPO is Rs. 14,144.0, the maximum value for this IPO is Rs 194,480.0.
This IPO will be allotted on Oct 06, 2026.
The refund will be credited to your account on Oct 07, 2026.
The allotted shares will be credited to your demat on Oct 07, 2026.
Vishal Nirmiti Ltd.’s shares listed on the stock exchanges on Oct 08, 2026.