Vishal Nirmiti IPO
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Vishal Nirmiti IPO details
Schedule of Vishal Nirmiti
| Issue open date | 30 Sep 2026 |
| Issue close date | 05 Oct 2026 |
| UPI mandate deadline | 05 Oct 2026 (5 PM) |
| Allotment finalization | 06 Oct 2026 |
| Refund initiation | 07 Oct 2026 |
| Share credit | 07 Oct 2026 |
| Listing date | 08 Oct 2026 |
| Mandate end date | 20 Oct 2026 |
| Lock-in end date for anchor investors (50%) | 04 Nov 2026 |
| Lock-in end date for anchor investors (remaining) | 03 Jan 2027 |
Note: The schedule is tentative. The anchor lock-in period ends 30 days after the actual allotment date for 50% of the shares and 90 days after for the remaining portion. The allotment status can be checked on the registrar's website and the exchange website.
About Vishal Nirmiti
Vishal Nirmiti operates as a civil engineering, manufacturing, and construction entity operating across two primary business segments: manufacturing and services. In its manufacturing segment, the company manufactures pre-stressed concrete sleepers for broad-gauge and standard-gauge rail networks, pre-cast concrete elements including railway noise barriers, and fabricates mild steel pipes, mild steel liners, and penstock pipes for pumped storage projects. The company generates revenue by supplying these manufactured products primarily to public sector entities such as Indian Railways and private infrastructure developers through competitive tenders and periodic purchase orders. In its services segment, the company provides engineering, procurement, and construction services for railway infrastructure, civil engineering, irrigation, and infrastructure development projects, including roads, bridges, and flyovers. The company maintains multiple specialized manufacturing facilities across Maharashtra, Madhya Pradesh, Gujarat, and Himachal Pradesh to cater to regional project requirements.
Financials of Vishal Nirmiti
Issue size
| Funds Raised in the IPO | Amount (₹ crores) |
| Total issue size | 178.35 |
| Fresh Issue – Proceeds go to the company | 145 |
| Offer for sale – Proceeds go to the existing investors | 33 |
Utilisation of Proceeds
| Purpose | INR crores (%) |
|---|---|
| Working Capital Requirement | 75 (51.72%) |
| Repayment and/or pre-payment of certain borrowings | 19 (13.10%) |
| General Corporate Purposes | 51 (35.18%) |
Strengths
- Diversified across railway sleepers, steel pipes, and EPC works.
- Advanced in-house pipe welding and coating manufacturing plants.
- Over 95% of operational revenue generated from repeat clients.
- Multi-state manufacturing footprint spanning four Indian states.
- Experienced promoter group with deep infrastructure expertise.
Risks
- High revenue dependence on Indian Railways and state tenders.
- Top 5 clients account for over 85% of total operating revenue.
- Substantial working capital needs funded by short-term loans.
- Business relies on purchase orders without long-term contracts.
- Indebtedness exposes the business to debt servicing and covenants.