Vishal Nirmiti Ltd, a company that provides EPC services for railway infrastructure and various civil engineering projects, plans to raise ₹178 Cr through an IPO.
[Fresh Issue ₹145 Cr + OFS ₹33 Cr]
Vishal Nirmiti ipo price: ₹208–₹220 per share
Vishal Nirmiti: History
The Company was incorporated as a private limited company under the Companies Act, 1956 on June 30, 1994, in Maharashtra as Sejal Farms Private Limited.
It was then converted into a public limited company on August 20, 2025, under a special resolution passed by the shareholders.
The Company changed its name to Vishal Nirmiti Ltd, and the Registrar of Companies issued a fresh certificate of incorporation on September 12, 2025.
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Vishal Nirmiti: Business
Vishal Nirmiti Limited is a civil engineering, manufacturing, and construction company based in Mumbai, Maharashtra, India.
The Company provides engineering, procurement, infrastructure, and construction services for railways and various civil engineering, irrigation, and infrastructure development projects across sectors, such as,
- Railways,
- Renewable power, and
- Industrial sectors.
The Company’s business is divided into two verticals, namely –
- Manufacturing Segment: It comprises the PSC sleeper vertical, which involves manufacturing PSC sleepers for rail projects primarily awarded by public sector clients.
- Services Segment: It includes job work contracts for manufacturing MS Pipes, MS Liners, and Penstock Pipes for Pump Storage Projects, as well as precast and prestressed concrete elements.
VNL has an order book of ₹582 Cr as of June 2026.
Pan-India Presence
The Company has a pan-India presence with operational units across Gujarat, Himachal Pradesh, Maharashtra, Madhya Pradesh, Uttar Pradesh, Odisha, and Karnataka.
Strategies Ahead
Focus on current business verticals.
Maintain financial stability with continued profitable growth.
Penetrate newer geographies for growth purposes.
Focus on high-value projects for profitability and scalability.
Focus on innovation and use modern technologies for better output.
Enhance automation of internal manufacturing processes to improve cost-effectiveness.
Company Promoters
Brij B Tapadiya, Ajay B Tapadiya, Pavan V Tapadiya, Akhil R Tapadiya, Naveen Tapadiya, Rajendrakumar B Tapadiya, Suyash V Tapadiya, Vedant Tapadiya, and Keshav Tapadiya.
Refer to Vishal Nirmiti Limited DRHP for more details.
IPO Detail
ipo date: 30 Sep – 5 Oct 2026
Minimum Amount: ₹14,960
Minimum Bid: 68 Shares
Face Value: INR 10 per share
Listing On: NSE, BSE
Financial
Book Running Lead Manager
Saffron Capital Advisors
CONCLUSION
Considering financial performance and the nature of the business, FinBlab recommends a ‘ MAY SUBSCRIBE’ rating for the Vishal Nirmiti Limited IPO.
Do come back to learn more about “upcoming ipos”.
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