Vishal Nirmiti IPO
Civil Construction · BSE, NSE
Grey market trend
GMP trend not established
There are not enough recorded GMP sessions to establish a trend yet.
Civil Construction · BSE, NSE
There are not enough recorded GMP sessions to establish a trend yet.
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| Investor Category | Shares |
|---|---|
| QIB | Not more than 1% of the Offer Size |
| Retail | Not less than 70%of the Net Offer |
| NII | Not less than 29% of the Offer Size |
Investors can bid for a minimum of 68 shares and in multiples thereof.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 68 | ₹14,960 |
Updated Sep 26, 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 (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
As of June 30, 2026, the Company employed 420 employees in various departments.
Competitive Strengths:
Vishal Nirmiti Ltd.'s revenue increased by 6% and profit after tax (PAT) rose by 6% between the financial year ending with March 31, 2026 and March 31, 2025.
| 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 |
| # | 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 |
| KPI | Mar 31, 2026 |
|---|---|
| ROE |
| Valuation Metric | Pre IPO | Post IPO |
|---|---|---|
| EPS (₹) | 12.61 | 9.46 |
| P/E (x) | 17.45 | 23.26 |
| Market Cap at Offer Price | ₹435.60 Cr. | ₹580.60 Cr |
| Category | Pre IPO | Post IPO |
|---|---|---|
| Promoter and Promoter Group | 73.42% | 49.4% |
| Retail (Max) |
| 13 |
| 884 |
| ₹1,94,480 |
| S-HNI (Min) | 14 | 952 | ₹2,09,440 |
| S-HNI (Max) | 66 | 4488 | ₹9,87,360 |
| B-HNI (Min) | 67 | 4556 | ₹10,02,320 |
| 86.34 |
| 61.12 |
| 38.12 |
| Reserves and Surplus | 66.98 | 59.76 | 36.76 |
| Total Borrowing | 87.42 | 88.05 | 91.75 |
| Amount in ₹ Crore |
| 33.67% |
| ROCE | 28.02% |
| Debt/Equity | 1.01 |
| RoNW | 33.87% |
| PAT Margin | 7.37% |
| EBITDA Margin | 15.10% |
| NAV | 43.61 |
| Price to Book Value | 5.04 |
| Public | 26.58% | 50.60% |
| Total | 100% | 100% |