Vishal Nirmiti IPO
Market Sentiment
IPO Details
Market Lot Size
IPO Reservation
Day-wise Subscription (times subscribed)
Financial Analysis
Financial Data
Financial Performance
| Metric | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|
| Revenue | 270.58 | 247.93 | 324.86 | 344.13 |
| Expense | 266.65 | 243.35 | 293.72 | 310.35 |
| Profit (PAT) | 3.01 | 3.45 | 23.64 | 24.98 |
| Total Assets | 224.50 | 242.04 | 296.61 | 334.92 |
Peer Comparison
| Company | EPS | P/E | RoNW % | NAV | Income |
|---|---|---|---|---|---|
| GPT Infraprojects Limited | 7.70 | 14.83 | 18.25 | 41.77 | 1,289.92 Cr |
| Indian Hume Pipe CompanyLimited | 26.79 | 13.86 | 9.51 | 281.76 | 1,305.57 Cr |
Strengths & Risks
- Strong return on equity — 34%.
- Mostly fresh capital — proceeds fund the company's growth, not an exit.
- Elevated leverage — debt/equity of 1.01.
Compiled from this issue's live GMP, subscription, valuation and financial data, and updated as those figures change. Informational only — not investment advice. Always read the RHP before applying.
Company Information
About Vishal Nirmiti
Incorporated in 1994, Vishal Nirmiti is one of the leading civil engineering, manufacturing, and construction companies that manufacture 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 firm also offers EPC services for railway infrastructure, irrigation, and civil engineering projects, catering to various sectors such as railways, renewable power, and industrial infrastructure. Vishal Nirmiti has a pan-India presence across Maharashtra, Madhya Pradesh, Gujarat, Himachal Pradesh, Uttar Pradesh, Odisha, and Karnataka. Moreover, the firm is backed by experienced promoters and has over 4 years of industry experience.
Company Contact Information
Vishal Nirmiti Ltd., 303, 17 Elphinstone House,, Marzban Road, New Empire Cinema,, Fort, Mumbai, Maharashtra, 400001
Objects of the Issue
| Purpose | Amount (Cr) |
|---|---|
| Funding Working Capital Requirements | 75.00 |
| Repayment and/ or pre-payment, in part or full of term loans | 19.00 |
| General Corporate Purpose | - |
Resources & Documents
Vishal Nirmiti IPO - Quick Take
Vishal Nirmiti has set a price band of Rs 208–Rs 220 per share for an issue size of Rs 178 crore. The stock listed with a 2.27% discount versus its issue price on October 08, 2026.
The issue is promoted by Brij B Tapadiya, Ajay Bhagwandas Tapadiya, Pavan Vithaldas Tapadiya, Akhil Ranchod Tapadiya, Naveen Tapadiya, Rajendrakumar Badrinarayan Tapadiya, Suyash Vithaldas Tapadiya, Vedant Tapadiya and Keshav… with Saffron Capital Advisors Pvt.Ltd. acting as lead manager. Net proceeds will primarily be used towards funding Working Capital Requirements (Rs 75 crore) and repayment and/ or pre-payment, in part or full of term loans (Rs 19 crore).
On fundamentals, the company is posting revenue growth of 5.9%, a profit margin of 7.3%, return on equity of 33.7% in its most recent reported period. Listed peers in this segment include GPT Infraprojects Limited (P/E 14.83x) and Indian Hume Pipe CompanyLimited (P/E 13.86x) — useful reference points when evaluating the issue's pricing relative to where the broader sector is trading.
On our data-signal score, the combined signals for this issue currently read weak — several key indicators are reading below average. This is a summary of public data, not a recommendation to apply or skip. Past performance does not predict future returns — review the price chart and peer comparison below before trading.
Frequently Asked Questions
Vishal Nirmiti IPO GMP — What It Means
GMP stops mattering once the shares trade — it only ever estimated the listing price. The summary at the top of this page compares the last pre-listing GMP with how the shares actually listed. Its last GMP before listing was 0.9%. Of the 32 Mainboard IPOs we have tracked with a final GMP under 10%, 19 listed above, 6 flat and 7 below the issue price; Vishal Nirmiti listed 2.3% below its issue price.
See the full Vishal Nirmiti GMP history and trend, or learn how grey market premium works and how reliable it is.
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