Vishal Nirmiti IPO 2026: Date, Price Band, GMP and Details

Dates, price band, lot size, financials and full details of the Vishal Nirmiti Limited IPO, sourced from the company's Red Herring Prospectus (RHP).

Vishal Nirmiti IPO at a glance

Vishal Nirmiti Limited is bringing a Book Built Mainboard IPO worth ₹178 crore. It is a mix of a fresh issue of shares worth ₹145 crore and an Offer for Sale (OFS) worth ₹33 crore. The IPO is open from 30 September to 5 October 2026 and is proposed to list on the BSE and the NSE.

Vishal Nirmiti IPO Details

Vishal Nirmiti IPO Timelines

Dates are tentative and may change.

Vishal Nirmiti IPO GMP

GMP stands for Grey Market Premium. It is the extra amount some traders are willing to pay for IPO shares in an informal market before listing, on top of the issue price. This market runs outside the stock exchanges, so the figure is unregulated, unverified, and can move sharply within a single day. A high GMP does not confirm a listing gain, and a low one does not rule it out, because it tracks short-term sentiment rather than the worth of the business. A steadier read on the IPO comes from the company's financials, how it plans to use the money, its valuation, and the risk factors set out in the Red Herring Prospectus (RHP).

About Vishal Nirmiti Limited

Incorporated in June 1994, Vishal Nirmiti Limited is an integrated civil engineering, manufacturing, and infrastructure company with a strong focus on railway and large-scale infrastructure projects. Its business has two segments: manufacturing and services. Under manufacturing, it primarily produces Pre-Stressed Concrete (PSC) sleepers for Indian Railways and private clients, along with large-diameter mild steel (MS) pipes, liners, and penstock pipes used in hydro, irrigation, and infrastructure projects.

Its services segment includes engineering, procurement, and construction (EPC), subcontracting, precast solutions for high-speed rail, wind power generation, scrap sales, and leasing. Manufacturing contributes the majority of its revenue (75.01% in FY 2026). As of 30 June 2026, it had an order book of about ₹581.77 crore and employed 420 people. Its corporate head office is in Pune and its registered office is in Mumbai.

The company's promoters are members of the Tapadiya family, including Brij B Tapadiya, Ajay Bhagwandas Tapadiya, and Pavan Vithaldas Tapadiya.

What are the Key Strengths of Vishal Nirmiti (as stated in the RHP)

• Diversified product portfolio, including PSC sleepers, concrete products, and MS pipes.
• Expertise in civil construction, alongside its manufacturing business.
• Strong manufacturing infrastructure, with facilities across India equipped with advanced machinery.
• Geographic presence with multiple offices, including a corporate head office in Pune and a registered office in Mumbai.

What the Money Will Be Used For

The IPO is a fresh issue of ₹145 crore and an Offer for Sale (OFS) of ₹33 crore. The OFS money goes to the promoter group selling shareholder, Vaman Prestressing. The company will use the money from the fresh issue for the following:

What are the Company Financials of Vishal Nirmiti

Restated standalone figures, in ₹ crore.

2-Yr CAGR is from FY 2024 to FY 2026. Profit was very low in FY 2024 (₹3.45 crore), then rose sharply to ₹23.64 crore in FY 2025 and ₹24.98 crore in FY 2026. Because the FY 2024 base was so small, the profit growth rate is very high and is not a like-for-like measure. The company's debt-to-equity ratio fell from 2.38 (FY 2024) to 1.43 (FY 2025) to 1.01 (FY 2026) as its net worth grew.

Who Can Apply

This IPO has an unusual, retail-heavy split under Regulation 6(1). The offer is divided as follows:

How to Apply for the Vishal Nirmiti IPO

You can apply online through your broker app or through your bank's net banking using the Application Supported by Blocked Amount (ASBA) facility.

1. Log in to your broker app or your bank's net banking.
2. Open the IPO section and select Vishal Nirmiti IPO.
3. Enter the number of lots and your bid price, or select the cut-off price.
4. Enter your Unified Payments Interface (UPI) ID, or confirm your bank account for the ASBA route.
5. Submit the application form.
6. Approve the mandate request in your UPI app to block the funds until allotment.

How to Check Allotment Status

The basis of allotment is expected to be finalised on 6 October 2026. Once it is out, you can check your allotment status in three ways. You will need your PAN, application number, or DP/Client ID.

• On the registrar's website, MUFG Intime India, at the public issues page.
• On the BSE or NSE website under the IPO allotment section.
• Inside your broker app, under orders or IPO history.

Key Risk Factors

The RHP lists several risk factors. A few of the key ones are summarised below. Please read the full RHP for the complete list.

• Its manufacturing revenue, particularly from PSC sleepers, is substantially dependent on railroad infrastructure projects awarded by government authorities such as Indian Railways.
• It depends significantly on a limited number of customers for its business and revenue.
• Its business depends on securing tenders for projects, which involves cost estimation and a competitive bidding process.
• Its business and profitability depend on the availability and cost of raw materials in its manufacturing segment.
• A significant portion of its revenue is derived from its manufacturing vertical (75.01%, 76.54%, and 88.26% of revenue in FY 2026, FY 2025, and FY 2024).
• It has had negative cash flows from investing and financing activities in the past, and negative cash flow during certain fiscals.
• Its sleeper manufacturing facility in Mohol, Maharashtra, is on land owned by one of its promoters.
• The company, and one of its promoters, directors, and employees, were cited in a First Information Report (FIR) regarding a suspected offence under the Prevention of Corruption Act, 1988.
• The level of its order book may not necessarily indicate its future revenue, and its actual revenue may fall short.
• It is dependent on third-party contract labourers for several aspects of its construction and manufacturing activities.

Frequently Asked Questions (FAQs)

1. When does the Vishal Nirmiti IPO open and close?

The IPO opens on 30 September 2026 and closes on 5 October 2026.

2. What is the price band of the IPO?

The price band is ₹208 to ₹220 per share.

3. What is the lot size?

One lot is 68 shares. Applications are made in multiples of 68 shares.

4. What is the minimum investment for retail investors?

The minimum investment is ₹14,960 at the upper price band (1 lot of 68 shares).

5. When is the allotment date?

The allotment is expected to be finalised on 6 October 2026, with shares credited to demat accounts by 7 October 2026.

6. When is the listing date?

The shares are proposed to be listed on the BSE and the NSE on 8 October 2026 (tentative).

7. What does Vishal Nirmiti do?

It is an integrated civil engineering, manufacturing, and infrastructure company focused on railways, making Pre-Stressed Concrete (PSC) sleepers and MS pipes, and undertaking EPC and construction work.

8. What is the GMP of the Vishal Nirmiti IPO?

GMP, or Grey Market Premium, is an informal pre-listing price that sits outside the stock exchanges and is neither regulated nor verified. It shifts with day-to-day sentiment and does not confirm how the shares will list. A more reliable picture comes from the company's financials, valuation, and the risks in the RHP.

9. Who is the registrar for the IPO?

MUFG Intime India Private Limited is the registrar. Allotment status can be checked on its website.

Read the full Red Herring Prospectus (RHP): View the official RHP filed with SEBI and the exchanges.

Disclaimer: This page is for informational purposes only and is not investment advice, a recommendation, or an offer to buy or sell any securities. All figures are sourced from the company's Red Herring Prospectus and public filings and may change. Investments in securities are subject to market risks. Please read all offer documents carefully and consult a registered financial advisor before making any investment decision.