Vishal Nirmiti Limited
Bookbuilding IPO · NSE, BSE
- Price band
- ₹208 - ₹220
- Lot size
- 68 shares
- Issue amount
- ₹178 cr
- Total subscription
- 1.79×
- Opens
- 30 Sept 2026
- Closes
- 5 Oct 2026
- Allotment
- 6 Oct 2026
- Listing
- 8 Oct 2026
Offer at a glance
Issue overview
- Issue size
- 80,90,909 shares
- Face value
- ₹10 per share
- Minimum investment
- ₹14,144
- Fresh issue
- ₹145 cr
- Offer for sale
- ₹33 cr
- Registrar
- Link Intime India Private Limited
- Listing exchange
- NSE, BSE
- Maximum investment
- ₹14,960
- Issue type
- Bookbuilding IPO
- Shares before issue
- 1,98,00,000
- Shares after issue
- 2,63,90,909
Lot sizes
| Category | Lots | Shares | Amount |
|---|---|---|---|
| RETAIL | 1 | 68 | ₹14,960 |
| sHNI | 14 | 952 | ₹2,09,440 |
| bHNI | 67 | 4,556 | ₹10,02,320 |
Share reservation
Subscription & GMP
Subscription by category
Reported 5 Oct 2026
GMP history
Day-wise demand
Application-wise demand
| Category | Reserved applications | Applied applications |
|---|---|---|
| RETAIL | 83,289 | 1,23,255 |
| HNIs(10L +) | 1,643 | 319 |
| HNIs (2-10L) | 822 | 1,621 |
Subscription demand
Amounts in ₹ crore. HNI subcategories are included in the NII total.
| Category | Offered | Demand |
|---|---|---|
| QIBs | 1.78 | 2.36 |
| RETAIL | 124.6 | 217.66 |
| NIB | 51.62 | 97.36 |
| HNIs 2+ | 17.21 | 36.12 |
| HNIs 10+ | 34.41 | 61.69 |
| HNIs | 51.62 | 97.81 |
Financial performance
Company financials
In Crores · Reported periods may include interim results.
Key performance indicators
| Metric | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|
| EPS | 12.61 | 11.94 | 1.74 |
| ROE | 33.67 | 47.21 | 9.37 |
| ROCE | 28.02 | 30.32 | 14.6 |
| RONW | 0 | 0 | 0 |
| PRE IPO(PE) | 17.45 | 0 | 0 |
| POST IPO(PE) | 23.25 | 0 | 0 |
Values and labels as reported in the issue data.
Peer comparison
| Company | P/E(X) | CMP* (₹) | Face value (₹) | NAV/Share (₹) | RONW(%) | EPS (Basic) (₹) |
|---|---|---|---|---|---|---|
| Vishal Nirmiti Limited | 17.45 | 0 | 10.00 | 43.61 | 33.87 | 12.61 |
| GPT Infraprojects Limited | 14.83 | 0 | 10.00 | 41.77 | 18.25 | 7.70 |
| Indian Hume Pipe Company Limited | 13.86 | 0 | 2.00 | 281.76 | 9.51 | 26.79 |
Company information
Company profile
Vishal Nirmiti Limited, incorporated in 1994, is a civil engineering and construction company involved in manufacturing pre-stressed concrete sleepers for railways, pre-cast concrete products, and fabrication of MS pipes and related structures used in infrastructure projects. The company also provides EPC services across railway, irrigation, renewable energy, and industrial sectors, offering end-to-end solutions from manufacturing to project execution. Its business is divided into manufacturing, which includes railway sleepers and infrastructure components, and services, which covers construction work, fabrication, leasing, and other project-related activities. With operations spread across multiple states in India and backed by experienced promoters, the company has built a strong presence in infrastructure development.
Strengths
- Focused Construction & Infrastructure Business: Engaged in execution of residential and infrastructure projects, supporting steady demand from urban development.
- Diversified Project Portfolio: Works across multiple types of construction projects, reducing reliance on a single segment.
- Execution Experience: Established track record in project completion helps build credibility and secure repeat contracts.
Risk factors
- Dependence on Real Estate & Infrastructure Cycles: Business performance is closely linked to market demand and government spending.
- Working Capital Intensive: Requires continuous funding for raw materials, labor, and project execution, impacting cash flow.
- Competitive Industry: Faces strong competition from regional and organized construction players, leading to pricing pressure.
Promoters
Brij B Tapadiya
Ajay Bhagwandas Tapadiya
Pavan Vithaldas Tapadiya
Akhil Ranchod Tapadiya
Naveen Tapadiya
Rajendrakumar Badrinarayan Tapadiya
Suyash Vithaldas Tapadiya
Vedant Tapadiya
Keshav Tapadiya
Registrar & documents
Lead manager
Saffron Capital Advisors Private Limited
Registrar & contacts
Link Intime India Private Limited
[email protected]Official registrar portal ↗IPO allotment status guide →Registered office
303, 17 Elphinstone House, Marzban Road, New Empire Cinema, Fort Mumbai, Maharashtra, 400001
+91 20 27299915
[email protected]Company website ↗Understanding VNL IPO data
Compare the price band and required investment with the company profile, financial results and offer documents. Subscription figures show reported demand by category; they do not establish the value of the business. GMP is an unofficial indication and can change before listing.