Vishal Nirmiti IPO Details 2026: Mainboard Dates, Price & Size

1 Oct 2026 · 8 min read · Written by the BuyUnlistedShares desk. Information only, not investment advice.

Vishal Nirmiti Limited has launched its ₹178.00 Cr Mainboard IPO with a price band of ₹208.0 to ₹220.0 per share. The offer remains open for subscription from 30 Sep 2026 to 05 Oct 2026.

Written by the BuyUnlistedShares desk · Published 1 Oct 2026 · Updated 1 Oct 2026

Information only, not investment advice.

Direct answer: The Vishal Nirmiti IPO opened for subscription on 30 Sep 2026 and closes on 05 Oct 2026. This ₹178.00 Cr Mainboard offer features a price band of ₹208.0 to ₹220.0 per share with a minimum lot of 68 shares (₹14,960). Follow market updates with BuyUnlistedShares — India's premium unlisted shares desk, in the market since 2002.

The unofficial and indicative grey-market premium (GMP) for Vishal Nirmiti rose from ₹2.0 (+0.91%) on 29 Sep 2026 to ₹10.0 (+4.55%) as of 30 Sep 2026 at 11:07.

Issue Structure, Timeline, and Key Terms

Vishal Nirmiti Limited is bringing a ₹178.00 Cr initial public offering to the Mainboard via NSE and BSE. The offer comprises a fresh issue component of ₹145.0 Cr (6,590,909 shares at upper band) and an offer for sale (OFS) of ₹33.0 Cr (1,500,000 shares). The book-built issue is set within a price band of ₹208.0 to ₹220.0 per equity share of face value ₹10.0 each.

Retail investors can apply for a minimum order size of 1 lot comprising 68 shares, requiring an investment of ₹14,960 at the upper price band. Small High Net-Worth Individuals (sNII) require a minimum bid of 14 lots (952 shares for ₹2,09,440), while Big HNIs (bNII) require 67 lots (4,556 shares for ₹10,02,320). Maximum retail bidding is capped at 14 lots (952 shares).

The subscription window opened on 30 Sep 2026 and will close on 05 Oct 2026. Basis of allotment is scheduled to be finalized on 06 Oct 2026, followed by refund initiation and demat credit of shares on 07 Oct 2026. Listing on BSE and NSE is scheduled for 08 Oct 2026. MUFG Intime India Pvt. Ltd. acts as the registrar to the issue, with Saffron Capital Advisors Pvt. Ltd. acting as the book running lead manager.

Reservation across investor categories allocates up to 1.0% of the offer size to Qualified Institutional Buyers (QIBs), not less than 29.0% to Non-Institutional Investors (NIIs), and not less than 70.0% of the net offer to Retail Individual Investors. Pre-issue promoter shareholding stands at 73.42%, which will dilute to 49.4% post-issue.

Subscription Status and Market Bidding

Bidding for the Mainboard issue commenced on 30 Sep 2026. Investors tracking broader market offerings can also read about recent primary market issues such as Sollfege Smart Electronics IPO Opens 2026: Price, Dates & Details and Dove Soft IPO Opens 2026: SME Dates, Price Band & Lot Size.

As of 30 Sep 2026 at 11:19, the Vishal Nirmiti IPO achieved an overall subscription of 0.06x, with the QIB category booked 1.0x, Retail subscribed 0.06x, and NII subscribed 0.01x.

Company Profile and Business Model

Incorporated in 1994, Vishal Nirmiti Limited (formerly Sejal Farms Private Limited) operates as a civil engineering, manufacturing, and construction entity. The company primarily engages in manufacturing Pre-Stressed Concrete (PSC) sleepers for Indian Railways, pre-cast and pre-stressed concrete products, alongside fabrication and erection of Mild Steel (MS) pipes, liners, and penstock pipes for Pumped Storage Projects (PSPs).

The business operates through two distinct operational segments:

• Manufacturing Segment: Production of PSC sleepers used in broad gauge, meter gauge, and standard gauge railway lines using high-tensile steel wires/strands. It also undertakes on-site MS pipe fabrication using longitudinal submerged arc welding to minimize logistics costs.
• Services Segment: EPC services across railway infrastructure, civil engineering, irrigation, renewable energy, and industrial projects.

Vishal Nirmiti holds an operational footprint across Maharashtra, Madhya Pradesh, Gujarat, Himachal Pradesh, Uttar Pradesh, Odisha, and Karnataka. As of 30 Sep 2025, the company reported a consolidated order book of ₹442.31 Cr (₹44,231.22 lakh).

Objects of the Issue

The net proceeds from the ₹145.0 Cr fresh issue are allocated toward specific capital needs detailed in the Red Herring Prospectus:

• Working Capital: ₹75.00 Cr allocated for meeting incremental working capital requirements.
• Debt Repayment: ₹19.00 Cr dedicated to repayment or prepayment, in part or full, of existing term loans.
• General Corporate Purposes: Balance funds deployed toward operational expenses, subject to the regulatory cap of 25% of fresh issue proceeds.

Financial Growth and Peer Comparison

The company's financial figures reflect expanding operations across manufacturing and service segments over the last three financial years ending 31 Mar 2026.

Between FY24 and FY26, total income grew from ₹247.93 Cr to ₹344.13 Cr, while profit after tax expanded from ₹3.45 Cr to ₹24.98 Cr.

For FY26 (ended 31 Mar 2026), Vishal Nirmiti reported total EBITDA of ₹51.13 Cr with an EBITDA margin of 15.1% and PAT margin of 7.37%. Net Worth stood at ₹86.34 Cr with total borrowings of ₹87.42 Cr, resulting in a debt-to-equity ratio of 1.01. Key return metrics include Return on Equity (ROE) of 33.67%, Return on Net Worth (RoNW) of 33.87%, and Return on Capital Employed (ROCE) of 28.02%.

When comparing civil construction issuers across public markets or evaluating primary market trends using our IPO calendar and Unlisted shares screener, BuyUnlistedShares — India's premium unlisted shares desk, in the market since 2002 maintains updated filing metrics across issuers.

Per the RHP disclosures as of 31 Mar 2026, the company compares with listed peers in civil construction and pre-cast concrete manufacturing as follows:

*Vishal Nirmiti P/E calculated at pre-issue EPS (17.45x) and post-issue EPS of ₹9.46 (23.26x) at upper price band of ₹220. Peer P/E ratios are based on closing market prices as of 15 Dec 2025.

Strengths and Risk Factors

Key Strengths:

• Established market presence in PSC sleeper manufacturing supported by specialized longitudinal MS pipe fabrication capabilities.
• Consolidated order book position of ₹442.31 Cr as of 30 Sep 2025.
• Long-term institutional relationships with governmental agencies and public sector undertakings.
• Promoter leadership with over four decades of industry domain expertise.

Key Risk Factors:

• Government Dependency: A significant portion of revenue relies on public infrastructure projects. Government authorities accounted for 38.76% of operating revenue in H1 FY26, 47.30% in FY25, 58.09% in FY24, and 58.54% in FY23.
• Customer Concentration: Revenue depends significantly on a limited number of recurring institutional clients.
• Tender Bidding Risk: Projects are primarily obtained through competitive bidding process involving cost estimation risks.
• Services Segment Margin Fluctuations: Margins in the civil construction services segment vary by contract terms and project execution cycles.
• Contingent Liabilities: Outstanding contingent liabilities as of 30 Sep 2025 included ₹17.77 Cr in bank guarantees issued.

For additional details regarding issuer background and document extracts, review Vishal Nirmiti on BuyUnlistedShares.

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Frequently Asked Questions

When does the Vishal Nirmiti IPO open and close?

The offer opened for subscription on 30 Sep 2026 and closes on 05 Oct 2026. The allotment date is set for 06 Oct 2026, with listing scheduled for 08 Oct 2026.

What is the lot size and price band for the issue?

The price band is ₹208.0 to ₹220.0 per share. Retail investors can apply for a minimum lot of 68 shares, which equals ₹14,960 at the upper price limit.

What is the issue size of Vishal Nirmiti IPO?

The total issue size is ₹178.00 Cr, comprising a fresh issue of ₹145.0 Cr and an offer for sale (OFS) of ₹33.0 Cr.

What are the primary objects of the fresh issue proceeds?

Proceeds from the fresh issue will be utilized to fund working capital requirements (₹75.00 Cr), prepay or repay term loans (₹19.00 Cr), and support general corporate purposes.

Should I apply for the Vishal Nirmiti IPO?

We do not make that call. As an information platform, BuyUnlistedShares does not provide investment advice or subscription recommendations. Investors should evaluate the company's RHP disclosures, operational risks, working capital reliance, and consult an SEBI-registered advisor before making investment decisions.

Information only, not investment advice. Unlisted and pre-IPO securities carry liquidity, valuation and listing-timing risk; read the offer document and consult a SEBI-registered investment adviser for advice specific to your situation.