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Vishal Nirmiti IPO

GMP, Subscription, Price, Allotment, Listing Date & AI Prediction

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PRICE BAND

Rs 208 - 220

LOT SIZE

68

Shares

MIN INVEST

Rs 14,960

CUT-OFF

Rs 220

per share

Open

30 Sept 2026

Last Day

05 Oct 2026

Allotment

06 Oct 2026

Expected Refund

07 Oct 2026

Listing

08 Oct 2026

GMP Today

5h ago

0%

Rs 0 premium

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GMP Graph

Est. Listing Price

GMP Based

Rs 220

Issue Price + GMP (Dynamic)

Est. Profit (1 Lot)

GMP Based

+Rs 0

+0.0% (68 shares)

Subscription

0.43x

Not open

Sub. Page
IPOGyani AI Engine - Live Prediction
0.0%

Range: 0.0% to 4.0%

Confidence: Moderate - 50%

Confidence Score - 50%

📈 GMP Trend⚓ Anchor Quality🧠 Sentiment 50/100📊 Sub 0.43x🏭 Civil Engineering & Construction
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Current IPO Status: upcoming

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About Vishal Nirmiti

Civil Engineering & Construction

Incorporated in 1994, Vishal Nirmiti operates across railway, renewable power, irrigation and industrial infrastructure sectors. Its manufacturing and project execution footprint spans Maharashtra, Madhya Pradesh, Gujarat, Himachal Pradesh, Uttar Pradesh, Odisha and Karnataka. Its business is divided into manufacturing and services segments, with products including railway PSC sleepers, MS pipes, MS liners and penstock pipes.

IPO_DETAILS_LONG: Vishal Nirmiti IPO is a Mainboard book-built issue of 80,90,909 equity shares of face value ₹10 each at a price band of ₹208 to ₹220 per share. The total issue size is up to ₹178 Cr, comprising a fresh issue of 65,90,909 shares aggregating up to ₹145 Cr and an OFS of 15,00,000 shares aggregating up to ₹33 Cr at the upper price band. The IPO opens on September 30, 2026 and closes on October 5, 2026. Allotment is scheduled for October 6, refund and share credit for October 7, and listing on BSE and NSE is scheduled for October 8, 2026. The fresh issue proceeds are proposed to be used for ₹75 Cr of working capital, ₹19 Cr for repayment and/or pre-payment of term loans, and the balance for general corporate purposes.

Issue Details

Total Issue Size

Rs 178 Cr

Issue Size for Retail

Rs 124.6 Cr

Fresh Issue vs OFS

Fresh Issue
Rs 145 Cr (81%)
OFS
Rs 33 Cr (19%)

Reservation Quota

QIB

1%

Retail

70%

NII

29%

Lead Manager

Saffron Capital Advisors Pvt. Ltd.

Registrar

MUFG Intime India Pvt. Ltd.

Objects of the Issue (as per DRHP)

  • 1Funding working capital requirements of the Company - 75.00 Cr
  • 2Repayment and/or pre-payment, in part or full of term loans - 19.00 Cr
  • 3General Corporate Purposes - balance of net proceeds after the above specified objects and issue expenses

Key Performance Indicator (KPI)

KPIMar 31, 2025Mar 31, 2026
ROE47.21%33.67%
ROCE30.32%28.02%
Debt/Equity1.431.01
RoNW47.63%33.87%
PAT Margin7.42%7.37%
EBITDA Margin14.59%15.10%
Price to Book Value5.04
Check IPO Peer Comparison here.
Pre IPOPost IPO
EPS (Rs)12.619.46
P/E (x)17.4523.26
Promoter Holding73.42%49.40%
Market CapRs 580.60 Cr.

Brij B Tapadiya; Ajay Bhagwandas Tapadiya; Pavan Vithaldas Tapadiya; Akhil Ranchod Tapadiya; Naveen Tapadiya; Rajendrakumar Badrinarayan Tapadiya; Suyash Vithaldas Tapadiya; Vedant Tapadiya; Keshav Tapadiya

Vishal Nirmiti Financials

Company financial data by reporting period. Amounts in Rs crore; ratios and percentages as labelled. A dash means not available, not zero.
MetricFY24FY25FY26
Total IncomeRs 247.93 CrRs 324.86 CrRs 344.13 Cr
Net Profit (PAT)Rs 3.45 CrRs 23.64 CrRs 24.98 Cr
EBITDARs 23.14 CrRs 46.48 CrRs 51.13 Cr
BorrowingsRs 91.75 CrRs 88.05 CrRs 87.42 Cr
ROE9.37%47.21%33.67%
ROCE14.6%30.32%28.02%
Debt/Equity2.381.431.01
AssetsRs 242.04 CrRs 296.61 CrRs 334.92 Cr

Company Financials

Financial charts load as you reach this section.

MARKET SENTIMENT SCORE

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100
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NA

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Company Contact Details

303, 17 Elphinstone House, Marzban Road, New Empire Cinema, Fort, Mumbai, Maharashtra - 400001
+91 20 27299915
[email protected]
Visit Website

Green Flags

  • Revenue increased from ₹247.93 Cr in FY24 to ₹344.13 Cr in FY26.
  • PAT increased from ₹3.45 Cr in FY24 to ₹24.98 Cr in FY26.
  • FY26 ROE was 33.67% and ROCE was 28.02%.
  • Debt/equity improved from 2.38x in FY24 to 1.01x in FY26.
  • Integrated manufacturing and EPC capabilities across railway and infrastructure projects.
  • Presence across multiple Indian states.

Red Flags

  • FY26 debt/equity remains at 1.01x.
  • The issue includes a ₹33 Cr OFS, which does not provide proceeds to the company.
  • ₹75 Cr of the fresh issue is earmarked for working capital.
  • The business is dependent on execution and receipt of large infrastructure and EPC contracts.
  • Post-IPO P/E is 23.26x based on FY26 earnings.
  • Price-to-book value is 5.04x at the upper price band.
  • === END ===

IPO Lot Size

Investors can bid for a minimum of 68 shares and in multiples thereof.

ApplicationLotsSharesAmount
Retail (Min)168₹14,960
S-HNI (Min)14952₹2,09,440
B-HNI (Min)674,556₹10,02,320

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Frequently Asked Questions

What is the price band of Vishal Nirmiti IPO?

The price band is Rs 208-220 per share. One lot contains 68 shares; its value at the upper price is Rs 14,960. Check the issue terms for the minimum application size applicable to your category.

What are the bidding dates for Vishal Nirmiti IPO?

The scheduled bidding period is 30 Sept 2026 to 5 Oct 2026.

When is Vishal Nirmiti IPO scheduled to list?

The scheduled listing date is 8 Oct 2026. The actual listing price is determined on the exchange, not by the grey market premium or an AI estimate.

Who is the registrar for Vishal Nirmiti IPO?

MUFG Intime India Pvt. Ltd. is the registrar. See the allotment page for the available schedule and official checking link.

Who manages Vishal Nirmiti IPO?

Lead manager information recorded for this issue: Saffron Capital Advisors Pvt. Ltd..

Disclaimer

IPOGyani is not SEBI registered and does not provide investment advice. All information is for educational purposes only.

AI predictions are probabilistic estimates based on historical data and market trends. Past performance is not indicative of future results.

GMP (Grey Market Premium) data is sourced from various unofficial channels and may not be accurate. Always verify from multiple sources.

Investors should do their own research (DYOR) and consult a SEBI registered advisor before investing.

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