Vishal Nirmiti Limited IPO

Vishal Nirmiti Limited IPO closed on 5 Oct 2026. Allotment 6 Oct 2026, listing 8 Oct 2026. Price band ₹208–₹220, lot 68 shares, GMP +₹2 (0.91%). Track allotment on Allotly.

About Vishal Nirmiti Limited

Vishal Nirmiti Limited is a civil engineering, manufacturing and construction company engaged in manufacturing and dealing in pre-stressed concrete (PSC) railway sleepers and precast and prestressed concrete products. It also fabricates and erects mild steel (MS) pipes, MS Liners, and Penstock Pipes for pumped storage projects. The company provides engineering, procurement, infrastructure and construction services for railway infrastructure, civil engineering, irrigation and infrastructure development projects across railways, renewable power and industrial sectors. Its business is divided into manufacturing and services segments. The company has units that are owned, leased, allotted or licensed for job work purposes across Maharashtra, Madhya Pradesh, Gujarat, Himachal Pradesh, Odisha, Delhi, Punjab and Karnataka. Its registered office is in Fort, Mumbai, Maharashtra, while its…

Strengths

• The company has around 20 years of experience in manufacturing PSC sleepers and MS pipes and providing infrastructure job work services. It claims to have experience in handling high-volume production plans, large teams, quality control and project execution across multiple locations.
• The company has secured and executed sleeper manufacturing contracts for Central Railway, Northern Railway and West Central Railway. In FY26, it has bid and won a total of 1,005,136 sleeper units under these three railway tenders, representing 13.88% of the overall tender quantity.
• The company has a substantial order book across its manufacturing and infrastructure activities. As of June 30, 2026, its consolidated order book stood at Rs 581.77 crore, covering PSC sleepers, precast concrete elements, MS pipes and MS Liners, infrastructure manufacturing and precasting services.
• The company operates manufacturing units and project locations across multiple states. Its operations cover Maharashtra, Madhya Pradesh, Gujarat, Himachal Pradesh, Odisha, Punjab, Karnataka and other locations, allowing it to undertake projects across different regions.
• The company is ISO 9001:2015 certified for quality management systems for PSC sleeper manufacturing at its Bankhedi, Madhya Pradesh; Kandrori, Himachal Pradesh; and Mohol, Maharashtra units. It is also ISO 9001:2015 certified for manufacturing MS pipes and structural fabrication at its Raigad, Maharashtra, unit and MS pipes at its Kukshi, Madhya Pradesh, unit. Additionally, the Kukshi unit is ISO 45001:2018 certified for its Occupational Health and Safety Management System.
• The company has shown a consistent increase in revenue from operations and profit after tax (PAT). Revenue from operations increased from Rs 242.88 crore to Rs 318.52 crore and then to Rs 338.68 crore in FY24, FY25, and FY26, respectively. The PAT increased from Rs 3.44 crore to Rs 23.63 crore and RS 24.97 crore during the same period.

Risks

• The company’s PSC sleeper manufacturing segment depends substantially on projects awarded by government authorities, Indian Railways, DFCCIL, and other government-controlled entities. Revenue from these entities was Rs 144.21 crore, Rs 152.95 crore and Rs 146.95 crore, representing 42.61%, 47.30% and 58.09% of Revenue from Operations in FY26, FY25 and FY24, respectively. Any adverse change in government policies, budget allocations, tender awards or railway infrastructure spending could materially affect its business, financial condition, results of operations and cash flows.
• The company derives a substantial portion of its revenue from a limited number of customers, with its largest customer, Indian Railways, contributing Rs 137.27 crore, Rs 149.21 crore and Rs 144.04 crore, representing 40.56%, 46.14% and 56.78% of revenue from operations in FY26, FY25 and FY24, respectively. Any loss, order reduction, payment delay or commercially unfavourable contract terms involving major customers could adversely affect its business, profitability and liquidity.
• The company relies on suppliers for key raw materials, including high-grade concrete, prestressing steel wires, inserts, aggregates and fixtures, with its top 10 suppliers accounting for Rs 147.72 crore (65.52%), Rs 157.44 crore (64.82%) and Rs 126.77 crore (67.39%) of total purchases in FY26, FY25 and FY24, respectively. Loss of a significant number of suppliers, supply-chain disruption or inability to source materials on similar commercial terms, quality or within a reasonable timeframe could raise operating costs, delay production and deliveries, and adversely affect its business, financial condition and cash flows.
• The company’s recent increase in profitability has been significantly supported by higher revenue and margins from its services segment. The segment generated revenue of Rs 82.91 crore, Rs 74.78 crore and Rs 28.52 crore, with profit margins of 20.63%, 23.29% and negative 8.96% in FY26, FY25 and FY24, respectively; any reduction in revenue or margins from this segment could adversely affect its profitability, financial condition and results of operations.
• The company’s operations and revenue are concentrated in Maharashtra, Madhya Pradesh and Gujarat, which contributed Rs 120.31 crore, Rs 115.03 crore and Rs 60.64 crore, representing 35.52%, 33.96% and 17.90% of revenue from operations in FY26, respectively. Any regional slowdown, reduction in infrastructure activity, or delay or cancellation of projects in these states could adversely affect its revenues, profitability, financial condition and cash flows.
• The company has reported negative cash flows from financing activities of Rs 22.05 crore, Rs 14.38 crore and Rs 9.78 crore and from investing activities of Rs 10.64 crore, Rs 18.90 crore and Rs 25.28 crore in FY26, FY25 and FY24, respectively. The negative financing cash flows were primarily due to interest payments on borrowings and trade payables, repayment of borrowings and lease liabilities, while negative investing cash flows were mainly due to purchases of property, plant and equipment and, in FY24, an increase in loans given to related parties; sustained negative cash flows could adversely affect its business, financial condition and results of operations.
• The company had contingent liabilities and guarantees of Rs 21.87 crore as of March 31, 2026. If a significant portion of these liabilities materialise, or if adverse developments in ongoing matters require additional provisions, the company’s expenses, liabilities, cash flows and financial condition could be adversely affected.
• The company had trade receivables of Rs 63.21 crore as of March 31, 2026, indicating a significant amount of funds outstanding from its customers. Any delay or failure in recovering these receivables could adversely affect the company’s cash flows, working capital position and financial condition.
• The company had consolidated outstanding borrowings of Rs 119.34 crore as of June 30, 2026. The company’s indebtedness and related financing obligations could increase its financial costs and affect its cash flows and financial condition.

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