Vishal Nirmiti Ltd
VNL Vishal Nirmiti Ltd
BSE IPO
Bidding dates30 Sep 2026 - 05 Oct 2026
Price range₹208 - ₹220
Min. investment₹14,960
Issue size178 Cr
Lot size68 Shares
IPO DocRHP
IPO Timeline
Start date
30 Sep 2026
End date
05 Oct 2026
Allotment date
06 Oct 2026
Refund initiation
07 Oct 2026
Share credit
07 Oct 2026
Deactivate mandate
08 Oct 2026
About company
Incorporated in 1994, Vishal Nirmiti Limited (formerly Sejal Farms Private Limited) is a civil engineering, manufacturing, and construction company primarily engaged in manufacturing and dealing of Pre-Stressed Concrete (PSC) sleepers for railways, pre-cast and pre-stressed concrete products, as well as fabrication and erection of Mild Steel (MS) pipes, liners, and penstock pipes for Pumped Storage Projects (PSPs).
The company also provides engineering, procurement, and construction (EPC) services for railway infrastructure, irrigation, and civil engineering projects across sectors such as railways, renewable power, and industrial infrastructure.
Business Segments:
Manufacturing segment: Includes PSC sleeper manufacturing for Indian Railways, DFCCIL, and private clients, as well as MS pipes, MS liners, and penstock pipes for hydro power, lift irrigation, water supply, and infrastructure projects.
Services segment: Covers job work contracts for MS pipes, liners, penstock pipes, pre-cast and pre-stressed elements (such as noise barriers and cable ducts), hydro-mechanical structures, as well as construction works, power generation through windmills, transportation, leasing, and sale of scrap.
VNL has a pan-India presence with operational units across Maharashtra, Madhya Pradesh, Gujarat, Himachal Pradesh, Uttar Pradesh, Odisha, and Karnataka and is led by a highly experienced promoter group with over four decades of domain expertise
As of June 30, 2026, the Company employed 420 employees in various departments.
Founded in 1994
Managing director Ajay Bhagwandas Tapadiya and Pavan Vithaldas Tapadiya
Parent organisation Vishal Nirmiti IPO
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Strengths and Risks
Strengths
Vishal Nirmiti is an established player in manufacturing Pre-Stressed Concrete (PSC) sleepers for Indian Railways, Dedicated Freight Corridor Corporation of India (DFCCIL), and various institutional clients. It also builds Mild Steel (MS) pipes and pre-cast concrete solutions for critical water and hydro-power installations.
The company operates multiple manufacturing facilities strategically located across several Indian states (including Maharashtra, Madhya Pradesh, Gujarat, Himachal Pradesh, Uttar Pradesh, Odisha, and Karnataka), reducing regional execution risk.
Backed by steady earnings growth, the company reported solid return metrics for FY26, including a Return on Net Worth (RoNW) of ~33.87% and a Return on Capital Employed (ROCE) of ~28.02%.
Risks
A major share of the business is tied directly to Indian Railways and government infrastructure spending. Shifts in government budgets, capital allocation, or railway policies can directly disrupt order inflows.
Infrastructure and civil manufacturing projects require heavy upfront capital. The company's primary use of IPO proceeds is funding working capital needs (?75 crore allocated), pointing to potential cash-flow tightening if receivables lag behind expenses.
While FY25-26 performance remained sound (total income of ?344.13 crore and PAT of ?24.98 crore for FY26), year-on-year profit growth slowed down to roughly 6% compared to prior expansive phases, raising questions relative to its post-issue valuation multiples.
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