Vishal Nirmiti Limited

Vishal Nirmiti Limited (originally incorporated as Sejal Farms Private Limited in 1994, and subsequently renamed Vinamra Trading Company Private Limited in 2004 and Vishal Nirmiti Private Limited in 2005, before converting to a public limited entity in 2025) is an Indian civil engineering, manufacturing, and construction enterprise. The company's core value proposition centers on delivering end-to-end, integrated infrastructure solutions for railway track infrastructure, water transmission, irrigation, and civil engineering projects. Its underlying business model is organized across two operational segments: a Manufacturing segment contributing 75.01% of FY26 operational revenues (encompassing Pre-Stressed Concrete sleepers, Mild Steel pipes, and precast concrete elements), and a Services segment contributing 24.99% (comprising sub-contracting job work, structural hydro-mechanical works, power generation through wind turbines, scrap sales, and commercial property leasing).

The company caters to institutional public and private sector clients across three primary market segments: the Railway Infrastructure Sector (supplying PSC sleepers and noise barriers to Indian Railways zonal divisions, DFCCIL, and contractors such as Larsen & Toubro Limited, KEC International Limited, and Kalpataru Projects International Limited); the Pipeline and Energy Sector (delivering LSAW, HSAW, and fabricated MS pipes for water supply and hydro-power projects); and the Water Resource and Civil Infrastructure Sector (offering precast noise barriers and cable ducts for high-speed rail corridors). Geographically, the company operates across Maharashtra, Madhya Pradesh, Gujarat, Himachal Pradesh, Odisha, Punjab, Jharkhand, Delhi, and Karnataka, with top revenue contributions in FY26 originating from Maharashtra (35.52% / ₹120.31 Cr), Madhya Pradesh (33.96% / ₹115.03 Cr), and Gujarat (17.90% / ₹60.64 Cr). Customer retention is high, with repeat customers accounting for 95.13% of total operational revenues in FY26.

The company operates an extensive manufacturing network strategically located near major industrial hubs, raw material sources, and rail corridors to minimize freight and logistical costs.

For its Pre-Stressed Concrete (PSC) Sleeper division (aggregate installed capacity of 11,00,124 units per annum; overall utilization 65.05% in FY26), the primary units are:

Mohol, Maharashtra: 2,36,304 units capacity | 93.84% utilization.

Bankhedi, Madhya Pradesh: 3,63,876 units capacity | 76.05% utilization.

Kandrori, Himachal Pradesh: 2,40,000 units capacity | 52.51% utilization.

Timba, Gujarat: 2,59,944 units capacity | 35.08% utilization.

For its Mild Steel (MS) Pipe division (aggregate installed capacity of 1,54,000 MT; overall utilization 40.72% in FY26), the fabrication facilities are:

Raigad, Maharashtra: 40,000 MT capacity | 81.68% utilization.

Phaltan, Maharashtra: 18,000 MT capacity | 42.98% utilization.

Gandhisagar, Madhya Pradesh: 18,000 MT capacity | 14.42% utilization.

Nabarangpur, Odisha: 12,000 MT capacity | 72.58% utilization.

Kukshi, Madhya Pradesh: 66,000 MT capacity | 16.66% utilization.

Additionally, its precast concrete element unit at Nadiad, Gujarat has installed capacities of 54,000 MT for noise barriers (47.49% utilization) and 72,000 MT for cable ducts (52.77% utilization).

Operational capabilities and research and development focus on in-house process innovation, automation, and technological modernization across pipe fabrication and precast element casting. The company utilizes advanced spirally welded pipe technology (LSAW and HSAW methods), automated submerged arc welding, anti-corrosive protective coating systems (zinc coating, sand blasting, and cement mortar lining), and customized precast element moulds, such as sound-absorbing noise barriers engineered for the ongoing Mumbai-Ahmedabad High-Speed Rail Corridor. Quality control and safety standards are validated through multiple ISO accreditations (including ISO 9001:2015 and ISO 45001:2018 across manufacturing facilities) and formal empanelement as an approved vendor with the Research Designs and Standards Organisation (RDSO) under the Ministry of Railways. The company maintains an order book of ₹682.47 Cr as of FY26, representing a 37.73% CAGR over the last three fiscals.

Based on its historical financial data, Vishal Nirmiti Limited posted total income and net profits of ₹247.93 Cr / ₹3.45 Cr in FY24, ₹324.86 Cr / ₹23.64 Cr in FY25, and ₹344.13 Cr / ₹24.98 Cr in FY26. The company has demonstrated strong top-line and exponential bottom-line growth alongside a reduction in total borrowings from ₹91.75 Cr in FY24 to ₹87.42 Cr in FY26, bringing down its debt-to-equity ratio from 2.38x to 1.01x. It boasts an average EPS of ₹10.58 and an average RoNW of 34.39% for the last three fiscals. Based on the pre-issue book value, the issue is priced at a Pre-Issue P/BV of 5.04 against a NAV of ₹43.61 (as of March 31, 2026). Factoring in the fresh issue proceeds, the Post-Issue P/BV stands at 2.51. Attributing the latest earnings to the expanded post-issue equity base (2,63,90,909 equity shares), the asking price translates to a Post-Issue P/E of approximately 167.94x (FY24), 24.55x (FY25), and 23.26x (FY26). According to the RHP, a comparison between listed peers is shown in above table.

On the Book Running Lead Manager (BRLM) front, the issue is managed by Saffron Capital Advisors Private Limited, which has handled 2 IPOs in the last three fiscal years. MUFG Intime India Private Limited is acting as the Registrar to the Offer.

• 1 Mr. Brij B Tapadiya
• 2 Mr. Ajay Bhagwandas Tapadiya
• 3 Mr. Pavan Vithaldas Tapadiya
• 4 Mr. Akhil Ranchod Tapadiya
• 5 Mr. Naveen Tapadiya
• 6 Mr. Rajendrakumar Badrinarayan Tapadiya
• 7 Mr. Suyash Vithaldas Tapadiya
• 8 Mr. Vedant Tapadiya
• 9 Mr. Keshav Tapadiya