Bookbuilding IPO | ₹[.] Cr | Listing at BSE, NSE |
Vishal Nirmiti Ltd. has refiled a Draft Red Herring Prospectus (DRHP) with SEBI on December 30, 2025 to raise funds through Initial Public Offer (IPO).
The initial submission on September 29, 2025 was returned by SEBI , prompting the company to refile the documents.
Vishal Nirmiti Ltd. IPO is a Book Build Issue consisting of fresh issue of ₹125.00 crores and an offer for sale (OFS) of upto 0.15 crore equity shares.
The equity shares are proposed to be listed on NSE and BSE. Saffron Capital Advisors Pvt.Ltd. is the book running lead manager and MUFG Intime India Pvt.Ltd. is the registrar of the issue. Key details like IPO dates, IPO price bands and lot size are yet to be announced.
Refer to Vishal Nirmiti IPO DRHP for more details.
| IPO Date | [.] |
| Listing Date | [.] |
| Face Value | ₹10 per share |
| Price Band | |
| Lot Size | |
| Sale Type | Fresh capital cum OFS |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Fresh Issue | [.] shares (agg. up to ₹125 Cr) |
| Offer for Sale | 15,00,000 shares of ₹10 (agg. up to ₹[.] Cr) |
| Description | Date |
|---|---|
| Filed with SEBI/Exchange | Mon, Sep 29, 2025 |
| Offer document returned | Thu, Oct 30, 2025 |
| Filed with SEBI/Exchange | Tue, Dec 30, 2025 |
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | Not more than 50 % of the Offer Size |
| Retail Shares Offered | Not less than 35%of the Net Offer |
| NII Shares Offered | Not less than 15% of the Offer Size |
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
Competitive Strengths:
Vishal Nirmiti Ltd.'s revenue increased by 31% and profit after tax (PAT) rose by 586% between the financial year ending with March 31, 2025 and March 31, 2024.
| Period Ended | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 326.49 | 296.61 | 242.04 | 224.50 |
| Total Income | 136.75 | 324.86 | 247.93 | 270.58 |
| Profit After Tax | 8.41 | 23.64 | 3.45 | 3.01 |
| EBITDA | 21.67 | 46.48 | 23.14 | 23.36 |
| NET Worth | 69.53 | 61.12 | 38.12 | 34.56 |
| Reserves and Surplus | 50.17 | 59.76 | 36.76 | 3.32 |
| Total Borrowing | 85.38 | 88.05 | 91.75 | 82.15 |
| Amount in ₹ Crore | ||||
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Funding Working Capital Requirements | 65.00 |
| 2 | Repayment and/ or pre-payment, in part or full of term loans | 20.00 |
| 3 | General Corporate Purposes |
| KPI | Mar 31, 2025 |
|---|---|
| ROE | 47.21% |
| ROCE | 30.32% |
| Debt/Equity | 1.43 |
| RoNW | 47.63% |
| PAT Margin | 7.42% |
| EBITDA Margin | 14.59% |
| Pre IPO | Post IPO | |
|---|---|---|
| Promoter Holding | 73.42% |
Lead Manager Reports
Vishal Nirmiti IPO is a main-board IPO of 0 equity shares of the face value of ₹10 aggregating up to ₹[.] Crores. The issue is priced at To be declared. The minimum order quantity is .
The Vishal Nirmiti IPO open and close dates are not available as of now.
MUFG Intime India Pvt.Ltd. is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.
Zerodha customers can apply online in Vishal Nirmiti IPO using UPI as a payment gateway. Zerodha customers can apply in Vishal Nirmiti IPO by login into Zerodha Console (back office) and submitting an IPO application form.
Steps to apply in Vishal Nirmiti IPO through Zerodha
Visit Zerodha IPO Application Process Review for more detail.
The Vishal Nirmiti IPO dates are not announced. Please check back again after some time.
Vishal Nirmiti IPO lot size and the minimum order quantity is not available at this time. Please check again later.
You can apply in Vishal Nirmiti IPO online using either UPI or ASBA as a payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO Application is offered by brokers who don't offer banking services. Read more detail about applying IPO online through Zerodha, Upstox, 5Paisa, Nuvama, HDFC Bank, and SBI Bank.
The finalization of Basis of Allotment for Vishal Nirmiti IPO will be done on [.], and the allotted shares will be credited to your demat account by . Check the Vishal Nirmiti IPO allotment status.
The Vishal Nirmiti IPO listing date is not yet announced. The tentative date of listing is .
