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₹220 - 220Day cells show that day's addition; Now is the running total. Amounts at the upper price band.
Vishal Nirmiti Ltd
Infrastructure Developers & OperatorsIPO
₹220 - 220
We are a civil engineering, manufacturing and construction company, primary engaged in the business of manufacturing and dealing of Pre-Stressed Concrete (PSC) sleepers for railways, pre cast and prestressed concrete products for various applications and also into fabrication and erection of Mild Steel Pipes (MS Pipes), MS Liner, and Penstock pipes for Pumped Storage Project (PSP). We provide engineering, procurement, infrastructure and construction services for railway infrastructure and various civil engineering, irrigation and infrastructure development projects across sectors such as railways, renewable power and industrial sectors. Our business is divided into two segments, namely, (a) Manufacturing segment and (b) Services segment.
Lot68Min Invest₹14,960Face Value₹10Issue Size₹178 CrFresh Issue₹145 CrOffer for Sale₹33 CrListing Price₹215CMP₹143
Timeline
30 Sept
Bidding opens
5 Oct
Bidding closes
6 Oct
Allotment
7 Oct
Refund & demat credit
8 Oct
Listing
Subscription · As of 8:06 PM, 5 Oct
Demand by day
CategoryDay 1Day 2Day 3Day 4Day 6Now+0.96x+0.00x+0.00x+0.00x+0.31x1.27x+0.01x+0.80x+0.00x+0.00x+1.01x1.81x+0.06x+0.41x+0.00x+0.00x+1.20x1.67xOverall+0.05x+0.52x+0.00x+0.00x+1.14x1.71x
Shares & amount
CategorySubscriptionShares OfferedShares BidAmt ₹ CrQIB1.27x76,49696,9592.13NII1.81x22.18 L40.15 L88.33Retail1.67x53.55 L89.34 L196.54Total1.71x80.91 L1.38 Cr301.30
Reports
Offer Details
Terms
Issue Size₹178 Cr0.81 Cr shares
Fresh Issue₹145 Cr
Offer for Sale₹33 Cr
Face Value₹10
Lot Size68 shares
ReservationQIB 1% · NII 29% · RETAIL 70%
Application Sizes
Retail₹14,9601-13 lots
sNII₹2,09,440from 14 lots
bNII₹10,02,320from 67 lots
Managers & Registrar
Lead ManagerSaffron Capital Advisors Private Limited
RegistrarMUFG Intime India Pvt Ltd
Ownership & Proceeds
Offer for Sale
Selling ShareholderShares OfferedAmt ₹ CrVaman Prestressing Company Private LimitedPRMTR15,00,00033.00Total15,00,00033.00
Shareholding
CategoryPre IPOPost IPOPromoter Group73.43%49.4%Public26.57%50.6%
Objects of the Issue
- Funding Working Capital Requirements of the Company;
- Repayment and/ or pre-payment, in part or full of term loans availed by its Company
- General Corporate Purposes
Anchor Book
30-day lock-in04-Nov-202690-day lock-in03-Jan-2027
Financials
Profit & Loss
| Financial Year | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| RevenueCr | 267 | 243 | 319 | 339 |
| Operating ProfitCr | 23 | 23 | 46 | 51 |
| OPM% | 8.8 | 9.5 | 14.6 | 15.1 |
| PBTCr | 4 | 5 | 31 | 34 |
| PATCr | 3 | 3 | 24 | 25 |
| EPS | 2 | 2 | 12 | 13 |
Balance Sheet
| Financial Year | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Equity CapitalCr | 2 | 2 | 2 | 20 |
| ReservesCr | 33 | 37 | 60 | 67 |
| BorrowingsCr | 83 | 92 | 89 | 92 |
| Total AssetsCr | 225 | 242 | 297 | 335 |
Cash Flow
| Financial Year | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Operating Cash FlowCr | 22 | 29 | 38 | 27 |
| Investing Cash FlowCr | 7 | -25 | -19 | -11 |
| Financing Cash FlowCr | -24 | -11 | -14 | -22 |
| Net Cash FlowCr | 6 | -7 | 5 | -6 |
Strengths & Risks
Strengths · as stated in the DRHP
- Integrated manufacturing operations enabling us to provide comprehensive solutions to our customers in the PSC sleeper & Mild Steel Pipes (MS Pipes) manufacturing sector.
- Technical capabilities enhanced by relationships with reputed global prestress concrete sleeper & MS Pipes manufacturer & technology players.
- Effective Order Book providing revenue visibility and long-standing relationships with railway department & other customers.
- Experienced and dedicated promoters and professional management team with extensive domain knowledge.
Strategies · as stated in the DRHP
- Continued focus on current business verticals.
- Maintain financial stability with continued profitable growth.
- Enhance automation of internal manufacturing processes to improve cost effectiveness.
- Penetrating newer geographies for growth purpose
- Work towards innovation and use of modern technologies for a higher and better output.
- Focus on high value projects for profitability and scalability.
Risks · as stated in the DRHP
- The company's business and revenues in the manufacturing segment for Pre-Stressed Concrete ("PSC") sleepers are substantially dependent on railroad infrastructure projects undertaken or awarded by government authorities such as the Ministry of Railways and operations of Indian Railways and other government owned public sector undertakings such as Indian Railways, DFCCIL (Dedicated Freight Corridor Corporation of India Ltd.) and are thereby dependent on governmental policies and budgetary allocation, accordingly, Rs. 14,421.16 lakhs, Rs. 15,294.65 lakhs and Rs. 14,695.18 lakhs corresponding to 42.61%, 47.30% and 58.09% of the company's Revenue from Operations during Fiscal 2026, Fiscal 2025 and Fiscal 2024 was generated from government authorities and entities related to the government in the manufacturing segment for PSC sleepers. Any adverse changes in the central or state government policies may lead to change in the volume of the company's business and/or a change in the terms of its contracts.
- The company depends significantly on a certain number of customers for its business and revenue. A substantial decrease in the orders placed on the company by these customers or a decrease in the demand of these products may adversely impact its revenues and profitability.
- The company relies on suppliers for its raw materials under the company's manufacturing segment. Though there are availability of substantial suppliers for the raw materials for its business, any loss or reduction in the number of suppliers may have an adverse effect on the company's business, results of operations and financial conditions.
- A substantial increase in the company profitability in the recent past has been contributed by the increase in the revenue and the higher margins in the services segment. There can be no assurance that its will continue to enjoy higher revenue and profitability from such segment on a regular basis in the future. Any reduction of revenue or profit margins from such segment will affect the company profitability and may have an adverse effect on its financial condition and results of operation.
- The company's business is based on periodic purchase orders raised by its customers based on their requirements from time to time. If its customers reduce their purchases from the company or choose not to source their requirements from the company, there may be an adverse effect on its business, results of operations, financial condition and cash flows.
- Most of its projects are awarded to the company through a competitive bidding process involving governmental authorities. Therefore, the company's business is dependent on securing tenders for projects, which involves cost estimations and other factors for the bidding process. The company cannot assure you that its would bid where the company has been pre-qualified to submit a bid, or that its bids, when submitted or if already submitted, would necessarily result in projects being awarded to the company.