Vishal Nirmiti
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Qualified institutionalQIB
- 1.27×
- Big non-institutionalbNII · above ₹10 lakh
- 1.71×
- Small non-institutionalsNII · ₹2–10 lakh
- 1.99×
- Retail individualRII · up to ₹2 lakh
- 1.62×
Grey market premium
Unofficial and indicative — not a forecast
Day-wise premium · 11 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 08 Oct 2026 | ₹2 | — | ₹100 | ₹222 | ₹136 |
| 07 Oct 2026 | ₹2 | — | ₹100 | ₹222 | ₹136 |
| 06 Oct 2026 | ₹2 | — | ₹100 | ₹222 | ₹136 |
| 05 Oct 2026 | ₹2 | — | ₹100 | ₹222 | ₹136 |
| 04 Oct 2026 | ₹20 | — | ₹1,000 | ₹240 | ₹1,360 |
| 03 Oct 2026 | ₹20 | — | ₹1,000 | ₹240 | ₹1,360 |
| 02 Oct 2026 | ₹20 | — | ₹1,000 | ₹240 | ₹1,360 |
| 01 Oct 2026 | ₹20 | — | ₹1,000 | ₹240 | ₹1,360 |
| 30 Sep 2026 | ₹10 | — | ₹500 | ₹230 | ₹680 |
| 29 Sep 2026 | ₹6 | — | ₹300 | ₹226 | ₹408 |
| 28 Sep 2026 | ₹2 | — | ₹100 | ₹222 | ₹136 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Bids received
The demand behind each multiple — what was offered, what was bid for, and what those bids are worth
| Category | Shares offered | Shares bid for | Bids (₹ Cr) | Times |
|---|---|---|---|---|
| Qualified institutional | 80,909 | 1,07,372 | ₹2.36 Cr | 1.33× |
| Non-institutional | 23,46,364 | 44,34,144 | ₹97.55 Cr | 1.89× |
| Big non-institutionalwithin NII | 15,63,973 | 28,04,184 | ₹61.69 Cr | 1.79× |
| Small non-institutionalwithin NII | 7,82,391 | 16,41,724 | ₹36.12 Cr | 2.10× |
| Retail individual | 56,63,636 | 98,93,456 | ₹218 Cr | 1.75× |
| Total | 80,90,909 | 1,44,46,736 | ₹318 Cr | 1.79× |
Times subscribed is the figure published for each category, not shares bid for divided by shares offered — a category's multiple is struck against its own allottable base, which is not always the offered count shown beside it. Observed 05 Oct, 05:10 pm IST; the registrar publishes the final basis of allotment.
Issue details
- IPO date
- 30 Sep 2026 – 05 Oct 2026
- Listing date
- 08 Oct 2026
- Face value
- ₹10 per share
- Price band
- ₹208 – ₹220
- Lot size
- 68 shares
- Sale type
- Fresh capital cum OFS
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹178 Cr
- Fresh issue
- ₹145 Cr 65,90,909 shares
- Offer for sale
- ₹33 Cr 15,00,000 shares
- Market cap at offer price
- ₹581 Cr
- Promoter holding
- 73.42% → 49.40% pre-issue → post-issue
- ISIN
- INE1O5L01025
- CIN
- U01122MH1994PLC185445
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- Saffron Capital Advisors Pvt.Ltd.
- Registered office
- 303, 17 Elphinstone House, Marzban Road, New Empire Cinema, Fort, Mumbai – 400001 Maharashtra, India
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| QIB | 84,710 | 1.00% | 1.00% |
| Anchor investor · within QIB | 0 | — | 0.00% |
| NII (HNI) | 24,56,635 | 29.00% | 29.00% |
| bNII > ₹10L · within NII | 16,37,757 | — | 19.33% |
| sNII < ₹10L · within NII | 8,18,878 | — | 9.67% |
| Retail (RII) | 59,29,808 | 70.00% | 70.00% |
| Employee | 0 | — | 0.00% |
| Market maker | 0 | — | 0.00% |
| Total issue | 84,71,153 | — | 100.00% |
Net offer to the public of 84,71,153 shares, out of a total issue of 84,71,153. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 68 shares per lot, in multiples, at ₹220
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 68 | ₹14,960 |
| Retail (max) | 13 | 884 | ₹1,94,480 |
| S-HNI (min) | 14 | 952 | ₹2,09,440 |
| S-HNI (max) | 66 | 4,488 | ₹9,87,360 |
| B-HNI (min) | 67 | 4,556 | ₹10,02,320 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹220 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 12.61 | 9.46 |
| P/E (×) | 17.45 | 23.26 |
| Price to book (×) | 5.04 | — |
| Market cap | — | ₹581 Cr |
Key performance indicators
Latest reported period, standalone
- Return on net worth
- 33.87%
- ROCE
- 29.00%
- Debt / equity
- 1.01
- PAT margin
- 7.37%
- EBITDA margin
- 15.10%
- NAV per share
- ₹43.61
- Price to book
- 5.04
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
Standalone ·₹ crore unless a row shows % or ×, as reported in the offer document
| Period ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 344.13 | 324.86 | 247.93 |
| Revenue from operations | 338.68 | 318.52 | 242.88 |
| Other income | 5.46 | 6.35 | 5.05 |
| Total expenses | 310.35 | 293.72 | 243.35 |
| Operating profit | 33.78 | 31.14 | 4.58 |
| Operating margin | 9.82% | 9.59% | 1.85% |
| Profit before tax | 33.78 | 31.48 | 4.58 |
| Profit after tax | 24.98 | 23.64 | 3.45 |
| PAT margin | 7.26% | 7.28% | 1.39% |
| Balance sheet | |||
| Total assets | 334.92 | 296.61 | 242.04 |
| Current assets | 222.27 | 204.11 | 179.42 |
| Current liabilities | 204.48 | 188 | 157.69 |
| Total liabilities | 248.13 | 235.05 | 203.47 |
| Net worth | 86.78 | 61.56 | 38.56 |
| Current ratio | 1.09× | 1.09× | 1.14× |
| Return on equity | 28.79% | 38.40% | 8.95% |
| Cash flow | |||
| Operating cash flow | 27.15 | 38.2 | 27.73 |
| Investing cash flow | -10.64 | -18.9 | -25.28 |
| Financing cash flow | -22.06 | -14.38 | -9.78 |
| Net cash flow | -5.54 | 4.92 | -7.33 |
Objects of the issue
Stated use of the net proceeds— open a row for the issuer's full explanation
1 Funding Working Capital Requirements of the Company ₹75 Cr
The company intends to utilize a portion of the Net Proceeds to meet its fund-based working capital requirements, as the business requires significant working capital funded through internal accruals, bank financing, and unsecured loans.
2 Repayment and/or Pre-payment of Term Loans ₹19 Cr
The company proposes to utilize a portion of the Net Proceeds towards repayment and/or pre-payment, in part or full, of existing term loans availed from banks and financial institutions, to reduce borrowings and lower future interest expenses.
3 General Corporate Purposes —
The company intends to utilize the balance Net Proceeds towards general corporate purposes including strategic initiatives, business development, capital expenditure, branding, marketing, and other administrative expenses, subject to a cap of not exceeding a specified percentage of the Fresh Offer.
4 Offer for Sale by Selling Shareholder —
The Offer for Sale is intended to allow the Selling Shareholder to divest an aggregate of up to a specified number of Equity Shares; the company will not receive any proceeds from the Offer for Sale.
2 of 4 objects carry no stated amount — typically general corporate purposes, funded from whatever remains — so the total above is the quantified portion only, not the whole issue.
About Vishal Nirmiti
Vishal Nirmiti Limited, incorporated in 1994 and converted to a public company in 2025, is a civil engineering and manufacturing company primarily engaged in manufacturing and supplying pre-stressed concrete (PSC) sleepers for railways, pre-cast and pre-stressed concrete products (noise barriers, cable ducts), and fabrication of mild steel pipes and related products. The company operates manufacturing facilities in Maharashtra, Madhya Pradesh, Himachal Pradesh, and Gujarat. Its primary customers include Indian Railways (40.56% of FY2026 revenue), dedicated freight corridor corporations, and private infrastructure companies. Revenue streams comprise a manufacturing vertical (75.01% of FY2026 revenue) focused on PSC sleepers for government railways and a services vertical (23.90% of FY2026 revenue) providing sub-contracting and job work services. The company has grown substantially with revenue of ₹33,867.73 lakhs in FY2026, up from ₹31,851.62 lakhs in FY2025.
Management
Brij B Tapadiya
MD
Pavan Vithaldas Tapadiya
MD
Ajay Bhagwandas Tapadiya
MD
Natraj Gopikishan Ladda
Director
Rasik Singhania
Director
Dillip Kumar Nanda
Director
Truptee Brijesh Didvaniya
Director
Deepak Kabra
Director
Abhijeet Kumudchandra Shah
CFO
Akhil Ranchod Tapadiya
COO
Suhas Ganpat Naik
Director
Deepak Sagarmal Bandi
VP of Sales
Kanagaraj Kamu Reddy
VP of Sales
Omprakash Vitthaldas Marda
VP of Marketing
Srinivasarao Subbarao Bhombore
VP of Sales
Uddhav Vasant Kumbhar
Director of Operations
Strengths
As stated in the offer document
Execution Capabilities with Industry Experience and Effective Operating Systems
The company has ~20 years of industry experience in PSC sleeper manufacturing and MS Pipes fabrication, with ISO certifications across multiple units, managing end-to-end production lines while minimizing logistics costs by locating facilities near client sites.
Dedicated Focus on Railway Infrastructure and PSC Sleeper Manufacturing
The company is primarily focused on the railway sector, manufacturing PSC sleepers for broad-gauge and standard-gauge tracks using automated systems; Indian Railways' indigenous manufacturing capacity exceeds 15 million units annually, positioning the company favorably in this growing market.
Deeply Entrenched, Long-Term Relationships with Customers
The company has maintained long-term client relationships, with 95.13% of Fiscal 2026 revenue (₹32,039.87 lakhs) derived from repeat customers, and 10 clients retained for over 10 years, including Indian Railways, Larsen & Toubro, and KEC International.
Experienced Management Team Driving Company Growth
The company is led by promoters with 25–45 years of industry experience; the Chairman has over 45 years in railway sleeper manufacturing, and the management team has consistently driven revenue growth from ₹24,288.20 lakhs in Fiscal 2024 to ₹33,867.73 lakhs in Fiscal 2026.
Strong Order Book and Financial Performance
The company holds a consolidated order book of ₹58,176.82 lakhs as of June 30, 2026, with Revenue from Operations growing at a CAGR of 18.09% and net profit growing at a CAGR of 169.23% from Fiscal 2024 to Fiscal 2026.
Efficient and Effective Business Model
The company operates a diversified, integrated business model spanning PSC sleepers, MS Pipes, precast elements, construction services, and leasing, enabling multiple revenue streams, lean operations, and reduced dependence on any single vertical.
Ability to Deliver Across Geographies with Multiple Manufacturing Facilities
The company operates across Maharashtra, Madhya Pradesh, Gujarat, Himachal Pradesh, Odisha, Punjab, Delhi, and Karnataka, generating ₹33,867.73 lakhs in Fiscal 2026 revenue across diverse geographies, minimizing logistics costs for clients.
Risk factors
As stated in the offer document
Substantial Dependence on Government and Railway Sector Contracts
The company derives 42.61%, 47.30%, and 58.09% of its Revenue from Operations in Fiscals 2026, 2025, and 2024, respectively, from government authorities including Indian Railways and DFCCIL. Any adverse changes in government policies, budgetary allocations, or reduction in tender issuances could materially impact revenues and operations.
High Customer Concentration Risk
The company's top 5 customers accounted for 85.33%, 86.33%, and 87.85% of Revenue from Operations in Fiscals 2026, 2025, and 2024, with Indian Railways alone contributing 40.56%, 46.14%, and 56.78%. Any loss of, or reduction in orders from, these key customers could significantly impair financial performance.
Significant Working Capital Requirements and Potential Funding Gap
The company's estimated working capital requirement for Fiscal 2027 is ₹16,441.46 lakhs, a substantial increase from ₹5,915.04 lakhs in Fiscal 2026, with ₹7,500.00 lakhs of Offer Proceeds earmarked for this purpose. If alternate funding cannot be secured post-utilization of Net Proceeds, operations could be adversely affected.
High Indebtedness and Debt Covenant Restrictions
As of March 31, 2026, the company's total borrowings amounted to ₹8,741.70 lakhs against shareholders' equity of ₹8,678.35 lakhs, resulting in a debt-to-equity ratio of 1.01:1. Restrictive covenants under financing agreements may limit operational flexibility, and failure to service debt could force renegotiation or higher financing costs.
Dependence on RDSO Vendor Approval and Quality Compliance
A significant portion of revenues depends on maintaining RDSO vendor approval status required to participate in Indian Railways tenders. Any suspension, downgrading, or cancellation of vendor approval due to non-conformity with quality audits could disqualify the company from new tenders and disrupt existing order execution.
Manufacturing Facility Operational and Safety Risks
The company operates multiple manufacturing facilities using heavy machinery including bending machines, boilers, and gantries, exposing it to risks of equipment failure, accidents, and production disruptions. Any significant breakdown or shutdown could result in delivery delays, increased costs, and adverse financial impact; repair and maintenance costs were ₹400.40 lakhs in Fiscal 2026.
Absence of Long-Term Contracts with Customers and Suppliers
The company does not have long-term or exclusive agreements with key customers or raw material suppliers, relying instead on periodic purchase orders and tenders. This exposes the company to revenue volatility, raw material price fluctuations, and the risk of sudden loss of customers or supply chain disruptions.
Geographic Revenue Concentration Risk
Approximately 87.38% of the company's Revenue from Operations in Fiscal 2026 was concentrated in three states — Maharashtra (35.52%), Madhya Pradesh (33.96%), and Gujarat (17.90%). Any regional economic slowdown, policy changes, or project delays in these states could materially impact revenues and profitability.
CBI Investigation and Pending Legal Proceedings
The CBI conducted a search at the company's premises on February 19, 2025, in connection with a suspected offence under the Prevention of Corruption Act, 1988, seizing ₹39.00 lakhs in cash. Although the company, its Promoters, and Directors were not included in the chargesheet filed on April 16, 2025, there is no assurance that further proceedings will not be reinitiated, which could adversely affect business and reputation.
Profitability Dependence on Services Segment with Uncertain Sustainability
The services segment contributed significantly to recent profitability with profit margins of 20.63% and 23.29% in Fiscals 2026 and 2025, compared to a loss of 8.96% in Fiscal 2024. There is no assurance that higher revenue and margins from this segment will be sustained, and any reduction could materially affect overall financial performance.
Company Analysis
from RHPVishal Nirmiti Limited manufactures pre-stressed concrete railway sleepers, mild steel pipes, and related infrastructure products for Indian Railways, dedicated freight corridors, and private construction firms across India.
Vishal Nirmiti Limited, incorporated in 1994 and converted to a public company in 2025, is a civil engineering and manufacturing company primarily engaged in manufacturing and supplying pre-stressed concrete (PSC) sleepers for railways, pre-cast and pre-stressed concrete products (noise barriers, cable ducts), and fabrication of mild steel pipes and related products. The company operates manufacturing facilities in Maharashtra, Madhya Pradesh, Himachal Pradesh, and Gujarat. Its primary customers include Indian Railways (40.56% of FY2026 revenue), dedicated freight corridor corporations, and private infrastructure companies. Revenue streams comprise a manufacturing vertical (75.01% of FY2026 revenue) focused on PSC sleepers for government railways and a services vertical (23.90% of FY2026 revenue) providing sub-contracting and job work services. The company has grown substantially with revenue of ₹33,867.73 lakhs in FY2026, up from ₹31,851.62 lakhs in FY2025.
Objects of the Issue
- Working capital requirements ₹7,500.00 lakhs p.34
- Capital expenditure for manufacturing facilities and equipment p.3
- Funding Working Capital Requirements of the Company p.57
- Repayment and/or pre-payment of certain borrowings p.57
- General corporate purposes p.57
- Funding Working Capital Requirements of the Company ₹7,500.00 lakhs p.129
- Repayment and/ or pre-payment, in part or full, of term loans availed by our Company ₹1,900.00 lakhs p.129
- General Corporate Purposes [●] p.129
- —
- Fresh Offer ₹ 14,500 lakhs p.503
Issue Structure
- Total Issue
- Up to [●] Equity Shares of face value of ₹ 10/- each aggregating up to ₹ [●] lakhs
- Fresh Issue
- Up to [●] Equity Shares of face value of ₹ 14,500.00 lakhs
- Offer for Sale
- Up to 15,00,000 Equity Shares of face value of ₹ 10 each aggregating up to ₹ [●] lakhs by Vaman Prestressing Company Private Limited
- Price Band
- ₹ [●] to ₹ [●] per Equity Share (Floor Price to Cap Price)
- Lot Size
- [●] Equity Shares and in multiples of [●] Equity Shares
- Face Value
- ₹ 10 per Equity Share
Business Model
The company earns revenue through two primary channels: (1) Manufacturing vertical: manufacturing and supplying PSC sleepers, pre-cast/pre-stressed concrete products, and mild steel pipes to Indian Railways, DFCCIL, and private construction firms under competitive tenders and purchase orders; (2) Services vertical: sub-contracting fabrication, assembly, and related work for manufacturers and construction companies, including penstock pipes for pumped storage projects. Revenue is generated on a per-unit basis for manufactured products and on a job-work basis for services, with products customized to customer specifications. The company operates on a tender-based model for government contracts and periodic purchase orders for private sector clients.
Business Segments
SWOT Analysis
- • Execution capabilities with industry experience and ISO certifications across manufacturing units(p.247)
- • Strong financial performance with 18.09% revenue CAGR and 169.23% profit CAGR over two years(p.247)
- • Deep customer relationships with 95.13% revenue from repeat customers(p.257)
- • Significant order book of ₹58,176.82 lakhs as of June 30, 2026, providing revenue visibility(p.258)
- • Diversified portfolio across PSC sleepers, MS pipes, precast elements, and infrastructure services(p.247)
- • Experienced promoter leadership with 45+ years in railway sleeper and infrastructure industry(p.247)
- • Healthy debt-to-equity ratio of 1.01 in FY2026, improved from 1.43 in FY2025(p.252)
- • Diversified supplier base with declining concentration(p.273)
- • Comprehensive inventory management and quality control systems(p.274)
- • Strong security and surveillance infrastructure across facilities(p.275)
- • Established technology systems for operations management(p.275)
- • Significant experience and tenure of key management personnel(p.318)
- • Comprehensive insurance coverage for assets and business continuity(p.275)
- • Diversified business portfolio spanning manufacturing, construction, and power generation(p.356)
- • Consistent revenue growth trajectory across three years(p.377)
- • Improved profitability with strong profit margins(p.350)
- • Established customer relationships with major long-term contracts(p.377)
- • Significant orderbook providing visibility on future revenue(p.377)
- • Heavy dependence on government contracts for PSC sleeper manufacturing(p.28)
- • Significant customer concentration risk(p.29)
- • High debt-to-equity ratio limiting financial flexibility(p.35)
- • Significant negative cash flows from financing and investing activities(p.34)
- • Property titles not fully secured - sleeper manufacturing facility on land with pending sale deed(p.34)
- • High trade receivable days indicating collection delays(p.35)
- • Past regulatory non-compliance under Companies Act(p.40)
- • Involvement in CBI investigation for Prevention of Corruption Act matter(p.36)
- • High customer concentration with Indian Railways representing 40.56% of FY2026 revenue(p.251)
- • Declining PSC sleeper production utilization at Timba (35.08% in FY2026 vs 69.94% in FY2025) and Kandrori (52.51% vs 74.10%)(p.266)
- • Low MS Pipe production utilization at only 40.72% in FY2026, with Kukshi facility at 16.66% and Gandhisagar at 14.42%(p.266)
- • Bill-to-book ratio declining to 49.35% in FY2026 from 84.07% in FY2025, indicating slower revenue realization(p.252)
- • Moderate PAT margins of 7.37% in FY2026, indicating limited profit generation relative to revenue(p.252)
- • High employee attrition rate showing increased turnover(p.276)
- • Properties with inadequate stamping and registration creating legal risks(p.282)
- • Limited intellectual property protection with trademark applications under examination(p.277)
- • Incomplete educational documentation for a director(p.301)
- • Inadequate insurance coverage relative to net assets(p.276)
- • High reliance on limited number of customers(p.377)
- • Significant debt burden with total borrowings of Rs. 8,741.70 Lakhs(p.374)
- • Negative cash and cash equivalents position(p.352)
- • Promoters involved in multiple related party enterprises creating potential conflicts of interest(p.327)
- • Legal contingencies and ongoing litigation matters(p.385)
- • Concentration of borrowings across multiple lenders with significant covenants and restrictive conditions(p.436)
- • High levels of financial indebtedness relative to equity with debt-to-equity ratio of 1.01(p.405)
- • Significant outstanding litigation including CBI investigation and tax disputes involving company and promoters(p.440)
- • Strong growth in India's MS pipes market projected at 11.8% CAGR from FY2025 to FY2030(p.249)
- • Expanding PSC sleeper demand with market expected to grow from 271.4 million units in FY2025 to 323.8 million units in FY2030E(p.256)
- • Large PSP pipeline with 11 projects under construction (15,870 MW) and 6 projects awaiting construction (8,140 MW), requiring penstock pipes(p.236)
- • Government initiatives like Make in India, Jal Jeevan Mission, and National Infrastructure Pipeline driving MS pipe demand(p.249)
- • High-speed rail project participation for precast concrete elements with ongoing Ahmedabad-Mumbai corridor(p.250)
- • Geographic expansion opportunity with current presence in 8 states and potential to penetrate South India and North East India(p.263)
- • Expansion into high-speed rail infrastructure projects(p.294)
- • Large-scale hydro-mechanical infrastructure contracts(p.294)
- • Growth in railway infrastructure development(p.293)
- • Renewable energy generation capabilities already operational(p.294)
- • Strategic acquisitions and consolidation opportunities(p.296)
- • Expansion of manufacturing capacity with capital work-in-progress(p.365)
- • Growing demand for infrastructure and construction services(p.377)
- • Diversification into new product segments(p.377)
- • Geographic expansion across multiple states(p.356)
- • Growing services segment with higher margins driving overall profitability(p.421)
- • Expansion through modernization and capacity additions in existing business lines(p.437)
- • Growth through infrastructure development and railway infrastructure contracts(p.408)
- • Dependence on government infrastructure policies and budget allocations(p.28)
- • Volatility in raw material prices and supply disruptions(p.39)
- • Competitive bidding process creates business uncertainty(p.31)
- • Geographic concentration of operations in select states(p.32)
- • Risks from heavy machinery and manufacturing operations(p.39)
- • Dependence on RDSO vendor approval for railway business participation(p.41)
- • Evolving regulatory frameworks for Pumped Storage Projects(p.41)
- • Demand dependent on railway and metro infrastructure implementation schedules(p.35)
- • Raw material price fluctuations directly impact manufacturing costs with limited pricing power(p.237)
- • Competition from alternative materials including stainless steel, aluminum, PVC, HDPE, and composite pipes(p.238)
- • Environmental and regulatory pressures requiring significant capital investment in cleaner technologies(p.238)
- • Demand fluctuations in key end-use sectors tied to macroeconomic factors and government spending(p.238)
- • Dependence on Indian Railways tender cycles which occur only once every 2-3 years(p.256)
- • Supply chain disruptions from geopolitical tensions, transportation bottlenecks, and regulatory changes(p.238)
- • Intense regional competition in railway sleeper manufacturing(p.274)
- • Supplier dependency risks despite diversification efforts(p.274)
- • Insurance coverage limitations creating exposure to uninsured losses(p.276)
- • Risk of inadequate intellectual property protection against infringement(p.277)
- • Regulatory compliance risks from multiple industry-specific laws(p.283)
- • Regulatory compliance and tax uncertainty with pending litigations(p.385)
- • CBI investigation and seizure of cash affecting operations(p.385)
- • Project execution risks and order fulfillment obligations(p.377)
- • Finance cost burden impacting profitability(p.379)
- • Contingent liabilities and guarantees exposure(p.385)
- • Exposure to seasonal monsoon-related disruptions affecting raw material procurement and production(p.407)
- • Raw material price volatility and supply chain disruptions impacting operating costs and margins(p.408)
- • Geographic concentration of operations creating regional market dependency risks(p.408)
- • Intense competitive pressure from domestic and international players affecting pricing power and margins(p.408)
- • Dependence on few customers for substantial revenue creating concentration risk(p.428)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Brij B Tapadiya | Promoter | — | — |
| Ajay Bhagwandas Tapadiya | Promoter | — | — |
| Pavan Vithaldas Tapadiya | Promoter | — | — |
| Akhil Ranchod Tapadiya | Promoter | — | — |
| Naveen Tapadiya | Promoter | — | — |
| Rajendrakumar Badrinarayan Tapadiya | Promoter | — | — |
| Suyash Vithaldas Tapadiya | Promoter | — | — |
| Vedant Tapadiya | Promoter | — | — |
| Keshav Tapadiya | Promoter | — | — |
| Vaman Prestressing Company Private Limited | Promoter Group Selling Shareholder | — | — |
| Brij B Tapadiya | Promoter | — | — |
| Ajay Bhagwandas Tapadiya | Promoter | — | — |
| Pavan Vithaldas Tapadiya | Promoter | — | — |
| Brij B Tapadiya | Promoter | 3.14% | [●] |
| Ajay Bhagwandas Tapadiya | Promoter | 3.23% | [●] |
| Pavan Vithaldas Tapadiya | Promoter | 4.43% | [●] |
| Akhil Ranchod Tapadiya | Promoter | 3.14% | [●] |
| Naveen Tapadiya | Promoter | 6.33% | [●] |
| Rajendrakumar Badrinarayan Tapadiya | Promoter | 3.34% | [●] |
| Suyash Vithaldas Tapadiya | Promoter | 4.43% | [●] |
| Vedant Tapadiya | Promoter | 6.33% | [●] |
| Keshav Tapadiya | Promoter | 3.14% | [●] |
| Vaman Prestressing Company Private Limited | Promoter Group | 9.28% | [●] |
| Brij B Tapadiya | Promoter | — | — |
| Ajay Bhagwandas Tapadiya | Promoter | — | — |
| Pavan Vithaldas Tapadiya | Promoter | — | — |
| Brij B Tapadiya | Promoter | — | — |
| Ajay Bhagwandas Tapadiya | Promoter | — | — |
| Pavan Vithaldas Tapadiya | Promoter | — | — |
| Akhil Ranchod Tapadiya | Promoter | — | — |
| Naveen Tapadiya | Promoter | — | — |
| Rajendrakumar Badrinarayan Tapadiya | Promoter | — | — |
| Suyash Vithaldas Tapadiya | Promoter | — | — |
| Vedant Tapadiya | Promoter | — | — |
| Keshav Tapadiya | Promoter | — | — |
| Brij B Tapadiya | Promoter | 3.14% | — |
| Ajay Bhagwandas Tapadiya | Promoter | 3.23% | — |
| Akhil Ranchodas Tapadiya | Promoter | 3.14% | — |
| Pavan Vithaldas Tapadiya | Promoter | 4.43% | — |
| Suyash Vithaldas Tapadiya | Promoter | 4.43% | — |
| Naveen Ganesh Tapadiya | Promoter | 6.33% | — |
| Vedant Tapadiya | Promoter | 6.33% | — |
| Keshav Tapadiya | Promoter | 3.14% | — |
| Rajendra Tapadiya | Promoter | 3.34% | — |
| Suyash Vithaldas Tapadiya | Promoter | — | — |
| Pavan Vithaldas Tapadiya | Promoter | — | — |
| Vaman Prestressing Company Private Limited | Promoter Selling Shareholder | — | — |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Peer comparison
The comparable listed companies named in the offer document, as on 31 Mar 2026
| Company | EPS | NAV | P/E | P/BV | RoNW |
|---|---|---|---|---|---|
| Vishal Nirmiti Limited THIS ISSUE | 12.61 | 43.61 | 23.26, computed at the offer price | 5.04, computed at the offer price | 33.87% |
| 7.70 | 41.77 | 14.83 | 2.78 | 18.25% | |
Indian Hume Pipe Co.Ltd. | 26.79 | 281.76 | 13.86 | 1.32 | 9.51% |
Blank cells are figures the offer document does not publish. This issue is unlisted, so it has no market price and the document publishes no multiple for it — its P/E and P/BV here are computed at the offer price, on the post-issue share count, and are comparable to a listed peer's.