Vishal Nirmiti, a civil engineering and infrastructure manufacturing company, has refiled its DRHP with the Securities and Exchange Board of India (SEBI). This follows a previous filing on 29 September 2025, which was returned by the market regulator on 30 October 2025, due to disclosure non-compliance. Vishal Nirmiti IPO comprises a combination of a fresh issue and an offer for sale by promoter group entity Vaman Prestressing Company. Saffron Capital Advisors is the Book Running Lead Manager and MUFG Intime India serves as the Registrar to the Offer.
Vishal Nirmiti IPO Structure & Utilisation
Vishal Nirmiti IPO includes both Fresh Offer and Offer for Sale components.
- Fresh Issue: Proceeds of up to 125 crore.
- Offer for Sale: Up to 15,00,000 equity shares by the promoter group.
The net proceeds from the fresh issue will be directed toward:
- INR 65 crore – Funding working capital requirements.
- INR 20 crore – Partial repayment or prepayment of term loans.
The balance will be utilized for general corporate purposes.
Vishal Nirmiti IPO: Business Overview
Vishal Nirmiti operates at the crossroads of railway modernization, infrastructure engineering, and industrial fabrication, with activities divided into two key verticals — Manufacturing and Services. Its footprint spans nine Indian states, with major production units in Maharashtra, Madhya Pradesh, Gujarat, Himachal Pradesh, and Odisha, catering to both public and private clients.
Manufacturing Segment
- Pre-Stressed Concrete (PSC) Sleeper Division: PSC sleepers form the foundation of India’s expanding rail network. Vishal Nirmiti produces high-strength concrete sleepers for broad-gauge and standard-gauge lines, serving Indian Railways, DFCCIL, and private contractors such as ISC Projects and Larsen & Toubro. These are manufactured using pre-tensioned high-tensile steel, offering greater durability than traditional wooden sleepers. The company operates four major plants—at Mohol (Maharashtra), Bankhedi (Madhya Pradesh), Kandrori (Himachal Pradesh), and Timba (Gujarat)—with a combined installed capacity exceeding 1.1 million sleepers annually and a 76% utilization rate in FY2025.
- Mild Steel (MS) Pipes Division: The company fabricates large-diameter MS pipes, liners, and penstock pipes used in hydropower, irrigation, and industrial water systems. Production leverages on-site fabrication—for pipes up to 7,500 mm diameter—to minimize logistics costs. Processes include submerged arc welding (SAW), sandblasting, and cement mortar lining. With facilities in Raigad, Phaltan, Gandhisagar, and Nabarangpur, the division achieved 60% capacity utilization in FY2025.
- Precast Concrete Elements: At its Nadiad (Gujarat) plant, Vishal Nirmiti manufactures noise barriers and cable ducts for high-speed and freight rail projects, including supplies for the Mumbai–Ahmedabad Bullet Train corridor under subcontract to L&T. With an installed capacity of 132,000 MT, the unit achieved over 90% utilization in FY2025, underscoring strong demand for advanced precast infrastructure components.
Services Segment
- Subcontracting and Job Work: The company undertakes fabrication and infrastructure contracts for clients such as Kalpataru Projects, Samruddhi Industries, and Raj Infrastructure Development, covering MS pipe and penstock installation for hydro and lift irrigation projects.
- Power Generation: Vishal Nirmiti operates 1.8 MW of wind turbine capacity in Maharashtra, selling power under long-term purchase agreements, adding a renewable revenue stream.
- Scrap and Leasing Income: Supplementary income arises from the sale of manufacturing scrap and lease rentals through a Build-Operate-Transfer (BoT) commercial property project in Solapur, Maharashtra.
Operational Performance and Efficiency
As of 30 September 2025, the company held an order book of INR 442.31 crore, spanning railway, infrastructure, and industrial projects.
Recent government tenders awarded to Vishal Nirmiti include Central Railway, Northern Railway, and West Central Railway sleeper manufacturing contracts with allotments exceeding 7.5 lakh units.
The company’s manufacturing capacity utilization indicates a strong operational footprint — PSC sleeper units at 76%, MS pipes at 60%, and precast elements at 92%. It completed 41 projects in FY2025, sustaining a consistent execution rate.
Market Position and Client Base
Vishal Nirmiti’s customer portfolio is dominated by repeat clients such as Indian Railways, L&T, KEC International, Kalpataru Projects, ISC Projects, and Raj Infrastructure Development.
The company’s revenue distribution across geographies further highlights its diversified footprint:
- Maharashtra (33.5%)
- Madhya Pradesh (35.9%)
- Gujarat (18.8%)
- Himachal Pradesh (10.3%)
Vishal Nirmiti IPO: Financial Summary
| Metric | FY23 | FY24 | FY25 | H1 FY26 |
|---|---|---|---|---|
| Revenue from Operations | 266.64 | 242,88 | 318.52 | 135.24 |
| EBITDA Margin (%) | 8.76 | 9.53 | 14.59 | 16.03 |
| PAT | 3.01 | 3.45 | 23.64 | 8.41 |
| PAT Margin (%) | 1.13 | 1.42 | 7.42 | 6.22 |
| ROE (%) | 9.01 | 9.37 | 47.21 | 12.79 |
| Debt/Equity (x) | 2.35 | 2.38 | 1.43 | 1.22 |
Conclusion
Vishal Nirmiti IPO filing reflects a company at an inflection point — scaling its engineering and manufacturing expertise amid India’s massive infrastructure buildout. With a growing order book, consistent margins, and deep relationships in the railway ecosystem, it is well-positioned to capitalize on government-led capital expenditure and private sector expansion in civil engineering and power infrastructure.
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