Vinir Engineering files DRHP with SEBI for fresh issue of up to 7.1 crore shares

Vinir Engineering Limited, an integrated engineering solutions company, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO). The company has proposed to list its equity shares on the BSE and NSE.

The proposed IPO will comprise an entirely fresh issue of up to 7.1 crore equity shares with a face value of Rs 2 each. There will be no offer-for-sale component. The net proceeds from the issue are proposed to be used towards purchasing advanced forging and machining plant and machinery, working capital requirements, funding inorganic growth through unidentified acquisitions and general corporate purposes.

Of the total proceeds, Rs 149.85 crore has been earmarked for purchasing advanced forging and machining plant and machinery, while Rs 35 crore will be utilised to meet working capital requirements. A portion of the proceeds will also fund inorganic growth through unidentified acquisitions and general corporate purposes.


GYR Capital Advisors Private Limited is the book-running lead manager for the issue, while KFin Technologies Limited is the registrar.

Under the proposed issue structure, the qualified institutional buyers (QIBs) portion will not exceed 50% of the issue, of which up to 60% may be allocated to anchor investors. The non-institutional investors (NIIs) portion will account for not less than 15%, while the retail individual investors' portion will be not less than 35%. The company had 21.26 crore pre-issue equity shares outstanding.

Key strengths

Vinir Engineering has integrated capabilities across the engineering value chain, covering raw material sourcing, die design, precision forging, heat treatment, machining and testing. The company carries out these activities in-house and has a portfolio of more than 5,000 designed dies.

The company also benefits from entry barriers for new competitors and switching costs for existing customers. With more than 40 years of industry experience, Vinir Engineering operates in a business where customer approval cycles can be lengthy and switching suppliers can involve vendor re-qualification and process revalidation.

Its business is diversified across sectors including oil and gas, defence and aerospace, railways, nuclear, mining and marine. The contribution of defence and aerospace to revenue from operations increased from 12.03% in FY2024 to 26.59% in FY2026, reflecting the growing importance of these segments.

The company is led by promoters Naresh Chandra Gupta, Nitesh Gupta and Ritesh Gupta, representing the first and second generations of the business. Collectively, they have more than 106 years of experience in engineering and manufacturing.

Financial performance

Vinir Engineering's revenue from operations grew 7.82% in FY2026, while its net worth increased at a CAGR of 20.60% between March 31, 2024 and March 31, 2026. Exports contributed 9.46% of revenue from operations in FY2026.

About Vinir Engineering

Incorporated in 1983 and headquartered in Bengaluru, Karnataka, Vinir Engineering manufactures specialised and precision-forged and machined components for sectors including energy, defence, aerospace, railways, oil and gas, and high-end engineering. Its products are used in applications such as armoured vehicles, aircraft propulsion systems, power and gas turbines, railway locomotives and nuclear energy infrastructure.

As of March 31, 2026, the company had an installed forging capacity of 30,000 MTPA and machining capacity of 8,000 MTPA across three manufacturing units in Bengaluru, Hosur and Kalukondapalli. It uses closed die, open die, ring rolling and radial forging processes to manufacture components weighing 20 kg to 6,000 kg, serving customers in India and markets including the US, Mexico, Spain, Malaysia, Canada, the UK and Singapore.

Disclaimer: The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here