Vishal Nirmiti IPO opens today. Check GMP, price band, and key details. Should you subscribe?

Vishal Nirmiti IPO opens for subscription today, September 30, giving investors a three-day window to bid. The Rs 178-crore public issue comprises a fresh issue and an offer for sale (OFS). In the grey market, the IPO is currently commanding a premium of Rs 6, or 3%, over the upper end of its price band, indicating limited premium expectations ahead of the listing.

The Vishal Nirmiti IPO is a book-built issue comprising a fresh issue of 65.91 lakh shares aggregating to Rs 145 crore and an offer for sale of 15 lakh shares worth Rs 33 crore. The IPO will close on October 5, while the basis of allotment is expected to be finalised on October 6. The shares are proposed to list on both the NSE and BSE, with October 8 as the tentative listing date.

The company has fixed the IPO price band at Rs 208 to Rs 220 per share. The lot size is 68 shares, meaning retail investors must invest a minimum of Rs 14,960 at the upper end of the price band.


Saffron Capital Advisors Pvt Ltd is the book-running lead manager, while MUFG Intime India Pvt Ltd is the registrar to the issue.

Vishal Nirmiti IPO GMP today

The grey market premium (GMP) for Vishal Nirmiti IPO stood at Rs 6, or 3%, as of September 30. Based on the upper price band of Rs 220 and the prevailing GMP, the implied estimated listing price is around Rs 226.

Grey market premiums are unofficial and can change before listing. They should not be considered a reliable indicator of the actual listing price or future performance of the shares.

Analyst view on Vishal Nirmiti IPO

According to an Anand Rathi research report, Vishal Nirmiti is valued at 23.2 times FY26 price-to-earnings (P/E) and 13.1 times FY26 EV/EBITDA at the upper price band, implying a post-issue market capitalisation of approximately Rs 5,806 million.

The brokerage noted the company's established position in railway infrastructure manufacturing, execution capabilities, improving profitability and growth opportunities linked to India's infrastructure capital expenditure cycle. Based on these factors, Anand Rathi described the IPO as fully priced and assigned a "Subscribe - Long Term" rating to the issue.

Objects of the issue

The company proposes to utilise the net proceeds from the fresh issue towards funding its working capital requirements, repayment and/or pre-payment of term loans, and general corporate purposes.

Of the total Rs 94 crore in net proceeds, Rs 75 crore is earmarked for working capital requirements and Rs 19 crore for repayment and/or pre-payment, in part or in full, of term loans. The remaining amount will be used for general corporate purposes.

Vishal Nirmiti financial performance

Vishal Nirmiti Ltd reported a 6% increase in total income to Rs 344 crore in FY26 from Rs 325 crore in FY25. Profit after tax (PAT) also rose 6% year-on-year to Rs 25 crore in FY26, compared with Rs 24 crore in FY25.

About Vishal Nirmiti

Incorporated in 1994, Vishal Nirmiti Ltd, formerly known as Sejal Farms Private Ltd, is engaged in civil engineering, manufacturing and construction activities. The company manufactures and deals in pre-stressed concrete (PSC) sleepers for railways, pre-cast and pre-stressed concrete products, and 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 including railways, renewable power and industrial infrastructure.

Vishal Nirmiti has a pan-India presence, with operational units across Maharashtra, Madhya Pradesh, Gujarat, Himachal Pradesh, Uttar Pradesh, Odisha and Karnataka. The company is led by a promoter group with more than four decades of domain experience. As of June 30, 2026, the company had 420 employees.

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