Vishal Nirmiti (O) Mainboard
What they do: The company is involved in manufacturing and trading activities, with a focus on agricultural commodities and industrial products.
By IPO Milega Research · Published
The company has shown a significant decline in net profit from FY2025 to FY2026, despite a steady increase in revenue.
- GMP (unofficial)
- +9.09%
- ₹20 a share
- Opens
- 30 Sept
- Closes 5 Oct
- Min. investment
- ₹14,960
- 68 shares
GMP is an unofficial grey market indication.
- Price band
- ₹220
- Lot size
- 68 shares
- Min. investment
- ₹14,960
- Issue size
- N/A
- Open30 Sept 2026
- Close5 Oct 2026
- Allotment6 Oct 2026
- Listing8 Oct 2026
Overview
₹240 (+9.09%)
GMP trend
Unofficial grey market quotes, times in IST
Outer ring: estimated gain
How the score adds up
The overall score is the average of these five, nudged by QIB demand once bidding closes.
- Financials4.0
- Performance8.0
- Flexibility7.0
- Timing7.0
- Risk4.0
The expected gains are primarily based on the Grey Market Premium (GMP) of 240, indicating a 9.09% potential increase on listing. This is supported by the company's robust historical growth and strategic market timing, despite financial and operational risks.
Strengths2
- Achieved a significant CAGR in revenue and net profit.
- Exceeded 100% capacity utilization for MS pipes in Fiscal 2024.
Concerns5
- High dependency on government contracts for revenue.
- Limited customer base with significant reliance on Indian Railways.
- Negative cash flows from investing and financing activities.
- Risks in wind energy operations due to climatic and regulatory factors.
- Potential cost overruns and competition affecting financial performance.
Who gets shares
- QIB50%
- NII15%
- Retail35%
- Retail Minimum14,9601 lots, 68 shares
- Retail Maximum1,94,48013 lots, 884 shares
- S-HNI Minimum2,09,44014 lots, 952 shares
- S-HNI Maximum9,87,36066 lots, 4488 shares
- B-HNI Minimum10,02,32067 lots, 4556 shares
| Application | Lot size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 1 | 68 | 14,960 |
| Retail Maximum | 13 | 884 | 1,94,480 |
| S-HNI Minimum | 14 | 952 | 2,09,440 |
| S-HNI Maximum | 66 | 4488 | 9,87,360 |
| B-HNI Minimum | 67 | 4556 | 10,02,320 |
Timing
7.0/10The timing of the IPO is favorable due to the company's recent transition to a public entity and its increased business activities, which may attract investor interest. The strategic partnerships and transactions with related parties suggest a strong operational base, enhancing the attractiveness of the IPO.
- Time to market
- The company's conversion to a public limited company and the substantial increase in related party transactions, particularly with Samruddhi Industries, suggest a well-timed market entry. This strategic positioning is likely to appeal to investors looking for growth opportunities.
- How allotment works
- Basis of allotment finalized and shares credited to demat
- Market timing
- Favourable
- Time to market
- 8.0
- Listing on
- BSE, NSE
Key milestones
- 30 Sept 2026IPO Opens
- 5 Oct 2026IPO Closes
- 6 Oct 2026Basis of Allotment
- 7 Oct 2026Refunds Initiated
- 7 Oct 2026Credit to Demat Account
- 8 Oct 2026Listing Date
Financials
4.0/10- Revenue
- ₹344 Cr
- +5.9%
- Profit after tax
- ₹24.98 Cr
- +5.7%
- Net margin
- 7.3%
- -0.0 pts
- Assets
- ₹335 Cr
- +12.9%
- Return on equity
- 33.67%
- Debt to equity
- 0.26
- Revenue CAGR
- 18.7%
- ROCE
- 28.02%
- Return on net worth
- 33.87%
- NAV per share (₹)
- 43.61
Financial performance trend
Amount ₹ in croresThe company has shown a significant decline in net profit from FY2025 to FY2026, despite a steady increase in revenue. The financial ratios and liabilities indicate potential liquidity and solvency challenges.
Risk
4.0/10Read this score as a safety rating: 10/10 means the lowest risk, 1/10 the highest.
Where the risks sit
- Financial risks3
- Market risks2
- Operational risks2
High dependency on government contracts and limited customers, coupled with financial and operational challenges, pose significant risks to stability and growth.
How the company offsets these
Diversifying customer base and revenue streams can reduce dependency risks.
Financial risks3
- Negative cash flows from investing and financing activities.
- Restrictive covenants in loan agreements limiting operational flexibility.
- Outstanding litigation with potential financial implications.
Market risks2
- High dependency on government contracts for revenue.
- Limited customer base with significant reliance on Indian Railways.
Operational risks2
- Potential cost overruns and competition affecting financial performance.
- Risks in wind energy operations due to climatic and regulatory factors.
Performance
8.0/10Vishal Nirmiti Limited, specializing in manufacturing PSC sleepers and MS pipes, has shown robust financial growth with a significant CAGR in revenue and net profit. The company faces risks related to reliance on major clients and potential supplier disruptions. It has demonstrated operational efficiency by exceeding capacity utilization in certain product lines.
- Historical growth
- The company reported a CAGR of 18.09% in revenue and 169.23% in net profit from Fiscal 2024 to Fiscal 2026., High
- Market comparison
- The company operates in a competitive market with significant entry barriers in the railway concrete sleeper industry. It faces competition from both domestic and international players.
- Future potential
- Positive, with continued focus on the services segment and infrastructure projects.
- Operational consistency
- The company has maintained a stable growth trajectory with significant revenue and profit increases over the past three fiscal years.
- Experience
- The management has shown capability in navigating financial transitions and achieving high growth rates.
- Track record
- Strong track record of financial growth and operational efficiency.
Key achievements
- 01Achieved a significant CAGR in revenue and net profit.
- 02Exceeded 100% capacity utilization for MS pipes in Fiscal 2024.
Flexibility
7.0/10VNL operates in sectors with high entry barriers, such as railway infrastructure and MS pipes, which are influenced by government policies and large institutional buyers. This provides some protection but also limits market adaptability due to dependency on a few large clients like Indian Railways.
VNL has demonstrated strong operational agility through its diversified manufacturing and services segments, including PSC sleepers, MS pipes, and renewable energy projects. The company's ability to execute large infrastructure projects efficiently supports its operational agility.
Vishal Nirmiti Limited (VNL) demonstrates moderate flexibility and adaptability, with strengths in product diversification and operational agility, but faces challenges in financial stability and market adaptability.
- Product diversification
- VNL has a diversified product portfolio, including PSC sleepers, MS pipes, precast concrete elements, and renewable energy services, which allows it to serve multiple infrastructure sectors.
- Future adaptability
- VNL's focus on infrastructure and renewable energy positions it well for future growth, especially with government initiatives in these sectors. However, its adaptability may be constrained by financial leverage and dependency on large clients.
The data on this page has been reviewed manually by the IPO Milega research team. It is not investment advice, and IPO Milega accepts no responsibility for losses arising from any investment decision. Investments in the securities market are subject to market risks. Read all the related documents, including the full prospectus, carefully before investing.