Vishal Nirmiti IPO

Subscription Status

GMP History

Financial Performance

As disclosed by Vishal Nirmiti in its offer document.

Strengths and risks

Taken from Vishal Nirmiti's own offer document — not Arthneeti's assessment.

• ✓The company has around 20 years of experience in manufacturing PSC sleepers and MS pipes and providing infrastructure job work services. It claims to have experience in handling high-volume production plans, large teams, quality control and project execution across multiple locations.
• !The company’s PSC sleeper manufacturing segment depends substantially on projects awarded by government authorities, Indian Railways, DFCCIL, and other government-controlled entities. Revenue from these entities was Rs 144.21 crore, Rs 152.95 crore and Rs 146.95 crore, representing 42.61%, 47.30% and 58.09% of Revenue from Operations in FY26, FY25 and FY24, respectively. Any adverse change in government policies, budget allocations, tender awards or railway infrastructure spending could materially affect its business, financial condition, results of operations and cash flows.
• ✓The company has secured and executed sleeper manufacturing contracts for Central Railway, Northern Railway and West Central Railway. In FY26, it has bid and won a total of 1,005,136 sleeper units under these three railway tenders, representing 13.88% of the overall tender quantity.
• !The company derives a substantial portion of its revenue from a limited number of customers, with its largest customer, Indian Railways, contributing Rs 137.27 crore, Rs 149.21 crore and Rs 144.04 crore, representing 40.56%, 46.14% and 56.78% of revenue from operations in FY26, FY25 and FY24, respectively. Any loss, order reduction, payment delay or commercially unfavourable contract terms involving major customers could adversely affect its business, profitability and liquidity.

About Vishal Nirmiti

Vishal Nirmiti Limited is a civil engineering, manufacturing and construction company engaged in manufacturing and dealing in pre-stressed concrete (PSC) railway sleepers and precast and prestressed concrete products. It also fabricates and erects mild steel (MS) pipes, MS Liners, and Penstock Pipes for pumped storage projects. The company provides engineering, procurement, infrastructure and construction services for railway infrastructure, civil engineering, irrigation and infrastructure development projects across railways, renewable power and industrial sectors. Its business is divided into manufacturing and services segments. The company has units that are owned, leased, allotted or licensed for job work purposes across Maharashtra, Madhya Pradesh, Gujarat, Himachal Pradesh, Odisha, Delhi, Punjab and Karnataka. Its registered office is in Fort, Mumbai, Maharashtra, while its corporate office is in Aundh, Pune, Maharashtra. The company has ISO 9001:2015 certifications for its PSC sleeper and MS pipe manufacturing units and ISO 45001:2018 certification for occupational health and safety at its Kukshi, Madhya Pradesh, unit.