Vishal Nirmiti
Maker of pre-stressed concrete railway sleepers and MS pipes for hydro projects, also offering railway EPC services.
Last updated 4 Oct 2026, 7:14 pm IST
- Price band
- ₹208 – ₹220
- Lot size
- 68
- Issue size
- ₹178 Cr (₹145 Cr fresh + ₹33 Cr OFS)
- Opens
- 30 Sept 2026
- Closes
- 5 Oct 2026
- Exchange
- Both
The numbers
- GMP
- ₹6 (~2.7%) (3 Oct; sources conflict, ₹6-20)
- Subscription
- 0.61x (3 Oct; retail 0.51x)
- Listing date
- 8 Oct 2026
- Model prediction
- ~flat expected -> Neutral. GMP reports conflict (₹6-27), demand soft at 0.56×; call locks at 2 PM on 5 Oct.
The Ticker Tales take
Vishal Nirmiti makes pre-stressed concrete sleepers for railways and steel pipes for hydro projects, and also does railway infrastructure contracting. Most of the ₹178 crore issue is fresh shares (₹145 crore) with a smaller ₹33 crore of existing owners selling, and the bulk is reserved for retail investors. Worth weighing: FY26 revenue and profit both grew only about 6%, to ₹344 crore and ₹25 crore, and the business leans on railway orders. Demand is very quiet: on day two the book was only about 0.23 times covered (big investors usually bid late), and the grey market premium is thin at about ₹6, roughly 3% over the top of the band. That sits inside our flat zone, so for now this is a Neutral; the call locks at 2 PM on 5 October, the closing day.
More details
- Sector
- Railway sleepers / EPC
- FY26 PAT
- ₹24.98 Cr (+6%)
- Registrar
- MUFG Intime India
- Issue type
- Book-built (₹145 Cr fresh + ₹33 Cr OFS)
- Reservation
- QIB 1% / Retail 70% / NII 29%
- FY26 revenue
- ₹344.13 Cr (+6%)
- Lead manager
- Saffron Capital Advisors
- Anil Singhvi - Long-term call
- Not clearly stated
- Anil Singhvi - Listing-gain call
- Not clearly stated
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Calls here follow a set formula (GMP, subscription trends) plus Anil Singhvi's publicly shared view — not investment advice. Please do your own research before investing.