This company listed within the last twelve months, so its prospectus is still the primary source. The figures below were extracted from the DRHP and RHP before listing and scored then, and they are shown here as they stand in the IPO record rather than restated.
Each flag is a fact read in the filing, shown with the context that makes it meaningful.
Stated objects, as worded in the offer document. Deployment against them is tracked separately.
Claims made in the offer document, to be read against what the company has reported since.
Vishal Nirmiti Limited operates in the infrastructure manufacturing and construction domain, specializing in prestressed concrete (PSC) sleepers, mild steel (MS) pipes (LSAW and HSAW), specialized pipe coating solutions, hydro-mechanical gates/penstocks, and civil construction services. The company supplies critical track development components to Indian Railways, as well as piping and hydro-mechanical solutions to water supply, irrigation, and energy projects. Operations are conducted across multiple manufacturing facilities in India, equipped with spiral welding, forming, and coating technologies complying with API 5L, ASTM, and RDSO standards. Consolidated revenue from operations reached ₹ 338.68 crore in Fiscal 2026, compared to ₹ 318.52 crore in Fiscal 2025 and ₹ 242.88 crore in Fiscal 2024, delivering a Restated Profit After Tax of ₹ 24.98 crore in FY26.
Established vendor empanelment with Indian Railways and RDSO, integrated manufacturing setup across PSC sleepers and coated MS pipes, technical execution credentials in public infrastructure, and an order book offering revenue visibility.
Vishal Nirmiti Limited is an Indian manufacturer of prestressed concrete (PSC) railway sleepers, mild steel (MS) pipes, and hydro-mechanical equipment. The company provides infrastructure components and civil construction solutions primarily to Indian Railways, water resources, pipeline, and energy sectors.
Source: p.35, p.138, p.237
Where the revenue came from, as the document splits it.
According to the D&B Report, the Indian infrastructure, railway, and pipe manufacturing sectors are driven by government capital expenditure, railway modernization, track doubling, and water grid expansion projects like Jal Jeevan Mission. Demand for PSC sleepers and large-diameter MS pipes is supported by continuous public sector allocations for transportation and water infrastructure.
Sector slug: infrastructure-and-railway-components
Source: p.52, p.143, p.532
The comparable set the company chose, which is itself a disclosure.
| Name | Margin | Pb | Pe | Roe | Source |
|---|---|---|---|---|---|
| Indian Hume Pipe Company Limited | 10.81 | 14.35 | 25.06 | p.138, p.143 | |
| GPT Infraprojects Limited | 7.47 | 14.35 | 17.1 | p.138, p.143 |
As presented in the offer document. Post-listing figures are in the statements above.
| Basis | Period | Related party revenue cr | Pat cr | Pat margin | Revenue cr | Pat margin derived | Cff cr |
|---|---|---|---|---|---|---|---|
| standalone | FY26 | 0 | 24.98 | 7.38% | 338.68 | yes | |
| standalone | FY25 | 0 | 23.64 | 7.42% | 318.52 | yes | |
| standalone | FY24 | 0 | 3.45 | 1.42% | 242.88 | yes |
The measures this sector is actually judged on, as disclosed in the document. No feed supplies these.
Written before listing, answered from the document itself.
How will the ₹ 145.00 crore fresh issue proceeds be deployed?
Vishal Nirmiti Limited will deploy ₹ 75.00 crore for funding working capital requirements, ₹ 19.00 crore for prepayment/repayment of term loans, and the balance towards general corporate purposes.
p.122, p.123
What drove top-line and net profit expansion between FY24 and FY26?
Revenue from operations grew from ₹ 242.88 crore in FY24 to ₹ 338.68 crore in FY26 due to higher dispatch volumes of PSC sleepers and coated MS pipes, while Restated PAT increased from ₹ 3.45 crore to ₹ 24.98 crore supported by operating leverage and fixed cost absorption.
p.67, p.417
What is the status of the CBI cash seizure matter mentioned in the risk factors?
In February 2025, CBI seized ₹ 39.00 lakhs cash from the company's premises during an investigation involving another sleeper manufacturer. CBI's April 2025 charge sheet did not name Vishal Nirmiti Limited or its promoters/directors, and the company has filed an application before Jaipur Special CBI Court to recover the seized operational cash.
p.32, p.33, p.434
What the issue priced at, on the figures in the document.
How the book filled. A category that bid far above the rest is a different signal from a uniformly covered issue.
| Date | Name | Shares | Price per share | Category | Source |
|---|---|---|---|---|---|
| 2001-04-25 | Ranchoddas Ramanujdas Tapadiya / Ajay Bhagwandas Tapadiya | 3300 | 10 | Subscription to MoA / Further Allotment | p.87, p.108 |
| 2007-12-27 | Vaman Prestressing Company Private Limited | 1838100 | 0 | Amalgamation Allotment | p.87, p.102 |
| 2025-03-15 | Stock Split (1:10) | 1800000 | 0 | Stock Split | p.87, p.348 |
| 2025-09-17 | Bonus Issue (10:1) | 18000000 | 0 | Bonus Issue | p.87, p.348 |
Ceo: Brij B Tapadiya
₹ 2.82 crore in outstanding litigation against the Company (including ₹ 1.56 crore in direct tax appeals), and ₹ 0.34 crore against Promoters.
Auditor name: M/s Samria Kabra & Associates, Chartered Accountants
Promoters and Promoter Group hold 73.42% (1,45,37,600 Equity Shares) of the pre-issue equity share capital, with Promoters holding 37.51% (74,27,420 Equity Shares).
Auditor rpt flags: None; Statutory auditor examination reports contain unmodified opinions for FY24-FY26.
Auditor changed last 3y: No; Samria Kabra & Associates served as statutory auditors across all three reporting years.
Source: p.1, p.71, p.88, p.339, p.432, p.439
Transactions with promoters, directors and their entities, as disclosed.
| Counterparty | Amount cr | Nature | Relationship | Core function | Source |
|---|---|---|---|---|---|
| Prestress Steel LLP | 13.57 | Purchase of raw materials and trade payables | Enterprise controlled by KMP / Relatives | Procurement of prestressed high-tensile steel wire for sleepers | p.71, p.381, p.382 |
| Siddhi Ferrous Private Limited | 9.06 | Purchase of steel raw materials | Enterprise controlled by KMP / Relatives | Procurement of mild steel plates and structural steel | p.71, p.381, p.382 |
| Samruddhi Industries | 21.98 | Sale of goods and subcontract infrastructure execution | Enterprise controlled by KMP / Relatives | Subcontract pipe fabrication and civil works execution | p.381, p.382 |
| Brij B Tapadiya | 0.6 | Director remuneration and rent | Chairman & Whole-time Director | Executive leadership, strategic direction, and registered office lease | p.71, p.381, p.382 |
Past delays in depositing statutory dues including EPF, ESIC, PT, GST, Income Tax, and Labour Welfare Fund were disclosed, primarily attributed to Aadhaar seeding and GST transition processes.
Defaults disclosed: Yes
Source: p.34, p.50, p.51
Models that need these lines are withheld rather than estimated: two comparable financial years. Nothing on this page is back-solved from a figure the company did not publish.
Set your own assumptions and watch the numbers move. A scenario calculator — the outputs are the arithmetic of your inputs.
What this sector is read on: Order inflow, Order book, Book to bill, Execution rate, Unbilled revenue, Customer advances, Government share of book, Working capital days. These come from the filings, not the market feed, and appear here once a quarter is read.
Read using the Capital goods and EPC framework (from the listed sector). Primary valuation lens: P/E against order book quality.
Read more closely in this sector: Unbilled revenue growing faster than billed receivables · Order inflow against execution · Bank guarantees outstanding growing faster than the order book · Liquidated damages or cost overruns disclosed.
The same read, applied to the companies this one competes with.