Vishal Nirmiti IPO Review: Price Band, Dates, Lot Size, Financials and RisksVishal Nirmiti IPO Review: Price Band, Dates, Lot Size, Financials and Risks

The Vishal Nirmiti IPO opens on September 30 and closes on October 5, 2026. Vishal Nirmiti Limited manufactures pre-stressed concrete railway sleepers and other infrastructure components and undertakes engineering and construction work. The company is raising approximately ₹178 crore at the upper price band through a fresh issue of ₹145 crore and an offer for sale of ₹33 crore. This Vishal Nirmiti IPO review covers the price band, lot size, financials, business model, IPO objectives, strengths, risks, and how to apply.

IPO Snapshot

Event	Date
IPO opens	September 30, 2026
IPO closes	October 5, 2026
Allotment date	October 6, 2026
Refund	October 7, 2026
Shares credited to demat	October 7, 2026
Listing date (BSE, NSE)	October 8, 2026

The allotment, refund, demat-credit, and listing dates are tentative.

Price Band and Lot Size

Detail	Value
Price band	₹208 to ₹220 per share
Face value	₹10 per share
Lot size	68 shares
Minimum investment	₹14,144 to ₹14,960
Retail maximum	13 lots, or 884 shares (₹1,94,480 at ₹220)
Fresh issue	Approximately ₹145 crore (65,90,909 shares at ₹220)
Offer for sale	₹33 crore (15,00,000 shares at ₹220)
Total issue size	Approximately ₹178 crore at ₹220
Listing	BSE and NSE

Pre-issue shareholding stood at 1,98,00,000 shares and is expected to rise to 2,63,90,909 shares after the fresh issue. The offer for sale consists of existing shares offered by Vaman Prestressing Co. Pvt. Ltd.; those proceeds will go to the selling shareholder, not Vishal Nirmiti.

What Does Vishal Nirmiti Actually Do

Vishal Nirmiti Limited, formerly Sejal Farms Private Limited, manufactures pre-stressed concrete (PSC) sleepers used in railway infrastructure. Its portfolio also includes precast and pre-stressed concrete components, mild-steel pipes, liners, and penstock pipes used in infrastructure projects.

The company operates manufacturing and services businesses. Alongside its manufactured products, it undertakes job-work contracts, construction and other civil-engineering activities. Chittorgarh also lists transportation, wind-power generation, leasing and scrap sales among its activities.

Its operational units are located across Maharashtra, Madhya Pradesh, Gujarat, Himachal Pradesh, Uttar Pradesh, Odisha and Karnataka. As of June 30, 2026, the company had 420 employees.

The Money Numbers

Metric	FY24	FY25	FY26
Total income (₹ crore)	247.93	324.86	344.13
Profit after tax (₹ crore)	3.45	23.64	24.98
Total assets (₹ crore)	242.04	296.61	334.92
Net worth (₹ crore)	38.12	61.12	86.34

The figures above are from Chittorgarh’s Company Financials (Restated) table. The supplied RHP PDF was not independently retrievable, so these figures should not be described as cross-verified against the RHP.

Total income grew from ₹247.93 crore in FY24 to ₹344.13 crore in FY26. Between FY25 and FY26, income increased about 5.9%, and PAT increased about 5.7%, from ₹23.64 crore to ₹24.98 crore. The much larger increase in PAT between FY24 and FY25 came from a low FY24 base of ₹3.45 crore.

EBITDA rose from ₹23.14 crore in FY24 to ₹46.48 crore in FY25 and ₹51.13 crore in FY26. Total borrowings stood at ₹87.42 crore in FY26, compared with ₹88.05 crore in FY25. Chittorgarh reports FY26 debt-to-equity of 1.01 times, ROE of 33.67%, ROCE of 28.02% and RoNW of 33.87%.

At the upper price band of ₹220, Chittorgarh lists pre-issue EPS of ₹12.61 and a pre-issue P/E of 17.45 times. Its post-issue EPS and P/E figures are ₹9.46 and 23.26 times, respectively.

Objects of the Issue

Purpose	Amount (₹ crore)
Funding working-capital requirements	75.00
Repayment or prepayment of term loans	19.00
General corporate purposes	Balance of net proceeds
Total specified allocations	94.00

Strengths

• Total income increased from ₹247.93 crore in FY24 to ₹344.13 crore in FY26.
• EBITDA increased from ₹23.14 crore to ₹51.13 crore over the same period.
• Net worth rose from ₹38.12 crore in FY24 to ₹86.34 crore in FY26.
• The company has a portfolio spanning railway sleepers, other concrete components, steel pipes, and infrastructure work.
• Part of the fresh issue is allocated to working capital and term-loan repayment rather than shareholder exit.

Risks

• Growth slowed in FY26: total income rose about 5.9% and PAT about 5.7% from FY25.
• The company proposes to allocate ₹75 crore to working capital, making project cash requirements and collections important factors for investors to assess.
• FY26 borrowings of ₹87.42 crore were slightly above net worth of ₹86.34 crore; reported debt-to-equity was 1.01 times.
• Railway and infrastructure projects can face tender, execution, and cost risks.
• The ₹33 crore offer for sale goes to the selling shareholder and does not provide capital to the company.

How to Apply

You can apply through Alice Blue by selecting your investor category, choosing the number of lots, and submitting your bid between September 30 and October 5, 2026. One lot contains 68 shares and costs ₹14,960 at the upper price band.

If you do not want to track subscription numbers throughout the bidding window, check whether Alice Blue IPO offers a subscription trigger for this issue. If available, choose your category and lot size, confirm your UPI ID, and select your preferred trigger. Once an application is submitted, approve the UPI payment request within the applicable deadline. Availability of a trigger-based application for Vishal Nirmiti has not been independently verified.

Frequently Asked Questions