Vishal Nirmiti IPO

Incorporated on June 30, 1994 as Sejal Farms Private Limited and renamed Vishal Nirmiti Limited in 2025, the company is a civil engineering, manufacturing and construction business focused on railway and infrastructure products. It makes pre-stressed concrete (PSC) sleepers for railways and precast concrete products, and fabricates and erects MS pipes, MS liners and penstock pipes for pumped storage projects.

Manufacturing: PSC sleepers, large-diameter MS pipes and precast elements such as noise barriers and cable ducts; this segment contributed 75.01% of revenue in Fiscal 2026.

Services: sub-contracted job work for MS pipes, liners, penstocks and precast items, along with wind power generation (1.8 MW), leasing and scrap sales.

Proven Execution Capabilities: With around 20 years of experience in PSC sleepers and MS pipes, the company runs end-to-end sleeper production lines alongside MS pipe, liner and penstock fabrication and precast noise barriers. Its units hold ISO 9001:2015 certifications, and it has executed DFCCIL sub-contracts at Bhandu, Prithla and Timba.

Focus on Railway PSC Sleepers: Railway infrastructure is the company's core focus. In Fiscal 2026 it won Indian Railways tenders from Central, Northern and West Central Railways covering 10,05,136 sleepers, about 13.88% of the overall tendered quantity, with manufacturing supported by quality-controlled, automated processes.

Long-Term Customer Relationships: The company has repeat business with railway authorities and infrastructure contractors. Repeat customers generated 95.13% of Revenue from Operations in Fiscal 2026, and ten clients have worked with it for more than ten years, including Central Railway, Larsen & Toubro and ISC Projects.

Dependence on Government Railway Projects: Government authorities and government-related entities generated ₹14,421.16 lakhs, or 42.61% of Revenue from Operations, in Fiscal 2026 through the PSC sleeper segment. Changes in railway policy, budget allocations or tender releases could reduce orders or alter contract terms.

Customer Concentration: Indian Railways, the largest customer, contributed 40.56% of revenue in Fiscal 2026, while the top ten customers accounted for 92.91%. The loss of a major customer, payment delays or order cancellations could materially affect revenue and profitability.

Reliance on Raw Material Suppliers: The top ten suppliers accounted for 65.52% of total purchases in Fiscal 2026, with the largest at 11.53%. Losing a considerable number of suppliers or facing supply disruptions could delay production and customer deliveries and increase operating costs.