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Anand Rathi Recommends "Subscribe - Long Term" for Vishal Nirmiti Ltd IPO
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Moneycontrol•29-09-2026, 15:12
Anand Rathi Recommends "Subscribe - Long Term" for Vishal Nirmiti Ltd IPO
- •Vishal Nirmiti Limited specializes in civil engineering, manufacturing, and construction, focusing on PSC sleepers for railways, pre-cast concrete products, and fabrication of MS Pipes and Penstock Pipes for PSP.
- •The company's operations are divided into manufacturing (PSC sleepers, MS Pipes, pre-cast concrete products) and services (sub-contracting, wind power generation, leasing, scrap sales).
- •Vishal Nirmiti has established execution capabilities across railway, water, and hydro-power infrastructure projects, with facilities in multiple Indian states.
- •At the upper price band, the IPO values the company at 23.2x FY26 P/E and 13.1x FY26 EV/EBITDA, with a post-issue market capitalization of approximately ’5,806 million.
- •Anand Rathi recommends a "Subscribe - Long Term" rating, citing the company's strong market position, execution capabilities, improving profitability, and growth opportunities from India's infrastructure capex cycle.
Key Questions Answered
The initial public offering for Vishal Nirmiti Ltd is set with a price band of Rs 208 to Rs 220 per equity share. The subscription period opens on September 30 and closes on October 5.
The total issue size stands at Rs 178 crore at the upper price band. This includes a fresh issue of shares aggregating up to Rs 145 crore and an offer for sale (OFS) of 15 lakh equity shares by the promoter.
Vishal Nirmiti is a civil engineering and construction company operating in manufacturing and services. Its core manufacturing business includes pre-stressed concrete (PSC) sleepers for railways, pre-cast concrete products, and the fabrication of mild steel (MS) pipes, MS liners, and penstock pipes for pumped storage projects.
