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Listed
Industrial Manufacturing
Vishal Nirmiti Limited IPO
₹178 Cr · Fresh Issue & OFS · Industrial Manufacturing
Price Band
₹208 – ₹220
GMP (Grey Market)
—
No GMP data yet
Issue Size
₹178 Cr
Fresh Issue & OFS
Market Cap
₹580.60 Cr
At upper band
P/E Ratio
23.2x
P/S: 1.7x
Listing Date
08 Oct 2026
BSE & NSE
IPO Timeline
✓
Opens
30 Sep 2026
✓
Closes
05 Oct 2026
✓
Allotment
6 Oct 2026
✓
Refund
7 Oct 2026
✓
Listing
08 Oct 2026
IPO India Hub: Subscribe
Conviction
7/10
The company trades at 23.2x P/E, exactly at sector midpoint (1.01× Manufacturing/Engineering benchmark), with exceptional PAT growth of 169% over two years and a healthy ROCE of 28%. Key risk: promoter dilution from 73% to 49% post-issue and modest NPM of 7.3% limit margin of safety.
Listing Performance
Issue Price
₹220
Allotment price
Listing Price
₹215
-2.27% on listing day
Current Price (CMP)
₹94
-57.3% vs issue
Listed On
08 Oct 2026
BSE & NSE
Our Analysis — Key Points
✓ Strength
Exceptional profit growth trajectory
Net profit surged 169% CAGR over two years (₹3.5 Cr to ₹25.0 Cr), demonstrating strong operational leverage and cost control. This exceptional PAT expansion significantly outpaces revenue growth of 17.8%, indicating improving operational efficiency and margin expansion potential.
✓ Strength
Strong return on capital employed
ROCE of 28.02% is well above cost of capital, signaling efficient capital deployment and competitive advantage in manufacturing. Combined with moderate debt (D/E 1.01x) and EBITDA margin of 15.1%, the company generates quality earnings.
⚠ Risk
Significant promoter stake dilution
Promoter holding drops sharply from 73.42% pre-issue to 49.4% post-issue, a 24-point dilution that signals loss of control and potential governance concerns. This level of dilution is material and may affect decision-making autonomy and founder alignment with minority shareholders.
⚠ Risk
Thin net profit margins limit cushion
NPM of 7.3% is well below the 15% threshold that would justify premium valuations, leaving little buffer against cost inflation or demand shocks. Any adverse movement in raw material costs or competitive pricing could compress already-thin margins significantly.
₹ Valuation
Fairly valued at sector midpoint
P/E of 23.2x sits at exactly 1.01× the Manufacturing/Engineering sector midpoint of 23x (range 18–28x), placing the company at fair value with no valuation premium. P/S of 1.7x is reasonable for the sector, though growth must sustain to justify current multiples.
👁 Watch
Monitor margin trajectory post-listing
Track quarterly EBITDA and net margins closely; any compression below 14% EBITDA or 6% NPM would signal operational stress and justify downside re-rating. Watch for working capital efficiency given ₹75 Cr of IPO proceeds allocated to working capital needs.
Top Analyst Reviews
| Analyst / Firm | Rating | Known For | Review |
|---|---|---|---|
| IPO India Hub Our independent review |
Original analysis based on DRHP & public financials | This page | |
| Dilip Davda Chittorgarh.com |
India's most followed independent IPO analyst | Search on Chittorgarh → | |
| Capital Market (CM Rating) CapitalMarket.com |
Widely-cited "New Issue Monitor" reports | Search on CapitalMarket → | |
| ICICI Securities ICICIdirect Research |
SEBI-registered broker research desk | Visit ICICIdirect → | |
| IPO Guru Analyst Leaderboard ipoguru.in |
Ranks 49 analysts by real IPO outcome accuracy | View leaderboard → |
External links go to each platform's IPO section — search for "Vishal Nirmiti Limited" to find the specific review. IPO India Hub does not represent the accuracy of third-party ratings.
Company Snapshot
Revenue
₹338.68 Cr
Net Profit
₹24.98 Cr
Industry
Industrial Manufacturing
Issue Type
Fresh Issue & OFS
Promoters
BRIJ B TAPADIYA, AJAY BHAGWANDAS TAPADIYA, PAVAN VITHALDAS TAPADIYA, AKHIL RANCHOD TAPADIYA, NAVEEN TAPADIYA, RAJENDRAKUMAR BADRINARAYAN TAPADIYA, SUYASH VITHALDAS TAPADIYA, VEDANT TAPADIYA AND KESHAV TAPADIYA
Lead Managers
Saffron Capital Advisors
Quick Actions
Frequently Asked Questions
Subscribe. The company trades at 23.2x P/E, exactly at sector midpoint (1.01× Manufacturing/Engineering benchmark), with exceptional PAT growth of 169% over two years and a healthy ROCE of 28%. Key risk: promoter dilution from 73% to 49% post-issue and modest NPM of 7.3% limit margin of safety.
GMP data is not yet available for this IPO. Check our GMP Live page for the latest updates closer to the listing date.
Lot size details will be updated when the DRHP is filed. The price band is ₹208 – ₹220.
The IPO opens on 30 Sep 2026. It closes on 05 Oct 2026. Allotment is expected on 6 Oct 2026. Refunds initiate on 7 Oct 2026. Listing on BSE and NSE is on 08 Oct 2026.
The lead managers for the IPO are Saffron Capital Advisors. Check the SEBI filing for the registrar details.
The IPO listed on 08 Oct 2026 at ₹215 against an issue price of ₹220 (-2.27% on listing day). The current market price (CMP) is approximately ₹94 (-57.3% vs issue).
Our analysis recommends <strong>Subscribe</strong>. The fundamentals support applying before the issue closes on 05 Oct 2026. The company trades at 23.2x P/E, exactly at sector midpoint (1.01× Manufacturing/Engineering benchmark), with exceptional PAT growth of 169% over two years and a healthy ROCE of 28%. Key risk: promoter dilution from 73% to 49% post-issue and modest NPM of 7.3% limit margin of safety.
Our analysis recommends <strong>Subscribe</strong>. The fundamentals support applying before the issue closes on 05 Oct 2026. The IPO is priced at a P/E of 23.2x. Market cap at issue price is ₹580.60 Cr. As with all IPOs, please read the DRHP and assess your own risk tolerance before investing.
You can apply via UPI through your broker's trading app (Zerodha, Upstox, Fyers, etc.) or via ASBA through your net banking portal. The issue closes on 05 Oct 2026, so apply before that date. Step 1: Log in to your broker or bank app. Step 2: Go to IPO section and search for 'Vishal Nirmiti Limited'. Step 3: Enter the number of lots and UPI ID. Step 4: Accept the mandate on your UPI app.
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