Vishal Nirmiti IPO

 Vishal Nirmiti IPO – I went through the DRHP. Here’s what caught my attention.

Vishal Nirmiti is into railway sleepers, MS pipes, precast prod
ucts and infrastructure-related businesses.

Financials:
Revenue grew from around ₹325 Cr to ₹344 Cr, while PAT increased from ₹23.6 Cr to ₹25 Cr.

The interesting part is the improvement in profitability, but I would still watch whether this growth continues.

IPO price band: ₹208–₹220

At ₹220, the valuation works out to roughly 17–18x earnings based on FY26 numbers. So, on P/E alone, it doesn't look stretched. But valuation always needs to be seen along with future growth and earnings quality.

Where is the IPO money going?
The fresh issue is mainly for working capital, repayment/pre-payment of loans and general corporate purposes.

Promoters & business:
The company is promoted by the Tapadiya family and has an established operating history. Its exposure to railway and infrastructure spending gives it a potential growth opportunity.

Risks:
• Working-capital requirements
• Borrowings
• Raw-material price movements
• Dependence on infrastructure/railway spending
• Sustainability of recent profit growth

My view after reading the RHP:
The business and numbers are definitely worth studying. At ₹220, the valuation doesn't look excessive on the face of it, but future growth + debt + sustainability of profits would be the key things I would track.

This is my reading of the DRHP, not an investment recommendation.