Vishal Nirmiti vs Nityas Gems — Which IPO looks better?

                          Vishal Nirmiti vs Nityas Gems — Which IPO looks better?

Vishal Nirmiti vs Nityas Gems — Which IPO looks better to me?

I looked at both RHPs, but for me the comparison is quite simple.

Vishal Nirmiti
• Railway sleepers, MS pipes & infrastructure
• FY26 Revenue: ₹339 Cr | PAT: ₹25 Cr
• EBITDA Margin: 15.1%
• IPO valuation: ~17.4x FY26 earnings at ₹220
• Main concern: high customer concentration and debt

Nityas Gems
• Jewellery + lab-grown diamonds
• FY26 Revenue: ~₹203 Cr | PAT: ₹22 Cr
• EBITDA Margin: 15.27%
• IPO valuation: ~19.4x FY26 earnings at ₹75
• Main concern: working capital and customer/geographic concentration

My View:
Nityas has the stronger growth story, but Vishal Nirmiti looks more reasonable on valuation.

But I would not ignore the risks—especially customer concentration and debt.

This is my personal analysis, not investment advice.