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 gro...