# Vishal Nirmiti Limited: IPO analysis > Vishal Nirmiti Limited (CIN U01122MH1994PLC185445) has filed a Prospectus with SEBI for an IPO comprising an offer for sale of ₹33 Cr, priced at ₹208.00 to ₹220.00 per share. In FY26 it reported revenue of ₹339 Cr (+6.3% on FY25) and a net profit of ₹25 Cr. Promoters hold 73.4% before the IPO. Our fact-check of its claims found 4 medium or high concerns across 73 claims checked. - Page: https://ipo.innerkore.com/company/U01122MH1994PLC185445/vishal-nirmiti-limited/ - CIN: U01122MH1994PLC185445 - Last updated: 6 Oct 2026 ## Key facts - **Company:** Vishal Nirmiti Limited - **CIN:** U01122MH1994PLC185445 - **Filing stage:** Prospectus - **Latest SEBI filing:** 6 Oct 2026 - **Offer for sale:** ₹33 Cr - **Price band:** ₹208.00 to ₹220.00 per share - **Final offer price:** ₹220.00 per share - **Bidding opens:** 30 Sep 2026 - **Bidding closes:** 5 Oct 2026 - **Listing on:** BSE, NSE - **Revenue FY26:** ₹339 Cr - **Revenue growth:** +6.3% - **Net profit FY26:** ₹25 Cr - **Revenue CAGR FY24 to FY26:** 18.1% - **Promoter holding (pre-IPO):** 73.4% - **Lead managers:** Saffron Capital Advisors Private Limited - **Registrar:** MUFG Intime India Private Limited - **Fact-check flags:** 0 high, 4 medium, 5 low ## Key signals (read from the filing; not investment advice) - **Valuation** (looks fine): 17.4x P/E. At the top of the band, on FY26 profit; 5x book value. - **Growth** (look closer): 18.1% a year. Sales FY24 to FY26; latest year +6.3%. - **Profitability** (look closer): 7.4% net margin. FY26; operating margin steady. - **Debt** (look closer): 1.01x equity. ₹87.4 crore borrowed at the end of FY26. - **Profit into cash** (looks fine): 109% of profit. Operations brought in ₹27.2 crore against ₹25 crore of profit in FY26. - **One-off income** (look closer): 16% of profit. Other and one-off income is 16% of pre-tax profit. - **Where the money goes** (concern): All for sale. Entirely an offer for sale: the company receives nothing. - **Red flags** (look closer): 4 to review. 73 claims checked: 0 high, 4 medium concern. ## Financial snapshot (₹ crore unless stated; consolidated) | | FY24 | FY25 | FY26 | |---|---:|---:|---:| | Sales | 243 | 319 | 339 | | Sales growth | – | 31.1% | 6.3% | | Operating profit | 23 | 46 | 51 | | Operating margin | 9.5% | 14.6% | 15.1% | | Net profit | 3.5 | 24 | 25 | | Net margin | 1.4% | 7.4% | 7.4% | | Net worth | 39 | 62 | 87 | | Borrowings | 92 | 88 | 87 | | Return on equity | 8.9% | 38.4% | 28.8% | ## Use of proceeds (fresh issue) - Funding Working Capital Requirements of the Company;: ₹75 crore - Repayment and/ or pre-payment, in part or full of term loans availed by our Company;: ₹19 crore - Sub-Total (A+B): ₹94 crore - General Corporate Purposes*( 1): ₹34 crore ## Fact-checked claims - **MEDIUM** (LitigationStatus): Bids may be rejected if PAN details have not been verified and beneficiary accounts are “suspended for credit” in terms of SEBI circular CIR/MRD/DP/ 22 /2010 dated July 29, 2010.. The search results mention a specific SEBI circular regarding UPI bids requiring a status of 'RC100 - Mandate Accepted by', which is different from the claim about 'suspended for credit' accounts. Another result refers to a financial seizure matter, which is unrelated to the specific SEBI circular mentioned in the claim. - **MEDIUM** (LitigationStatus): A case was pending before the CIT (A) for the Assessment year 2016-17 concerning the recovery of ₹ 104.14 lakhs.. The search results mention a case related to Vishal Nirmiti, but they do not corroborate the specific claim about a pending case before the CIT (A) for AY 2016-17 concerning a recovery of ₹ 104.14 lakhs. One result mentions that a recovery request is pending before the CBI court, rather than due to the prospectus. - **MEDIUM** (LitigationStatus): A case was pending before the CIT (A) for the Assessment year 2017-18 concerning the recovery of ₹ 243.88 lakhs.. The search results mention a case related to a recovery, but they do not specifically corroborate the claim about a pending case before the CIT (A) for AY 2017-18 concerning ₹ 243.88 lakhs. One result mentions that a recovery request is pending before the CBI court, which is different from the claim. - **MEDIUM** (LitigationStatus): A case was pending before the CIT (A) for the Assessment year 2005-06 concerning the recovery of ₹ 33.52 lakhs.. The search results mention a case related to a recovery, but they do not specifically corroborate the claim about a pending case before the CIT (A) for Assessment year 2005-06 concerning the recovery of ₹ 33.52 lakhs. One result mentions a different amount (₹ 39 lakh) and a pending request before the CBI court. - **LOW** (SubsidiaryPerformance): The company changed its name to "Vinamra Trading Company Private Limited" on April 06, 2004, following a special resolution.. One search result corroborates the claim by stating that pursuant to a special resolution on April 06, 2004, the company changed its name to "Vinamra Trading Company Private ...". This directly supports the statement found in the DRHP. - **LOW** (SubsidiaryPerformance): A scheme of amalgamation was entered into between Marathwada Prestress Private Limited, Permanent Prestress Private Limited, and Prestress (India) Private Limited into the company on November 23, 2007.. One search result corroborates the claim by stating that in 2007, the company amalgamated Marathwada Prestress Pvt. Ltd., Permanent Prestress Pvt. Ltd., and Prestress (India) Pvt. Ltd. into the company. - **LOW** (LitigationStatus): Equity Shares subject to pledge or 'freeze balance'/'safe-keep balance' and forming part of pre-issue capital must remain subject to mandatory lock-in provisions under SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, from the date of allotment.. The search results mention a financial seizure related to Vishal Nirmiti, noting that Rs 39 lakh remains seized due to a pending recovery request before the CBI court, which is different from the issue described in the claim. No direct information is found regarding the mandatory lock-in provisions mentioned in the claim. - **LOW** (LitigationStatus): No material approvals were found pending in relation to Intellectual property rights.. One search result indicates that a recovery request is pending before the CBI court, which is related to a financial matter, not directly confirming or denying the claim about pending material approvals for intellectual property rights. - **LOW** (PromoterBackground): Ajay Bhagwandas Tapadiya is a director and shareholder in Samrat Wires Private Limited.. The search results mention 'SAMRAT FINVESTORS PVT.LTD.' in connection with consent orders, which is related to the entity mentioned in the claim. However, the results do not explicitly confirm or deny the specific relationship between Ajay Bhagwandas Tapadiya and Samrat Wires Private Limited. - **NONE** (PromoterBackground): Abhijeet Kumudchandra Shah is the Chief Financial Officer of the Company with effect from September 17, 2025, and has been associated with the Company since January 01, 2008.. The provided search results do not contain information that directly corroborates or contradicts the claim regarding Abhijeet Kumudchandra Shah being the CFO of Vishal Nirmiti Limited with the specified dates. The search results primarily mention Vishal Nirmiti IPO and other unrelated financial/legal documents. - **NONE** (PromoterBackground): The Stakeholders Relationship Committee was constituted on September 17, 2025.. The provided search results do not contain information confirming or denying the date mentioned in the DRHP claim regarding the constitution of the Stakeholders Relationship Committee on September 17, 2025. The search results primarily reference IPOs and other financial news, but not this specific committee formation date. - **NONE** (PromoterBackground): The Nomination and Remuneration Committee was constituted on September 17, 2025.. The provided search results do not contain information that corroborates or contradicts the claim regarding the constitution date of the Nomination and Remuneration Committee for Vishal Nirmiti Limited. The results primarily mention IPO-related news and filings for different companies. ## Common questions ### How big is the Vishal Nirmiti Limited IPO? Vishal Nirmiti Limited's IPO comprises an offer for sale of ₹33 Cr, according to its Prospectus. The price band was ₹208.00 to ₹220.00 per share and the final offer price was ₹220.00 per share. ### What are Vishal Nirmiti Limited's revenue and profit? Vishal Nirmiti Limited reported revenue from operations of ₹339 Cr in FY26, +6.3% versus FY25. Net profit was ₹25 Cr (FY25: ₹24 Cr). Revenue grew at a compound rate of 18.1% a year from FY24 to FY26. Figures are read from the Prospectus, as printed there. ### How much do promoters own in Vishal Nirmiti Limited? Promoters and the promoter group hold 73.4% of Vishal Nirmiti Limited before the IPO. ### How will Vishal Nirmiti Limited use the IPO money? The fresh-issue proceeds are earmarked for: Funding Working Capital Requirements of the Company; (₹75 Cr); Repayment and/ or pre-payment, in part or full of term loans availed by our Company; (₹19 Cr); Sub-Total (A+B) (₹94 Cr); General Corporate Purposes*( 1) (₹34 Cr). The offer-for-sale portion goes to the selling shareholders, not the company. ### What are the red flags in Vishal Nirmiti Limited's Prospectus? We fact-checked 73 claims from the filing against the open web: 0 raised a high concern, 4 medium and 5 low. The most notable: The search results mention a specific SEBI circular regarding UPI bids requiring a status of 'RC100 - Mandate Accepted by', which is different from the claim… The search results mention a case related to Vishal Nirmiti, but they do not corroborate the specific claim about a pending case before the CIT (A) for AY… The search results mention a case related to a recovery, but they do not specifically corroborate the claim about a pending case before the CIT (A) for AY… This is an automated screen, not a verdict; each finding links to its sources. ### What does Vishal Nirmiti Limited do? Here's a detail about Vishal Nirmiti Limited that almost nobody is talking about: there's no official record confirming that Akhil Ranchod Tapadiya actually became the Chief Operating Officer starting September 17th, 2025. ### Who manages the Vishal Nirmiti Limited IPO? Book running lead managers: Saffron Capital Advisors Private Limited. Registrar to the offer: MUFG Intime India Private Limited. Shares are proposed to list on BSE and NSE. ### Where can I read the original Vishal Nirmiti Limited IPO documents? All 2 filings for Vishal Nirmiti Limited (RHP, Prospectus) are listed on this page with links to the original PDFs on SEBI's website. Every page reference cites the exact page of the source document. ## Source documents - [Vishal Nirmiti Limited - Prospectus](https://www.sebi.gov.in/sebi_data/attachdocs/oct-2026/1791286596126.pdf) (Prospectus, filed 6 Oct 2026) - [Vishal Nirmiti Limited](https://nsearchives.nseindia.com/content/ipo/RHP_VNL.zip) (Red Herring Prospectus, filed 29 Sep 2026) --- Source: InnerKore IPO (https://ipo.innerkore.com/). Read from public SEBI filings by automated extraction; check the linked documents. Not investment advice.