“The net proceeds from the IPO are proposed to be utilized towards funding working capital requirements, general corporate purposes and repayment in part or full of term loans availed.”
Pune headquartered Vishal Nirmiti Limited, an integrated civil engineering, manufacturing and Construction Company has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO).
The proposed IPO comprises a fresh issue of equity shares of face value ₹10 each aggregating up to ₹125 crore, along with an offer for sale (OFS) of up to 15,00,000 equity shares by Vaman Prestressing Company, the promoter group selling shareholder.
The company had initially filed its DRHP with SEBI in September 2025.
The net proceeds from the IPO are proposed to be utilized towards funding working capital requirements, general corporate purposes and repayment in part or full of term loans availed.
Incorporated in 1994 and led by its chairman, Brij B Tapadiya and a professional management team, the company is primarily engaged in the manufacturing of pre-stressed concrete (PSC) sleepers for railways, precast and prestressed concrete products and the fabrication and erection of mild steel pipes and penstock pipes for pumped storage project (PSP). Engineering, procurement and construction (EPC) services is also one of the services provided by Vishal Nirmiti for railway infrastructure, irrigation and infrastructure development projects.
PSC sleeper which are widely used in broad gauge (BG), meter gauge (MG), and standard gauge railway lines. They are manufactured with high-tensile steel wires/strands, which are tensioned before casting the concrete.
VNL is also involved in the manufacture of precast concrete elements for noise barrier and cable ducts for high-speed rail corridor on a sub contracted job work basis arrangement for a major infrastructure client for India’s first and ongoing High Speed Rail Project from Ahmedabad, Gujarat to Mumbai, Maharashtra
It has execution capabilities across multiple states including Maharashtra, Madhya Pradesh, Gujarat, Himachal Pradesh, Uttar Pradesh, Odisha, Delhi, Punjab and Karnataka, operating through owned, leased and job-work facilities and has successfully executed large and complex railway infrastructure projects, including Dedicated Freight Corridor contracts at Bhandu (Gujarat), Prithla (Haryana) and Timba (Gujarat).
Their client base includes Central Railways, West Central Railways, Northern Railways, Larsen & Toubro, KEC International, Kalpataru Projects International and Raj Infrastructure Development (India).
VNL has demonstrated steady growth and improving profitability over the last three fiscals. The company’s revenue from operations stood at ₹266.64 crore in FY23, moderated to ₹242.88 crore in FY24, and increased to ₹318.52 crore in FY25, reflecting recovery and scale-up in operations.
Profit after tax rose from ₹3.01 crore in FY23 to ₹3.45 crore in FY24 and further to ₹23.64 crore in FY25, supported by improved operating leverage and execution.
For the six months ended September 30, 2025, the company reported revenue from operations of ₹135.24 crore and profit after tax of ₹8.41 crore.
The company’s long-standing execution track record, ability to service geographically dispersed projects and integration of manufacturing with project execution enable better cost control, timely delivery and scalability, positioning it to benefit from sustained public infrastructure spending, particularly in railways and allied sectors.
Precast sleepers are the backbone of Indian rail infrastructure, ensuring stability, uniform load distribution, and compatibility with modern high-speed and heavy-haul operations. Their long life and low maintenance needs make them ideal for India’s massive track renewal programs.
As per D&B Report, the Indian railway sector has become one of the world’s largest consumers of precast concrete sleepers, driven by the government’s consistent focus on modernization, electrification, and expansion of track networks. The railway sleeper market is expected to grow steadily from 271.4 million units in FY 2025 to 323.8 million units in FY 2030E, reflecting a CAGR of 3.8%.
Saffron Capital Advisors Private Limited is the sole banker to the issue.
