Vishal Nirmiti is a civil engineering, manufacturing and construction company primarily engaged in the business of manufacturing and dealing of pre-stressed concrete (PSC) sleepers for railways, pre cast and prestressed concrete products for various applications. The company also does fabrication and erection of Mild Steel Pipes (MS Pipes), MS Liner, and Penstock Pipes for Pumped Storage Project (PSP). The company offers its various services across railways, renewable power and industrial sectors. Vishal Nirmiti business is divided into two segments, namely, (a) Manufacturing segment and (b) Services segment. Public-sector railway contracts are generally secured through competitive tenders. Successful awards form a letter of intent, and then periodic purchase orders; tender quantities and revenue recognition may be in different periods. Mainline sleeper tenders are typically floated for requirements spanning two to three years and may include additional-quantity clauses. Private contracts are obtained through competitive quotations and negotiation. The company seeks to place project-specific facilities near customers because the weight and size of sleepers and large pipes make transport a material execution consideration. Manufacturing contributed 75.01% in FY26, while services contributed 24.99%. Government sleeper sales represented 42.61%, private sleeper sales 20.92%, private MS pipes 11.11%, and subcontract/job work 23.90%. Services expanded from 11.74% of this revenue base in FY24 to 24.99% in FY26. In terms of geography, Maharashtra contributed 35.52% of FY26 revenue, followed by Madhya Pradesh at 33.96%, Gujarat at 17.90% and Himachal Pradesh at 10.53%. The four sleeper plants at Timba, Bankhedi, Kandrori and Mohol had an aggregate annual installed capacity of 11,00,124 sleepers, with FY26 production of 7,15,673 units and 65.05% utilisation. In FY26, MS-pipe installed capacity was 1,54,000 MT, production was 62,710 MT, and utilisation was 40.72%; capacity had increased from 81,000 MT in FY25. At Nadiad, FY26 capacity utilisation was 47.49% for noise barriers and 52.77% for cable ducts. Indian Railways accounted for 40.56% of FY26 revenues, whereas the top five and top ten clients were responsible for 85.33% and 92.91% of FY26 revenues, respectively. Repeat customers contributed 95.13% of FY26 revenues. The outstanding order book amounted to ₹581.77 crore as of June 30, 2026. Indian PSC-sleeper demand grew from 10.10 million units in FY21 to 17.90 million units in FY25, driven by track renewal, electrification, freight corridors, and network expansion. Vishal Nirmiti is involved via its four sleeper plants, Indian Railways connections, and adjoining high-speed rail sleeper products. The company’s diversity in terms of its various sleeper products and the capacity of locating facilities close to projects are pertinent to the highly specified tendering and freight economics. Demand for the industry still has to translate into tenders and purchase orders. India’s MS-pipe market is projected to grow from $22.3 billion in FY25 to $38.9 billion in FY30, an 11.8% CAGR, supported by infrastructure, urban water systems, renewables and hydropower. The company participates through onsite large-diameter pipe, liner and penstock fabrication, protective coating and hydro-mechanical execution. Eleven pumped-storage projects aggregating 15,870 MW were under construction as of July 20, 2026, while six projects aggregating 8,140 MW had completed CEA appraisal. Now, Vishal Nirmiti is launching its Initial public offering (IPO), which consists of a fresh issue of ₹145 crore and an offer for sale of ₹33 crore. The total issue size of the IPO is ₹178 crore. Its shares will be listed on the NSE and BSE. ### **How to apply for Vishal Nirmiti IPO?** If you are interested in this investment opportunity but unsure how to apply for a Vishal Nirmiti IPO, follow these steps. When the public issue opens for subscription, one can follow this step-by-step guide on how to apply for the Vishal Nirmiti IPO on Upstox: - Log in to your Upstox account using your six-digit PIN - After logging in, click on ‘Discover’ - On the ‘Discover’ tab, you will find the ‘Invest in IPO’ section - Under the Invest in IPO section, look for the ‘Vishal Nirmiti IPO’ tab and click on it - Now fill in all the required information, like ‘bid price’ and ‘lot size’ - Confirm and click on ‘Apply’ - Accept the mandate on your UPI app