Vishal Nirmiti Ltd IPO

About Vishal Nirmiti Ltd

Our Company was incorporated as a private limited company under the provisions of the Companies Act, 1956 on June 30, 1994 at Bombay, Maharashtra as Sejal Farms Private Limited pursuant to a certificate of incorporation issued by the Registrar of Companies, Bombay at Maharashtra. Pursuant to a special resolution passed by the Shareholders on April 06, 2004, the Company changed its name to Vinamra Trading Company Private Limited and a fresh Certificate of Incorporation was issued on April 13, 2004 by the Registrar of Companies, Maharashtra at Pune. Thereafter, on January 20, 2005 our Company changed its named to Vishal Nirmiti Private Limited, and a fresh certificate of incorporation was issued on February 14, 2005 by the Registrar of Companies, Maharashtra at Pune. Subsequently, pursuant to a special resolution passed by our Shareholders at an extra-ordinary general meeting held on August 20, 2025, our Company was converted from a private limited company to a public limited company and the name of our Company was changed to Vishal Nirmiti Limited and fresh certificate of incorporation consequent to change of name was issued by the Registrar of Companies, Central Processing Centre on September 12, 2025.

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. Indian Railways has almost completely transitioned from wooden to prestressed concrete (PSC) sleepers, with indigenous manufacturing capacity exceeding 15 million units annually. This massive demand has not only created a robust sleeper manufacturing ecosystem but also boosted the wider precast concrete industry, which benefits from cost efficiency, high durability, and the ability to standardize production across plants nationwide. The annual consumption of concrete sleepers by Indian Railways has shown a consistent upward trend year on year between FY 2021 and FY 2025. In FY 2021, the demand was at 10.10 million units, marking the baseline for this period. By FY 2022, consumption had grown sharply to 14.70 million units, reflecting the first big jump driven by accelerated track renewal and expansion programs. This momentum continued in FY 2023, with demand reaching 15.70 million units, indicating sustained requirements despite the previous year's strong growth. The India Mild Steel Pipes & Tubes market has been on a steady growth path, expanding from USD 14.5 billion in FY 2021 to an expected USD 22.3 billion by FY 2025. This growth trend highlights the sector's resilience and rising significance within India's industrial and infrastructure ecosystem. Mild steel pipes and tubes, being cost-effective and versatile, are increasingly used in construction, manufacturing, water supply, energy, and agricultural applications, making them a vital component of India's development framework. India's mild steel pipes and tubes production increased from 6.1 million tonnes to 9.2 million tonnes, registering a CAGR of 10.8% between FY 2021-25, while consumption rose from 4.6 million tonnes to 7.1 million tonnes, reflecting a slightly faster CAGR of 11.5%. This parallel growth indicates strong alignment between domestic capacity expansion and rising end-user demand. Notably, increased private investments in industrial estates, logistics corridors, and process industries (like food, chemical, and textiles) fuelled consistent offtake of mild steel tubes, especially in medium-pressure fluid transport and structural applications.

We are a civil engineering, manufacturing and construction company, primary 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 and also into fabrication and erection of Mild Steel Pipes (MS Pipes), MS Liner, and Penstock pipes for Pumped Storage Project (PSP). We provide engineering, procurement, infrastructure and construction services for railway infrastructure and various civil engineering, irrigation and infrastructure development projects across sectors such as railways, renewable power and industrial sectors. Our business is divided into two segments, namely, (a) Manufacturing segment and (b) Services segment.

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