Manav Infra Projects Ltd. Share Price

Vishal Nirmiti

• Vishal Nirmiti is coming out with a 100% book building; initial public offering (IPO) of 84,71,153 shares of face value Rs 10 each in a price band Rs 208-220 per equity share.
• Not more than 1% of the issue will be allocated to Qualified Institutional Buyers (QIBs), including 5% to the mutual funds. Further, not less than 29% of the issue will be available for the non-institutional bidders and the remaining 70% for the retail investors.
• The issue will open for subscription on September 30, 2026 and will close on October 05, 2026.
• The shares will be listed on both BSE and NSE.
• The face value of the share is Rs 10 and is priced 20.80 times of its face value on the lower side and 22.00 on the higher side.
• Book running lead manager to the issue is Saffron Capital Advisors.
• Compliance officer for the issue is Suhas Ganpat Naik. 

Profile of the company

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 and are also into fabrication and erection of Mild Steel Pipes (MS Pipes), MS Liner, and Penstock Pipes for Pumped Storage Project (PSP). 

The company provides 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. Its business is divided into two segments, namely, (a) Manufacturing segment and (b) Services segment.

The company is currently present in the states of Maharashtra, Madhya Pradesh, Gujarat, Himachal Pradesh, Odisha, Delhi, Punjab and Karnataka wherein it has units either owned by the company, or leased or allotted or licensed for job work purposes catering to its clients and business requirement.

Proceed is being used for: 

• Funding working capital requirements of the company
• Repayment and/ or pre-payment, in part or full, of term loans availed by the company
• General corporate purposes

Industry overview

Railway sleepers and mild steel (MS) pipes are two vital building blocks of infrastructure that directly support transport, logistics, and industrial development. Railway sleepers form the foundation of rail track systems, ensuring stability, safety, and durability of passenger and freight operations. On the other hand, MS pipes play an equally crucial role in enabling water supply, energy transmission, construction frameworks, and engineering applications, making them indispensable across multiple sectors of the economy. The railway sleeper industry has seen a marked transition toward prestressed concrete sleepers, which offer superior loadbearing strength, longer service life, and lower maintenance compared to traditional wooden or steel alternatives. Their application spans high-speed rail corridors, metro networks, freight corridors, and industrial railways each requiring durability and resistance to environmental stress. The steady expansion of India’s railway network, coupled with track doubling and modernization programs, ensures consistent demand for concrete sleepers as part of ongoing and future infrastructure projects.

Meanwhile, MS pipes and tubes form a critical backbone of global infrastructure and industrial ecosystems. They are manufactured from low-carbon steel, making them highly malleable, weldable, and cost-efficient compared to alloy or stainless-steel pipes. Owing to these characteristics, MS pipes and tubes find widespread use across construction, engineering, automotive, water supply, sewage, oil & gas, and agriculture. Their versatility allows them to be used for structural purposes (such as in scaffolding, building frameworks, and bridges) as well as fluid transmission (water, gas, and oil pipelines).

At the same time, the sector is evolving under the influence of stricter environmental regulations, sustainability imperatives, and rising raw material costs. Manufacturers are increasingly adopting energy-efficient processes and recycled steel usage to reduce their carbon footprint. The oil & gas sector, logistics and warehousing expansion, and engineering applications are further adding to the growth momentum. Overall, MS pipes and tubes occupy a strategically vital position worldwide, bridging infrastructure needs with cost-effective and durable solutions. 

Pros and strengths 

Strong execution and end-to-end manufacturing capabilities: Over the years the company with its execution and delivery capabilities has established its ability to manage end-to-end sleeper production lines, including PSC sleepers along with manufacturing of MS Pipes, MS Liner and Penstock Pipes for hydro power generation in PSP projects, as well as pre- cast concrete elements and prestressed products such as noise barriers and cable ducts, in addition to setting up and operation of renewable power generation through its windmill projects. The company has the experience in optimizing production schedules to meet demand forecasts while minimizing downtime and waste.

Strong focus and expertise in railway infrastructure: The company is a civil engineering, manufacturing and construction company, primary engaged in the business of manufacturing and dealing of PSC sleepers for railways, pre-cast and prestressed concrete products for various applications and also into fabrication and erection of MS Pipes, MS Liner, and Penstock Pipes for PSP. The company’s primary focus on the railway sector enables it to deliver tailored, efficient, and scalable solutions that meet the growing demands of modern rail networks-both freight and passenger. With expertise in civil and urban railway infrastructure development, it delivers reliable, scalable, and standards-compliant solutions that support rail sector needs. The company’s business is focused on the railway vertical, enabling it to offer in-depth knowledge, technical precision, and operational excellence. It operates modernized Manufacturing Facilities to produce durable, high-performance concrete sleepers that meet the necessary specifications, with a track record of reliability, durability, and safety. From design and engineering to production and delivery, the company serves as a reliable partner in building the backbone of modern railway infrastructure.

Established long-term relationships with key customers: The company maintains deeply entrenched, long-term relationships with key clients, built on consistent delivery, technical excellence, and trust developed over years of collaboration. The company’s customer base includes repeat clients with whom it has partnered across multiple project cycles, which is a testament to its reliability and trust. The company’s goal is to build strategic partnerships with key customers, contributing to sustained revenue growth and multi-year supply contracts.

End-to-end project execution and strong operational capabilities: The company’s model focuses on building long-term relationships through transparent communication, on-time project delivery, and post-project support, ensuring high client retention. It manages the complete project lifecycle from planning and procurement to execution and commissioning-minimizing reliance on third parties and ensuring better control over cost, quality, and timelines. Long-term relationships with reliable vendors and suppliers help it to secure quality materials at competitive prices, enabling timely delivery and efficient resource utilization. Whether handling small-scale or large projects, its flexible organizational setup allows it to scale up resources and adapt quickly to changing project demands.

Risks and concerns

Dependence on government railway projects and policies: The company’s business and revenues in the manufacturing segment for PSC sleepers are substantially dependent on railroad infrastructure projects undertaken or awarded by government authorities such as the Ministry of Railways and operations of Indian Railways and other government owned public sector undertakings such as Indian Railways, DFCCIL (Dedicated Freight Corridor Corporation of India Ltd.) and are thereby dependent on governmental policies and budgetary allocation, accordingly, Rs 14,421.16 lakh, Rs 15,294.65 lakh and Rs 14,695.18 lakh corresponding to 42.61%, 47.30% and 58.09% of its Revenue from Operations during Fiscal 2026, Fiscal 2025 and Fiscal 2024 was generated from government authorities and entities related to the government in the manufacturing segment for PSC sleepers. Any adverse changes in the central or state government policies may lead to change in the volume of its business and/or a change in the terms of its contracts.

Significant dependence on a limited number of customers: The company depends significantly on a certain number of customers for its business and revenue. The company has garnered 92.91%, 92.97% and 96.49% of its total revenue from top 10 customers in FY26, FY25 and FY24 respectively. A substantial decrease in the orders placed on the company by these customers or a decrease in the demand of these products may adversely impact its revenues and profitability.

Concentration of raw material procurement among key suppliers: The company relies on suppliers for its raw materials under its manufacturing segment. The company has procured 65.52%, 64.82% and 67.39% of raw material supply from top 10 suppliers in FY26, FY25 and FY24 respectively. Though there are availability of substantial suppliers for the raw materials for its business, any loss or reduction in the number of suppliers may have an adverse effect on its business, results of operations and financial conditions.

Significant geographical concentration of operations and revenue: The company’s operations and revenue are, in general concentrated in certain specific states such as Maharashtra, Madhya Pradesh and Gujarat accounting for Rs 12,030.66 lakh, Rs 11,502.83 lakh and Rs 6,063.73 lakh, representing 35.52%, 33.96% and 17.90% of its Revenue from Operations in Fiscal 2026 and consequently the company is exposed to certain risks emanating therefrom. It may not be able to successfully manage some or all of such risks, which may have a material adverse effect on its revenues, profits, financial condition and cash flows.

Outlook

Vishal Nirmiti is a civil engineering, manufacturing, and construction company primarily engaged in manufacturing and dealing of PSC sleepers for railways, pre-cast and pre-stressed concrete products, as well as fabrication and erection of MS Pipes, liners, and penstock pipes for PSP. The company has execution capabilities with industry experience and strong operating systems, providing comprehensive solution. It has dedicated focus on railway infrastructure development and manufacture of PSC sleepers. On the concern side, the company faces significant customer and supplier concentration risks, with a substantial portion of its revenue dependent on a limited number of customers and its raw material procurement concentrated among key suppliers. Its operations and revenue are also geographically concentrated in select states, exposing it to regional risks that could adversely affect its business, financial performance and cash flows.

The issue has been offering 84,71,153 shares in a price band of Rs 208-220 per equity share. The aggregate size of the offer is around Rs 176.20 crore to Rs 186.37 crore based on lower and upper price band respectively. Minimum application is to be made for 68 shares and in multiples thereof thereafter. On performance front, the company’s revenue from operations increased by 6.33% from Rs 31,851.62 lakh in Fiscal 2025 to Rs 33,867.73 lakh in Fiscal 2026 primarily due to increase in sales of MS pipes & Construction services, partially offset by a decline in sale of Concrete sleepers. Moreover, the company has reported 5.67% rise in its net profit to Rs 2,497.50 lakh in Fiscal 2026 from Rs 2,363.59 lakh in Fiscal 2025.

Meanwhile, the company intends to continue to focus on efficiency, performance and execution in order to maximize its profit margins and enhance a positive financial stability. It intends to utilize advanced technologies, innovatory methods, designs, and modern tools to increase productivity and maximize asset utilization in its manufacturing activities and also services sector operations. This will ensure innovating or refining its product and service quality to stay competitive and adapting to evolving customer needs within the vertical. The company intends to continue to invest in and upgrade its information and communication technology infrastructure for its operations in order to offer high-quality solutions and products to its clients. It will also continue to invest in construction equipment, manpower resources and training to improve its ability to execute its projects with quality and efficiency. As a part of the growth strategy, the company also intend to focus on competitive bidding and client relationship efforts in known industries by leveraging industry-specific expertise to build trust and authority.