Vishal Nirmiti Ltd IPO

Integrated manufacturing operations enabling us to provide comprehensive solutions to our customers in the PSC sleeper & Mild Steel Pipes (MS Pipes) manufacturing sector.

Strong technical capabilities enhanced by relationships with reputed global prestress concrete sleeper & MS Pipes manufacturer & technology players.

Strong order book providing revenue visibility and long standing relationships with railway department & other customers.

Experienced and dedicated promoters and professional management team with extensive domain knowledge.

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 and other government owned public sector undertakings and are thereby dependent on governmental policies and budgetary allocation, accordingly, 38.76%, 47.30%, 58.09% and 58.54% of the company's revenue from operations during the six months period ended September 30 2025, Fiscal 2025, Fiscal 2024 and Fiscal 2023 was generated from government authorities and entities related to the government in the manufacturing segment for Pre-Stressed Concrete (PSC) sleepers. Any adverse changes in the central or state government policies may lead to change in the volume of the company's business and/or a change in the terms of the company's contracts.

The company depends significantly on a certain number of customers for the company's business and revenue. 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.

The company relies on suppliers for the company's raw materials under its manufacturing segment. Though there are availability of substantial suppliers for the raw materials for the company's business, any loss or reduction in the number of suppliers may have an adverse effect on the company's business, results of operations and financial conditions.

A substantial increase in the company's profitability in the recent past has been contributed by the increase in the revenue and the higher margins in the services segment. There can be no assurance that the company will continue to enjoy higher revenue and profitability from such segment on a regular basis in the future. Any reduction of revenue or profit margins from such segment will affect its profitability and may have an adverse effect on the company's financial condition and results of operation.