Vinir Engineering IPO
Vinir Engineering Limited has filed a draft red herring prospectus (DRHP) with SEBI for a mainboard IPO, a fresh issue only. As of SEBI's report dated 30 October 2026, the draft is under SEBI review. The draft proposes a fresh issue only of up to 7,10,00,000 shares, with no offer for sale. In FY26 the company made a profit of ₹24.39 crore on revenue of ₹204.82 crore. The price band, lot size and IPO dates are not announced yet.
- Status
- Under SEBI reviewSEBI report, 30 Oct 2026
- SEBI received draft
- 7 Oct 2026
- Type of issue
- Fresh issue only
- Lead manager
- GYR Capital Advisors Private Limited
- Last SEBI contact
- 7 Oct 2026
- Price band and dates
- Not announced
Where it stands
Vinir Engineering IPO: where it stands
SEBI processing status, 30 Oct 2026- Draft filed with SEBI7 Oct 2026
- SEBI reviewUnder SEBI review
- SEBI observations
- RHP and price bandNot yet
- Bidding and listingNot yet
SEBI is examining the draft offer document. This is SEBI's own list of drafts under process.
SEBI received the draft on 7 October 2026, 30 days ago, and its last communication on the draft was on 7 October 2026 (day count is our calculation).
DRHP at a glance
Vinir Engineering DRHP at a glance
Draft red herring prospectus, 30 Sep 2026What the company's draft offer document says. Figures can change in the red herring prospectus, and nothing here is a review or a recommendation.
The business
DRHP, Our Business (p. 319) and Risk Factors (p. 31 to 35)Vinir Engineering makes forged and machined components using all four forging types, for industries such as oil and gas, and defence and aerospace. Oil and gas gave ₹94.01 crore of FY26 revenue, about 45.9% (our calculation).
It has three plants with capacity of 38,000 tonnes a year and has sold to over 100 customers in the last three years, though a few large customers give much of its revenue. It was incorporated in 1983 and is based in Bengaluru.
The offer
DRHP cover page and The Issue (p. 68)| Fresh issue | Up to 7,10,00,000 shares₹ amount set with the price; money goes to the company |
| Shares before the IPO | 21,26,29,380Face value ₹2. The fresh issue equals about 33.4% of them (ours) |
| Listing | BSE and NSEMainboard, under Regulation 6(1) |
| Lead manager | GYR Capital Advisors Private Limited |
| Registrar | KFin Technologies Limited |
| Promoters | Naresh Chandra Gupta, Nitesh Gupta and Ritesh Gupta |
What the company plans to do with the money
DRHP, Objects of the Issue (p. 113 to 114)| Object | ₹ crore |
|---|---|
| Advanced forging and machining plant and machinery | 149.85 |
| Working capital | 35.00 |
| Unidentified acquisitions and general corporate purposes (set later) |
Amounts are what the net proceeds will fund. The named objects add to ₹184.85 crore (our sum). The fresh issue size in ₹ is set with the price, so each object's share is not shown yet.
Financials
DRHP, Summary of Financial Information (p. 71 to 76) and Basis for the Issue Price, KPIs (p. 133 to 136), ₹ crore| ₹ crore | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue from operations | 229.53 | 189.96 | 204.82 |
| EBITDA | 52.32 | 39.68 | 39.65 |
| EBITDA margin | 22.25% | 20.62% | 19.02% |
| Profit after tax | 34.66 | 24.83 | 24.39 |
| Diluted EPS (₹) | 1.61 | 1.16 | 1.14 |
| Net worth | 110.87 | 135.13 | 158.62 |
| Cash from operations | 25.81 | 35.50 | 9.22 |
| Return on equity | 32.00% | 20.56% | 16.77% |
| Debt to equity | 0.12 | 0.00 | 0.12 |
Restated figures. Net worth is total equity. Revenue fell in FY25 and recovered partly in FY26.
Listed peers named in the draft
DRHP, Basis for the Issue Price (p. 134 to 135). Peer prices as of 22 Sep 2026 on NSE.The P/E for Vinir is not given until the price band is set.
| Company | Diluted EPS (₹) | P/E | RoNW |
|---|---|---|---|
| Vinir Engineering (FY26) | 1.14 | Set with the price band | 15.41% |
| Azad Engineering | 20.57 | 134.90x | 8.74% |
| MTAR Technologies | 30.57 | 235.32x | 11.43% |
| Bharat Forge | 22.58 | 89.01x | 11.40% |
Risks the draft lists first
DRHP, Risk Factors (p. 31 to 35)- Key customersA large part of revenue comes from its top 5 and top 10 customers. (Risk factor 1, p. 31)
- Steel suppliersIt relies on a few steel suppliers, with no firm supply agreements. (Risk factor 2, p. 32)
- Plant disruptionA shutdown at any of its three plants would cut production. (Risk factor 3, p. 33)
- Refurbished machinerySome machines are refurbished and may break down more often. (Risk factor 4, p. 34)
- Steel pricesDelays, price swings or poor quality in iron and steel would hurt results. (Risk factor 5, p. 34)
- Oil and gasOil and gas revenue fell to ₹94.01 crore in FY26 from ₹104.00 crore in FY25. (Risk factor 6, p. 35)
Documents
Vinir Engineering DRHP and documents
SEBI filings- Draft red herring prospectus, dated 30 Sep 2026, on SEBI since 22 Jan 2025
- Draft red herring prospectus, dated 30 Sep 2026, on SEBI since 30 Sep 2026
The DRHP has the issue size, use of the money, financials, promoters and risk factors. It can change before the final red herring prospectus.
Questions
Vinir Engineering IPO FAQs
When will the Vinir Engineering IPO open?
The date is not announced. The company first needs SEBI's observations on its draft, then files a red herring prospectus with the dates. SEBI received the draft 30 days ago (our calculation).
Has SEBI approved the Vinir Engineering IPO?
SEBI is examining the draft offer document. This is SEBI's own list of drafts under process. Source: SEBI processing status as on 30 October 2026.
What is the Vinir Engineering IPO price band and lot size?
Not announced. The price band is published at least two working days before the IPO opens, and the lot size is set with it. We add both here the day they are filed.
What is the Vinir Engineering IPO GMP?
We do not publish a GMP. Grey market premium is unofficial: it is not regulated by SEBI and not published by any exchange. Before the price band is announced there is no issue price to compare it with.
Who is the lead manager of the Vinir Engineering IPO?
GYR Capital Advisors Private Limited is the coordinating book running lead manager named in SEBI's processing status report. The DRHP lists all the lead managers and the registrar.
What will Vinir Engineering do with the IPO money?
According to the DRHP, the fresh issue money goes to advanced forging and machining plant and machinery (₹149.85 crore), working capital (₹35.00 crore), and the rest to general corporate purposes.
What does Vinir Engineering do?
Vinir Engineering makes forged and machined components using all four forging types, for industries such as oil and gas, and defence and aerospace. Oil and gas gave ₹94.01 crore of FY26 revenue, about 45.9% (our calculation).
Where can I read the Vinir Engineering DRHP?
On SEBI's website, where the draft red herring prospectus was published on 22 January 2025. The draft is dated 30 September 2026 and runs to 610 pages. It has the issue size, use of the money, financials and risk factors.
Sources: SEBI processing status of draft offer documents as on 30 October 2026, SEBI's yearly processing status archive and SEBI's list of draft offer documents, and the company's DRHP dated 30 September 2026. Day counts and the last date to open are our calculations. This page is information only, not a recommendation.