Divya Agarwal
New Delhi [India], October 9: Vinir Engineering Limited (“the Company”), an integrated engineering solutions company engaged in the manufacturing of specialised, critical and heavy, precision-forged and machined components for industries including energy, defence, aerospace, railways, energy turbines, hydraulics, earthmoving and high-end engineering, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI).
The Issue is a 100% fresh issue. The Net Proceeds are proposed to be utilised towards purchase of advanced forging and machining plant and machinery (₹1,498.50 million), working capital requirements (₹350.00 million), and funding inorganic growth through unidentified acquisitions and general corporate purposes.
Book Running Lead Manager: GYR Capital Advisors Private Limited
Registrar to the Issue: KFin Technologies Limited
Proposed Listing: BSE and NSE
Issue Structure
- Total Issue Size: Up to 71,000,000 equity shares of face value ₹2 each
- QIB Portion: Not more than 50% of the Issue, of which up to 60% may be allocated to Anchor Investors
- Non-Institutional Bidders: Not less than 15% of the Issue
- Retail Individual Bidders: Not less than 35% of the Issue
- Pre-Issue Equity Shares: 212,629,380 equity shares
Competitive Strengths
- Integrated capabilities across the value chain: From raw material sourcing and die design to precision forging, heat treatment, machining and testing, all facilities are in-house, supported by a portfolio of over 5,000 designed dies.
- Quality focused operations with sustainability initiatives: The Company operates a NABL-accredited testing laboratory and holds certifications including API 20B, API 20C, AS 9100D, ABS, IRIS and PED, along with a GreenCo Rating from CII.
- Barriers to entry for entrants and exit barriers for customers: With over 40 years in the industry, the Company benefits from lengthy customer approval cycles and high switching costs for customers, including vendor re-qualification and process revalidation.
- Automation driven operating processes: Custom-built IT systems for production, inventory and order tracking, including a Product Master List of over 10,000 unique parts developed till date.
- De-risked business model: Revenue is diversified across oil and gas, defence and aerospace, railways, nuclear, mining and marine, with defence and aerospace rising from 12.03% of revenue from operations in FY2024 to 26.59% in FY2026.
- Long standing customer relationships: Existing customers contributed 89.86% of revenue from operations in FY2026, while new customers added rose from 13 in FY2024 to 31 in FY2026.
- Experienced promoters: Naresh Chandra Gupta, Nitesh Gupta and Ritesh Gupta, representing the first and second generation in the business, have a total experience of over 106 years in engineering and manufacturing.
Financial Highlights
| Particulars | FY2026 | FY2025 | FY2024 |
| Revenue from Operations | 2,048.24 | 1,899.61 | 2,295.27 |
| Total Income | 2,084.37 | 1,924.59 | 2,351.13 |
| EBITDA | 396.45 | 396.83 | 523.17 |
| EBITDA Margin | 19.02% | 20.62% | 22.25% |
| Profit After Tax | 243.87 | 248.25 | 346.57 |
| PAT Margin | 11.91% | 13.07% | 15.10% |
| Return on Equity (RoE) | 16.77% | 20.56% | 32.00% |
| Return on Capital Employed (RoCE) | 19.15% | 25.39% | 37.92% |
| Debt-Equity Ratio (in times) | 0.12 | 0.00 | 0.12 |
*All amounts in ₹ million, except percentages and ratios; figures as per Restated Financial Information.
Revenue from operations grew by 7.82% in FY2026, while net worth grew at a CAGR of 20.60% between March 31, 2024 and March 31, 2026. Exports contributed 9.46% of revenue from operations in FY2026.
About Vinir Engineering Limited
Vinir Engineering Limited, incorporated in 1983 and based in Bangalore, Karnataka, supplies components for applications such as armored vehicles, armaments and ammunition, oil & gas systems, aircraft propulsion systems, power and gas turbines, railway locomotives and nuclear energy infrastructure. As at March 31, 2026, the Company had an installed forging capacity of 30,000 MTPA and machining capacity of 8,000 MTPA across three independent Manufacturing Units at Bangalore (Karnataka), and Hosur and Kalukondapalli (Tamil Nadu). It manufactures using all four forging types – Closed Die, Open Die, Ring Rolling and Radial Forging – producing components weighing 20 kg to 6,000 kg for customers in India and countries including the United States, Mexico, Spain, Malaysia, Canada, the United Kingdom and Singapore.
Disclaimer
Vinir Engineering Limited is proposing, subject to applicable statutory and regulatory requirements, receipt of requisite approvals, market conditions and other considerations, to make an Initial Public Offering of its equity shares and has filed a Draft Red Herring Prospectus dated September 30, 2026 with SEBI. Investments in equity and equity-related securities involve a degree of risk, and investors should not invest any funds in the Issue unless they can afford to take the risk of losing their entire investment. Investors are advised to read the Draft Red Herring Prospectus carefully, including the section titled “Risk Factors,” before making any investment decision.
