1983-Founded Vinir Engineering Files DRHP: Defence-Grade Forging Maker Heads to Dalal Street

A 43-year-old Bengaluru forging company that makes components for armoured vehicles, ammunition and aircraft propulsion systems is headed to Dalal Street. Vinir Engineering has filed its draft red herring prospectus (DRHP) with SEBI, Business Today reported on October 5.

Vinir Engineering, incorporated in 1983 and based in Bangalore, is a precision forging and machining player with an installed forging capacity of 30,000 MTPA and machining capacity of 8,000 MTPA across three manufacturing units. It masters all four forging types — closed die, open die, ring rolling and radial forging — and manufactures components weighing from 20 kg to 6,000 kg.

Its customer footprint spans defence (armoured vehicles, armaments and ammunition), oil and gas systems, aircraft propulsion, power and gas turbines, railway locomotives and nuclear energy infrastructure, with customers in India and overseas including the United States, Mexico, Spain, Malaysia, Canada, the United Kingdom and Singapore.

The net proceeds of the IPO will fund the purchase of advanced forging and machining plant and machinery worth ₹149.85 crore, working capital requirements of ₹35 crore, and inorganic growth through unidentified acquisitions, plus general corporate purposes. GYR Capital Advisors is the book running lead manager and KFin Technologies the registrar to the issue.

Financially, Vinir reported revenue from operations of ₹204.83 crore in FY26 with profit after tax of ₹24.39 crore. It cites in-house capabilities across the value chain, a portfolio of more than 5,000 designed dies, a NABL-accredited testing laboratory and long customer relationships as its core strengths.

Under the issue structure, not more than 50% of the offer is reserved for qualified institutional buyers, at least 15% for non-institutional bidders and at least 35% for retail individual bidders. The company had 212,629,380 pre-issue equity shares.