Rajputana Stainless Limited is engaged in the manufacturing of long and flat stainless-steel products, catering to diverse industrial applications across India and international markets.
The company manufactures billets, forging ingots, black and bright bars, flat & patti, and other stainless steel products across 80+ grades, serving diverse industrial needs.
The company primarily sells its products in the domestic market through direct sales and traders, while also exporting to UAE, USA, Turkey, Kuwait, and Poland, ensuring a balanced and diversified revenue base.
The company supplies stainless steel to industries such as seamless pipes, aerospace, forging, oil & gas, defence, automotive, aviation, and precision engineering, serving high-grade and value-added industrial segments.
The company operates a 35,196.98 sq. meter manufacturing facility in Kalol, Gujarat, equipped with an induction furnace, AOD, CCM, heat treatment, rolling mill, and bright bar shop, enabling efficient and integrated production.
Product Portfolio:
- Billets: Stainless steel billets are semi-finished products made from liquid steel and serve as optimal inputs for hot working processes such as forging, rolling, and ring rolling.
- Cast Ingots: Cast ingots are metal masses poured into molds for storage, transportation, and further processing. These are defect-free, traceable, and used in open die forgings, re-rolling, and ring rolling.
- Hexagonal Bars: Stainless steel hex bars are used in manufacturing nuts, valves, hose ends, fasteners, and hex bolts.
As of September 30, 2025, the company employed 408 permanent employees and workers, including both skilled and unskilled workforce, supporting its manufacturing and operational activities.
Rajputana Stainless IPO – Details
| IPO Opening Date | 09 March 2026 |
| IPO Closing Date | 11 March 2026 |
| Issue Type | Book Built Issue IPO |
| Issue Size | Total Issue Size: 2,09,00,000 Shares Worth ₹254.98 Crore Fresh Issue: 1,46,50,000 Shares Worth ₹178.73 Crore Offer For Sale: 62,50,000 Shares Worth ₹76.25 Crore |
| Face Value | ₹10 per equity share |
| IPO Price | ₹116 – ₹122 per share |
| Market Lot | 110 Shares |
| Min Order | 110 Shares [ 1 Lot ] |
| Listing At | BSE, NSE |
| Register | Kfin Technologies Ltd. |
| QIB Shares Offered | 50% |
| NII (HNI) Shares Offered | 15% |
| Retail Shares Offered | 35% |
Rajputana Stainless IPO – Date Schedule
| IPO Open Date | 09 March 2026 |
| IPO Close Date | 11 March 2026 |
| Basis of Allotment | 12 March 2026 |
| Initiation of Refund | 13 March 2026 |
| Credit of Shares to Demat Account | 13 March 2026 |
| IPO Listing Date | 16 March 2026 |
| Cut-off time for UPI mandate confirmation | 5 PM on March 11, 2026 |
Rajputana Stainless IPO – Lots Size & Price
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 110 | ₹13,420 |
| Retail (Max) | 13 | 1,540 | ₹1,87,880 |
| S-HNI (Min) | 14 | 1,650 | ₹2,01,300 |
| S-HNI (Max) | 74 | 8,140 | ₹9,93,080 |
| B-HNI (Min) | 75 | 8,250 | ₹10,06,500 |
Competitive Strength
- Established, integrated manufacturing setup at a strategic location.
- Diverse Product Portfolio.
- Established customer base and strong relationships.
- Strong Promoters and Experienced Management Team.
- Track Record of healthy growth.
Company Promoters
- Shankarlal Deepchand Mehta
- Babulal D Mehta
- Jayesh Natvarlal Pithva
- Yashkumar Shankarlal Mehta
Company Financials
| Particulars | Total Revenue | Total Expense | Profit After Tax | Total Borrowing |
|---|---|---|---|---|
| 31 March 2023 | ₹950.69 Cr | ₹922.11 Cr | ₹24.04 Cr | ₹79.83 Cr |
| 31 March 2024 | ₹915.50 Cr | ₹873.18 Cr | ₹31.63 Cr | ₹79.76 Cr |
| 31 March 2025 | ₹937.49 Cr | ₹882.85 Cr | ₹39.85 Cr | ₹99.75 Cr |
| 31 December 2025 | ₹502.77 Cr | ₹470.45 Cr | ₹24.41 Cr | ₹85.91 Cr |
Key Performance Indicator
| KPI | Values (Sep 30, 2025) |
|---|---|
| ROE | 14.86% |
| ROCE | 16.55% |
| Debt/Equity | 0.49 |
| RoNW | 13.82% |
| PAT Margin | 4.87% |
| EBITDA Margin | 9.16% |
| Pre IPO | Post IPO | |
| EPS (₹) | 5.78 | 5.84 |
| P/E (x) | 21.10 | 20.88 |
Object Of The Issue
| Objects of the Issue | Expected Amount (₹ in crores) |
|---|---|
| Funding capital expenditure requirements for setting up a manufacturing facility for Stainless Steel Seamless Pipes to expand the product portfolio (“Proposed Facility”); | ₹18.57 |
| Full or part repayment and/or prepayment of certain outstanding secured borrowings availed by the Company; and | ₹98.00 |
| General corporate purposes. |
Rajputana Stainless IPO Peer Comparison
| S. No. | Face Value (₹) | Company Name | P/E Ratio |
|---|---|---|---|
| 1 | 10 | Mangalam Worldwide Ltd | 22.57 |
| 2 | 10 | Mukand Ltd | 26.34 |
| 3 | 10 | Electrotherm Ltd | 3.16 |
| 4 | 10 | Panchmahal Steel Ltd | 182.18 |
✅Strengths
- 80+ stainless steel grades with diversified product range.
- Integrated manufacturing facility in Gujarat.
- Supplies to aerospace, oil & gas, defence, and automotive sectors.
- Domestic + export presence (5 countries).
- Experienced promoters with a long operating history.
⚠️Risks
- Raw material price volatility.
- Cyclical industry demand.
- Intense competition.
- Dependence on trader/customer network.
- Capital-intensive operations.
Rajputana Stainless IPO Promoter Holding
| Pre Issue Share Holding | 78.22% |
| Post Issue Share Holding | 57.01% |
Rajputana Stainless IPO Prospectus
Company Contact Information
| Rajputana Stainless Ltd. 213, Madhwas, Halol Kalol Road, Kalol, Panchmahal Halol, Gujarat, 389330 Phone: +91 63 5816 4770 Email: compliance@rajputanastainless.com Website: https://www.rajputanastainless.com/ |
Rajputana Stainless IPO Registrar
| Kfin Technologies Ltd. Phone: 04067162222, 04079611000 Email: rsl.ipo@kfintech.com Website: https://ipostatus.kfintech.com/ |
Rajputana Stainless IPO Lead Manager(s)
| 1. Nirbhay Capital Services Pvt. Ltd. |
Rajputana Stainless IPO FAQs
| What is the Rajputana Stainless IPO? Rajputana Stainless IPO is a main-board IPO. The issue is priced at ₹116 to ₹122 per equity share. The IPO is to be listed on the BSE & NSE. |
| When will the Rajputana Stainless IPO open? The IPO is to open on 09 March 2026 for QIB, NII, and Retail Investors. |
| What is Rajputana Stainless IPO Investors Portion? The investors’ portion for QIB – 50%, NII – 15%, and Retail – 35%. |
| What is the Rajputana Stainless IPO Size? Rajputana Stainless IPO size is ₹254.98 Crore. |
| What is the Rajputana Stainless IPO Minimum and Maximum Lot Size for Retail? The minimum bid is 110 Shares with ₹13,420, while the maximum bid is 1540 Shares with ₹1,87,880. |
| What is the Rajputana Stainless IPO Allotment Date? Rajputana Stainless IPO allotment date is 12 March 2026. |
| What is the Rajputana Stainless IPO Listing Date? Rajputana Stainless IPO listing date is 16 March 2026. The IPO is to be listed on the BSE and the NSE. |
