Rajputana Stainless IPO is a book built issue worth ₹254.98 crore. The public issue consists of a fresh issue of 1.47 crore shares amounting to ₹178.73 crore and an offer for sale (OFS) of 0.63 crore shares aggregating to ₹76.25 crore.
The Rajputana Stainless IPO will open for subscription on March 9, 2026 and close on March 11, 2026. The basis of allotment is expected to be finalised on March 12, 2026. The company’s shares are scheduled to list on both BSE and NSE, with a tentative listing date of March 16, 2026.
The price band for the IPO has been fixed at ₹116 to ₹122 per share. The lot size is 110 shares. Retail investors need a minimum investment of ₹13,420 for one lot, calculated at the upper price band. For small non institutional investors (sNII), the minimum application size is 15 lots or 1,650 shares, which amounts to ₹2,01,300. For big non institutional investors (bNII), the minimum application requirement is 75 lots or 8,250 shares, translating to an investment of ₹10,06,500.
Nirbhay Capital Services Pvt. Ltd. is the book running lead manager for the issue, while Kfin Technologies Ltd. has been appointed as the registrar to the IPO..
(Source: RHP)
Company Overview
Incorporated in 1991, Rajputana Stainless Limited is a Gujarat-based manufacturer specialising in long and flat stainless steel products, offering over 80 diverse grades including billets, forging ingots, rolled black and bright bars, flat & patti, and ancillary items. Its products serve critical sectors such as seamless pipes, aerospace, automotive, defense, oil & gas, forging, and precision engineering.
The company predominantly sells domestically via direct sales and traders, while also exporting to markets including UAE, USA, Turkey, Kuwait, and Poland. Its integrated manufacturing facility spans 35,196.98 sq. meters at Kalol, Halol-Kalol Road, Gujarat, equipped with induction furnaces, AOD, CCM, heat treatment, rolling mill, and bright bar shop for efficient production. As of September 30, 2025, the company employed 408 permanent employees and workers.
(Source: RHP)
Industry Context
- India’s stainless steel industry is supported by structural demand from infrastructure development, industrial expansion, automotive manufacturing, and defense modernization.
- Government initiatives such as “Make in India” and the National Infrastructure Pipeline are driving higher capital expenditure and long-term demand for specialty stainless-steel products.
- Growing applications in aerospace, oil & gas, seamless pipes, and precision engineering are expanding the addressable market for high-grade stainless steel manufacturers.
- Key risks include volatility in nickel and alloy prices, import competition, global demand fluctuations, and cyclical industrial slowdowns impacting margins and realizations.
(Source: RHP)
Business Strengths
- Integrated manufacturing setup at strategic Gujarat location
- Diverse stainless steel product portfolio across 80+ grades
- Established domestic and export customer base
- Strong promoter background and experienced management
- Track record of steady revenue and profitability growth
(Source: RHP)
Financial Performance
Rajputana Stainless Limited – Financials (₹ in crore)
| Particulars | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 448.8 | 420.36 | 324.01 | 297.34 |
| Total Income | 502.77 | 937.49 | 915.5 | 950.69 |
| Profit After Tax | 24.41 | 39.85 | 31.63 | 24.04 |
| EBITDA | 45.92 | 73.79 | 59.41 | 43.85 |
| Net Worth | 176.65 | 151.95 | 112.27 | 81.17 |
| Reserves & Surplus | 108.16 | 83.75 | 78.36 | 46.73 |
| Total Borrowings | 85.91 | 99.75 | 79.76 | 79.83 |
(Source: RHP)
The company has shown stable revenue performance with gradual improvement in profitability and net worth while managing moderate leverage over recent periods.
Key Ratios & Metrics (FY25)
| KPI | FY25 |
|---|---|
| ROE | 30.17% |
| ROCE | 31.72% |
| Debt/Equity | 0.66 |
| RoNW | 26.23% |
| PAT Margin | 4.28% |
| EBITDA Margin | 7.92% |
| Price to Book Value | 5.53 |
(Source: RHP)
IPO Objects
The company proposes to utilise the net proceeds towards:
- ₹18.57 Cr – Setting up stainless steel seamless pipes manufacturing facility
- ₹98.00 Cr – Repayment/prepayment of secured borrowings
- Remaining – General corporate purposes
(Source: RHP)
Market Outlook & GMP Trends
As of March 5, 2026 (01:01 PM), Rajputana Stainless IPO is quoting a grey market premium (GMP) of ₹0 per share. Based on the upper price band of ₹122, the estimated listing price stands at ₹122 (cap price + GMP), indicating an expected gain/loss of 0.00% per share.
Over the last six grey market sessions, no significant movement has been observed in GMP, suggesting muted sentiment in the grey market. Based on the current trend, a similar trajectory may continue until listing day unless subscription momentum changes materially.
Grey market prices are unofficial and provided for informational purposes only. They should not be considered a reliable indicator of actual listing performance or investment returns.
(Source: Market updates)
IPO Details
| Particulars | Details |
|---|---|
| IPO Date | 9 – 11 March, 2026 |
| Listing Date | Monday, March 16, 2026 |
| Face Value | ₹10 per share |
| Price Band | ₹116 – ₹122 |
| Lot Size | 110 Shares |
| Issue Type | Book Building IPO |
| Sale Type | Fresh Issue + OFS |
| Total Issue Size | ₹255 Cr |
| Minimum Retail Investment | ₹13,420 |
| Maximum Retail Investment | ₹1,87,880 |
| Listing Exchange | BSE, NSE |
Conclusion
Rajputana Stainless IPO offers investors exposure to an established stainless steel manufacturer with over three decades of operational history and an integrated production facility in Gujarat. The company has demonstrated steady revenue generation and improving profitability, supported by a diversified product portfolio serving multiple industrial sectors.
While financial performance shows stability and moderate leverage levels, the stainless steel industry remains cyclical and sensitive to raw material price volatility and global demand conditions. Valuation metrics appear reasonable relative to earnings, but muted grey market sentiment suggests cautious short-term expectations.
Investors should evaluate the company’s fundamentals, industry outlook, and their individual risk appetite before making an investment decision.
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