Rajputana Stainless IPO - Company Analysis
The Rajputana Stainless Limited IPO, classified under the Mainboard IPO segment, is a book-built issue worth ₹254.98 crore. The company is engaged in manufacturing flat and long stainless steel products used across various industrial applications.
Rajputana Stainless offers a wide range of stainless steel products available in more than 80 grades. Its product portfolio includes billets, forging ingots, rolled bars (black and bright), flats, patties, and several other allied products. While the company primarily serves the domestic market through direct sales and trader networks, it also exports its products to countries such as the United States, Turkey, Kuwait, Poland, and the United Arab Emirates.
Leveraging its manufacturing infrastructure and technical expertise, the company supplies stainless steel raw materials to multiple industries including seamless pipes, aerospace, forging, oil and gas, defence, automotive, aviation, and precision engineering.
Products Offered:
- Billet
- Hexagonal Bars
- Cast Ingots
Rajputana Stainless IPO Details
The Rajputana Stainless IPO will open for subscription on 09 March 2026 and close on 11 March 2026. The IPO allotment is expected to be finalized on 12 March 2026, while the refund process is likely to begin on 13 March 2026.
The ₹254.98 crore Mainboard IPO consists of a fresh issue of 1.47 crore shares worth ₹178.73 crore and an offer for sale (OFS) of 0.63 crore shares worth ₹76.25 crore.
The expected listing date for the Rajputana Stainless IPO is Monday, 16 March 2026, with shares proposed to be listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange of India (NSE).
The IPO price band has been set at ₹116 to ₹122 per equity share.
IPO Timetable (Tentative)
| Events | Date |
| IPO Opening Date | Mar 09, 2026 |
| IPO Closing Date | Mar 11, 2026 |
| IPO Allotment Date | Mar 12, 2026 |
| Refund Initiation | Mar 13, 2026 |
| IPO Listing Date | Mar 16, 2026 |
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Company Financials
(Amount in Cr)
| Particulars | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets | 420.36 | 324.01 | 297.34 |
| Total Income | 937.49 | 915.50 | 950.69 |
| Profit After Tax | 39.85 | 31.63 | 24.04 |
| NET Worth | 73.79 | 59.41 | 43.85 |
| Reserves and Surplus | 151.95 | 112.27 | 81.17 |
| Total Borrowing | 83.75 | 78.36 | 46.73 |
Cash Flows
(Amount in lac)
| Net Cash Flow | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Net Cash Flow Operating Activities | 708.39 | 3,148.96 | 2,510.35 |
| Net Cash Flow Investing Activities | (1,198.56) | (647.58) | (1,309.70) |
| Net Cash Flow Financing Activities | 489.34 | (2,502.67) | (1,197.17) |
Revenue Bifurcation
(Rs. in Lac)
(Source: RHP)
The Objective of the Issue
The Rajputana Stainless Limited intends to utilise the net proceeds from the IPO for the following purposes:
- Capital Expenditure: Funding the capital expenditure required for setting up a manufacturing facility for Stainless Steel Seamless Pipes, aimed at expanding the company’s product portfolio (Proposed Facility) – approximately ₹18.57 crore.
- Debt Repayment: Full or partial repayment and/or prepayment of certain outstanding secured borrowings availed by the company – approximately ₹98 crore.
Listed Peers of Rajputana Stainless Ltd.
| Name of Company | Face Value (Rs. ) | Basic EPS (Rs. ) | PE Ratio (x) |
| Mangalam Worldwide Ltd | 10 | 10.59 | 22.57 |
| Mukand Ltd | 10 | 5.24 | 26.34 |
| Electrotherm (India) Ltd | 10 | 347.06 | 3.16 |
| Panchmahal Steel Ltd | 10 | 1.74 | 182.18 |
Valuation
| KPI | Value |
| 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 |
Evaluation of P/E Ratio
For the financial year ending FY 2025, the company reported an EPS of ₹5.78. Based on this, the price-to-earnings (P/E) ratio works out to 21.1x.
Read about the Omnitech Engineering IPO.
IPO's Strengths
- A well-established and integrated manufacturing facility located in a strategic industrial region.
- Diverse and broad stainless steel product portfolio.
- Strong and established customer base with long-term business relationships.
- Experienced management team supported by strong promoters.
- Consistent track record of stable business growth.
IPO's Weaknesses
- Customer Concentration Risk: A significant portion of revenue may depend on a limited number of key customers.
- Litigation Risk: Ongoing or potential legal proceedings could impact the company’s financial position or operations.
- Geographical Concentration Risk: Business operations and revenue may be concentrated in specific regions, which could expose the company to regional economic or regulatory risks.
Rajputana Stainless IPO GMP
The Rajputana Stainless Limited IPO GMP today is ₹1.5 as of 10 March 2026 at the time of writing. With the price band set at ₹122, the estimated listing price of the IPO is expected to be around ₹122, indicating a potential gain/loss of 0% based on the current grey market premium.
Rajputana Stainless IPO Summary
| IPO Opening & Closing Date | 09 Mar, 2026 to 11 Mar, 2026 |
| Face Value | Rs. 10 per Share |
| Issue Price | Rs. 116 to Rs. 122 per Share. |
| Lot Size | 110 Shares |
| Issue Size | 2,09,00,000 Shares (Rs. 255 Cr) |
| Offer for Sale | 62,50,000 Shares (Rs. 76 Cr) |
| Fresh Issue | 1,46,50,000 Shares (Rs. 179 Cr) |
| Listing at | BSE, NSE |
| Issue Type | Bookbuild issue IPO |
| Registrar | Kfin Technologies Ltd. |
IPO Lot Details
| Minimum Lot Investment (Retail) | 1 Lot |
| Maximum Lot Investment (Retail) | 14 Lots |
| HNI (Min) | 15 Lots |
Rajputana Stainless IPO Allotment Status
To check the Rajputana Stainless Limited IPO Allotment Status, investors can visit the Registrar’s official website or the Bombay Stock Exchange (BSE) website. The allotment is expected to be finalised on 12 March 2026.
Visit BSE Website - BSE IPO allotment status
Promoters And Management of Rajputana Stainless Ltd.
- Shankarlal Deepchand Mehta
- Babulal D Mehta
- Jayesh Natvarlal Pithva
- Yashkumar Shankarlal Mehta
| Pre-Issue Promoter Shareholding | 78.22% |
| Post-Issue Promoter Shareholding | 57.01% |
IPO Lead Managers
- Nirbhay Capital Services Pvt. Ltd.
Dividend Policy
The Rajputana Stainless Limited has not declared or paid any dividend during the last three financial years.
Conclusion
With strong profit after tax (PAT) growth and a reasonable P/E ratio of around 21x, the Rajputana Stainless Limited IPO appears to offer a potential investment opportunity in the stainless steel manufacturing industry. The company’s expansion strategy and diversified stainless steel product portfolio further strengthen its long-term business outlook.
However, investors planning to subscribe to the Rajputana Stainless IPO between 9 March and 11 March 2026 should also evaluate certain risk factors. These include customer concentration risk and geographical concentration risk, despite the company’s stable financial performance and experienced promoter backing.
As of now, the Rajputana Stainless IPO GMP is ₹0, which suggests a possible flat listing near the upper price band of ₹122. Even so, depending on market sentiment and subscription demand, the IPO could still offer potential listing gains for investors.
Disclaimer: The information provided in this blog is for educational and informational purposes only and should not be considered as investment advice, research, or a recommendation to buy, sell, or hold any securities. Stock market investments are subject to market risks. Readers are advised to read all scheme-related documents carefully and consult their financial advisor before making any investment decisions.
To Apply for the IPO, Click Here.
And Read the Prospectus of the Company, Click Here to Download the DRHP.
