Rajputana Stainless IPO
Open MainLineCurrent GMP
₹3 (+2.46%)
Price Band
₹ 116 – 122
Lot Size
110
Issue Size
₹255 Cr
Minimum Investment
₹13420 (110 Shares)
Listing Date
19 March 2026
Subscription
1.12x
About the Company
Incorporated in 1991, Rajputana Stainless Limited is engaged in the manufacturing of long and flat stainless-steel products. The company offers a diversified portfolio of stainless steel solutions across more than 80 grades, catering to a wide range of industrial requirements.
Product Portfolio
The company manufactures the following key products:
- Billets
Semi-finished stainless steel products produced from liquid steel. These serve as primary raw materials for hot working processes such as forging, rolling, and ring rolling. - Cast Ingots
Stainless steel ingots poured into molds for convenient storage, transportation, and further processing. These defect-free ingots are marked for traceability and widely used in open-die forging, re-rolling, and ring rolling applications. - Hexagonal Bars
Stainless steel bars rolled into hexagonal shapes, commonly used in the production of nuts, bolts, valves, hose ends, fasteners, and other precision components. - Rolled Black and Bright Bars
- Flat & Patti
- Other Ancillary Stainless Steel Products
Industries Served
Leveraging its technical expertise and infrastructure, the company supplies raw materials to several industries, including:
- Seamless Pipes
- Aerospace
- Forging
- Oil & Gas
- Defense
- Automotive
- Aviation
- Precision Engineering
Manufacturing Facility
The company operates a fully integrated manufacturing facility spread across 35,196.98 square meters in Kalol, Gujarat. The facility is equipped with:
- Induction Furnace
- Argon Oxygen Decarburization (AOD)
- Continuous Casting Machine (CCM)
- Heat Treatment Facilities
- Rolling Mill
- Bright Bar Shop
This integrated setup enables efficient production and quality control across various product categories.
Sales and Market Presence
Rajputana Stainless Limited primarily serves the domestic market through direct sales and trader networks. Additionally, the company exports its products to UAE, USA, Turkey, Kuwait, and Poland.
Workforce
As of September 30, 2025, the company employed 408 permanent employees and workers, including both skilled and unskilled personnel.
Promoters
- Shankarlal Deepchand Mehta
- Babulal D Mehta
- Jayesh Natvarlal Pithva
- Yashkumar Shankarlal Mehta
Promoters Holding
Holding Pre Issue
78.22%
Holding Post Issue
57.01%
Objects of the Issue
The Company proposes to utilize the Net Proceeds from the Fresh Issue towards funding the following objects.
- Funding capital expenditure requirements for setting up of manufacturing facility for Stainless Steel Seamless Pipes to expand the product portfolio (“Proposed Facility”)
- Funding Working capital requirement for the Proposed Facility
- Full or part repayment and/or prepayment of certain outstanding secured borrowings availed by the Company
- General corporate purposes
Address / Contact Info
Rajputana Stainless Limited
213, Madhwas,
Halol Kalol Road, Kalol,
Panchmahal
Halol, Gujarat, 389330
Phone: +91 63 5816 4770
Email: compliance@rajputanastainless.com
Website: http://www.rajputanastainless.com/
IPO Snapshot
IPO Timeline (Tentative)
IPO Open Date
Monday, 09 March 2026
IPO Close Date
Wednesday, 11 March 2026
Basis of Allotment
Thursday, 12 March 2026
Initiation of Refunds
Friday, 13 March 2026
Credit of Shares to Demat
Friday, 13 March 2026
Listing Date
Thursday, 19 March 2026 — NSE & BSE
Important Dates
Open Date
09 March 2026
Close Date
11 March 2026
Basis Of Allotment
12 March 2026
Listing Date
19 March 2026
Financial Performance (₹ in Crores)
| Particular | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 448.8 | 420.36 | 324.01 | 297.34 |
| Revenue | 502.77 | 937.49 | 915.5 | 950.69 |
| Profit After Tax | 24.41 | 39.85 | 31.63 | 24.04 |
| Net Worth | 176.65 | 151.95 | 112.27 | 81.17 |
| Reserve & Surplus | 108.16 | 83.75 | 78.36 | 46.73 |
| Total Borrowings | 85.91 | 99.75 | 79.76 | 79.83 |
EPS Pre
5.78%
EPS Post
5.84%
P/E Pre
21.10
P/E (Post Issue)
20.88x
Company Financial Information
KPI Information (₹ in Crores)
| Particular | Sep 2025 | Mar 2025 | Mar 2024 | Mar 2023 |
|---|---|---|---|---|
| ROE % | 14.86 | 30.17 | 32.7 | 34.62 |
| ROCE % | 16.55 | 31.72 | 32.17 | 25.72 |
| Debt / Equity | 0.49 | 0.66 | 0.71 | 0.98 |
| RoNW % | 13.82 | 26.23 | 28.17 | 29.62 |
| PbW | 0 | 0 | 0 | 0 |
| Pat Margin % | 4.87 | 4.28 | 3.48 | 2.54 |
Return Ratio
IPO Reservations
| Category | Shares Offered | Shares Offered % | Max Allotee |
|---|---|---|---|
| Qualified Institutions | 2090000 | 10 | 0 |
| Non-Institutional | 5643000 | 27 | 0 |
| BNII | 3762000 | 18 | 0 |
| SNII | 1881000 | 9 | 0 |
| Retail Investors | 13167000 | 63 | 0 |
| Total | 20900000 | 100 | 0 |
Subscription Status ( Wed, 11 Mar 26 01:50 PM)
| Category | Shares Offered | Shares Bid For | Subscription (x) |
|---|---|---|---|
| Qualified Institutions | 2090000 | 5239630 | 2.51x |
| Non-Institutional | 5643000 | 14640340 | 2.59x |
| BNII | 3762000 | 14063060 | 3.74x |
| SNII | 1881000 | 577280 | 0.31x |
| Retail Investors | 13167000 | 3539580 | 0.27x |
| Total | 20900000 | 23419550 | 1.12x |
Subscription figures are updated periodically and may change until issue closing. Data reflects bids placed across exchanges.
Peer Comparision
| Company | Face Value | PE Ratio | EPS Basic | EPS Diluted | RoNW | Net Assets |
|---|---|---|---|---|---|---|
| Rajputana Stainless Ltd | 10 | 0.00 | 5.78 | 5.78 | 26.23 | 22.05 |
| Mangalam Worldwide Ltd | 10 | 22.57 | 10.59 | 10.29 | 11.28 | 91.37 |
| Mukand Ltd | 10 | 26.34 | 5.24 | 5.24 | 7.99 | 65.72 |
| Electrotherm Ltd | 10 | 3.16 | 347.06 | 347.06 | -278.47 | -124.60 |
| Panchmahal Steel Ltd | 10 | 182.18 | 1.74 | 1.74 | 2.07 | 84.02 |
Lot Size & Investment Details
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | 1 | 110 | 13,420.00 |
| Retail (Max) | 14 | 1,540 | 187,880.00 |
| S-HNI (Min) | 15 | 1,650 | 201,300.00 |
| S-HNI (Max) | 74 | 8,140 | 993,080.00 |
| B-HNI (Min) | 75 | 8,250 | 1,006,500.00 |
Registrar
Kfin Technologies Limited
04067162222, 04079611000
reachus@kfintech.com
https://www.kfintech.com
Book Running Lead Managers
- Nirbhay Capital Services Private Limited
RHP Document
DRHP Document
Anchor Investors
Disclaimer: This data is for informational purposes only and does not constitute investment advice. Figures shown are illustrative sample data.
Frequently Asked Questions
Everything you need to know before applying to an IPO.
Rajputana Stainless IPO is a Book-building IPO worth ₹255 crores. The price band is ₹116 to 122 per share. The IPO opens on Mon, Mar 9, 2026 and closes on Wed, Mar 11, 2026. It will be listed on BSE and NSE. Kfin Technologies Limited is the registrar.
The Rajputana Stainless IPO opens on Mon, Mar 9, 2026 and closes on Wed, Mar 11, 2026
Rajputana Stainless IPO Price Band is ₹116 to 122.
Rajputana Stainless IPO lot size is 110, and the minimum amount required for application is ₹13420.
The minimum investment for Rajputana Stainless IPO is approximately ₹13420 based on the upper price band.
To apply for the Rajputana Stainless IPO, investors can use the ASBA (Application Supported by Blocked Amount) process via their bank's net banking or apply through UPI using a registered broker or trading app. The IPO is available in retail, HNI, and institutional investor categories. Investors must select the lot size, enter bid details within the price band, and submit their application before the IPO closing date of Wed, Mar 11, 2026. After submission, funds are blocked until the basis of allotment of Rajputana Stainless IPO is finalised.
Rajputana Stainless IPO issue size is ₹255 crores.
Rajputana Stainless IPO allotment date is Sat, Jun 27, 2026.
The registrar for Rajputana Stainless IPO is Kfin Technologies Limited. Investors can go to Kfin Technologies Limited website for IPO allotment status, refund processing, and other queries related to Rajputana Stainless IPO through their official website or helpline.
The Rajputana Stainless IPO GMP (Grey Market Premium) is ₹3 as of Thu, Mar 19, 2026. Based on the upper price band of ₹122 per share, the estimated Rajputana Stainless IPO listing price is ₹125, indicating a potential listing gain of approximately 31% over the issue price.