Rajputana Stainless IPO is a book-built issue worth ₹255 Crore. The issue is a mix of fresh issue of ₹178.73 crores and offer for sale of 0.63 crore shares aggregating to ₹76.25 crores. The IPO will open for subscription on March 09, 2026, and close on March 11, 2026.
The basis of allotment is expected to be finalised on March 12, 2026, with tentative listing scheduled on BSE and NSE for March 16, 2026. The price band for the Rajputana Stainless IPO has been fixed at ₹116 to ₹122 per share.
Investors can bid for Rajputana Stainless IPO with a minimum of 1 lot, having 110 Shares. For retail investors, the minimum investment required is ₹13,420. For high-net-worth investors (bHNI), the lot size stands at 75 lots, equal to 8,250 shares, amounting to ₹10,06,500.
Nirbhay Capital Services Pvt Ltd is the book running lead manager (BRLM), and Kfin Technologies Ltd is the registrar of the issue. Detailed information is available at the Rajputana Stainless IPO RHP.
Rajputana Stainless IPO Objectives
- Financing the capital expenditure requirements for establishing a manufacturing facility for Stainless Steel Seamless Pipes to expand the product portfolio
- Full or part repayment and/or prepayment of certain outstanding secured borrowings availed by the company
- General corporate purposes.
About Rajputana Stainless Limited
Incorporated in 1991, Rajputana Stainless Limited has established itself as a prominent manufacturer of long and flat stainless-steel products in India. Over the years, the company has built strong technical expertise and robust manufacturing capabilities, enabling it to cater to diverse industrial requirements with consistency and precision.
The company offers a comprehensive portfolio of stainless-steel products in more than 80 distinct grades. Its product range includes billets, forging ingots, rolled black and bright bars, flat and patti, along with various ancillary products. This wide selection allows Rajputana Stainless Limited to serve customers with varied specifications, quality standards, and performance expectations across multiple sectors.
The company operates a well-equipped manufacturing facility spread across 35,196.98 square meters in Kalol, Gujarat. The plant is integrated with advanced machinery and systems, including an induction furnace, Argon Oxygen Decarburization (AOD) unit, Continuous Casting Machine (CCM), heat treatment facilities, rolling mill, and a bright bar shop. This integrated setup enables efficient production processes, quality control, and timely delivery.
Rajputana Stainless Limited manufactures stainless steel billets, which are semi-finished products derived from liquid steel. These billets serve as essential inputs for hot working processes such as forging, rolling, and ring rolling, ensuring optimal metallurgical properties and workability.
Industry Outlook
- India is the second-largest consumer and the third-largest producer of stainless steel globally, with an installed capacity of approximately 6.6–6.8 million tonnes. The country has the capability to manufacture a diverse range of stainless, alloy, and special steel grades catering to varied industrial applications.
- India’s finished stainless-steel production has remained steady in the range of 3.2–3.7 million tonnes between 2016 and 2023, reflecting a stable manufacturing base and consistent domestic and export demand.
- In FY2025, total finished steel production increased by 5.3% to 146.56 million tonnes, while consumption grew at a faster rate of 11.5% to 152.00 million tonnes. This widening gap indicates strong domestic demand, particularly from infrastructure and industrial sectors, creating positive growth momentum for alloy and stainless steel producers.
- Stainless steel is widely used across automotive, railways, transportation, heavy machinery, engineering, and infrastructure sectors. As demand for long and flat steel products is closely tied to overall economic and industrial growth, continued expansion in these sectors is expected to support sustained growth in the stainless-steel industry.
How To Apply for the Rajputana Stainless IPO Online?
- Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
- Locate the IPO Section: Navigate to the 'IPO' section on the platform.
- Select IPO: Find and select the Rajputana Stainless IPO from the list of open IPOs.
- Enter the Lot Size: Specify the number of lots you want to bid for.
- Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
- Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
How To Check the Allotment Status of Rajputana Stainless IPO?
Steps to check IPO allotment status on Angel One’s app:
- Log in to the Angel One app.
- Go to the IPO Section and then to IPO Orders.
- Select the individual IPO that you had applied for and check the allotment status.
- Angel One will notify you of your IPO allotment status via push notification and email.
Contact Details of Rajputana Stainless IPO
213, Madhwas, Halol Kalol Road Kalol, Panchmahal, Gujarat – 389 330, India
Phone:+91 63 5816 4770
E-mail:compliance@rajputanastainless.com
Rajputana Stainless IPO Reservation
| Investor Category | Shares Offered |
| QIB Shares Offered | Not more than 50% of the Offer |
| Retail Shares Offered | Not less than 35% of the Offer |
| NII Shares Offered | Not more than 15% of the Offer |
Rajputana Stainless IPO Lot Size Details
| Application | Lots | Shares | Amount |
| Retail (Min) | 1 | 110 | ₹13,420 |
| Retail (Max) | 14 | 1,540 | ₹1,87,880 |
| S-HNI (Min) | 15 | 1,650 | ₹2,01,300 |
| S-HNI (Max) | 74 | 8,140 | ₹9,93,080 |
| B-HNI (Min) | 75 | 8,250 | ₹10,06,500 |
Rajputana Stainless IPO Promoter Holding
Shankarlal Deepchand Mehta, Babulal D Mehta, Jayesh Natvarlal Pithva and Yashkumar Shankarlal Mehta are the promoters of the company.
| Share Holding Pre-Issue | 78.22% |
| Share Holding Post Issue | 57.01% |
Note: Equity dilution will be determined by subtracting the Shareholding Post Issue from the Shareholding Pre Issue.
Key Performance Indicators for Rajputana Stainless IPO
| KPI (Sep 30, 2025) | Value |
| ROCE (%) | 16.55 |
| RoNW (%) | 13.82 |
| PAT Margin (%) | 4.87 |
| EBITDA Margin (%) | 9.16 |
Rajputana Stainless IPO Registrar and Lead Managers
Rajputana Stainless IPO Lead Managers
Nirbhay Capital Services Pvt Ltd.
Registrar for Rajputana Stainless IPO
Kfin Technologies Ltd
Contact Number:+91 40 6716 2222
Email Address:rsl.ipo@kfintech.com
Financial Performance of Rajputana Stainless Limited
| Particulars | September 30, 2025 | Fiscal 2025 | Fiscal 2024 | Fiscal 2023 |
| Revenue from operations (₹ in Lakhs) | 50,152.94 | 93,215.58 | 90,980.80 | 94,767.44 |
| EBITDA (₹ in Lakhs) | 4,592.41 | 7,378.78 | 5,940.97 | 4,384.58 |
| EBITDA margin (%) | 9.16% | 7.92% | 6.53% | 4.63% |
| PAT (₹ in Lakhs) | 2,440.96 | 3,985.14 | 3,162.89 | 2,404.46 |
| PAT margin (%) | 4.87% | 4.28% | 3.48% | 2.54% |
| Net worth (₹ in Lakhs) | 17,665.48 | 15,194.67 | 11,226.94 | 8,116.61 |
| Return on equity (%) | 14.86% | 30.17% | 32.70% | 34.62% |
| Debt to equity ratio (x) | 0.49 | 0.66 | 0.71 | 0.98 |
Rajputana Stainless Peer Comparison
| Name of the Company | Face Value | EPS (Basic) (₹) | EPS (Diluted) (₹) | P/E | RoNW (%) | NAV Per Share (₹) |
| Rajputana Stainless Limited | 10 | 5.78 | 5.78 | - | 26.23 | 22.05 |
| Listed Peers | ||||||
| Mangalam Worldwide Ltd | 10 | 10.59 | 10.29 | 22.57 | 11.28 | 91.37 |
| Mukand Ltd | 10 | 5.24 | 5.24 | 26.34 | 7.99 | 65.72 |
| Electrotherm Ltd | 10 | 347.06 | 347.06 | 3.16 | -278.47 | -124.60 |
| Panchmahal Steel Ltd | 10 | 1.74 | 1.74 | 182.18 | 2.07 | 84.02 |
Strengths and Opportunities of Rajputana Stainless Limited
- Operates an integrated manufacturing facility in Gujarat with significant unused land, providing efficiency and strong expansion potential.
- Has demonstrated consistent revenue and profitability growth since 2006, turning from a sick unit into a profitable stainless-steel manufacturer.
- Maintains long-standing customer relationships built over two decades through a strong customer-centric and customisation-driven approach.
- Offers a diversified product portfolio across 80+ stainless steel grades, catering to multiple industrial applications.
- Plans to set up a stainless-steel seamless pipes unit by leveraging existing rolling mill capacity and in-house raw material availability.
- Focused on strengthening domestic market presence and expanding its customer base across key end-user industries.
- Aims to enhance operational efficiency and profitability while investing in continuous workforce training and retention.
Risks and Threats of Rajputana Stainless Limited
- Fluctuations in demand for stainless-steel products or slowdowns in key end-use industries could negatively impact revenues and profitability.
- Heavy dependence on a limited number of customers without long-term contracts exposes the company to revenue volatility.
- Reliance on a few key suppliers creates supply chain risks, including shortages, delays, or disruptions.
- Majority revenue from select domestic states increases exposure to regional economic or market-specific downturns.
- The concentration of manufacturing facilities in Gujarat makes operations vulnerable to regional disruptions or regulatory changes.
- Ongoing legal proceedings involving the company and its management could result in adverse financial or reputational impact.
- Significant contingent liabilities and valuation concerns from past share issuances may affect financial stability and investor sentiment post-listing.
