The Rajputana Stainless IPO is set to open in Mar 2026, as Gujarat-based Rajputana Stainless Limited enters the securities market with a ₹254.98 crore mainboard initial public offering. Operating under its established brand "RSL", Rajputana Stainless Ltd is a leading manufacturer of long and flat stainless steel products including stainless steel billets, forging ingots, rolled black bars, bright bars, flat & patti, and other ancillary products across 80+ diverse grades.
Founded in 1991 and headquartered in Kalol, Panchmahal, Gujarat, Rajputana Stainless has over 20 years of operating experience in manufacturing long and flat stainless steel products and has grown from a non-BIFR sick industrial unit into a profitable manufacturer with a strong established customer base. The company operates across industries including stainless steel seamless pipes, aerospace, defence, automotive, oil & gas, aviation, and precision engineering - serving over 370 clients across these sectors.
The Rajputana Stainless IPO proceeds will fund capital expenditure requirements for setting up a proposed facility for stainless steel seamless pipes, repayment of certain outstanding secured borrowings, and company general corporate purposes, marking a key step in the company's business expansion and forward integration strategy.
Rajputana Stainless IPO Details
| Particulars | Details |
|---|---|
| IPO Date | 9 to 11 Mar, 2026 |
| Listing Date | Mon, Mar 16, 2026 |
| Face Value | ₹10 per share |
| Price Band | ₹116 to ₹122 per share |
| Lot Size | 110 Shares |
| Minimum Investment Required | ₹13,420 (110 shares at upper price band) |
| Issue Type | Bookbuilding IPO |
| Sale Type | Fresh Issue & OFS |
| Issue Size | ₹254.98 Crores |
| Fresh Issue | ₹178.73 Crores (1,46,50,000 shares) |
| Offer for Sale | ₹76.25 Crores (62,50,000 shares) |
| Listing At | BSE, NSE |
The Rajputana Stainless IPO price band is fixed at ₹116 to ₹122 per share. The minimum investment required by retail investors is ₹13,420 for one lot of 110 shares at the upper price band. The Rajputana Stainless IPO is a 100% book-built issue comprising a fresh issue and an offer for sale. Investors must review all the related documents and related documents carefully before investing in the securities market.
Rajputana Stainless IPO Opens - Date & Timeline
| Event | Date |
|---|---|
| IPO Opening Date | Mon, Mar 9, 2026 |
| Anchor Investor Day | Fri, Mar 6, 2026 |
| IPO Closes | Wed, Mar 11, 2026 |
| Allotment | Thu, Mar 12, 2026 |
| Refund Initiation | Thu, Mar 13, 2026 |
| Credit of Shares | Thu, Mar 13, 2026 |
| Listing Date | Mon, Mar 16, 2026 |
The Rajputana Stainless IPO opens on March 9, 2026 and closes on March 11, 2026. The IPO opening date is Monday, March 9 and the listing date is Monday, March 16, 2026 on both stock exchanges - BSE and NSE. Once Rajputana Stainless IPO listed, shares will be available for trading on both exchanges.
Rajputana Stainless - Company Overview
Rajputana Stainless Limited was originally incorporated as Rajputana Steel Castings in 1991 and rebranded as Rajputana Stainless in 2007. Rajputana Stainless Limited has established itself as a prominent manufacturer of stainless steel products in India since its incorporation in 1991, bringing over 20 years of operating experience in the steel industry. The company's manufacturing facility is located at Kalol, Panchmahal, Gujarat, spanning 35,196.98 sq. meters.
Rajputana Stainless Limited operates exclusively on a B2B model, supplying products through direct sales and traders across the domestic market and select export markets. The company derives a significant portion of its revenue from manufacturers and long-standing traders, making its established customer base a key operational strength.
The promoters of the company are:
- Shankarlal Deepchand Mehta
- Babulal D Mehta
- Jayesh Natvarlal Pithva
- Yashkumar Shankarlal Mehta
Under the OFS, Shankarlal Deepchand Mehta is the sole promoter selling shareholder.
Rajputana Stainless Ltd - Integrated Manufacturing Setup & Capabilities
Rajputana Stainless Ltd operates an integrated manufacturing setup at its company's manufacturing facility in Kalol, Gujarat, spanning 35,196.98 sq. meters and equipped with advanced machinery for efficient production:
- Induction furnace for melting liquid steel
- Argon Oxygen Decarburization (AOD)
- Continuous Casting Machine (CCM) for producing stainless steel billets
- Heat treatment facilities
- Rolling mill for flat stainless steel products and long products
- Bright bar shop for finished bright bars
- Oxygen and nitrogen plants
Installed Capacities (as of Sep 30, 2025)
- Melting capacity: 48,000 MTPA
- Rolling capacity: 36,000 MTPA
- Bright bar capacity: 6,000 MTPA
The manufacturing facility supports hot working processes including ring rolling and forging. Rajputana Stainless holds an ISO 9001:2015 certification and manufactures products in over 80 grades of stainless steel. Stainless steel billets are semi-finished products derived from liquid steel and serve as key inputs for downstream processing across the company's business.
Rajputana Stainless - Diverse Product Portfolio & Industries Served
Rajputana Stainless carries a diverse product portfolio of flat stainless steel products and long stainless steel products under the RSL brand:
- Stainless steel billets
- Forging ingots
- Billets forging ingots rolled black bars
- Rolled black and bright bars
- Flat & patti
- Hexagonal bars
- Ancillary products
The stainless ipo brings focus to a company whose product portfolio serves multiple industries:
- Stainless steel seamless pipes
- Aerospace and defence
- Forging and ring rolling
- Oil & gas
- Automotive
- Aviation
- Precision engineering
- Fasteners
- Utensils manufacturing
- Pump and shaft industry
- Bar processing and wire manufacturing
The company supplies raw materials to over 370 clients across industries such as aerospace, defence, automotive, and oil & gas. The established customer base includes over 167 long-term clients contributing ₹706.85 crore (75.83%) of FY25 revenue. Rajputana Stainless exports its products to five countries - UAE, USA, Turkey, Kuwait, and Poland - while the domestic market accounts for 98.36% of revenue.
However, Rajputana Stainless Limited is susceptible to customer concentration and geographic concentration risks. Since there are no long term contracts, if customers choose to move to competitors it could adversely affect revenue, cash flows, and profitability.
Major competitors of Rajputana Stainless Limited include Jindal Steel and Tata Steel, along with comparable peers like Panchmahal Steel and Electrotherm.
Rajputana Stainless Limited - Financial Performance
Rajputana Stainless Limited has demonstrated consistent growth in revenues and profitability since 2006. The revenue from operations grew from ₹36.04 crore in fiscal 2006 to ₹909.81 crore in fiscal 2024, registering a CAGR of 19.65% over 18 years. The profit after tax grew from ₹0.71 crore in fiscal 2006 to ₹31.63 crore in fiscal 2024, with a PAT CAGR of 23.46% over the same period.
Financial Summary (₹ Crore)
| Period Ended | H1 FY26 (Sep 2025) | FY25 (Mar 2025) | FY24 (Mar 2024) | FY23 (Mar 2023) | FY22 (Mar 2022) |
|---|---|---|---|---|---|
| Revenue | 501.53 | 932.16 | 909.81 | 947.67 | 766.42 |
| Expenses | 470.45 | 882.85 | 873.18 | 922.11 | 753.99 |
| Profit After Tax | 24.41 | 39.85 | 31.63 | 24.04 | 8.70 |
| Net Margin (%) | 4.87 | 4.27 | 3.48 | 2.54 | 1.14 |
Key Financial Highlights
- Rajputana Stainless Limited earned a total operating revenue of ₹501.53 crore in H1 FY26
- In FY25, net profit was ₹39.85 crore, higher than ₹31.63 crore in FY24
- Net margin improved consistently from 1.14% (FY22) to 4.87% (H1 FY26)
- Revenue CAGR of 19.65% from FY06 to FY24
- PAT CAGR of 23.46% from FY06 to FY24
- RONW: 26.23% in FY25
- ROCE: 31.72% in FY25
- EBITDA margin: 7.92% in FY25, improving to 9.16% in H1 FY26
- Debt/Equity ratio improving from 0.66 (FY25) to 0.49 (H1 FY26)
- Post-issue P/E ratio: ~20.88x (based on FY25 EPS of ₹5.78)
- Outstanding borrowings: ₹141.36 crore (as of December 2025)
The financial performance of Rajputana Stainless reflects consistent improvement. The company has shown steady growth in its financials over the past couple of years, despite facing risks related to market concentration and ongoing litigations. However, adverse developments in raw materials pricing could impact cash flows and operational efficiency.
Rajputana Stainless - Valuations & Peer Comparison
| Company | PE Ratio | EPS (₹) | RONW (%) | NAV (₹) | Revenue (₹ Cr.) |
|---|---|---|---|---|---|
| Rajputana Stainless | 20.89 | 5.84 | 26.23 | 22.05 | 932.16 |
| Mangalam Worldwide | 22.57 | 10.29 | 11.28 | 91.37 | 1,060.71 |
| Mukand | 26.34 | 5.24 | 7.99 | 65.72 | 4,889.99 |
At ~20.88x P/E, the Rajputana Stainless IPO appears attractively valued relative to its listed peers in the specialty steel segment.
Use of Funds - Capital Expenditure & Debt Reduction
The company aims to utilise the IPO net proceeds for:
- ₹18.57 crore towards capital expenditure requirements for setting up the proposed facility for stainless steel seamless pipes - a key forward integration step
- ₹98.00 crore for full or part repayment of outstanding secured borrowings availed and certain outstanding secured borrowings - this debt repayment will reduce interest expenses and potentially increase net profits
- Balance toward company general corporate purposes
The capital expenditure for the proposed facility will be deployed within the existing company's manufacturing facility in Kalol, Gujarat, using the existing rolled black and bright bars production as primary raw materials for stainless steel seamless pipes manufacturing.
Rajputana Stainless IPO Allotment Status & Grey Market
- Rajputana Stainless IPO allotment expected on March 12, 2026
- Listing date: March 16, 2026 on BSE and NSE
- Grey Market Premium (GMP): ₹0 as of early March 2026, indicating neutral initial market sentiment
- Market capitalisation: approx. ₹1,019.53 crore at upper price band post listing
- Post-issue P/E: ≈ 20.88x based on FY25 EPS of ₹5.78
- Lead Manager: Nirbhay Capital Services Pvt. Ltd.
- KFin Technologies Ltd is the IPO Registrar
Retail investors can apply for the Rajputana Stainless Ltd IPO through a SEBI-registered discount broker. Rajputana Stainless IPO online applications can be submitted via ASBA or UPI. Investors can check IPO allotment status and Rajputana Stainless IPO allotment results on the KFin Technologies Ltd website (ipostatus.kfintech.com) after March 12, 2026.
Allocation
- Qualified Institutional Buyers (QIBs): 50% of net offer
- Non-Institutional Investors (NIIs): 15%
- Retail Investors (RIIs): 35%
Risks to Consider
- Customer concentration: Top 10 customers contributed 44.93% of revenue in H1 FY26 - absence of long term contracts means if customers choose to exit it could adversely affect the company's business
- Geographic concentration: Rajputana Stainless Limited is susceptible to geographic concentration with a significant portion of revenue dependent on Gujarat and top customers
- High raw material cost: Raw materials represent ~75 to 80% of revenue - adverse developments in nickel and scrap pricing directly impact margins
- Contingent liabilities: ₹128.6 crore in contingent liabilities which could affect net worth
- Single manufacturing facility: All operations at one company's manufacturing facility in Kalol, Gujarat
- Cash flows: Negative investing cash flows due to capital expenditure requirements
- Execution risk: Stainless steel seamless pipes is a new product segment for the company's business
- Market risks: In the commodity-driven stainless steel segment with ongoing litigations
- Equity dilution: For existing shareholders post fresh issue
How to Apply for Rajputana Stainless IPO Online
Retail investors can apply for Rajputana Stainless IPO online during the subscription period:
- Open Tradejini demat account
- Go to IPO section in Products Menu
- Bid within price band
- Authorize UPI payment
Conclusion: Is Rajputana Stainless IPO Worth Watching?
The Rajputana Stainless IPO offers retail investors and institutional buyers a well-priced entry into India's established stainless steel manufacturing space. With over 20 years of operating experience, a strong integrated manufacturing setup, consistent financial performance with a PAT CAGR of 23.46% since FY2006, a diverse product portfolio spanning stainless steel billets, forging ingots, bright bars, and ancillary products, and an established customer base across 370+ clients, Rajputana Stainless Limited presents a credible stainless ipo in Mar 2026.
The planned capital expenditure of ₹18.57 crore into stainless steel seamless pipes through the proposed facility represents a meaningful forward integration step. Additionally, the ₹98 crore debt repayment will reduce interest expenses and potentially increase net profits, strengthening the company's business and improving long-term cash flows.
However, contingent liabilities of ₹128.6 crore, market risks in commodity steel, absence of long term contracts, single manufacturing facility dependence, and high raw materials cost sensitivity remain key factors to evaluate before applying.
For investors seeking exposure to long and flat stainless steel products manufacturing in Mar 2026, Rajputana Stainless Ltd presents a mid-cap opportunity at a reasonable valuation with a post-issue market capitalisation of ~₹1,019.53 crore.
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