Rajputana Stainless
March 9, 2026 – March 11, 2026
| Price | ₹0 - ₹0 |
| GMP Rumors * | ₹0 |
|---|---|
| Lot size | 0 |
| Issue size | ₹0.00 cr |
| Allotment | Mar 12, 2026 |
| Listing | Mar 16, 2026 |
Rajputana Stainless About
IPO Details
| Total Issue Size | 2,09,00,000shares (aggregating up to ₹* Cr) |
| Fresh Issue | 1,46,50,000 shares (aggregating up to ₹* Cr) |
| Offer For Sale | 62,50,000 shares (aggregating up to ₹* Cr) |
| Face Value | ₹10/- Per Share |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE , NSE |
| Share Holding Pre Issue | 6,89,17,658 shares |
| Share Holding Post Issue | 8,35,67,658 shares |
Key Performance Indicators (KPI)
| KPI | Sep-25 | FISCAL-25 | FISCAL-24 | FISCAL-23 |
|---|---|---|---|---|
| ROE | 14.86% | 30.17% | 32.70% | 34.62% |
| ROCE | 16.55% | 31.72% | 32.17% | 25.72% |
| EPS (BASIC) | 3.54 | 5.78 | 4.59 | 3.49 |
Company Financial (In ₹Crore)
| Period Ended | Sep-25 | Mar-25 | Mar-24 | Mar-23 |
|---|---|---|---|---|
| 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 and Surplus | 108.16 | 83.75 | 78.36 | 46.73 |
| Total Borrowing | 85.91 | 99.75 | 79.76 | 79.83 |
Peer Comparison (Valuation)
| Company | P/E (x) | Face value (₹) |
|---|---|---|
| Rajputana Stainless Limited | 10.00 | |
| Mangalam Worldwide Ltd | 22.57 | 10.00 |
| Mukand Ltd | 26.34 | 10.00 |
| Electrotherm Ltd | 3.16 | 10.00 |
| Panchmahal Steel Ltd | 182.18 | 10.00 |
Peer Comparison (Financial Performance)
| Company | NAV/Share (₹) | RoNW (%) | EPS (Basic) (₹) |
|---|---|---|---|
| Rajputana Stainless Limited | 22.05 | 26.23 | 5.78 |
| Mangalam Worldwide Ltd | 91.37 | 11.28 | 10.59 |
| Mukand Ltd | 65.72 | 7.99 | 5.24 |
| Electrotherm Ltd | -124.60 | -278.47 | 347.06 |
| Panchmahal Steel Ltd | 84.02 | 2.07 | 1.74 |
About Company
Established in 1991, Rajputana Stainless Limited operates in the stainless-steel manufacturing sector, specializing in both long and flat stainless-steel products.
The Company manufactures a diversified portfolio comprising billets, forging ingots, rolled black and bright bars, flat & patti products, and related ancillary items across more than 80 stainless-steel grades. These products serve as key raw materials for industries such as seamless pipes, aerospace, forging, oil & gas, defense, automotive, aviation, and precision engineering.
Sales are primarily generated through domestic direct sales and trader networks, with exports to international markets including the UAE, USA, Turkey, Kuwait, and Poland.
Manufacturing Facility
Rajputana Stainless operates a 35,196.98 sq. m. manufacturing facility in Kalol, Gujarat. The plant is equipped with advanced infrastructure, including an induction furnace, AOD converter, CCM, heat treatment units, rolling mill, and bright bar shop, enabling efficient and integrated production.
Key Products
Billets: Semi-finished stainless-steel products used in forging, rolling, and ring-rolling processes.
Cast Ingots: Mold-cast metal blocks used for storage and further processing such as open-die forging and re-rolling, ensuring traceability and quality control.
Hexagonal Bars: Stainless-steel bars shaped for use in nuts, valves, fasteners, hose ends, and hex bolts.
Strength
Integrated Manufacturing Facility at Strategic Location: Operates a fully integrated manufacturing facility in Kalol, Gujarat, covering the complete production chain from melting to finishing. Equipped with key infrastructure including induction furnace, AOD, CCM, rolling mill, bright bar shop, and in-house Oxygen and Nitrogen plants, reducing third-party dependence.
Established Customer Relationships: Over two decades of operations with a strong, customer-centric approach offering customized stainless-steel products, supporting long-term relationships and industry presence.
Experienced Promoters & Management: Led by experienced Promoters with over five decades of combined steel industry expertise, driving strategy, innovation, expansion, and operational excellence.
Weakness
Customer Concentration Risk: A significant portion of revenue is derived from the top 10 customers, primarily manufacturers, without long-term contracts in all cases. Loss of any key customer or reduction in orders may adversely impact revenue and cash flows.
Litigation Risk: The Company, Promoters, Directors, and Key Managerial Personnel are involved in ongoing legal proceedings aggregating ₹12,861.77 lakhs (72.81% of net worth). Any adverse outcome may materially affect financial condition and operations.
Geographical Concentration Risk: Manufacturing operations are concentrated in Gujarat, including the proposed facility within the same premises. Regional disruptions, economic downturns, or unforeseen events may negatively impact production, sales, and profitability.
Rajputana Stainless Lead Manager(s)
Rajputana Stainless Address
213, Madhwas,
Halol Kalol Road, Kalol,
Panchmahal
Halol, Gujarat, 389330
Phone: +91 63 5816 4770
E-Mail: compliance@rajputanastainless.com
Website: https://www.rajputanastainless.com/