Rajputana Stainless IPO will open for subscription on March 9, 2026 and close on March 11, 2026. The company plans to raise approximately ₹254.98 crores through a book build issue. The IPO consists of a fresh issue worth ₹178.73 crores and an offer for sale of up to 62,50,000 equity shares with a face value of ₹10 each.
The price band for the IPO is fixed at ₹116 to ₹122 per share. The issue has a retail investor quota of 35%, Qualified Institutional Buyers (QIB) at 50%, and Non-Institutional Investors (HNI/NII) at 15%. The IPO allotment is expected to be finalized on March 17, 2026, and the shares are scheduled to list on BSE and NSE on March 19, 2026.
The company reported revenue of ₹937.49 crores in FY2025 compared to ₹915.50 crores in FY2024. Profit after tax increased to ₹39.85 crores in FY2025 from ₹31.63 crores in FY2024, showing gradual improvement in profitability.
Contents
Rajputana Stainless IPO Details
| Particular | Details |
|---|---|
| IPO Open Date | March 9, 2026 |
| IPO Close Date | March 11, 2026 |
| Face Value | ₹10 Per Equity Share |
| IPO Price Band | ₹116 to ₹122 Per Share |
| Issue Size | Approx ₹254.98 Crores |
| Fresh Issue | Approx ₹178.73 Crores |
| Offer for Sale | Approx 62,50,000 Equity Shares |
| Issue Type | Book Build Issue |
| IPO Listing | BSE, NSE |
| DRHP Draft Prospectus | View PDF |
| RHP Draft Prospectus | View PDF |
Rajputana Stainless IPO
Open: 9-11 March
Issue Size: ₹254.98 Cr.
Objective: To expand manufacturing capacity and repay existing borrowings.
Exchange: NSE BSE
Rajputana Stainless IPO Review
Rajputana Stainless operates in the stainless steel manufacturing segment with a diversified product portfolio and a presence in both domestic and international markets. The company has shown stable revenue performance over the past few years and improving profitability, which indicates operational efficiency.
However, the stainless steel industry is cyclical and closely linked with infrastructure and industrial demand. The company also operates with moderate margins compared to some listed peers. Investors with a long-term perspective may consider the IPO based on the company’s growth plans, financial improvements, and industry demand trends.
Rajputana Stainless IPO Market Lot
The minimum market lot for Rajputana Stainless IPO is 110 shares with an application amount of ₹13,420. Retail investors can apply for up to 14 lots.
| Application | Lot Size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 1 | 110 | ₹13,420 |
| Retail Maximum | 14 | 1,540 | ₹1,87,880 |
| S-HNI Minimum | 15 | 1,650 | ₹2,01,300 |
| S-HNI Maximum | 74 | 8,140 | ₹9,93,080 |
| B-HNI Minimum | 75 | 8,250 | ₹10,06,500 |
IPO Reservation
| Investor Category | Share Offered | Shares (%) |
|---|---|---|
| Anchor Investor | 8,19,720 Shares | – |
| QIB (Ex. Anchor) | – Shares | 50% |
| NII Shares Offered | – Shares | 15% |
| Retail Shares Offered | – Shares | 35% |
Rajputana Stainless IPO Anchor Investors
| Particular | Details |
|---|---|
| Anchor Bidding Date | March 6, 2026 |
| Anchor Investors List | View PDF |
| Shares Offered | 8,19,720 Shares |
| Anchor Size | ₹10.00 Cr. |
| Lock-in Period End Date (50% Shares – 30 Days) | April 11, 2026 |
| Lock-in Period End Date (50% Shares – 90 Days) | June 10, 2026 |
Rajputana Stainless IPO Dates
| Event | Date |
|---|---|
| IPO Open Date | March 9, 2026 |
| IPO Close Date | March 11, 2026 |
| Basis of Allotment | March 17, 2026 |
| Refunds | March 18, 2026 |
| Credit to Demat Account | March 18, 2026 |
| IPO Listing Date | March 19, 2026 |
| IPO Bidding Cut-off Time | March 11, 2026 – 5 PM |
Promoters and Holding Pattern
The promoters of the company are Shankarlal Deepchand Mehta, Babulal D Mehta, Jayesh Natvarlal Pithva, and Yashkumar Shankarlal Mehta.
| Particular | Shares | % Share |
|---|---|---|
| Promoter Holding Pre Issue | 6,89,17,658 | 78.22% |
| Promoter Holding Post Issue | 8,35,67,658 | 57.01% |
Objects of the Issue
The company plans to use the proceeds from the IPO mainly for business expansion and financial strengthening. A portion of the funds amounting to ₹18.57 crores will be used to fund capital expenditure for setting up a new manufacturing facility for stainless steel seamless pipes. This facility will help the company expand its product portfolio and serve additional industrial segments. Around ₹98.00 crores will be used for full or partial repayment and prepayment of certain secured borrowings of the company. The remaining amount will be utilized for general corporate purposes, including operational and strategic needs.
About Rajputana Stainless
Rajputana Stainless Limited was established in 1991 and is engaged in manufacturing long and flat stainless steel products. The company offers a wide range of stainless steel products such as billets, forging ingots, rolled black bars, bright bars, flats, patti, and other ancillary products across more than 80 grades.
The company supplies its products to several industries including seamless pipes, aerospace, forging, oil and gas, defense, automotive, aviation, and precision engineering. Rajputana Stainless also exports products to international markets including the UAE, the USA, Turkey, Kuwait, and Poland.
Its manufacturing facility is located in Kalol, Gujarat, covering approximately 35,196.98 square meters. The plant is equipped with modern machinery such as induction furnaces, Argon Oxygen Decarburization (AOD), continuous casting machines, heat treatment units, rolling mills, and bright bar shops.
Business Analysis and Financial Health
Rajputana Stainless operates in the stainless steel long and flat products segment and serves multiple industries including oil and gas, aerospace, forging, and automotive. The company has a diversified product mix across more than 80 stainless steel grades, which allows it to cater to specialized industrial demand.
Financially, the company has shown steady revenue performance with improving profitability over the last three years. PAT increased from ₹24.04 crores in FY2023 to ₹39.85 crores in FY2025, reflecting better operational efficiency.
The company also maintains a moderate debt-to-equity ratio of 0.66 and healthy return ratios such as ROE above 30%. However, margins remain relatively thin, which is common in the steel manufacturing sector.
Rajputana Stainless IPO Company Financial Report
| Period Ended | Revenue | Expense | PAT | Assets |
|---|---|---|---|---|
| 2023 | ₹950.69 | ₹922.11 | ₹24.04 | ₹297.34 |
| 2024 | ₹915.50 | ₹873.18 | ₹31.63 | ₹324.01 |
| 2025 | ₹937.49 | ₹882.85 | ₹39.85 | ₹420.36 |
| Sep 2025 | ₹502.77 | ₹470.45 | ₹24.41 | ₹448.80 |
Rajputana Stainless IPO Valuation – FY2025
| KPI | Values |
|---|---|
| ROE | 30.17% |
| ROCE | 31.72% |
| EBITDA Margin | 7.92% |
| PAT Margin | 4.28% |
| Debt to Equity Ratio | 0.66 |
| Earning Per Share (EPS) | ₹5.78 |
| Price/Earning P/E Ratio | N/A |
| Return on Net Worth (RoNW) | 26.23% |
| Net Asset Value (NAV) | ₹22.05 |
Peer Group Comparison
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
|---|---|---|---|---|---|
| Mangalam Worldwide Ltd | 10.59 | 22.57 | 11.28% | 91.37 | ₹1,060.71 Cr |
| Mukand Ltd | 5.24 | 26.34 | 7.99% | 65.72 | ₹4,889.99 Cr |
| Electrotherm Ltd | 347.06 | 3.16 | (278.47%) | (124.60) | ₹4,115.37 Cr |
| Panchmahal Steel Ltd | 1.74 | 182.18 | 2.07% | 84.02 | ₹383.10 Cr |
IPO Lead Managers (Merchant Bankers)
| Particular | Details |
|---|---|
| Lead Manager | Nirbhay Capital Services Pvt. Ltd. |
Company Address
| Particular | Details |
|---|---|
| Company Name | Rajputana Stainless Ltd. |
| Address | 213, Madhwas, Halol Kalol Road, Kalol, Panchmahal, Halol, Gujarat – 389330 |
| Phone | +91 63 5816 4770 |
| compliance@rajputanastainless.com | |
| Website | https://www.rajputanastainless.com |
IPO Registrar
| Particular | Details |
|---|---|
| Registrar | Kfin Technologies Ltd. |
| Phone | 04067162222, 04079611000 |
| rsl.ipo@kfintech.com | |
| Website | https://ipostatus.kfintech.com |
Special Withdrawal Window – Rajputana Stainless IPO
Due to the circulation of promotional emails and videos encouraging investors to apply for the IPO, SEBI has provided a special withdrawal window for applicants.
Withdrawal Dates
| Date | Time |
|---|---|
| March 12, 2026 | 10:00 AM – 5:00 PM |
| March 13, 2026 | 10:00 AM – 5:00 PM |
| March 16, 2026 | 10:00 AM – 5:00 PM |
Investors who have already applied in the Rajputana Stainless IPO can withdraw their applications through their broker, SCSB bank, or UPI platform during this window.
Rajputana Stainless IPO FAQs
What is Rajputana Stainless IPO?
Rajputana Stainless IPO is a Mainboard IPO through which the company plans to raise around ₹254.98 crores. The price band for the issue is ₹116 to ₹122 per equity share.
When will Rajputana Stainless IPO open for subscription?
The IPO will open for subscription on March 9, 2026 and will close on March 11, 2026 for QIB, NII, and retail investors.
What is the investor allocation in Rajputana Stainless IPO?
The investor quota is allocated as 50% for QIB, 15% for NII, and 35% for retail investors.
How can investors apply for Rajputana Stainless IPO?
Investors can apply through the ASBA facility using their bank account or through UPI via stock brokers. Offline application through brokers is also available.
What is the issue size of Rajputana Stainless IPO?
The total issue size of the IPO is approximately ₹254.98 crores.
What is the price band of Rajputana Stainless IPO?
The IPO price band is ₹116 to ₹122 per share.
What is the minimum lot size for Rajputana Stainless IPO?
The minimum application is 110 shares with an investment amount of ₹13,420.
When will the Rajputana Stainless IPO allotment be finalized?
The IPO allotment is expected to be finalized on March 17, 2026.
When will Rajputana Stainless IPO list on the stock exchange?
The IPO is scheduled to list on BSE and NSE on March 19, 2026.
Expert Comment
Rajputana Stainless Limited operates in a competitive stainless steel manufacturing sector but has demonstrated consistent revenue and improving profitability in recent years. The company’s plan to expand its product portfolio by setting up a seamless pipe manufacturing facility could support long-term growth.
Financial metrics such as ROE above 30% and controlled leverage indicate reasonable financial strength. However, the steel industry is cyclical and operates on relatively thin margins, which investors should consider. Long-term investors who are comfortable with the metal sector volatility may evaluate the IPO after considering valuation and industry outlook.
