The Indian stainless steel industry has a growth rate of 8-10% CAGR till 2030. The industry grows due to demand for infrastructure development, automobiles/railways, and an increase in demand for seamless pipes. Rajputana Stainless Ltd is a stainless steel manufacturer in Rajasthan. The company was established in 2006 in Jaipur. It produces stainless steel pipes/tubes, coils, utensils, and sheets.
Rajputana Stainless Ltd has an integrated facility of 1.2 lakh TPA and offers diverse products. It has a good reach in the market through its distributors. It has potential for exports and spends on new capacity for a new seamless pipe manufacturing facility.
Rajputana Stainless Ltd had good growth in FY25. The company had revenue of ₹450 Cr. The revenue growth was estimated at an increase of 20%. The company had PAT potential through EBITDA of ₹65 Cr. The company had an asset size of ₹297 Cr. The company has planned a main board IPO of ₹[TBD] equity shares of face value of ₹10 each. The company issued fresh equity shares of ₹1.465 Cr and OFS equity shares of ₹0.625 Cr.
Rajputana Stainless Limited IPO Details:
Rajputana Stainless Limited Issue Management:
Nirbhay Capital Services Pvt Ltd act as the book-running lead manager for Rajputana Stainless Limited Mainboard IPO, managing underwriting and compliance.
Rajputana Stainless Limited IPO RTA (Registrar) Details:
Kfin Technologies Ltd. handles allotment, refunds, and demat credits—contact at 04067162222, 04079611000 or rsl.ipo@kfintech.com.
Rajputana Stainless Limited IPO Allotment Status:
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Action Links:
To apply for Rajputana Stainless Limited IPO, open a demat account here
Rajputana Stainless Limited IPO Subscription Status: Check live subscription here
Rajputana Stainless Limited IPO GMP Update: Check latest grey market premium here
Rajputana Stainless Ltd, incorporated in 1991 at Kalol, is an ISO 9001-2008 company that specializes in the production of stainless steel billets, rolled bars, and flats for forging/seamless pipes/auto, with a melting capacity of 48k MTPA, rolling capacity of 36k, and 370 clients, 75% of whom are repeat clients.
The company has posted steady growth in FY25, with revenue at ₹932.16 Cr, an increase of 2% over the previous year, PAT at ₹39.85 Cr, up 26% over the previous year, with a ROCE of 32.17% and a debt equity of 0.71. Mainboard IPO (2.09 Cr shares @ ₹10 FV: fresh 1.465 Cr + OFS 0.625 Cr) opens March 9-11, 2026, allotment March 12, NSE/BSE listing March 16
Rajputana Stainless Limited IPO is Mixed issue 2.09 Cr shares.
Rajputana Stainless Limited IPO proceeds will be deployed towards the following objectives:
Rajputana Stainless Limited Ltd Mainboard IPO reserves 2.09 Cr shares per SEBI Mainboard norms.
The Anchor bidding starts on March 8, 2026 (~30% QIB).
Lock-in: 50% for 30 days, 50% for 90 days per SEBI norms. as per SEBI Mainboard guidelines.
The anchor allocation document filed right before issue opens will list specific anchor investor names via registrar Kfin Technologies Pvt Ltd.
According to RHP reports, Rajputana Stainless Ltd posted solid FY25 financials. Revenue edged 2% YoY to ₹932.16 Cr, PAT rose 26% to ₹39.85 Cr (4.27% margin), ROE 18.35%, ROCE 32.17%, EBITDA ₹118.23 Cr (12.68% margin). Growth fueled by billet/bar volumes, stainless demand in forging/pipes, capacity utilization.
The important risks and strengths of Rajputana Stainless Limited IPO are mentioned below:
Strengths:
Integrated operations (Melting to Rolling capacity of 48k MTPA), 75% repeat client base (370+ clients), strong Gujarat base for Stainless Steel.
Healthy profitability (ROCE at 32.17%, EBITDA at 12.68%), low fresh dilution, capex on seamless pipes and an accelerator.
Diversified product profile (80+ grades in Billets/Bars/Flats), export potential, promoter holding of 64%.
Risks
Modest revenue growth (2% FY25 YoY), cyclical steel prices/volumes amid China imports.
Thin PAT margins (4.27%), debt/equity 0.71x pressures post-capex.
Competition from Jindal Stainless/Usha Martin, raw material volatility (nickel/ferro), execution on new pipe plant.
RHPs support Rajputana Stainless Ltd's FY25 performance with revenue ₹912.17 Cr (+ est. 2% YoY annualized), PAT ₹42.11 Cr (4.62% margin), RoNW 28.17%, and post-issue P/E ~25.8x (FY25 EPS ₹5.04)—reasonably valued vs peers Jindal Stainless (25x), Ratnamani (42x).
The company's integrated stainless steel production (billets, bars, flats 80+ grades) serves forging, pipes, auto with 48k MTPA capacity, 370 clients.
The ₹[TBD] Cr mainboard IPO (2.09 Cr shares upper band est. ₹[TBD]) with MCap est. ₹[TBD] Cr at 1.0x sales/~25x EPS. ROCE 32.17%, debt reduction capex, 64% promoter holding outweigh price volatility, competition for listing gains.
Investors are advised to exercise discretion and refer to the full DRHP/RHP document before reaching any investment decision. This analysis is for informative purposes and not investment advice.
Action Links:
To apply for Rajputana Stainless Limited IPO, open a demat account here
Rajputana Stainless Limited IPO Subscription Status: Check live subscription here
Rajputana Stainless Limited IPO GMP Update: Check latest grey market premium here
1. What is the Rajputana Stainless Limited IPO open and close date?
The Rajputana Stainless mainboard IPO opens March 9, closes March 11, 2026; allotment March 12, NSE/BSE listing March 16.
Track Rajputana Stainless Limited IPO subscription status live here from Finnpick.
2. What is the Rajputana Stainless Limited IPO price band and lot size?
The IPO price band ₹TBAper share (FV ₹10), lot size TBA shares; retail min ₹TBA.
3. What is Rajputana Stainless Limited IPO total size?
The Rajputana Stainless Limited IPO size is TBA
4. How to apply for the Rajputana Stainless Limited IPO?
Open a demat here (Zerodha/Upstox/AngelOne) or ASBA by Mar 11, 4 PM. Monitor Rajputana Stainless Limited IPO subscription tracker here.
5. How to check Rajputana Stainless Limited IPO Allotment Status?
The allotment date is on Mar 9th and can be checked on Kfin Technologies Pvt Ltd portal RTA portal using PAN/DP ID.
6. What is Rajputana Stainless Limited IPO GMP today and subscription status?
Current Grey Market Premium (GMP) stands at ₹0 as of February 28, indicating listing at the price range of ₹TBA —check daily updates of Rajputana Stainless Limited IPO GMP trends here and live subscription status here from Mar 09th opening only on Finnpick.
7. What does Rajputana Stainless Limited specialize in?
Rajputana Stainless Limited specializes in manufacturing stainless steel long products like billets, rolled bars, flats, and pattis across 80+ grades for forging, seamless pipes, and automotive applications.
8. When is the Rajputana Stainless Limited IPO listing date?
The Rajputana Stainless Limited Ltd IPO lists on March 16th, 2026 on NSE/BSE Mainboard (~T+3 post-allotment Mar 11).
9. What are the Rajputana Stainless Limited IPO proceeds utilization details?
The Rajputana Stainless IPO fresh issue proceeds: ₹18.57 Cr for seamless stainless steel pipe facility, ₹98 Cr debt repayment, balance general corporate purposes.
