Rajputana Stainless IPO is a book build IPO issue of 2,09,00,000 equity shares, comprising a fresh issue of 1,46,50,000 equity shares and an offer for sale of 62,50,000 equity shares.
The IPO opens on March 9, 2026, and closes on March 11, 2026. The allotment is expected on March 12, 2026, and the listing is tentatively scheduled for February 16, 2026 on BSE and NSE.
The IPO is offered at a price band to be declared, and the lot size will be announced shortly.
Lead Manager: Nirbhay Capital Services Pvt. Ltd.
Registrar: Kfin Technologies Ltd.
🕗 Last Update: 28 February 2026, 6.00 AM
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IPO Key Dates
| Event | Date |
|---|---|
| IPO Open Date | March 9, 2026 |
| IPO Close Date | March 11, 2026 |
| Allotment Date | February 12, 2026 |
| Refunds Initiation | February 13, 2026 |
| Credit to Demat | February 13, 2026 |
| Listing Date | February 16, 2026 |
IPO Details
| Particulars | Details |
|---|---|
| Face Value | Rs. 10 per share |
| Issue Price | To be declared |
| Lot Size | To be declared |
| Sale Type | Fresh Issue & OFS |
| Total Issue Size | 2,09,00,000 shares (Rs. To be declared) |
| Fresh Issue | 1,46,50,000 shares (Rs. To be declared) |
| Offer for Sale | 62,50,000 shares (Rs. To be declared) |
| Issue Type | Book Building Issue |
| Listing At | BSE, NSE |
| Shareholding Pre-Issue | 6,89,17,658 shares |
| Shareholding Post-Issue | 8,35,67,658 shares |
| Market Cap (Pre-IPO) | To be declared |
Reservation
| Investor Category | Shares Offered | % of Issue |
|---|---|---|
| QIB | Not more than 50% of Net Offer | – |
| Retail Individual Investors | Not less than 35% of Net Offer | – |
| NII (HNI) | Not more than 15% of Net Offer | – |
| Total | – | 100.00% |
Application Details
| Application | Lots | Shares | Amount (Rs.) |
|---|---|---|---|
| Retail | To be declared | To be declared | To be declared |
| HNI | To be declared | To be declared | To be declared |
Promoter Holding
| Particulars | Percentage |
|---|---|
| Promoter Holding Pre-Issue | 78.22% |
| Promoter Holding Post-Issue | – |
Promoters: Shankarlal Deepchand Mehta, Babulal D Mehta, Jayesh Natvarlal Pithva and Yashkumar Shankarlal Mehta.
About Rajputana Stainless Ltd.
Incorporated in 1991, Rajputana Stainless Ltd. is engaged in manufacturing long and flat stainless-steel products. The company offers billets, forging ingots, rolled black and bright bars, flat & patti and other ancillary stainless-steel products in over 80 diverse grades.
The company serves domestic customers through direct sales and traders, and exports to UAE, USA, Turkey, Kuwait and Poland. Its products are supplied to industries such as seamless pipes, aerospace, forging, oil & gas, defense, automotive, aviation and precision engineering.
The company operates a manufacturing facility spread over 35,196.98 sq. m. at Kalol, Gujarat, equipped with induction furnace, AOD, CCM, heat treatment facilities, rolling mill and bright bar shop.
Business Model:
Manufacturing of Stainless-Steel Billets and Ingots
Production of Rolled and Bright Bars
Exports and Domestic Distribution
Competitive Strengths:
Integrated manufacturing setup
Diverse stainless-steel product portfolio
Established customer relationships
Experienced promoter and management team
Consistent growth track record
Company Financials (Rs. crore – Restated)
| Period Ended | 31 Dec 2024 | 31 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 |
|---|---|---|---|---|
| Assets | 3,937.91 | 324.01 | 297.34 | 281.10 |
| Total Income | 6,880.13 | 915.50 | 950.69 | 767.93 |
| Profit After Tax | 315.83 | 316.29 | 240.45 | 86.97 |
| EBITDA | 560.00 | 594.10 | 438.46 | 302.45 |
| Net Worth | 1,438.31 | 112.27 | 81.17 | 57.76 |
| Reserves & Surplus | 741.75 | 770.51 | 454.22 | 213.78 |
| Total Borrowings | 903.02 | 79.76 | 79.83 | 91.84 |
Objects of the Issue (Rs. crore)
| S.No. | Objects of the Issue | Amount |
|---|---|---|
| 1 | Funding capital expenditure for stainless steel seamless pipes facility | 18.32 |
| 2 | Repayment / Prepayment of borrowings | 98.00 |
| 3 | General corporate purposes | Balance |
Key Performance Indicators
| KPI | Mar 31, 2024 |
|---|---|
| ROE | 32.70% |
| ROCE | 32.17% |
| Debt/Equity | 0.71 |
| RoNW | 28.17% |
| PAT Margin | 3.48% |
| EBITDA Margin | 6.53% |
IPO Valuation Metrics
| Particulars | Pre IPO | Post IPO |
|---|---|---|
| Promoter Holding | 78.22% | – |
Company Contact
| Particulars | 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 |
IPO Lead Manager(s)
| Particulars | Details |
|---|---|
| Lead Manager | Nirbhay Capital Services Pvt. Ltd. |
IPO Registrar
| Particulars | Details |
|---|---|
| Registrar | Kfin Technologies Ltd. |
| Phone | 04067162222, 04079611000 |
| rsl.ipo@kfintech.com | |
| Website | Visit Website |
Chanakya IPO Review – by Paresh Gordhandas, CA & Research Analyst
| Particulars | Details |
|---|---|
| Analyst View | Rajputana Stainless operates in the stainless-steel manufacturing segment with an integrated production facility and diversified product portfolio serving multiple industrial sectors. Expansion into seamless pipes and debt reduction may improve operational leverage; however, margins remain relatively moderate in a competitive metals industry. Investors should monitor capacity utilization, raw material price volatility and export demand trends. |
| Chanakya View | Suitable for investors with moderate to high risk appetite considering cyclicality in the steel sector. |
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