Rajputana Stainless IPO
SEBI has approved the Initial Public Offer (IPO) of Rajputana Stainless Ltd. on October 30, 2025.
The company will proceed with the next steps to launch the IPO, subject to market conditions and other necessary approvals.
The approval remains valid for 12 months.
The Rajputana Stainless Ltd. IPO is a Book-Build Issue of 2.09 crore equity shares, consisting of a fresh issue of 1.47 crore equity shares and an Offer for Sale (OFS) of 0.63 crore equity shares.
The equity shares are proposed to be listed on BSE and NSE.
Nirbhay Capital Services Pvt. Ltd. is the Book Running Lead Manager, and KFin Technologies Ltd. is the Registrar to the issue.
🕗 Last Update: 5 November 2025, 6.00 AM
👉 GMP | Reviews | Subscription | Allotment
IPO Key Dates
| Event | Date |
|---|---|
| IPO Opens on | — |
| IPO Closes on | — |
| Allotment on | — |
| Refunds | — |
| Credit of Shares | — |
| Listing Date | — |
IPO Key Details
| Particulars | Details |
|---|---|
| Issue Size | 2,09,00,000 shares (aggregating up to Rs. [ ] crore) |
| Face Value | Rs. 10 per share |
| Issue Price Band | Rs. [ ] – Rs. [ ] per share |
| Lot Size | — |
| Sale Type | Fresh Issue + Offer for Sale |
| Fresh Issue | 1,46,50,000 shares (aggregating up to Rs. [ ] crore) |
| Offer for Sale | 62,50,000 shares (aggregating up to Rs. [ ] crore) |
| Issue Type | Book-Build IPO |
| Listing | BSE, NSE |
| Pre-Issue Shareholding | 6,89,17,658 shares |
| Post-Issue Shareholding | 8,35,67,658 shares |
Promoter Holding
| Particulars | Percentage |
|---|---|
| Promoter Holding Pre-Issue | 78.21% |
| Promoter Holding Post-Issue | — |
Promoters:
Mr. Shankarlal Deepchand Mehta, Mr. Babulal D. Mehta, Mr. Jayesh Natvarlal Pithva, and Mr. Yashkumar Shankarlal Mehta
DRHP Status
| Description | Date |
|---|---|
| Filed with SEBI | January 6, 2025 |
| Offer Document Returned | April 11, 2025 |
| Refiled with SEBI | June 24, 2025 |
| SEBI Approval Received | October 30, 2025 |
About Rajputana Stainless Ltd.
Incorporated in 1991, Rajputana Stainless Ltd. is a leading manufacturer of long and flat stainless-steel products, catering to both domestic and international markets.
The company offers over 80 grades of stainless-steel products including billets, forging ingots, rolled black and bright bars, flats, pattis, and other ancillary items.
Its products serve a wide range of industries — seamless pipes, aerospace, forging, oil & gas, automotive, defense, and precision engineering.
Rajputana Stainless operates a 35,196 sq. m facility at Kalol, Gujarat, equipped with induction furnaces, AOD, CCM, rolling mills, heat treatment units, and bright bar shops for efficient production.
The company exports to UAE, USA, Turkey, Kuwait, and Poland while maintaining a strong domestic network through direct sales and traders.
Product Portfolio
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Billets: Semi-finished steel used for forging and rolling.
-
Cast Ingots: Defect-free metal blocks used in open-die forging and re-rolling.
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Hexagonal Bars: Rolled stainless steel bars used in nuts, bolts, valves, and fasteners.
As of June 30, 2024, the company employed 429 workers, including skilled and unskilled personnel.
Competitive Strengths
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Integrated stainless-steel manufacturing facility at strategic location.
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Diversified product mix with presence in 80+ grades.
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Strong client relationships in domestic and export markets.
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Experienced promoters with deep industry knowledge.
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Continuous capacity expansion and stable financial performance.
Financial Snapshot (Rs. in crore)
| 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 Borrowing | 903.02 | 79.76 | 79.83 | 91.84 |
Key Performance Indicators
| KPI | Value |
|---|---|
| ROE | 32.70% |
| ROCE | 32.17% |
| Debt/Equity | 0.71 |
| RoNW | 28.17% |
| PAT Margin | 3.48% |
| EBITDA Margin | 6.53% |
Objects of the Issue
The company proposes to utilize the net proceeds from the fresh issue towards:
1️⃣ Setting up a new manufacturing facility for stainless steel seamless pipes to expand its product portfolio.
2️⃣ Funding working capital requirements for the new facility.
3️⃣ Repayment / prepayment of secured borrowings.
4️⃣ General corporate purposes.
Note: The company will not receive any proceeds from the Offer for Sale.
Chanakya View
Rajputana Stainless Ltd. has evolved into a strong, integrated stainless-steel producer with a diversified product mix and established domestic & export presence.
Its expansion into seamless pipe manufacturing indicates strategic forward integration and value addition.
Financially, the company’s revenue growth from Rs. 915 crore to Rs. 6,880 crore (Dec FY24) shows sharp expansion, though the rise in asset base and borrowings must be watched.
With ROE above 32% and a proven operating record, Rajputana Stainless reflects solid fundamentals, though margins remain modest (EBITDA 6.5%) compared to peers.
Chanakya Verdict:
Strong integrated player with long industry experience and consistent profitability. Attractive for long-term investors, valuation to be watched post price band declaration.
Registered Office
Rajputana Stainless Ltd.
213, Madhwas, Halol-Kalol Road,
Kalol, Panchmahal, Gujarat – 389330
📞 +91 63 5816 4770
✉ compliance@rajputanastainless.com
🌐 www.rajputanastainless.com
Registrar
KFin Technologies Ltd.
📞 04067162222 / 04079611000
✉ rsl.ipo@kfintech.com
🌐 ipostatus.kfintech.com
Lead Manager
Nirbhay Capital Services Pvt. Ltd.
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Disclaimer
This post is for informational purposes only. Chanakya Ni Pothi does not engage in grey market trading or recommend investments based solely on GMP data. Investors should consult their SEBI-registered financial advisors before making any investment decisions.
