Shri Kanha Stainless IPO
Shri Kanha Stainless Ltd. is launching a fixed–price SME IPO of Rs. 46.28 crore, comprising an entirely fresh issue of 51,42,400 equity shares.
The IPO opens on December 3, 2025, and closes on December 5, 2025. The allotment is expected on December 8, 2025, and the listing is tentatively scheduled for December 10, 2025 on NSE SME.
The issue price is Rs. 90 per share, and the lot size is 1,600 shares.
The minimum investment for retail investors is Rs. 2,88,000 (3,200 shares), and for HNI investors Rs. 4,32,000 (4,800 shares).
Lead Manager: Kreo Capital Pvt. Ltd.
Registrar: MAS Services Ltd.
Market Maker: Giriraj Stock Broking Pvt. Ltd.
🕗 Last Update: 30 November 2025, 6.00 AM
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IPO Key Dates
| Event | Date |
|---|---|
| IPO Open Date | December 3, 2025 |
| IPO Close Date | December 5, 2025 |
| Allotment Date | December 8, 2025 |
| Refunds Initiation | December 9, 2025 |
| Credit to Demat | December 9, 2025 |
| Listing Date | December 10, 2025 |
Final Subscription Status
Size Rs. 46.28 Crore (To be updated on closing day)
| QIB | NII x | RII x | Total x | Applications |
|---|
-
| – | – | – | –
Subscription Review:
To be updated on closing day.
IPO Details
| Particulars | Details |
|---|---|
| Face Value | Rs. 10 per share |
| Issue Price | Rs. 90 per share |
| Lot Size | 1,600 shares |
| Sale Type | Fresh Issue |
| Total Issue Size | 51,42,400 shares (Rs. 46.28 Cr) |
| Market Maker Portion | 2,59,200 shares (Rs. 2.33 Cr) – Giriraj Stock Broking Pvt. Ltd. |
| Net Offer to Public | 48,83,200 shares (Rs. 43.95 Cr) |
| Issue Type | Fixed Price Issue |
| Listing At | NSE SME |
| Shareholding Pre-Issue | 1,04,40,000 shares |
| Shareholding Post-Issue | 1,55,82,400 shares |
Reservation
| Investor Category | Shares Offered | % of Issue |
|---|---|---|
| Market Maker | 2,59,200 | 5.04% |
| NII (HNI) | 24,41,600 | 47.48% |
| Retail Individual Investors | 24,41,600 | 47.48% |
| Total | 51,42,400 | 100.00% |
Application Details
| Application | Lots | Shares | Amount (Rs.) |
|---|---|---|---|
| Retail (Min / Max) | 2 | 3,200 | 2,88,000 |
| HNI (Min) | 3 | 4,800 | 4,32,000 |
Promoter Holding
| Particulars | Percentage |
|---|---|
| Promoter Holding Pre-Issue | 100% |
| Promoter Holding Post-Issue | 67% |
Promoters:
Mr. Jai Bhagwan Agarwal, Mrs. Kavita Agarwal, Mr. Shashank Agrawal, Ms. Neha Agarwal.
About Shri Kanha Stainless Ltd.
Incorporated in July 2015, Shri Kanha Stainless Ltd. manufactures precision stainless steel cold rolled strips, including thin and ultra-thin varieties used across textile, automotive, chemical, watch, clock, flexible tube and electrical sectors.
It manufactures stainless steel coils in 200/300/400 series, with thickness ranging 0.08 mm to 2.00 mm, and slitting from 5 mm.
The company operates with a manufacturing capacity of 14,000 MTPA and holds ISO 9001:2015, ISI and multiple BIS certifications.
Manufacturing Location: Sikar, Rajasthan
Order Book (as on Nov 25, 2025): Rs. 12.73 crore
Competitive Strengths
-
One of the reputed private players in India for cold rolled stainless sections
-
Centralised location catering to Delhi & Mumbai markets
-
Cost-efficient production with quality assurance
-
Ability to produce low thickness up to 0.08 mm
-
Wide range of stainless steel precision products
Financial Snapshot (Rs. crore)
| Period Ended | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 116.34 | 106.13 | 80.25 | 57.03 |
| Total Income | 110.30 | 146.39 | 131.00 | 136.47 |
| Profit After Tax | 4.26 | 5.79 | 2.60 | 0.72 |
| EBITDA | 9.25 | 13.38 | 8.24 | 4.36 |
| Net Worth | 16.03 | 12.16 | 6.37 | 3.77 |
| Total Borrowing | 56.02 | 50.98 | 53.94 | 40.36 |
Key Performance Indicators
| KPI | Value |
|---|---|
| ROE | 47.61% |
| ROCE | 19.20% |
| Debt/Equity | 4.19 |
| RoNW | 47.61% |
| PAT Margin | 3.97% |
| EBITDA Margin | 9.18% |
| Price to Book Value | 7.73 |
| Market Capitalization | Rs. 140.24 Cr |
| Pre-Issue EPS | 5.55 |
| Post-Issue EPS | 5.46 |
| P/E (Post-Issue) | 16.47x |
Objects of the Issue (Rs. in crores)
| S.No. | Objects of the Issue | Amount (Rs. Cr) |
|---|---|---|
| 1 | Upgradation of manufacturing facility (installation of 1150 mm 4-Hi AGC Reversible Rolling Machine) | 12.00 |
| 2 | Repayment/pre-payment of borrowings | 18.00 |
| 3 | Working capital funding | 5.48 |
| 4 | General corporate purposes | 5.00 |
Company Contact
Shri Kanha Stainless Ltd.
Plot No. 70-B, Unit No. 401–402, 4th Floor,
Trimurty Prime Tower, Nirwaroo Road, Jhotwara,
Jaipur, Rajasthan – 302012
📞 +91 925 704 3976
✉ info@kanhastainless.com
🌐 https://www.kanhastainless.com/
Lead Manager
Kreo Capital Pvt. Ltd.
Registrar
MAS Services Ltd.
📞 (011) 2610 4142
✉ ipo@masserv.com
🌐 https://www.masserv.com/opt.asp
Chanakya IPO Review – by Paresh Gordhandas, CA & Research Analyst
SKSL is engaged in manufacturing precision stainless steel cold rolled strips. The company posted a weak top line in FY24, yet delivered higher PAT, which raises concerns.
FY25 and H1-FY26 profits have surged sharply, leading to questions about sustainability in a highly competitive and fragmented stainless steel industry.
Based on recent valuations, the issue appears aggressively priced at a P/E of 16.47x considering thin margins (PAT 3.97%).
Well-informed and cash-surplus investors may consider moderate exposure for medium-term returns.
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Disclaimer
This coverage is for informational and educational purposes. Chanakya Ni Pothi does not deal in Grey Market Premiums or recommend investments based on GMP data. Please consult your SEBI-registered investment advisor.
