December 2, 2025
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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: 2 December 2025, 8.00 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 |
| Cut-off for UPI | 5 PM, December 5, 2025 |
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 | 24,41,600 | 47.48% |
| Total | 51,42,400 | 100% |
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, offering thin and ultra-thin stainless solutions for industries such as textiles, automotive, chemicals, clocks, watches, flexible/capillary tubes and electrical equipment.
The company produces stainless-steel coils in 200/300/400 series with thickness from 0.08 mm to 2.00 mm and slitting from 5 mm upwards. Manufacturing capacity is 14,000 MTPA.
Product Portfolio:
-
Cold-rolled stainless-steel precision strips
-
Stainless steel circles
-
Stainless steel sheets
Certifications include ISO 9001:2015, ISI 15997:2012, IS 5522:2014, and IS 6911:2017.
Manufacturing Unit: Sikar, Rajasthan
Order Book as on Nov 25, 2025: Rs. 1,273.49 lakh
Competitive Strengths
-
Well-known private-sector stainless cold-rolled section manufacturer
-
Cost-efficient operations
-
Strong quality assurance systems
-
Centrally located to serve major markets (Delhi & Mumbai)
-
Capability to produce ultra-thin strips up to 0.08 mm
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 |
| EBITDA Margin | 9.18% |
| PAT Margin | 3.97% |
| Price/Book Value | 7.73 |
| Market Cap | Rs. 140.24 Cr |
| EPS (Pre / Post) | 5.55 / 5.46 |
| P/E (Pre / Post) | 16.23x / 16.47x |
Objects of the Issue (Rs. crore)
| S.No. | Objects | Amount |
|---|---|---|
| 1 | Upgradation of manufacturing facility – Rolling Machine | 12.00 |
| 2 | Repayment of borrowings | 18.00 |
| 3 | Working capital funding | 5.48 |
| 4 | General corporate purposes | 5.00 |
Chanakya IPO Review – by Paresh Gordhandas, CA & Research Analyst
Shri Kanha Stainless Ltd. manufactures precision cold-rolled stainless-steel strips and related products. The company reported a fall in FY24 top line but a sharp rise in net profits — an unusual trend. FY25 and H1-FY26 profits again show sharp jumps, which raise sustainability concerns.
The company operates in a highly competitive and fragmented stainless-steel segment. The IPO valuation, based on recent financials, appears aggressively priced.
Chanakya View: Only well-informed and cash-rich investors may consider moderate exposure for medium-term gains. Conservative investors may skip.
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 9257043976
✉ 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/
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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.
