India’s manufacturing and infrastructure sectors continue to play a significant role in driving industrial growth. With increasing demand for stainless steel products across industries such as oil and gas, automotive, aerospace and engineering, stainless steel manufacturers are seeing steady demand in both domestic and export markets.
The government’s push towards infrastructure development, manufacturing expansion and export growth has also strengthened the outlook for companies operating in the steel and metal sector. Stainless steel products are widely used across multiple industries due to their durability, corrosion resistance and strength.
Against this backdrop, Rajputana Stainless Limited is set to open its IPO on March 9, 2026. Here is a detailed insight into Rajputana Stainless Limited, its IPO, and the industry outlook.
About Rajputana Stainless Ltd.
Incorporated in 1991, Rajputana Stainless Limited is engaged in the manufacturing of long and flat stainless steel products used across various industrial applications.
The company offers a wide range of stainless steel products including billets, forging ingots, rolled black and bright bars, flat and patti products and other ancillary stainless steel products. These products are manufactured across more than 80 different grades of stainless steel.
Rajputana Stainless primarily sells its products in the domestic market through direct sales and trader networks, while also exporting to international markets including UAE, USA, Turkey, Kuwait and Poland.
The company supplies raw materials to industries such as:
• Seamless pipes manufacturing
• Aerospace and aviation
• Oil and gas industry
• Automotive sector
• Defence sector
• Precision engineering
Rajputana Stainless operates a manufacturing facility spread across 35,196.98 square meters in Kalol, Gujarat. The facility is equipped with advanced manufacturing infrastructure including:
• Induction furnace
• Argon Oxygen Decarburization (AOD) furnace
• Continuous casting machine (CCM)
• Heat treatment facilities
• Rolling mill
• Bright bar manufacturing shop
As of September 30, 2025, the company employed 408 permanent employees and workers including both skilled and unskilled labour.
Product Portfolio
Billets
The company produces stainless steel billets which serve as semi finished products used as raw material for forging, rolling and other metal forming processes.
Cast Ingots
Rajputana Stainless manufactures cast ingots which are metal masses poured into moulds for storage, transportation and further processing.
Hexagonal Bars
Hexagonal stainless steel bars are used in the manufacturing of nuts, bolts, valves, hose ends, fasteners and mechanical components.
Competitive Strengths
• Integrated manufacturing facility located at a strategic industrial location
• Diversified stainless steel product portfolio
• Strong and established customer relationships
• Experienced promoters and management team
• Consistent track record of operational growth
Rajputana Stainless Ltd. IPO Details
Rajputana Stainless IPO is a book building issue of ₹254.98 crore.
The issue consists of a combination of fresh issue and offer for sale.
• Fresh Issue: 1.47 crore shares aggregating to ₹178.73 crore
• Offer for Sale: 0.63 crore shares aggregating to ₹76.25 crore
The price band for the IPO is ₹116 to ₹122 per share.
The IPO is managed by Nirbhay Capital Services Pvt. Ltd. as the book running lead manager while Kfin Technologies Ltd. is the registrar of the issue.
Important IPO Timeline
| Event | Date |
|---|---|
| IPO Open Date | March 9, 2026 |
| IPO Close Date | March 11, 2026 |
| Allotment Date (Tentative) | March 12, 2026 |
| Initiation of Refunds | March 13, 2026 |
| Credit of Shares to Demat | March 13, 2026 |
| Listing Date (Tentative) | March 16, 2026 |
| Cut off time for UPI mandate confirmation | 5 PM on March 11, 2026 |
Key IPO Details
| Particular | Details |
|---|---|
| Face Value | ₹10 per share |
| Price Band | ₹116 to ₹122 per share |
| Lot Size | 110 Shares |
| Total Issue Size | 2,09,00,000 shares (₹254.98 Cr) |
| Fresh Issue | 1,46,50,000 shares |
| Offer for Sale | 62,50,000 shares |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Market Cap (Pre IPO) | ₹1,019.53 Cr |
| Shareholding Pre Issue | 6,89,17,658 shares |
| Shareholding Post Issue | 8,35,67,658 shares |
Lot Size of Rajputana Stainless Ltd. IPO
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 110 | ₹13,420 |
| Retail (Max) | 14 | 1,540 | ₹1,87,880 |
| S-HNI (Min) | 15 | 1,650 | ₹2,01,300 |
| S-HNI (Max) | 74 | 8,140 | ₹9,93,080 |
| B-HNI (Min) | 75 | 8,250 | ₹10,06,500 |
Investors can bid for a minimum of 110 shares and in multiples thereof.
Rajputana Stainless Ltd. Financials
The Rajputana Stainless IPO has a pre issue market capitalisation of ₹1,019.53 crore.
The company has demonstrated steady financial performance across the reported periods supported by its stainless steel manufacturing operations.
Key Company Financials
| Period Ended | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | ₹448.80 | ₹420.36 | ₹324.01 | ₹297.34 |
| Total Income | ₹502.77 | ₹937.49 | ₹915.50 | ₹950.69 |
| Profit After Tax | ₹24.41 | ₹39.85 | ₹31.63 | ₹24.04 |
| EBITDA | ₹45.92 | ₹73.79 | ₹59.41 | ₹43.85 |
| Net Worth | ₹176.65 | ₹151.95 | ₹112.27 | ₹81.17 |
| Reserves and Surplus | ₹108.16 | ₹83.75 | ₹78.36 | ₹46.73 |
| Total Borrowing | ₹85.91 | ₹99.75 | ₹79.76 | ₹79.83 |
Amount in ₹ Crore
Key Performance Indicators (KPI)
| KPI | Sep 30 2025 | Mar 31 2025 |
|---|---|---|
| ROE | 14.86% | 30.17% |
| ROCE | 16.55% | 31.72% |
| Debt to Equity | 0.49 | 0.66 |
| RoNW | 13.82% | 26.23% |
| PAT Margin | 4.87% | 4.28% |
| EBITDA Margin | 9.16% | 7.92% |
| Price to Book Value | — | 5.53 |
Rajputana Stainless Ltd.: Industry Outlook
• The stainless steel market continues to grow globally with increasing demand across industrial sectors.
• Stainless steel products are widely used in oil and gas, defence, aerospace and automotive industries.
• Infrastructure and manufacturing expansion in India is increasing the demand for stainless steel raw materials.
• Government initiatives promoting domestic manufacturing under programmes such as Make in India are strengthening the steel sector.
• Rising exports of stainless steel products are supporting the growth of domestic manufacturers.
Conclusion
Rajputana Stainless Limited operates in the stainless steel manufacturing segment with a diversified product portfolio serving multiple industrial sectors. The company benefits from an integrated manufacturing facility, established customer relationships and decades of industry experience.
While the company has demonstrated growth in its financial performance, investors should also consider the competitive nature of the stainless steel industry and fluctuations in raw material prices before making investment decisions.
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