As 2025 nears its close, India’s SME IPO market continues to attract investor interest across manufacturing and speciality materials. Within this backdrop, Shri Kanha Stainless Ltd is set to open its IPO on December 3, 2025, giving investors an opportunity to participate in a precision stainless steel products manufacturer with a growing order book.
Here is a detailed look at Shri Kanha Stainless Limited, its IPO, and the broader industry outlook.
About Shri Kanha Stainless Ltd.
Incorporated in July 2015, Shri Kanha Stainless Limited (SKSL) is engaged in the manufacturing of precision stainless steel cold rolled strips, including thin and ultra-thin variants that serve multiple downstream industries.
Its products are used across segments such as:
- Textiles sector
- Automotive sector
- Chemicals sector
- Flexible and capillary tubes sector
- Clocks and watches sector
- Electrical and electronic equipment sector
Key highlights:
- The company manufactures stainless steel coils in 200, 300, and 400 series, with thicknesses from 0.08 mm to 2.00 mm.
- Slitting starts from 5 mm, and material is supplied in both hard and soft tempers as per customer requirements.
- Installed manufacturing capacity stands at 14,000 MTPA.
- The manufacturing facility is located in Sikar, Rajasthan, with a central location that helps serve major markets like Delhi and Mumbai.
Product portfolio:
- Cold rolling of stainless steel precision strips
- Stainless steel circles
- Stainless steel sheets
Certifications:
The company holds:
- ISO 9001:2015
- ISI 15997:2012 for low nickel austenitic stainless steel sheet for utensils and appliances
- IS 5522:2014 and IS 6911:2017 for stainless steel sheets, strips, and plates
As of November 25, 2025, SKSL had an order book of ₹1,273.49 lakh.
Competitive strengths:
- Reputed private sector manufacturer of cold-rolled stainless sections
- Effective cost control and manufacturing efficiencies
- Strong quality assurance and quality control practices
- Central location aiding logistics and market access
- Capability to manufacture very low thickness strips up to 0.08 mm
Promoters: Mr. Jai Bhagwan Agarwal, Mrs. Kavita Agarwal, Mr. Shashank Agrawal, and Ms. Neha Agarwal.
Shri Kanha Stainless IPO Details
Important IPO Timeline
| Event | Date |
| IPO Open Date | December 3, 2025 (Wed) |
| IPO Close Date | December 5, 2025 (Fri) |
| Tentative Allotment | December 8, 2025 (Mon) |
| Initiation of Refunds | December 9, 2025 (Tue) |
| Credit of Shares to Demat | December 9, 2025 (Tue) |
| Tentative Listing Date | December 10, 2025 (Wed) |
| Cut-off time for UPI mandate confirmation | 5 PM on December 5, 2025 |
Key IPO Details
Here is the table on the Shri Kanha Stainless IPO review:
| Parameter | Details |
| Face Value | ₹10 per share |
| Issue Price | ₹90 per share |
| Lot Size | 1,600 shares |
| Total Issue Size | 51,42,400 shares (₹46.28 Cr) |
| Fresh Issue | 51,42,400 shares (₹46.28 Cr) |
| Sale Type | Fresh Capital |
| Issue Type | Fixed Price IPO |
| Listing at | NSE SME |
| Net Offered to Public | 48,83,200 shares (₹43.95 Cr) |
| Reserved for Market Maker | 2,59,200 shares (₹2.33 Cr) |
| Shareholding Pre Issue | 1,04,40,000 shares |
| Shareholding Post Issue | 1,55,82,400 shares |
| Market Maker | Giriraj Stock Broking Pvt. Ltd. |
| Lead Manager | Kreo Capital Pvt. Ltd. |
| Registrar | MAS Services Ltd. |
Promoter holding:
- Pre-issue: 100%
- Post-issue: 67%
Shri Kanha Stainless IPO Reservation
Shri Kanha Stainless IPO offers a total of 51,42,400 shares.
| Investor Category | Shares Offered | % of Issue |
| Market Maker | 2,59,200 | 5.04% |
| NII (HNI) | 24,41,600 | 47.48% |
| Retail (RII) | 24,41,600 | 47.48% |
| Total | 51,42,400 | 100.00% |
Lot Size of Shri Kanha Stainless IPO
Investors can bid for a minimum of 3,200 shares and in multiples of 1,600 shares thereafter.
| Application | Lots | Shares | Amount |
| Individual investors (Retail) (Min) | 2 | 3,200 | ₹2,88,000 |
| Individual investors (Retail) (Max) | 2 | 3,200 | ₹2,88,000 |
| HNI (Min) | 3 | 4,800 | ₹4,32,000 |
Shri Kanha Stainless Ltd. Financials
Shri Kanha Stainless Ltd. Financial Information (Restated)
Shri Kanha Stainless Ltd.’s revenue increased by 12% and profit after tax (PAT) rose by 122% between FY 2023-24 and FY 2024-25.
Key Company Financials (₹ in 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 |
| Reserves & Surplus | 5.59 | 11.29 | 5.50 | 2.90 |
| Total Borrowing | 56.02 | 50.98 | 53.94 | 40.36 |
Key Performance Indicators (as of March 31, 2025):
| 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 Capitalisation | ₹140.24 Cr |
EPS and P/E:
| Metric | Pre IPO | Post IPO |
| EPS (₹) | 5.55 | 5.46 |
| P/E (x) | 16.23 | 16.47 |
Shri Kanha Stainless Ltd.: Industry Outlook
- Stainless steel demand: Precision stainless steel strips and sheets are widely used in consumer durables sector, automotive components, industrial equipment, and utensils, helping SKSL tap multiple end markets.
- Downstream value addition: As industries move towards higher quality and precision components, demand for cold-rolled, thin-gauge stainless strips is expected to improve.
- Market position: The company positions itself as a reputed private sector manufacturer of cold-rolled stainless sections, with the ability to produce low-thickness material up to 0.08 mm, which supports niche and high precision applications.
- Location advantage: Being based in Rajasthan, with good connectivity to major consumption centres like Delhi and Mumbai, aids logistics efficiency and customer service.
Objects of the Issue
The Company proposes to utilise the net proceeds from the IPO towards the following:
| S. No. | Objects of the Issue | Amount (₹ in crore) |
| 1 | Upgradation of existing manufacturing facility by installing a 1150 mm 4-Hi AGC Reversible Rolling Machine | 12.00 |
| 2 | Repayment or prepayment, in part, of certain secured and unsecured borrowing availed by the Company | 18.00 |
| 3 | Funding of working capital requirements | 5.48 |
| 4 | General corporate purposes | 5.00 |
Shri Kanha Stainless IPO: Peer Comparison
Shri Kanha Stainless IPO can be compared with peers like Triveni Enterprises Ltd, Shanti Overseas (India) Ltd, Shree Ganesh Remedies Ltd, and Bindal Exports Ltd. Reviewing these companies helps investors understand Shri Kanha Stainless’s standing within the stainless steel and metal processing segment and make informed investment decisions.
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Conclusion
Shri Kanha Stainless Ltd. offers investors exposure to a precision stainless steel cold-rolled strips manufacturer with certified processes, a diversified product range, and a central manufacturing base. The company has shown growth in profits and net worth, although leverage remains relatively high, as indicated by the Debt to equity ratio of 4.19.
The issue is aggressively priced based on recent financials, and the company operates in a competitive and fragmented stainless steel segment, as highlighted in third-party reviews. Well-informed or cash surplus investors with an appetite for SME and sector-specific risk may consider allocating moderate funds with a medium-term view, while factoring in risks related to cyclicality in steel demand, high leverage, and execution of expansion plans.
If you are exploring more investment opportunities, check out our dedicated page on upcoming IPO listings to stay updated on the latest market offerings.
