Rajputana Stainless IPO opens for subscription on March 9, 2026, and closes on March 11, 2026. This mainboard bookbuilding IPO aims to raise ₹254.98 crores through a combination of fresh issue and offer for sale (OFS). If you are planning to invest in this IPO, here is everything you need to know — from IPO dates, price band, lot size, financials, and GMP to whether this IPO is worth applying.
Rajputana Stainless IPO – Key Highlights
| Parameter | Details |
|---|---|
| IPO Open Date | March 9, 2026 |
| IPO Close Date | March 11, 2026 |
| Price Band | ₹116 – ₹122 per share |
| Lot Size | 110 Shares |
| Issue Size | ₹254.98 Crores |
| Fresh Issue | ₹178.73 Crores (1.47 Cr shares) |
| Offer for Sale | ₹76.25 Crores (0.63 Cr shares) |
| Listing Date | March 16, 2026 (Tentative) |
| Listed On | BSE & NSE |
| Face Value | ₹10 per share |
| Registrar | Kfin Technologies Ltd. |
| Lead Manager | Nirbhay Capital Services Pvt. Ltd. |
About Rajputana Stainless Limited
Incorporated in 1991, Rajputana Stainless Limited is a Gujarat-based manufacturer of long and flat stainless steel products. The company’s manufacturing facility spans 35,196.98 sq.m. in Kalol, Gujarat, and is equipped with an induction furnace, AOD, CCM, heat treatment facilities, rolling mill, and bright bar shop.
The company offers over 80 grades of stainless steel products, including:
- Billets and forging ingots
- Rolled black and bright bars
- Flat & patti
- Hexagonal bars
- Cast ingots
Rajputana Stainless serves industries such as seamless pipes, aerospace, oil & gas, defense, automotive, aviation, and precision engineering. On the exports front, the company sells to 5 countries — UAE, USA, Turkey, Kuwait, and Poland.
As of September 30, 2025, the company employed 408 permanent workers (skilled and unskilled).
Rajputana Stainless IPO Date & Timetable
| Event | Date |
|---|---|
| IPO Open | March 9, 2026 (Monday) |
| IPO Close | March 11, 2026 (Wednesday) |
| Allotment Date | March 12, 2026 (Thursday) |
| Refund Initiation | March 13, 2026 (Friday) |
| Credit of Shares to Demat | March 13, 2026 (Friday) |
| Listing Date | March 16, 2026 (Monday) |
Rajputana Stainless IPO Price Band & Lot Size
The price band for the Rajputana Stainless IPO is set at ₹116 to ₹122 per share, with a face value of ₹10 per share.
Lot Size Details
| Category | Lots | Shares | Amount (at ₹122) |
|---|---|---|---|
| Retail (Minimum) | 1 | 110 | ₹13,420 |
| Retail (Maximum) | 14 | 1,540 | ₹1,87,880 |
| S-HNI (Minimum) | 15 | 1,650 | ₹2,01,300 |
| S-HNI (Maximum) | 74 | 8,140 | ₹9,93,080 |
| B-HNI (Minimum) | 75 | 8,250 | ₹10,06,500 |
Retail investors need a minimum investment of ₹13,420 (1 lot = 110 shares at the upper price band of ₹122).
IPO Reservation – Category-Wise Allocation
| Investor Category | Allocation |
|---|---|
| Qualified Institutional Buyers (QIB) | Not more than 50% of Net Offer |
| Retail Individual Investors (RII) | Not less than 35% of Net Offer |
| Non-Institutional Investors (NII) | Not more than 15% of Net Offer |
Objects of the Issue – Where Will the Money Go?
The company plans to utilize the net proceeds from the fresh issue (₹178.73 Crores) for the following purposes:
- ₹18.57 Crores – Capital expenditure for setting up a new manufacturing facility for Stainless Steel Seamless Pipes to expand its product portfolio.
- ₹98.00 Crores – Full or partial repayment/prepayment of outstanding secured borrowings.
- General Corporate Purposes – The remaining amount.
The OFS portion (₹76.25 Crores) will go entirely to the selling shareholders and will not benefit the company directly.
Rajputana Stainless Financial Performance
Here is a look at the company’s restated financials over the last few years:
| Period | Total Income (₹ Cr) | PAT (₹ Cr) | EBITDA (₹ Cr) | Net Worth (₹ Cr) | Total Borrowing (₹ Cr) |
|---|---|---|---|---|---|
| Sep 30, 2025 (H1) | 502.77 | 24.41 | 45.92 | 176.65 | 85.91 |
| Mar 31, 2025 | 937.49 | 39.85 | 73.79 | 151.95 | 99.75 |
| Mar 31, 2024 | 915.50 | 31.63 | 59.41 | 112.27 | 79.76 |
| Mar 31, 2023 | 950.69 | 24.04 | 43.85 | 81.17 | 79.83 |
Observations:
- Revenue has remained broadly stable in the ₹900–₹950 crore range over the last two full years.
- PAT has grown from ₹24 crores in FY23 to ₹39.85 crores in FY25 — a healthy trajectory.
- EBITDA margins have improved from 4.6% (FY23) to 7.9% (FY25) and further to 9.16% in H1 FY26.
- Debt is reducing — total borrowings fell from ₹99.75 Cr (FY25) to ₹85.91 Cr (Sep 2025).
Key Performance Indicators (KPIs)
| KPI | Sep 30, 2025 | Mar 31, 2025 |
|---|---|---|
| ROE | 14.86% | 30.17% |
| ROCE | 16.55% | 31.72% |
| Debt/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 | – | 5.53x |
The annualized EPS stands at ₹5.84 (post-IPO), implying a P/E of ~20.88x at the upper price band of ₹122.
Rajputana Stainless IPO – Peer Comparison & Valuation Analysis
(Source: Rajaputana Stainless IPO RHP filed with SEBI, based on consolidated financials of peers for FY2025; Rajputana figures are standalone)
| Company | Face Value (₹) | Revenue from Operations (₹ Lakhs) | EPS Basic (₹) | EPS Diluted (₹) | P/E (x) | RoNW (%) | Net Worth (₹ Lakhs) | NAV/Share (₹) |
|---|---|---|---|---|---|---|---|---|
| Rajputana Stainless Ltd | 10 | 93,215.58 | 5.78 | 5.78 | ~20.88* | 26.23 | 15,194.67 | 22.05 |
| Mangalam Worldwide Ltd | 10 | 1,06,070.94 | 10.59 | 10.29 | 22.57 | 11.28 | 26,166.37 | 91.37 |
| Mukand Ltd | 10 | 4,88,999.00 | 5.24 | 5.24 | 26.34 | 7.99 | 94,942.00 | 65.72 |
| Electrotherm Ltd | 10 | 4,11,537.00 | 347.06 | 347.06 | 3.16 | -278.47 | -15,878.00 | -124.60 |
| Panchmahal Steel Ltd | 10 | 38,310.11 | 1.74 | 1.74 | 182.18 | 2.07 | 16,029.76 | 84.02 |
| Industry Average P/E | – | – | – | – | 58.56 | – | – | – |
*Rajputana P/E calculated at upper price band of ₹122 based on FY25 EPS of ₹5.78
Key Takeaways from Peer Comparison
Valuation is attractive vs. industry average. The industry peer P/E average stands at 58.56x, with the highest being Panchmahal Steel at 182.18x. Rajputana enters at just ~20.88x — a significant discount of ~64% to the peer average P/E, making it one of the cheaper entries in the listed steel peer space.
RoNW is the strongest in the peer group. At 26.23%, Rajputana’s Return on Net Worth comfortably outperforms all peers — Mangalam Worldwide (11.28%), Mukand (7.99%), and Panchmahal (2.07%). Electrotherm’s negative RoNW (-278.47%) signals deep financial stress and is an outlier.
Revenue scale is smaller but profitability is superior. Mukand Ltd and Electrotherm operate at 5x+ Rajputana’s revenue scale, but Rajputana generates better returns on equity than both — a sign of operational efficiency at its niche scale.
NAV vs. offer price — premium is steep. Rajputana’s NAV per share is ₹22.05, and the IPO is priced at ₹122 — implying a Price-to-Book of ~5.53x. Mangalam Worldwide trades at a P/B of ~2.47x (NAV ₹91.37) and Mukand at ~2.09x (NAV ₹65.72). On a P/B basis, Rajputana does ask for a premium, justified partly by its superior RoNW.
Valuation Summary
| Metric | Rajputana Stainless | Peer Average | Verdict |
|---|---|---|---|
| P/E (x) | ~20.88 | 58.56 | ✅ Cheaper than peers |
| RoNW (%) | 26.23 | ~11% (excl. outliers) | ✅ Best in peer group |
| P/B (x) | 5.53 | ~2-2.5x | ⚠️ Premium to peers |
| Revenue Scale | ₹932 Cr | ₹932–₹4,889 Cr | ℹ️ Smaller but focused |
Bottom line: On P/E, Rajputana is attractively priced vs. its listed peers. Its RoNW leadership justifies a premium. The high P/B ratio is the only valuation concern, though it is partly offset by improving margins and a debt reduction plan funded by this IPO.
Promoter Holding – Pre & Post IPO
| Pre-IPO | Post-IPO | |
|---|---|---|
| Promoter Holding | 78.22% | 57.01% |
The promoters are Shankarlal Deepchand Mehta, Babulal D Mehta, Jayesh Natvarlal Pithva, and Yashkumar Shankarlal Mehta. Post-IPO promoter holding drops to 57.01%, which is still a comfortable majority.
Competitive Strengths of Rajputana Stainless
- Established integrated manufacturing setup at a strategic location in Kalol, Gujarat — close to key raw material sources and industrial customers.
- Diverse product portfolio with 80+ stainless steel grades catering to multiple industries.
- Established customer base with long-standing domestic and international relationships.
- Experienced promoters and management team with over three decades of industry presence.
- Consistent financial growth — PAT has grown ~66% over the last two full financial years.
Rajputana Stainless IPO – GMP (Grey Market Premium)
The Grey Market Premium (GMP) for Rajputana Stainless IPO reflects informal market sentiment ahead of the official listing. Since the IPO opens on March 9, 2026, GMP data will start becoming available in the days leading up to opening.
Note: GMP is unofficial and highly speculative. Do not make investment decisions solely based on GMP. Always evaluate fundamentals, financials, and valuation.
Rajputana Stainless IPO Allotment & Refund
- Allotment Date: March 12, 2026
- Refund Initiation: March 13, 2026
- Credit of Shares: March 13, 2026
Investors can check their allotment status on the Kfin Technologies website or on the BSE/NSE portals using their PAN or application number.
Registrar Contact: Kfin Technologies Ltd. 📞 040-67162222 / 040-79611000 📧 rsl.ipo@kfintech.com
How to Apply for Rajputana Stainless IPO
You can apply for this IPO through the following methods:
- ASBA (Application Supported by Blocked Amount) via your bank’s net banking or mobile app.
- UPI-based application through your stockbroker (Zerodha, Groww, Upstox, Angel One, etc.).
- Offline through designated bank branches.
Steps to apply via UPI:
- Log in to your broker app.
- Navigate to the IPO section.
- Search for “Rajputana Stainless IPO.”
- Enter the number of lots and bid at the cut-off price.
- Approve the UPI mandate on your UPI app.
Rajputana Stainless IPO – Should You Apply?
Positives:
- Consistent revenue base of ~₹900+ Crores with improving profitability.
- EBITDA margin expansion from ~4.6% (FY23) to ~9.16% (H1 FY26) — strong operational leverage.
- Debt repayment from IPO proceeds will further improve balance sheet quality.
- New seamless pipe facility will open a high-margin product segment.
- Reasonable valuation at ~21x P/E for a growing specialty steel manufacturer.
Risks to Consider:
- Revenue has been fairly flat over the last two full years (~₹915–₹950 Cr).
- PAT margins remain thin (4–5%) — typical for commodity/processing businesses, but limits headroom.
- The OFS component (₹76.25 Cr) means a portion of proceeds go to existing shareholders, not the company.
- Promoter stake dilution from 78.22% to 57.01% is significant.
- Exposure to commodity price volatility in stainless steel raw materials (nickel, chromium).
Our View: Rajputana Stainless is a fundamentally sound, debt-reducing, margin-improving specialty steel company with a well-defined use of proceeds. The valuation is not cheap but not excessive either. Investors with a medium-to-long-term horizon may consider applying, while those seeking short-term listing gains should monitor GMP closely before deciding.
This is not investment advice. Please consult your financial advisor before investing.
Rajputana Stainless IPO – FAQs
Q1. What is the Rajputana Stainless IPO price band? The price band is ₹116 to ₹122 per share.
Q2. What is the lot size for Rajputana Stainless IPO? The minimum lot size is 110 shares. Retail investors need a minimum of ₹13,420 to apply.
Q3. When is the Rajputana Stainless IPO listing date? The tentative listing date is March 16, 2026 on BSE and NSE.
Q4. When is the allotment date for Rajputana Stainless IPO? Allotment is expected to be finalized on March 12, 2026.
Q5. Who is the registrar for Rajputana Stainless IPO? Kfin Technologies Ltd. is the registrar for this IPO.
Q6. What is the total issue size of Rajputana Stainless IPO? The total issue size is ₹254.98 crores comprising a fresh issue of ₹178.73 Cr and OFS of ₹76.25 Cr.
Q7. What will the IPO proceeds be used for? The fresh issue proceeds will be used to set up a seamless pipe manufacturing facility (₹18.57 Cr), repay debt (₹98 Cr), and meet general corporate purposes.
Disclaimer: The information provided in this article is for educational purposes only and does not constitute financial advice. Investing in IPOs involves risk. Please read the Red Herring Prospectus (RHP) carefully and consult a SEBI-registered investment advisor before investing.
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