Rajputana Stainless IPO: Rajputana Stainless IPO is a book build issue of Rs 254.98 crore, which has become a topic of discussion for investors in the market. Rs 1.47 crore in this IPO. Fresh shares worth ₹178.73 crore are being issued, while Rs. 0.63 crores. Shares worth ₹76.25 crore. Will be sold through Offer for Sale (OFS). The bidding process for this issue started on 9 March, 2026 and will end on 11 March, 2026. The last date of allotment has been set for March 12, 2026, after which it is likely to be listed on BSE and NSE on March 16, 2026.
Rajputana Stainless IPOÂ Overview
Talking about investment, the company has fixed the price band of ₹ 116 to ₹ 122 per share. The minimum lot size for retail investors is 110 shares, which requires an investment of ₹13,420 based on the upper price. At the same time, the minimum investment for sNII category has been fixed at 15 lots (₹2,01,300) and for bNII category at 75 lots (₹10,06,500). The entire issue is being managed by Nirbhay Capital Services Pvt.Ltd. as the book running lead manager, while Kfin Technologies Ltd. is its registrar.
| Details | Descriptions |
|---|---|
| IPO Date | 9 to 11 Mar, 2026 |
| Listing Date | Mon, Mar 16, 2026 |
| Face Value | ₹10 per share |
| Issue Price Band | ₹116 to ₹122 |
| Lot Size | 110Â Shares |
| Sale Type | Fresh Capital-cum-Offer for Sale |
| Total Issue Size | 2,09,00,000 shares (agg. up to ₹255 Cr) |
| Fresh Issue | 1,46,50,000 shares (agg. up to ₹179 Cr) |
| Offer for Sale | 62,50,000 shares of ₹10 (agg. up to ₹76 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 6,89,17,658Â shares |
| Share Holding Post Issue | 8,35,67,658Â shares |
Rajputana Stainless IPOÂ Schedule
| Details | Description |
|---|---|
| IPO Open Date | Mon, Mar 9, 2026 |
| IPO Close Date | Wed, Mar 11, 2026 |
| Tentative Allotment | Thu, Mar 12, 2026 |
| Initiation of Refunds | Fri, Mar 13, 2026 |
| Credit of Shares to Demat | Fri, Mar 13, 2026 |
| Tentative Listing Date | Mon, Mar 16, 2026 |
Rajputana Stainless IPO Lot Size Details
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 1 | 110 | ₹13,420 |
| Individual investors (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 |
Rajputana Stainless IPO Reservation
| Investor Category | Shares Offered | Max Allottees |
|---|---|---|
| QIB Shares Offered | 20,90,000 | NA |
|   − QIB (Ex. Anchor) Shares Offered | 20,90,000 | NA |
| NII (HNI) Shares Offered | 56,43,000 (27.00%) | NA |
| − bNII > ₹10L | 37,62,000 (18.00%) | 2,280 |
| − sNII < ₹10L | 18,81,000 (9.00%) | 1,140 |
| Retail Shares Offered | 1,31,67,000 (63.00%) | 1,19,700 |
| Total Shares Offered | 2,09,00,000 (100.00%) | – |
Overview of Rajputana Stainless
Incorporated in 1991, Rajputana Stainless Limited is engaged in manufacturing long and flat stainless-steel products.
The company offers a range of stainless steel products including Billets, Forging Ingots, Rolled Black and Bright Bars, Flat and Strip and other supporting products in over 80 diverse grades.
The company mainly sells its products domestically through direct sales and traders, while also exporting to five countries: UAE, US, Turkey, Kuwait and Poland.
The company uses its expertise and infrastructure to supply raw materials to various industries including seamless pipe, aerospace, forging, oil and gas, defence, automotive, aviation and precision engineering.
The company operates a 35,196.98 square meter manufacturing facility at Kalol, Gujarat, which is equipped with an induction furnace, AOD, CCM, heat treatment facilities, rolling mill and bright bar shop for efficient production.
Key Competitive Strengths
- Integrated manufacturing setup, located at a strategic location.
- Diverse product portfolio.
- Established customer base and strong relationships.
- Strong promoters and experienced management team.
- Track record of healthy growth.
Product Portfolio:
- Billets: The company produces stainless steel billets, semi-finished products made from liquid steel, which are used as optimal inputs for hot working processes such as forging, rolling and ring rolling.
- Cast ingots: The company produces cast ingots, metal masses poured into molds for easy storage, transportation and further processing. These ingots are free from defects, marked for traceability, and are used in open die forging, re-rolling, and ring rolling.
- Hexagonal Bars: The company produces hexagonal bars, stainless steel rolled into a hexagonal shape, which is used in the manufacture of nuts, valves, hose ends, fasteners and hex bolts.
As of September 30, 2025, the company had 408 permanent employees and workers including skilled and unskilled workers.
Company Financials
Rajputana Stainless Financial Information (Restated Standalone)
| 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 |
Key Performance Indicator (KPI)
The market cap. of Rajputana Stainless IPO is ₹1,019.53 Crores.
KPI as of Mon, Sep 30, 2025, & Mar 31, 2025
| 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 | – | 5.53 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS Rs | 5.78 | 5.84 |
| P/E (x) | 21.1 | 20.88 |
| Promoter Holding | 78.22% | 57.01% |
Rajputana Stainless IPOÂ Objectives
| Objects of the Issue | Expected Amount (₹ in cr.) |
|---|---|
| Funding capital expenditure requirements for setting up of manufacturing facility for Stainless Steel Seamless Pipes to expand the product portfolio | 18.57 |
| Full or part repayment and/or prepayment of certain outstanding secured borrowings availed by the Company | 98.00 |
| General Corporate Purposes | – |
| Total | 116.57 |
Rajputana Stainless IPOÂ Contact Details
- Rajputana Stainless Ltd.
- 213, Madhwas,
- Halol Kalol Road, Kalol,
- Panchmahal
- Halol, Gujarat, 389330
- +91 63 5816 4770
- compliance@rajputanastainless.com
- Website: https://www.rajputanastainless.com/
Rajputana Stainless IPOÂ Registrar
Kfin Technologies Ltd.
| Details | Descriptions |
|---|---|
| Phone: | 04067162222, 04079611000 |
| Email: | rsl.ipo@kfintech.com |
| Website: | https://ipostatus.kfintech.com/ |
Rajputana Stainless IPOÂ FAQs
When Rajputana Stainless IPO become available?
The IPO will open on Mon, Mar 9, 2026.
What is the minimum lot size for the Rajputana Stainless IPO?
The minimum lot size is 110 shares.
When will the shares for the Rajputana Stainless IPO be allotted?
The allotment is expected to be finalized on Thu, Mar 12, 2026.
What is the expected listing date for the Rajputana Stainless IPO?
The tentative listing date is Mon, Mar 16, 2026.
How can I apply for the Rajputana Stainless IPO?
You can apply online through your bank or a broker using either the UPI or ASBA payment methods.
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