- Issue price
- ₹122per share
- Issue size
- ₹254.98 Cr2,09,00,000 shares
- Face value
- ₹10per equity share
- Lot size
- 110 sharesMin. ₹13,420 at the upper price
- Anchor biddingFri, 2026
- OpensMon, 2026
- ClosesWed, 2026
- AllotmentTue, 2026
- ListingThu, 2026
Dates marked in the offer document as tentative. Times in IST.
Information only, not investment advice. This page provides information compiled from official offer documents for information purposes only. It is not investment advice or a recommendation to apply for, buy or sell any security. We are not a SEBI-registered investment adviser or research analyst. Investments in IPOs are subject to market risks; read the offer document carefully before investing.
Issue details
- Issue type
- Book built, fresh issue and offer for sale
- Fresh issue
- 1,46,50,000 shares (₹178.73 Cr)
- Offer for sale
- 62,50,000 shares (₹76.25 Cr)
- Total issue
- 2,09,00,000 shares (₹254.98 Cr)
- Face value
- ₹10
- Listing at
- NSE, BSE
- Promoter holding
- 78.22% → 57.01%
Source: ProspectusUpdated
Reservation
Share of the total issue- Retail63.0%
- Big NII18.0%
- QIB10.0%
- Small NII9.0%
| Category | Shares | Of net offer | Stated in RHP |
|---|---|---|---|
| Retail individual investors | 1,31,67,000 | 63.00% | 63% |
| Non-institutional investors (NII) | 56,43,000 | 27.00% | 27% |
| Small NII (₹2–10 lakh) | 18,81,000 | 9.00% | — |
| Big NII (above ₹10 lakh) | 37,62,000 | 18.00% | — |
| Qualified institutional buyers (QIB) | 20,90,000 | 10.00% | 10% |
Source: ProspectusUpdated
Lot size
Amounts at ₹122 per share| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail individual investors | 1 | 110 | ₹13,420 |
Source: ProspectusUpdated
Subscription
Category-wise subscription is published by the exchanges while the issue is open. It appears here once the figures are added.
Valuation
Fiscal 2025, pre-issue- EPS (basic)
- ₹5.78
- P/E (Fiscal 2025 at cap price)
- 21.11×
- P/E (Fiscal 2025 at floor price)
- 20.07×
- RoNW
- 26.23%
- ROCE
- 31.72%
- NAV per share
- ₹22.05
- NAV per share (At cap price)
- ₹42.53
- Debt to equity
- 0.66
- EBITDA margin
- 7.92%
- PAT margin
- 4.28%
Source: ProspectusUpdated
Financials
Standalone, restated · ₹ crore| Period ended | 30 Sep 20256 months | 31 Mar 202512 months | 31 Mar 202412 months | 31 Mar 202312 months |
|---|---|---|---|---|
| Revenue from operations | 501.53 | 932.16 | 909.81 | 947.67 |
| Total income | 502.77 | 937.49 | 915.50 | 950.69 |
| EBITDA | 45.92 | 73.79 | 59.41 | 43.85 |
| Profit after tax | 24.41 | 39.85 | 31.63 | 24.04 |
| Net worth | 176.65 | 151.95 | 112.27 | 81.17 |
| Reserves and surplus | 107.74 | 83.03 | 77.81 | 46.71 |
| Total assets | 448.80 | 420.36 | 324.01 | 297.34 |
| Total borrowing | 85.91 | 99.75 | 79.76 | 79.83 |
12 months vs 12 months: revenue +2.5%, profit after tax +26.0%. Periods shorter than 12 months are shown as reported and are not annualised.
Source: ProspectusUpdated
About the company
The company manufactures long and flat stainless-steel products such as billets, forging ingots, rolled bars and flats under the RSL brand, offering more than eighty grades. It sells only on a business-to-business basis to manufacturers and traders, with its main plant in Panchmahal, Gujarat.
- Incorporated
- 1991
- Industry
- Steel Products
- CIN
- U27109GJ1991PLC015331
- Website
- rajputanastainless.com
Source: ProspectusUpdated
Promoters and shareholders
| Name | Type | Before issue | After issue | Shares offered |
|---|---|---|---|---|
| Yashkumar Shankarlal Mehta | Promoter | — | — | 0 |
| Shankarlal Deepchand Mehta | Promoter | 54.77% | 37.69% | 62,50,000 |
| Babulal D. Mehta | Promoter | 8.94% | 7.37% | 0 |
| Jayesh Natvarlal Pithva | Promoter | 7.21% | 5.94% | 0 |
| Promoter Group (total) | Promoter group | 7.30% | 6.01% | 0 |
| Public | Public | 21.78% | 17.96% | — |
Source: ProspectusUpdated
Objects of the issue
₹ crore| Purpose | Amount |
|---|---|
| Capital expenditure for expansion of the Panchmahal plant into stainless-steel seamless pipes | 18.57 |
| Full or part repayment or prepayment of certain borrowings | 98.00 |
| General corporate purposes | 44.64 |
Source: ProspectusUpdated
Peer comparison
As listed in the offer document| Company | EPS | P/E | RoNW | NAV per share |
|---|---|---|---|---|
| Rajputana Stainless LimitedIssuer | ₹5.78 | 21.11× | 26.23% | ₹22.05 |
| Mangalam Worldwide Ltd | ₹10.59 | 22.57× | 11.28% | ₹91.37 |
| Mukand Ltd | ₹5.24 | 26.34× | 7.99% | ₹65.72 |
| Electrotherm Ltd | ₹347.06 | 3.16× | -278.47% | -₹124.6 |
| Panchmahal Steel Ltd | ₹1.74 | 182.18× | 2.07% | ₹84.02 |
Source: ProspectusUpdated
Strengths and risks
Our summary of what the offer document statesStrengths
- Integrated in-house manufacturing from melting to rolling, with oxygen and nitrogen plants reducing reliance on outside suppliers.
- Wide product range of more than eighty stainless-steel grades sold to manufacturers and traders.
- Revenue from operations has grown over the long term and the company has moved from sick-unit status to profitability.
- Promoters have long experience in the steel industry and lead the business.
- Restated profit after tax was positive in each period shown, rising to ₹3,985.14 lakhs in Fiscal 2025.
Risks
- A large share of revenue comes from the top 10 customers, many without long-term contracts.
- Litigation and contingent liabilities are large relative to net worth, at about 68% of net worth for the six months ended September 30, 2025.
- Operations are concentrated in Gujarat and sales are concentrated in Maharashtra, Gujarat and Uttar Pradesh.
- The company relies heavily on its top 10 suppliers of raw materials and work-in-progress.
- The company has issued shares at prices below earlier valuations, which may affect investor perception.
Source: ProspectusUpdated
Documents
Contacts
Source: ProspectusUpdated
Allotment status
Check whether shares were allotted on the official pages below, using your PAN, application number or DP/client ID. Results appear once the basis of allotment is finalised.
- Allotment
- Refunds
- Demat credit
- Listing
Source: ProspectusUpdated
After listing
Listing price, day-one high and low, and the change from the issue price (₹122) appear here after the shares list on NSE and BSE.
Work out the gain or loss on allotted shares after charges and tax →
Frequently asked questions
When does the Rajputana Stainless IPO open and close?
According to the Prospectus, the issue opens on Monday, 9 March 2026 and closes on Wednesday, 11 March 2026.
What is the Rajputana Stainless IPO price band?
The final issue price is ₹122 per share.
What is the lot size of the Rajputana Stainless IPO?
One lot is 110 shares, which is ₹13,420 at ₹122 per share.
Where will Rajputana Stainless shares list?
On NSE and BSE. The tentative listing date is Thursday, 19 March 2026.
Who is the registrar of the issue?
KFin Technologies Limited (SEBI registration INR000000221). Allotment status is checked on the registrar's website.
How do I check the Rajputana Stainless IPO allotment status?
The basis of allotment is expected to be finalised on Tuesday, 17 March 2026. After that, search by PAN, application number or DP/client ID on the registrar's website (KFin Technologies Limited), the NSE website or the BSE website. Shares that are allotted are credited to your demat account; for an application that is not allotted, the blocked amount is released.
How will the money raised be used?
₹18.57 Cr for capital expenditure for expansion of the Panchmahal plant into stainless-steel seamless pipes, ₹98 Cr for full or part repayment or prepayment of certain borrowings, ₹44.64 Cr for general corporate purposes.
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