Rajputana Stainless IPO

About Rajputana Stainless Ltd IPO

Rajputana Stainless IPO opens on March 9, 2026 and closes on March 11, 2026. The allotment of shares will take place on March 12, 2026. The credit of shares to the Demat account will take place on March 13, 2026. The initiation of refunds will also take place on March 13, 2026. The listing of shares will take place on March 16, 2026.

The Rajputana Stainless IPO comprises a fresh issue aggregating up to ₹178.73 crores. There is also an offer for sale in this IPO of up to ₹76.25 crores. The lot size of shares in the IPO is 110 Shares and the price band of shares is ₹116 to ₹122 per share. The minimum investment amount required by a retail investor is ₹13,420 based on the upper band price. The minimum lot for retail investors is 110 shares.

Rajputana Stainless Ltd. Founded in 1991, Rajputana Stainless is engaged in the manufacture of long and flat stainless-steel products. Its product portfolio includes billets, forging ingots, rolled black and bright bars. Apart from selling domestically, the company also exports its products to USA, UAE, Turkey, Kuwait, and Poland. Its user industries include infrastructure, forgings, aerospace, automotive, defence, oil & gas, precision engineering etc. Its manufacturing plant is located at Kalol in Gujarat.

Objectives of Rajputana Stainless IPO

• Funding capital expenditure requirements for setting up of manufacturing facility for stainless steel seamless pipes to expand its product portfolio
• Funding working capital requirement for the proposed facility
• Full or part repayment and/or prepayment of certain outstanding secured borrowings availed by the company
• General corporate purposes

Industry Outlook

India is the second largest producer of steel in the world after China. In India, steel is not only an important part of the core sector basket (infrastructure basket), but it also has a multiplier effect when the rate of GDP growth picks up. India accounts for 7.9% of global crude steel production.

Indian steel capacity has grown from 143.9 MTPA in FY21 to 200.3 MTPA in FY25. Central government allocation to capex (mainly infra) has gone up from ₹3.55 trillion in FY20 to ₹11.11 trillion in FY25. The domestic steel demand is expected to touch 2,030 MTPA by FY31; and by then the Indian steel capacity has to growth 50% to 3,000 MTPA to be able to cater to these needs.

About Rajputana Stainless

Founded in 1991, Rajputana Stainless manufactures long and flat steel products of over 80 grades. It caters to industries like automobiles, defence, infrastructure, oil & gas etc.

As of September 2025, Rajputana Stainless had installed melting capacity of 48,000 MTPA, rolling capacity of 36,000 MTPA, and bright bars capacity of 6,000 MTPA. In the last 3 years, the company has seen its debt/equity ratio come down systematically from 0.98X to 0.49X. The return on equity (ROE) of the company has been consistently above 30% over the last 3 fiscal years.

Strengths of Rajputana Stainless

1. Integrated manufacturing capacity covering the full steel spectrum
2. of melting and rolling capacity utilization consistently above 90% in last 3 years
3. Integrated production facility offering flexibility and adaptability to meet customer needs
4. Established customer base with several customers giving 76% of revenues
5. Experienced promoters and management with over 50 years exposure to steel industry
6. Track record of healthy growth
7. Diverse product portfolio with more than 80 diverse grades of stainless steel

Risks of Rajputana Stainless

1. The company gets about 45% of revenues from top 10 customers, and such concentration can be a risk factor for the company
2. The company operates on an order-to-order basis and has no long-term contracts with any of its customers
3. Amounts involved in litigation for KMPs and directors is a major portion of net worth
4. The company has only one facility in Gujarat. Any political changes or any economic downturn in the region could impact business
5. Even in terms of suppliers, the reliance is on about ten suppliers, which makes the model risky
6. As company imports some of its raw material inputs, forex fluctuations can also impact profits
7. Shift in demand from steel to lighter products like aluminium is a key risk factor
8. Tariffs can also be a key issue as countries use tariffs as a tool of achieving economic goals.

IPO Registrar and Book Running Lead Manager

KFin Technologies Ltd is the registrar of the Rajputana Stainless Ltd. Nirbhay Capital Services Private Ltd is the book running lead manager.

Business Model

Rajputana Stainless Ltd markets and sells its products under the name ‘RSL’. The company is engaged in the manufacturing of long and flat stainless-steel products comprising billets, forging ingots, rolled black bar, rolled bright bar, flat & patti and other ancillary products.

Company Growth Trajectory

Onwards, the year 2006 Rajputana Stainless Ltd has demonstrated consistent growth in terms of revenues and profitability. Its revenue from operations has grown from ₹36.0407 crore in fiscal 2006 to ₹909.808 crore in fiscal 2024, registering a CAGR of 19.65% in the last 18 years. Similarly, its profit after tax has grown from ₹0.7123 crore in fiscal 2006 to ₹31.62 crore in fiscal 2024, registering a CAGR of 23.46 % in the last 18 years.

Market Position

Rajputana Stainless Ltd has over 20 years of operating experience in manufacturing long and flat stainless-steel products. It offers its products in more than 80 diverse grades of stainless steel. As of June 30, 2024 and Fiscal 2024, its manufacturers network comprised 155 and 253 manufacturers customers and 54 and 132 traders, respectively across the country. Currently, it sells its products in 13 states and 2 union territories through direct sales and its traders’ network.

How to Check Allotment Status of Rajputana Stainless Ltd IPO?

You can check the allotment status of the Rajputana Stainless Ltd IPO on the BSE website and on the registrar's website - KFin Technologies Ltd. Follow these steps to check the status on the BSE website:

• Visit the BSE website
• Click on “Investor Services” and choose “Application Status Check”
• Choose the issue type — Equity or Debt
• Select the Issue Name from the drop-down. The issue name is the company’s name, which is Rajputana Stainless Ltd
• Enter your application number or PAN number
• Check the box that says “I’m not a Robot” and click on “Search” to know the allotment status

To check the status on the registrar's website:

• Visit the website of KFin Technologies Ltd
• Choose IPO allotment status from “Products’ dropdown
• Click on any of the links
• Select the IPO
• Input either your application number, PAN number or Demat number
• Enter captcha and click on Submit

How to Apply for Rajputana Stainless Ltd IPO?

To apply for the Rajputana Stainless Ltd IPO:

• Step 1: Log in to your Kotak Neo Demat account - Log in to your Demat account to access IPO investments. Next, select the current IPO section.
• Step 2: Specify IPO details - Enter the number of lots and the price you wish to apply for.
• Step 3: Enter UPI ID - After entering your UPI ID, click submit. This will place your bid with the exchange.
• Step 4: Mandate Notification - Your UPI app will receive a mandate notification to block funds.
• Step 5: Approve Request - Your funds will be blocked once you approve the mandate request on your UPI.