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Rajputana Stainless IPO Details
IPO Overview
The Rajputana Stainless IPO is a mainboard book-built issue aiming to raise around ₹254.98 crore. The IPO includes a mix of fresh issue and offer for sale (OFS).
The company manufactures long and flat stainless-steel products used across industries like automotive, engineering, fasteners, and pipes.
Rajputana Stainless IPO – Key Details
| Detail | Information |
|---|---|
| IPO Open Date | 9 March 2026 |
| IPO Close Date | 11 March 2026 |
| Price Band | ₹116 – ₹122 |
| Face Value | ₹10 per share |
| Lot Size | 110 Shares |
| Minimum Investment | ₹13,420 |
| Issue Size | ₹254.98 Crore |
| Fresh Issue | ₹178.73 Crore |
| Offer for Sale | ₹76.25 Crore |
| Listing | NSE & BSE |
| Registrar | KFin Technologies |
Important IPO Dates
| Event | Date |
|---|---|
| IPO Opening | 9 March 2026 |
| IPO Closing | 11 March 2026 |
| Allotment Date | 12 March 2026 |
| Refund Initiation | 13 March 2026 |
| Shares in Demat | 13 March 2026 |
| Listing Date | 16 March 2026 |
About the Company
Rajputana Stainless Limited was incorporated in 1991 and manufactures stainless-steel products under the brand “RSL.”
The company produces products in more than 80 stainless-steel grades, serving multiple industries.
Key Products
- Billets
- Forging ingots
- Rolled black bars
- Rolled bright bars
- Flat & patti products
These materials are used in industries like:
- Automotive
- Engineering
- Pipe manufacturing
- Fasteners
- Pumps and shafts
The company’s main manufacturing facility is located in Kalol, Gujarat.
Business Model
Rajputana Stainless operates mainly on a B2B manufacturing model.
Revenue Sources
1️⃣ Stainless steel product manufacturing
2️⃣ Industrial supply to engineering and pipe companies
3️⃣ Domestic trading networks and exports
The company sells primarily in India but also exports to countries like:
- USA
- UAE
- Turkey
- Poland
- South Korea
Industry Growth Opportunity
India’s stainless steel industry is expanding due to demand from:
- Infrastructure projects
- Automotive sector
- Engineering manufacturing
- Construction sector
India is among the largest stainless-steel producers globally, and demand is expected to grow as industrial production increases.
This provides long-term opportunities for companies like Rajputana Stainless.
Financial Performance
| Year | Revenue | Profit |
|---|---|---|
| FY23 | ₹950.69 Cr | ₹24.04 Cr |
| FY24 | ₹915.50 Cr | ₹31.63 Cr |
| FY25 | ₹937.49 Cr | ₹39.85 Cr |
The company has shown steady profit growth, even though revenue growth has been moderate.
IPO Objectives
The company plans to use IPO proceeds for:
- Capital expenditure to expand manufacturing capacity
- Setting up a stainless steel seamless pipe facility
- Repayment of borrowings
- General corporate purposes
Growth Drivers
1. Expanding Stainless Steel Demand
Demand for stainless steel is rising in automotive, infrastructure, and engineering sectors.
2. Product Diversification
The company manufactures 80+ grades of stainless steel, helping it serve multiple industries.
3. Capacity Expansion
The IPO funds will help build a new seamless pipe manufacturing facility.
4. Export Opportunities
The company exports to several international markets, which can support future growth.
Competitive Strengths
✔ Integrated manufacturing facility in Gujarat
✔ Wide stainless-steel product portfolio
✔ Presence in multiple industrial sectors
✔ Export market presence
Risks to Consider
⚠ Heavy dependence on a few large customers
⚠ Cyclical steel industry
⚠ Revenue concentrated in a few Indian states
⚠ Contingent liabilities risk
Valuation Snapshot
- EPS (Pre-IPO): ~₹5.78
- P/E (Post-IPO): ~20.8
- ROE: ~30%
- ROCE: ~31%
These ratios suggest moderate valuation compared to industry peers.
Onetrader IPO Verdict
From an Onetrader perspective, Rajputana Stainless IPO offers exposure to the manufacturing and stainless-steel sector, which benefits from India’s infrastructure growth.
Positives:
- Strong manufacturing capability
- Diverse product range
- Growing profit trend
Concerns:
- Steel industry cyclicality
- Customer concentration risk
This IPO may suit investors looking for manufacturing sector exposure with moderate growth potential.