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.
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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
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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.
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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.
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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
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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:
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- Steel industry cyclicality
- Customer concentration risk
This IPO may suit investors looking for manufacturing sector exposure with moderate growth potential.
