Rajputana Stainless was incorporated on April 2, 1991. The company specializes in manufacturing long and flat stainless-steel products, including billets, forging ingots, rolled black bars, rolled bright bars, flat & patti, and other related products. They offer over 80 grades of stainless steel, which is known for its high corrosion resistance and contains more than 10.5% Chromium to be considered "stainless"
| Bidding Dates |
|---|
| 09 Mar 2026 - 11 Mar 2026 |
| Subscription |
|---|
| 1.12x Oversubscribed |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price Band | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| ₹12,760 | 1 | 14 | 110 | 20.9 M | ₹116 - ₹122 | 57.03 % | ₹2424.4 M - ₹2549.8 M | RHP DOC |
Rajputana Stainless IPO SUBSCRIPTION STATUS
11 Mar '26Rajputana Stainless IPO overall subscription rate was 1.12 times the total available shares
Rajputana Stainless IPO retail subscription rate was 0.27 times in the retail segment
Rajputana Stainless IPO non-institutional investor subscription rate was 2.59 times in the non-institutional investor category
Rajputana Stainless IPO Qualified Institutional Bidder subscription rate was 2.51 times the available shares for Qualified Institutional Bidder
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers |
|---|---|---|---|
| Category Reservation | 35% | 15% | 50% |
11 Mar 2026 (Day 3) | 0.27x | 2.59x | 2.51x |
10 Mar 2026 (Day 2) | 0.11x | 0.94x | 0.99x |
09 Mar 2026 (Day 1) | 0.04x | 0.65x | 0.99x |
Rajputana Stainless FINANCIALS
| Period | Revenue from Operations (Rs in crore) | Net Profit (Rs in crore) | Cash Flow from Operations (Rs in crore) | Free Cash Flow (Rs in crore) | Margins |
| H1FY26 | 501.5 | 24.4 | 23.5 | 22.1 | 9.2% |
| FY25 | 932.2 | 39.9 | 7.1 | -1.1 | 7.9% |
| FY24 | 909.8 | 31.6 | 31.5 | 20.9 | 6.5% |
| FY23 | 947.7 | 24.0 | 25.1 | 5.8 | 4.6% |
Rajputana Stainless IPO SUBSCRIPTION STATUS DETAILS
Rajputana Stainless had 20.9 M shares on offer
Rajputana Stainless IPO offer price was in the range ₹116 - ₹122
Rajputana Stainless IPO minimum Investment was ₹12760
Rajputana Stainless IPO issue size was ₹ 2424.4 M - ₹ 2549.8 M
Rajputana Stainless had a minimum lot size of 110 Shares per application
Rajputana Stainless NUMBER OF SHARES ON OFFER
Rajputana Stainless IPO IMPORTANT DATES
| Issue Open Date | 09 Mar 2026 |
| Issue close Date | 11 Mar 2026 |
| Allotment Date | 17 Mar 2026 |
| Refund Date | 17 Mar 2026 |
| Demat Account Credit Date | 18 Mar 2026 |
| Listing Date | 19 Mar 2026 |
| Listing on Exchange(s) | NSE and BSE |
| Rajputana Stainless Allotment Status | Exchange/ Registrar |
Rajputana Stainless IPO subscription opened on 09 Mar 2026, and closed on 11 Mar 2026
IPO allotment for Rajputana Stainless was finalized on Tuesday, 17 Mar 2026
IPO listing for Rajputana Stainless was on NSE and BSE on Thursday, 19 Mar 2026
Rajputana Stainless IPO LISTING GAINS
| Issue Price (adjusted) | 122.0 |
| Listing Open Price | 122.0 |
| Listing Close Price | 113.0 |
| Listing Gain% | 0.0% |
| Current Gain% | 27.3% |
Rajputana Stainless Peer
| Stock | Stock Price | Market Cap (Rs crore) | PE TTM | PEG TTM | PS TTM | ROE% | ROA% | Annual Revenue (Rs crore) | Annual Revenue Growth % | Annual Net Profit (Rs crore) | Annual Net Profit Growth % | EPS TTM | EPS TTM Growth % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Rajputana Stainless Ltd. | 155.3 | 1298.1 | 26.1 | 1 | 1.3 | 13.7 | 8.3 | 1010.9 | 7.8 | 49.8 | 25 | 6 | 25 |
| APL Apollo Tubes Ltd. | 2010.7 | 55828.8 | 45.4 | 0.9 | 2.4 | 22.7 | 13.6 | 23190.8 | 11.6 | 1203.1 | 58.9 | 44.3 | 53.4 |
| Welspun Corp Ltd. | 1849.8 | 48796 | 21.1 | 1.4 | 2.8 | 17.6 | 7.9 | 16905.4 | 19.3 | 1613 | -15.5 | 87.5 | 14.9 |
| Usha Martin Ltd. | 517.6 | 15773.4 | 31.1 | 1.2 | 4.1 | 14.1 | 11.1 | 3759.9 | 7 | 466 | 14.4 | 16.6 | 25.4 |
| Vedanta Iron and Steel Ltd. | 37 | 14456.7 | 0 | -191.6 | 0 | 0 | -28.4 | ||||||
| Technocraft Industries (India) Ltd. | 2694.4 | 6109 | 21.4 | 1.9 | 2.2 | 14.1 | 8.8 | 2860.8 | 6.1 | 285.3 | 11.4 | 125.8 | 11.4 |
Rajputana Stainless INFORMATION ON IPO ISSUE
About Rajputana Stainless
Rajputana Stainless was incorporated on April 2, 1991. The company specializes in manufacturing long and flat stainless-steel products, including billets, forging ingots, rolled black bars, rolled bright bars, flat & patti, and other related products. They offer over 80 grades of stainless steel, which is known for its high corrosion resistance and contains more than 10.5% Chromium to be considered "stainless"
Object of the Issue
- Funding capital expenditure requirements to set up a manufacturing facility for stainless steel seamless pipes to expand the 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
Rajputana Stainless - PROMOTERS
| Name |
|---|
| Shankarlal Deepchand Mehta |
| Babulal D. Mehta |
| Jayesh Natvarlal Pithva |
| Yashkumar Shankarlal Mehta |
Rajputana Stainless - MANAGEMENT & LEADERSHIP
| Name | Designation |
|---|---|
| Shankarlal Deepchand Mehta | Chairman & Managing Director |
| Babulal D. Mehta | Whole-Time Director |
| Jayesh Natvarlal Pithva | Executive Director |
| Kushal Kamlesh Brahmkshatriya | Non-Executive Independent Director |
| Nikita Ronak Mehta | Non-Executive Independent Director |
| Prashant B. Patel | Non-Executive Independent Director |
Rajputana Stainless Book Running Lead Manager
Nirbhay Capital Services Private Limited
kunjal@nirbhaycapital.com
Rajputana Stainless Registrar to the Offer
Kfin Technologies Limited
rsl.ipo@kfintech.com
Rajputana Stainless Strengths
Diversified product portfolio
The company manufactures long and flat stainless-steel products, including billets, forging ingots, rolled black and bright bars, flat & patti, and other ancillary products, offering over 80 diverse grades of stainless steel
Geographical advantage
The company operates a manufacturing facility in Kalol, Gujarat, with over 20 years of experience in producing long and flat stainless-steel products. The facility is equipped with an induction furnace, AOD, CCM, heat treatment units, rolling mill, bright bar shop, and an Oxygen and Nitrogen Plant, reducing reliance on third-party suppliers and combining mechanized and manual expertise for high-quality manufacturing
Established customer base
With over 20 years of experience, the company has built strong customer relationships, differentiating itself through high-quality products and a customer-centric approach that meets specifications. This has driven business growth and expanded market presence
Rajputana Stainless Risks
Delay in equipment procurement
The company has not yet placed orders for the equipment, plant, and machinery for the proposed facility. Any delays in procurement could affect the implementation schedule and increase operational costs
Disruptions in turnover
The company operates in a high volume-low margin business. Disruptions in turnover or failure to sustain growth could negatively affect its operations and financial condition
Hazardous industry operations
The company operates in a hazardous industry, facing risks related to the manufacture, usage, and storage of hazardous substances, which could negatively impact its business, operations, and financial condition
IPO FAQs
This IPO consists of an offer for sale of up to Rs 76.2 crore, of 6,250,000 shares. It also consists of a fresh issue of Rs 178.7 crore.
The promoters of the company are Shankarlal Deepchand Mehta, Babulal D. Mehta, Jayesh Natvarlal Pithva and Yashkumar Shankarlal Mehta.
The category allocation of qualified institutional buyers is 50.0%, the category allocation of non individual investors or high networth individuals is 15.0% and for retail investors it is 35.0%.
The price band of the IPO is Rs 116.0 - 122.0.
The IPO application opens on Mar 09, 2026 and closes on Mar 11, 2026.
The minimum lot size for the IPO is 110. The maximum lot size for the IPO is 1540.
For all category investors, the minimum application amount for this IPO is Rs. 12,760.0, the maximum value for this IPO is Rs 187,880.0.
This IPO will be allotted on Mar 17, 2026.
The refund will be credited to your account on Mar 17, 2026.
The allotted shares will be credited to your demat on Mar 18, 2026.
Rajputana Stainless Ltd.’s shares listed on the stock exchanges on Mar 19, 2026.