Rajputana Stainless Limited
Bookbuilding IPO · NSE, BSE
- Price band
- ₹116 - ₹122
- Lot size
- 110 shares
- Issue amount
- ₹254.98 cr
- Total subscription
- 1.12×
- Opens
- 9 Mar 2026
- Closes
- 11 Mar 2026
- Allotment
- 17 Mar 2026
- Listing
- 19 Mar 2026
Offer at a glance
Issue overview
- Issue size
- 2,09,00,000 shares
- Face value
- ₹10 per share
- Minimum investment
- ₹12,760
- Fresh issue
- ₹178.73 cr
- Offer for sale
- ₹76.25 cr
- Registrar
- Kfin Technologies Limited
- Listing exchange
- NSE, BSE
- Maximum investment
- ₹13,420
- Issue type
- Bookbuilding IPO
- Shares before issue
- 6,89,17,658
- Shares after issue
- 8,35,67,658
Lot sizes
| Category | Lots | Shares | Amount |
|---|---|---|---|
| RETAIL | 1 | 110 | ₹13,420 |
| sHNI | 15 | 1,650 | ₹2,01,300 |
| bHNI | 75 | 8,250 | ₹10,06,500 |
Share reservation
Subscription & GMP
Subscription by category
Reported 11 Mar 2026
GMP history
Day-wise demand
Application-wise demand
| Category | Reserved applications | Applied applications |
|---|---|---|
| RETAIL | 1,19,700 | 22,791 |
| HNIs(10L +) | 2,280 | 1,083 |
| HNIs (2-10L) | 1,140 | 287 |
Subscription demand
Amounts in ₹ crore. HNI subcategories are included in the NII total.
| Category | Offered | Demand |
|---|---|---|
| QIBs | 25.5 | 63.92 |
| FIIs | 0 | 43.81 |
| Others | 0 | 20.12 |
| RETAIL | 160.64 | 43.18 |
| HNIs 2+ | 22.95 | 7.04 |
| HNIs 10+ | 45.9 | 171.57 |
Financial performance
Company financials
In Crores · Reported periods may include interim results.
Key performance indicators
| Metric | Sep-25 | Mar-25 | Mar-24 | Mar-23 |
|---|---|---|---|---|
| EPS | 3.54 | 5.78 | 4.59 | 3.49 |
| ROE | 14.86 | 30.17 | 32.7 | 34.62 |
| ROCE | 16.55 | 31.72 | 32.17 | 25.72 |
| RONW | 0 | 0 | 0 | 0 |
| PRE IPO(PE) | 0 | 21.1 | 0 | 0 |
| POST IPO(PE) | 20.88 | 0 | 0 | 0 |
Values and labels as reported in the issue data.
Peer comparison
| Company | P/E(X) | CMP* (₹) | Face value (₹) | NAV/Share (₹) | RONW(%) | EPS (Basic) (₹) |
|---|---|---|---|---|---|---|
| Mangalam Worldwide Limited | 22.57 | 0 | 10.00 | 91.37 | 11.28 | 10.59 |
| Electrotherm Limited | 3.16 | 0 | 10.00 | -124.60 | -278.47 | 347.06 |
| Panchmahal Steel Limited | 182.18 | 0 | 10.00 | 84.02 | 2.07 | 1.74 |
| Mukand Limited | 26.34 | 0 | 10.00 | 65.72 | 7.99 | 5.24 |
| Rajputana Stainless Limited | 21.1 | 0 | 10.00 | 22.05 | 26.23 | 5.78 |
Company information
Company profile
Established in 1991, Rajputana Stainless Limited operates in the stainless-steel manufacturing sector, producing both long and flat stainless-steel products across more than 80 grades to serve industries such as seamless pipes, aerospace, forging, oil & gas, defense, automotive, aviation, and precision engineering. The company’s diversified portfolio includes billets, forging ingots, rolled black and bright bars, flat and patti products, and other ancillary items, with sales driven primarily through domestic direct sales and trader networks, along with exports to markets such as the UAE, USA, Turkey, Kuwait, and Poland. Its integrated manufacturing facility, spread over 35,196.98 sq. m. in Kalol, Gujarat, is equipped with advanced infrastructure including an induction furnace, AOD converter, continuous casting machine (CCM), heat treatment units, rolling mill, and bright bar shop, enabling efficient end-to-end production. Key products include billets used in forging and rolling processes, cast ingots for open-die forging and re-rolling with ensured traceability, and hexagonal bars widely used in nuts, valves, fasteners, hose ends, and hex bolts.
Strengths
- Integrated Manufacturing Facility at Strategic Location: The Company operates a fully integrated stainless-steel manufacturing facility at Kalol, Gujarat, spanning the entire value chain from melting to finishing. Key infrastructure—including an induction furnace, AOD converter, continuous casting machine (CCM), rolling mill, bright bar shop, and in-house oxygen and nitrogen plants—reduces reliance on third parties and enhances operational control and efficiency.
- Established Customer Relationships: With over two decades of operations, the Company has built strong, customer-focused relationships by delivering customized stainless-steel solutions, supporting repeat business and sustained industry presence.
- Experienced Promoters & Management: Guided by Promoters with more than five decades of combined experience in the steel industry, the leadership team drives strategic direction, innovation, capacity expansion, and operational excellence.
Risk factors
- Customer Concentration Risk: A substantial portion of revenue is generated from the top 10 customers, largely comprising manufacturers, and not all relationships are governed by long-term contracts. Any loss of key customers or reduction in order volumes could materially impact revenue visibility and cash flows.
- Litigation Risk: The Company, its Promoters, Directors, and Key Managerial Personnel are involved in ongoing legal proceedings amounting to ₹12,861.77 lakhs (approximately 72.81% of net worth). Any unfavorable outcome could adversely affect its financial position, reputation, and operational continuity.
- Geographical Concentration Risk: Manufacturing operations are primarily concentrated in Gujarat, including the proposed expansion within the same premises. Regional disruptions, economic slowdowns, or unforeseen events could negatively impact production capacity, sales performance, and overall profitability.
Promoters
Shankarlal Deepchand Mehta
Babulal D Mehta
Jayesh Natvarlal Pithva
Yashkumar Shankarlal Mehta
Registrar & documents
Lead manager
Nirbhay Capital Services Private Limited
Registrar & contacts
Kfin Technologies Limited
[email protected]Official registrar portal ↗IPO allotment status guide →Registered office
213, Madhwas, Halol Kalol Road, Kalol, Panchmahal Halol, Gujarat, 389330
+91 63 5816 4770
[email protected]Company website ↗Understanding RSL IPO data
Compare the price band and required investment with the company profile, financial results and offer documents. Subscription figures show reported demand by category; they do not establish the value of the business. GMP is an unofficial indication and can change before listing.