Rajputana Stainless IPO Description – Established in 1991, Rajputana Stainless is a leading manufacturer of long and flat stainless-steel products, including billets, forging ingots, rolled black and bright bars, flats, and pattis. Operating under the brand “RSL,” the company offers over 80 grades of stainless steel, serving diverse industrial applications such as forging, seamless pipes, engineering, fasteners, utensils, pumps, shafts, and the auto sector.
As of 31 March 2025, RSL generated INR 932.16 crore in revenue, with 98.36% from domestic operations and 1.64% from exports to nine countries, including the USA, UAE, and Turkey. The company caters to 370 customers, comprising 225 manufacturers and 97 traders, with over 167 long-term clients contributing INR 706.85 crore (75.83%) of Fiscal 2025 revenue.
RSL operates a 35,196.98 sq.m manufacturing facility in Kalol, Gujarat, equipped with a 48,000 MTPA melting capacity and 36,000 MTPA rolling capacity, supported by modern AOD, CCM, and heat-treatment infrastructure.
Promoters of Rajputana Stainless – Shankarlal Deepchand Mehta, Babulal D Mehta, Jayesh Natvarlal Pithva, and Yashkumar Shankarlal Mehta
Table of Contents
Rajputana Stainless IPO Details
| Rajputana Stainless IPO Dates | 9 – 11 March 2026 |
| Rajputana Stainless Issue Price | INR 116 – 122 per share |
| Fresh issue | 1,46,50,000 shares (INR 169.94 – 178.73 crore) |
| Offer For Sale | 62,50,000 shares (INR 72.50 – 76.25 crore) |
| Total IPO size | 2,09,00,000 shares (INR 242.44 – 254.98 crore) |
| Minimum bid (lot size) | 110 shares (INR 13,420) |
| Face Value | INR 10 per share |
| Retail Allocation | 35% |
| Listing On | BSE, NSE |
Rajputana Stainless Financial Performance
| FY 2022 | FY 2023 | FY 2024 | FY 2025 | H1 FY 2026 | |
| Revenue | 766.42 | 947.67 | 909.81 | 932.16 | 501.53 |
| Expenses | 753.99 | 922.11 | 873.18 | 882.85 | 470.45 |
| Net income | 8.70 | 24.04 | 31.63 | 39.85 | 24.41 |
| Margin (%) | 1.14 | 2.54 | 3.48 | 4.27 | 4.87 |
Rajputana Stainless Offer News
- Rajputana Stainless RHP
- Rajputana Stainless DRHP
- ASBA IPO Forms
- Live IPO Subscription Status
- IPO Allotment Status
Rajputana Stainless Valuations & Margins
| FY 2023 | FY 2024 | FY 2025 (Pre-Issue) | FY 2026 (Post-Issue) | |
| EPS | 3.49 | 4.59 | 5.78 | 5.84 |
| PE Ratio | – | – | 20.07 – 21.11 | 19.86 – 20.89 |
| FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
| RONW (%) | 15.06 | 29.62 | 28.17 | 26.23 |
| NAV | 8.38 | 11.78 | 16.29 | 22.05 |
| ROCE (%) | 18.51 | 25.72 | 32.17 | 31.72 |
| EBITDA (%) | 3.95 | 4.63 | 6.53 | 7.92 |
| Debt/Equity | 1.59 | 0.98 | 0.71 | 0.66 |
Rajputana Stainless IPO GMP Today (Daily Trend)
| Date | Day-wise IPO GMP | Subject to Sauda |
| 18 Mar 2026 | 1 | 0 |
| 17 Mar 2026 | 1 | 0 |
| 16 Mar 2026 | 1 | 0 |
| 14 Mar 2026 | 1 | 0 |
| 13 Mar 2026 | 1 | 0 |
| 12 Mar 2026 | 1 | 0 |
| 11 Mar 2026 | 4 | 0 |
| 10 Mar 2026 | 4 | 0 |
Rajputana Stainless Offer Objectives
The company proposes to utilize the Net Proceeds from the Issue towards the following objects:
- Funding capital expenditure requirements in relation to the setting up of the Proposed Facility – INR 18.57 crore
- Full or part repayment and/or prepayment of certain outstanding secured borrowings availed by the company – INR 98 crore
- General corporate purposes
Rajputana Stainless IPO Subscription – Live Updates
| Category | QIB | NII | Retail | Total |
|---|---|---|---|---|
| Shares Offered | 20,90,000 | 56,43,000 | 1,31,67,000 | 2,09,00,000 |
| 11 Mar 2026 | 2.51 | 2.59 | 0.27 | 1.12 |
| 10 Mar 2026 | 0.99 | 0.94 | 0.11 | 0.42 |
| 9 Mar 2026 | 0.99 | 0.65 | 0.04 | 0.30 |
The BRLMs opted to skip the anchor investor round.
Note: Following directions from the Securities and Exchange Board of India (SEBI), investors can withdraw their bids in the IPO on 12, 13, and 16 March 2026 (10:00 AM – 5:00 PM IST) after the company inadvertently circulated unsolicited IPO invitation emails and videos. Bids not withdrawn will remain valid for allotment.
Rajputana Stainless – Comparison With Listed Peer
| Company | PE ratio | EPS | RONW (%) | NAV | Revenue (Cr.) |
| Rajputana Stainless | 20.89 | 5.84 | 26.23 | 22.05 | 932.16 |
| Mangalam Worldwide | 22.57 | 10.29 | 11.28 | 91.37 | 1,060.71 |
| Mukand | 26.34 | 5.24 | 7.99 | 65.72 | 4,889.99 |
Rajputana Stainless IPO Allotment Status
Rajputana Stainless IPO allotment status is now available on the KFin Technologies website. Click on this link to get the allotment status.
Rajputana Stainless IPO Dates & Listing Performance
| IPO Opening Date | 9 March 2026 |
| IPO Closing Date | 11 March 2026 |
| Finalization of Basis of Allotment | 17 March 2026 |
| Initiation of refunds | 18 March 2026 |
| Transfer of shares to demat accounts | 18 March 2026 |
| Rajputana Stainless IPO Listing Date | 19 March 2026 |
| Opening Price on NSE | INR 122 per share (no change) |
| Closing Price on NSE | INR 113.03 per share (down 7.35%) |
Rajputana Stainless IPO Reviews – Subscribe or Avoid?
Adroit Financial Services – Subscribe
Anand Rathi – Subscribe
Axis Capital – Not Rated
BP Wealth – Subscribe
Capital Market – Avoid
Canara Bank Securities – Subscribe
GEPL Capital – Subscribe
Hem Securities – Subscribe for long-term
Jainam Broking – Subscribe for long-term
SBI Securities – Subscribe
SMC Global – 2/5
Swastika Investmart – Avoid
Ventura Securities – Subscribe
Rajputana Stainless IPO Lead Manager
NIRBHAY CAPITAL SERVICES PRIVATE LIMITED
201, Maruti Crystal, Opp. Rajpath Club,
S.G. Highway, Bodakdev, Ahmedabad 380054, Gujarat
Phone: +91 79 48970649
Email: [email protected]
Website: www.nirbhaycapital.com
Rajputana Stainless Offer Registrar
KFIN TECHNOLOGIES LIMITED
Selenium Tower-B, Plot No. 31 and 32,
Financial District Nanakramguda,
Serilingampally, Hyderabad – 500 032
Phone: +91 40 6716 2222 / 1800 309 4001
Email: [email protected]
Website: www.kfintech.com
Rajputana Stainless Contact Details
RAJPUTANA STAINLESS LIMITED
213, Madhwas, Halol Kalol Road Kalol,
Panchmahal, Gujarat – 389 330, India
Phone: +91 63 5816 4770
Email: [email protected]
Website: www.rajputanastainless.com
Rajputana Stainless IPO FAQs
How many shares in the Rajputana Stainless IPO are reserved for HNIs and retail investors?
The investors’ portion for QIB – 50%, NII – 15%, and Retail – 35%.
How to apply in the Rajputana Stainless Public Offer?
The best way to apply for the Rajputana Stainless public offer is through Internet banking ASBA (know all about ASBA here). You can also apply online through your stockbroker using UPI. If you prefer to make paper applications, fill up an offline IPO form and deposit the same to your broker.
What is the Rajputana Stainless IPO GMP today?
Rajputana Stainless IPO GMP today is INR 1 per share.
What is the Rajputana Stainless Subject to Sauda rate today?
Rajputana Stainless Subject to Sauda rate today is INR 0 per application.
Mahesh Yadav is a prolific writer with over a decade of professional experience. A person of wide interests, he found his true calling in the field of investing and specifically the stock market. He has an amazing skill of presenting the most complex financial concepts (and there is no shortage of complexity in investing) in simple language and terms.