Steel-to-Mining integrated player RKB Global has submitted its draft papers to the Securities and Exchange Board of India (SEBI). RKB Global IPO comprises a fresh issue of up to 1.26 crore shares along with an offer for sale of up to 20.2 lakh shares. RKB Global public offer is being managed by Aryaman Financial Services and Oneview Corporate Advisors, with MUFG Intime India acting as registrar.
While the company has not officially disclosed the issue size, an analysis of proposed fund utilisation suggests a fresh issue of at least INR 131 crore, with the total IPO size—factoring in offer for sale—likely to be in the ~INR 150-160 crore range. RKB Global operates as an integrated steel value chain player with presence across trading, manufacturing, and mining.
RKB Global IPO: Business Overview
Historically, the company derived a majority of its revenue from trading activities, with contributions as high as 81.5% in FY23. However, a clear strategic shift towards manufacturing and mining is now visible. As of September 2025, manufacturing contributes over 60% of revenue, compared to just 17% in FY23, reflecting a deliberate pivot toward higher-margin, value-added operations.
The company operates manufacturing facilities at Wada and Taloja with an installed capacity of 53,430 MTPA, which is expected to expand to over 76,000 MTPA post-planned capex. In parallel, the mining vertical is being strengthened through iron ore extraction rights in Goa and a proposed acquisition of V.S. Dempo Mining Corporation, indicating a long-term backward integration strategy.
The broader steel sector remains structurally positive. India’s per capita steel consumption stands at ~102 kg, significantly below the global average of 214 kg, indicating long-term demand potential. Government initiatives under the National Steel Policy aim to increase capacity to 300 MT by FY31, supporting sustained growth across the value chain.
Simultaneously, the pre-engineered buildings (PEB) segment is expected to grow at a CAGR of ~12%, driven by demand in industrial and warehousing infrastructure.
RKB Global IPO: Financial Performance
RKB Global’s financial trajectory reflects moderate revenue volatility but improving profitability metrics.
| Particulars | FY23 | FY24 | FY25 | H1 FY26 |
|---|---|---|---|---|
| Revenue from Operations | 360.00 | 432.83 | 411.12 | 290.01 |
| EBITDA | 16.21 | 32.01 | 32.02 | 18.71 |
| EBITDA Margin (%) | 4.50 | 7.40 | 7.79 | 6.45 |
| Profit After Tax | 5.37 | 7.92 | 11.09 | 10.16 |
| PAT Margin (%) | 1.47 | 1.82 | 2.68 | 3.46 |
| EPS (INR) | 1.86 | 2.49 | 2.69 | 2.32 |
Segment-Wise Revenue Shift
The most critical structural change in the business lies in its revenue composition.
| Segment | FY23 | FY24 | FY25 | H1 FY26 |
|---|---|---|---|---|
| Manufacturing (%) | 17.40 | 22.94 | 49.82 | 60.33 |
| Trading (%) | 81.53 | 74.00 | 31.68 | 24.50 |
| Mining (%) | 0.00 | 1.03 | 18.25 | 15.09 |
This transition towards manufacturing-led revenues is strategically positive, as it enhances margins, improves pricing power, and reduces dependency on commodity trading cycles.
RKB Global IPO: Use of Funds
The company plans to utilise IPO proceeds across multiple growth and deleveraging initiatives.
| Purpose | Amount (INR Cr) |
|---|---|
| Debt Repayment | 50.0 |
| Working Capital | 50.0 |
| Plant & Machinery | 14.3 |
| Mining Equipment | 14.2 |
| Solar Installation | 2.9 |
A significant portion of proceeds is earmarked for debt reduction and working capital, which is typical for steel businesses with high inventory and receivable cycles. As of September 2025, outstanding borrowings stood at over INR 60.0 crore, with a debt-to-equity ratio of 0.28.
Final Words
RKB Global IPO comes at a pivotal juncture where the company is transitioning from a trading-led business to an integrated steel and mining platform. The improving margin profile, increasing manufacturing share, and backward integration into mining are clear positives from a long-term perspective. However, near-term financial performance remains sensitive to execution in the mining vertical, commodity price cycles, and working capital management.
Rajat Bhati has a strong technical background and 5 years of experience in the stock market. He focuses on equity research, technical analysis, IPO valuations, and risk management, helping investors make clearer, data-backed decisions. Today, he works full-time to educate people about the opportunities in IPO market.