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Rajputana Stainless IPO: GMP, Price, Analysis & Details
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Rajputana Stainless IPO - Company Analysis
Rajputana Stainless IPO under the Mainboard IPO category is a bookbuild issue of Rs. 254.98 Cr by Rajputana Stainless Limited and is engaged in the production of flat, long stainless steel goods.
The company sells a variety of stainless steel goods in more than 80 different grades, such as billets, forging ingots, rolled bars of black and bright, flat & patties, and other auxiliary items. In addition to exporting to the United States, Turkey, Kuwait, Poland, and the United Arab Emirates, the company mainly sells its goods domestically through direct sales and traders.
The business supplies raw materials to a number of industries, including seamless pipes, aerospace, forging, oil and gas, defense, automotive, aviation, and precision engineering, using its infrastructure and expertise.
Products Offered:
- Billet
- Hexagonal bars
- Cast ingots
Rajputana Stainless IPO Details
The Rajputana Stainless IPO date of opening is 09 Mar 2026, its initial public offering will end on 11 Mar, IPO allotment on Mar 12 and refund initiation on Mar 13, 2026.
The Rs. 254.98 crore new Mainboard IPO comprises a combination of a fresh issue of 1.47 crore shares (Rs. 178.73 Cr) and offer for sale of 0.63 crore shares (Rs. 76.25 Cr).
The Rajputana Stainless IPO listing date (expected) might be on Monday, March 16, 2026, and listing at the BSE and NSE.
The Rajputana Stainless IPO price band is Rs. 116 to Rs. 122.
IPO Timetable (Tentative)
|
Events |
Date |
|
IPO Opening Date |
Mar 09, 2026 |
|
IPO Closing Date |
Mar 11, 2026 |
|
IPO Allotment Date |
Mar 12, 2026 |
|
Refund Initiation |
Mar 13, 2026 |
|
IPO Listing Date |
Mar 16, 2026 |
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Company Financials
(Amount in Cr)
|
Particulars |
31 Mar 2025 |
31 Mar 2024 |
31 Mar 2023 |
|
Assets |
420.36 |
324.01 |
297.34 |
|
Total Income |
937.49 |
915.50 |
950.69 |
|
Profit After Tax |
39.85 |
31.63 |
24.04 |
|
NET Worth |
73.79 |
59.41 |
43.85 |
|
Reserves and Surplus |
151.95 |
112.27 |
81.17 |
|
Total Borrowing |
83.75 |
78.36 |
46.73 |
Cash Flows
(Amount in lac)
|
Net Cash Flow |
31 Mar 2025 |
31 Mar 2024 |
31 Mar 2023 |
|
Net Cash Flow Operating Activities |
708.39 |
3,148.96 |
2,510.35 |
|
Net Cash Flow Investing Activities |
(1,198.56) |
(647.58) |
(1,309.70) |
|
Net Cash Flow Financing Activities |
489.34 |
(2,502.67) |
(1,197.17) |
Revenue Bifurcation
(Rs. in Lac)
(Source: RHP)
The Objective of the Issue
The company desires to use the Net Proceeds from the Issue to fulfil its following goals:
- Funding capital expenditure requirements for setting up a manufacturing facility for Stainless Steel Seamless Pipes to expand the product portfolio (“Proposed Facility”). ~ Rs. 18.57 Cr.
- Full or part repayment and/or prepayment of certain outstanding secured borrowings availed by the Company. ~ Rs. 98 Cr.
Listed Peers of Rajputana Stainless Ltd.
|
Name of Company |
Face Value (Rs. ) |
Basic EPS (Rs. ) |
PE Ratio (x) |
|
Mangalam Worldwide Ltd |
10 |
10.59 |
22.57 |
|
Mukand Ltd |
10 |
5.24 |
26.34 |
|
Electrotherm (India) Ltd |
10 |
347.06 |
3.16 |
|
Panchmahal Steel Ltd |
10 |
1.74 |
182.18 |
Valuation
|
KPI |
Value |
|
ROE |
30.17% |
|
ROCE |
31.72% |
|
Debt/Equity |
0.66 |
|
RoNW |
26.23% |
|
PAT Margin |
4.28% |
|
EBITDA Margin |
7.92% |
|
Price to Book Value |
5.53 |
Evaluation of P/E Ratio
Considering the period ended on FY 2025 with an EPS of Rs. 5.78 from the last year, the resulting P/E ratio is 21.1x.
Explore the Omnitech Engineering IPO.
IPO's Strengths
- A well-established, integrated industrial facility in a key area.
- Broad range of products.
- A well-established clientele and solid connections.
- A competent management team and strong promoters.
- A history of sound growth.
IPO's Weaknesses
- Customer Concentration Risk.
- Litigation Risk
- Geographical Concentration Risk.
Rajputana Stainless IPO GMP
Rajputana Stainless IPO GMP today is Rs. 0 as of 02 Mar 2026 while writing this information. A price band set at Rs. 122 suggests that the estimated listing price of the IPO could be around Rs. 122, indicating a gain/loss of 0%.
Rajputana Stainless IPO Summary
|
IPO Opening & Closing Date |
09 Mar, 2026 to 11 Mar, 2026 |
|
Face Value |
Rs. 10 per Share |
|
Issue Price |
Rs. 116 to Rs. 122 per Share. |
|
Lot Size |
110 Shares |
|
Issue Size |
2,09,00,000 Shares (Rs. 255 Cr) |
|
Offer for Sale |
62,50,000 Shares (Rs. 76 Cr) |
|
Fresh Issue |
1,46,50,000 Shares (Rs. 179 Cr) |
|
Listing at |
BSE, NSE |
|
Issue Type |
Bookbuild issue IPO |
|
Registrar |
Kfin Technologies Ltd. |
IPO Lot Details
|
Minimum Lot Investment (Retail) |
1 Lot |
|
Maximum Lot Investment (Retail) |
14 Lots |
|
HNI (Min) |
15 Lots |
Rajputana Stainless IPO Allotment Status
To check the Rajputana Stainless IPO Allotment Status, visit the official Registrar’s website or BSE website. Below are the website links for you.
Using BSE Website - BSE IPO allotment status
Promoters And Management of Rajputana Stainless Ltd.
- Shankarlal Deepchand Mehta
- Babulal D Mehta
- Jayesh Natvarlal Pithva
- Yashkumar Shankarlal Mehta
|
Pre-Issue Promoter Shareholding |
78.22% |
|
Post-Issue Promoter Shareholding |
57.01% |
IPO Lead Managers
- Nirbhay Capital Services Pvt. Ltd.
Dividend Policy
The company has not paid a dividend during the last three years.
Conclusion
With robust PAT growth and a fair P/E ratio of about 21x, Rajputana Stainless IPO presents a viable entry into the stainless steel industry. It is supported by development plans and a wide range of product offerings.
Before subscribing from March 9–11, 2026, investors should consider the risks associated with consumer and regional concentration in addition to strong financials and promoter support. Although the current GMP of Rs 0 indicates a flat launch around Rs 122, overall, it offers considerable potential for listing profits.
Finowings IPO Analysis
Hope you enjoyed the Finowings IPO Analysis. We tried our best to give every required detail about the company that you should know before applying to the IPO.
You must consult your financial advisor before making any financial decisions.
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To Read the Prospectus of the Company, Click Here to Download the DRHP.
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DISCLAIMER: This blog is NOT any buy or sell recommendation. No investment or trading advice is given. The content is purely for educational and information purposes only. Always consult your eligible financial advisor for investment-related decisions.
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