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Rajputana Stainless IPO
Price Band
₹116.0–122.0
Issue Size
₹254.98 Cr
Lot Size
110 shares
Min Investment
₹13,420
GMP
+₹3.0 (2.46%)
Issue Price
₹122.0
Rajputana Stainless IPO AI Summary
- Rajputana Stainless IPO is listed on BSE, NSE in the Iron & Steel Products sector.
- Price band: ₹116.0–₹122.0 per share, lot size 110 shares (min. investment ₹13,420).
- Subscription window: 09 Mar–11 Mar 2026, listing on 19 Mar 2026.
- Current GMP is +₹3.0 (2.46%), an estimated listing price of ₹125 — unofficial and can change daily.
Rajputana Stainless Limited is an established player in the stainless steel manufacturing sector, offering a diverse range of products. The company is planning to utilize the proceeds from its IPO for expansion and debt repayment. Investors should consider their risk appetite and investment strategy when evaluating this IPO.
TopFund is not SEBI-registered — this is educational analysis, not personalized investment advice.
Important Dates
Subscription Status
Subscription data unavailable
Rajputana Stainless IPO Grey Market Premium (GMP) Today
GMP
+₹3.0
GMP %
+2.46%
Est. Listing
₹125.0
Updated: 14 Jul 2026 15:52
About the Company
Rajputana Stainless Limited is engaged in the production of long and flat stainless-steel products, catering to a wide spectrum of industrial applications. The company manufactures an extensive range of stainless steel products in more than 80 grades. Its offerings include billets, forging ingots, rolled black bars, bright bars, flat bars, pattis, and other related products. Sales are primarily driven through the domestic market via direct channels and trader networks, along with exports to countries such as the UAE, USA, Turkey, Kuwait, and Poland. Leveraging its technical expertise and manufacturing capabilities, the company supplies raw materials to industries including seamless pipe manufacturing, aerospace, forging, oil and gas, defense, automotive, aviation, and precision engineering. Rajputana Stainless Limited operates a manufacturing facility spread across 35,196.98 square meters in Kalol, Gujarat. The plant is equipped with advanced infrastructure such as an induction furnace, Argon Oxygen Decarburization (AOD) unit, Continuous Casting Machine (CCM), heat treatment facilities, a rolling mill, and a bright bar shop to ensure streamlined and efficient production processes. Product Portfolio Billets: Semi-finished stainless steel products cast from liquid steel, commonly used as feedstock for hot working processes such as rolling, forging, and ring rolling. Cast Ingots: Molded steel blocks designed for convenient handling, storage, and further processing. These ingots are defect-free, traceable, and suitable for applications like open-die forging and re-rolling. Hexagonal Bars: Stainless steel bars rolled into hexagonal shapes, widely used in the production of nuts, bolts, fasteners, valves, and hose fittings. As of June 30, 2024, the company employed 429 permanent staff members, including both skilled and unskilled workers. Competitive Strengths Well-established and integrated manufacturing facility in a strategic location Broad and diversified product portfolio Strong and longstanding customer relationships Experienced promoters and management team Consistent track record of steady growth
Company Financials (₹ Cr)
As of 2025-09-30
| Period Ended | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 448.80 | 420.36 | 324.01 | 297.34 |
| Total Income | 502.77 | 937.49 | 915.50 | 950.69 |
| Profit After Tax | 24.41 | 39.85 | 31.63 | 24.04 |
| EBITDA | 45.92 | 73.79 | 59.41 | 43.85 |
| NET Worth | 176.65 | 151.95 | 112.27 | 81.17 |
| Reserves and Surplus | 108.16 | 83.75 | 78.36 | 46.73 |
| Total Borrowing | 85.91 | 99.75 | 79.76 | 79.83 |
Key Ratios
EPS
₹5.78
NAV
₹22.05
ROE
30.17%
ROCE
31.72%
RoNW
26.23%
P/B Value
5.53
P/E Ratio
21.1
Market Cap
₹1019.53 Cr
PAT Margin
4.28%
Debt/Equity
0.66
Promoters
Shankarlal Deepchand Mehta, Babulal D Mehta, Jayesh Natvarlal Pithva and Yashkumar Shankarlal Mehta
Objects of the Issue
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects: # Issue Objects Est Amt (₹ Cr.) 1 Funding capital expenditure requirements for expansion of the existing manufacturing facility at Panchmahal district, Gujarat through forward integration and diversification of product portfolio i.e., Stainless Steel Seamless Pipes 18.57 2 Full or part repayment and/or prepayment of certain outstanding secured borrowings availed by the Company 98.00 3 General corporate purposes 44.64 4 Issue Expenses 24.99 Total 186.20
IPO Evaluation
Generated 23 Sep 2026Revenue Trend
Total income was ₹950.69 Cr for the year ending 31 Mar 2023, slightly decreasing to ₹915.50 Cr by 31 Mar 2024, and further declining to ₹937.49 Cr for the year ending 31 Mar 2025. By 30 Sep 2025, total income was ₹502.77 Cr, though this is a 9-month figure, not a full year, so isn't directly comparable.
Profit Trend
Profit after tax was ₹24.04 Cr for the year ending 31 Mar 2023, increasing to ₹31.63 Cr by 31 Mar 2024. This was followed by a rise to ₹39.85 Cr for the year ending 31 Mar 2025, and then a decrease to ₹24.41 Cr by 30 Sep 2025, though this is a 9-month figure, not a full year, so isn't directly comparable.
Grey Market Premium, Explained
The Grey Market Premium (GMP) is an indicator of the expected listing price of an IPO in the stock market. A positive GMP suggests that the stock may list at a premium to its issue price, while a negative GMP indicates the opposite. Investors often look at the GMP to gauge market sentiment towards the IPO.
Who This IPO Suits
Investors comfortable with short-term volatility and a long-term horizon typically weigh IPOs like this against factors such as the company's growth potential, market position, and overall industry trends. It's important to assess how the company's financial health aligns with your investment strategy.
Who May Want to Wait
Investors who prefer stable, low-risk investments may want to avoid IPOs like this, which can be subject to market fluctuations and uncertainties. Additionally, those who are not comfortable with the inherent risks associated with new listings should consider other investment options.
Listing Gains — The Risk
Listing-day gains can be unpredictable and are influenced by various factors, including market sentiment, demand for the stock, and overall market conditions. While some IPOs may experience significant gains on their listing day, others may not perform as expected. Investors should be aware of the risks involved and not solely rely on potential listing gains when making investment decisions.
This evaluation is generated from Rajputana Stainless's own public IPO filing data for educational purposes and is not investment advice or a recommendation to apply, subscribe to, or avoid this issue — see Broker Recommendations below for named third-party research views (clearly attributed, not TopFund's own). TopFund is not a SEBI-registered investment adviser — see our Disclaimer.
Frequently Asked Questions
What is Rajputana Stainless IPO GMP today?
Rajputana Stainless IPO GMP today is +₹3.0 (2.46%), indicating an estimated listing price of ₹125. GMP is an unofficial grey-market indicator and can change daily.
What is the price band of Rajputana Stainless IPO?
The price band of Rajputana Stainless IPO is ₹116.0–₹122.0 per share.
When does Rajputana Stainless IPO open and close?
Rajputana Stainless IPO opens on 09 March 2026 and closes on 11 March 2026.
When does Rajputana Stainless IPO list on the stock exchange?
Rajputana Stainless IPO listed on 19 March 2026 at ₹125.0.
What is the lot size for Rajputana Stainless IPO?
The lot size for Rajputana Stainless IPO is 110 shares, requiring a minimum investment of ₹13,420.
What is the price band for the Rajputana Stainless IPO?
The price band for the Rajputana Stainless IPO is ₹116.0 to ₹122.0.
What is the minimum investment required for this IPO?
The minimum investment required for this IPO is ₹13,420.0.
What is the lot size for the Rajputana Stainless IPO?
The lot size for the Rajputana Stainless IPO is 110 shares.
When does the Rajputana Stainless IPO open and close?
The IPO opens on March 9, 2026, and closes on March 11, 2026.
What does GMP mean in the context of IPOs?
GMP stands for Grey Market Premium, which indicates the expected price at which the IPO will list on the stock exchange.
Issue Details
Investor Allocation
Registrar
Lead Managers / Book Running
IPO Timeline
Open
09 Mar 2026
Close
11 Mar 2026
Allotment
17 Mar 2026
Listing
19 Mar 2026
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