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Shri Kanha Stainless IPO
Price Band
₹
Issue Size
₹46.28 Cr
Lot Size
1,600 shares
Min Investment
₹288,000
2 LOTS MIN
GMP
—
Issue Price
₹90.0
Shri Kanha Stainless IPO AI Summary
- Shri Kanha Stainless IPO is listed on NSE SME in the Iron & Steel Products sector.
- Subscription window: 03 Dec–05 Dec 2025, listing on 10 Dec 2025.
Shri Kanha Stainless Limited is an emerging player in the stainless steel manufacturing sector, with a focus on precision products. While the company shows potential for growth, investors should consider the inherent risks and market conditions before participating in the IPO.
TopFund is not SEBI-registered — this is educational analysis, not personalized investment advice.
Shri Kanha Stainless IPO — Third-Party Research Views
Reviews below reflect analyst calls made before this IPO closed on 05 Dec 2025 — not a current signal.
Recommendations are sourced from third-party research firms and are not TopFund's own investment advice.
Important Dates
Subscription Status
Subscription data unavailable
Shri Kanha Stainless IPO Grey Market Premium (GMP) Today
GMP not available yet
Grey Market Premium is updated daily. Check back closer to the listing date.
About the Company
Incorporated in July 2015, Shri Kanha Stainless Limited specializes in the manufacturing of precision stainless steel cold rolled strips, offering a wide variety of thin and ultra-thin options to cater to diverse industrial needs. The company's products are used across industries like textiles, automotive, chemicals, and in applications such as flexible and capillary tubes, clocks, watches, and electrical equipment. The company produces stainless steel coils in 200, 300, and 400 series, with thicknesses from 0.08 mm to 2.00 mm. Slitting starts from 5 mm, available in hard and soft tempers based on customer needs. The company has a manufacturing capacity of 14,000 MTPA. The company's product portfolio includes the following: Cold Rolling of Stainless-Steel Precision Strips. Stainless Steel Circle. Stainless Steel Sheet. It is accredited with ISO 9001: 2015, ISI certification 15997:2012 for Low Nickel Austenitic Stainless-Steel Sheet for utensils and appliances, IS 5522:2014, and IS 6911:2017 for stainless steel sheets, strips, and plates. The company's manufacturing unit is situated in Sikar. Rajasthan. As on Nov 25, 2025, it has a order book of Rs 1,273.49 Lakhs. Competitive Strength: A reputed private sector manufacturer of cold rolled stainless sections in India. Effective Cost Control Management. Quality Assurance and Quality Control of the products. Centralised location to cater to major markets like Delhi and Mumbai. Manufacturing of low thickness up to 0.08 mm.
Company Financials (₹ Cr)
As of 2025-09-30
| Period Ended | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 116.34 | 106.13 | 80.25 | 57.03 |
| Total Income | 110.30 | 146.39 | 131.00 | 136.47 |
| Profit After Tax | 4.26 | 5.79 | 2.60 | 0.72 |
| EBITDA | 9.25 | 13.38 | 8.24 | 4.36 |
| NET Worth | 16.03 | 12.16 | 6.37 | 3.77 |
| Reserves and Surplus | 5.59 | 11.29 | 5.50 | 2.90 |
| Total Borrowing | 56.02 | 50.98 | 53.94 | 40.36 |
Key Ratios
EPS
₹5.55
NAV
₹11.65
ROE
47.61%
ROCE
19.20%
RoNW
47.61%
P/B Value
7.73
P/E Ratio
16.23
Market Cap
₹140.24 Cr
PAT Margin
3.97%
Debt/Equity
4.19
Peer Comparison
| Company | NAV | RoNW | P/E (x) | EPS Basic | EPS Diluted |
|---|---|---|---|---|---|
| Quality Foils (india) Limited | 106 | 4% | 15.3 | 4.97 | 4.97 |
| Hisar Metal Industries Limited | 116 | 9% | 35.09 | 5.89 | 5.89 |
| Shri Kanha Stainless Limited This IPO | 11.65 | 47.61% | 16.23 | 5.55 | 5.55 |
Promoters
Jai Bhagwan Agarwal, Kavita Agarwal, Shashank Agrawal and Neha Agarwal
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 Upgradation of existing manufacturing facility by installation of 1150 mm 4-Hi AGC Reversible Rolling Machine 12.00 2 Repayment/pre-payment, in part, of certain secured and unsecured borrowing availed by the Company 18.00 3 Funding of Working Capital Requirement of the company 5.48 4 General Corporate Purposes 5.00 5 Issue expenses 5.79 Total 46.28
IPO Evaluation
Generated 23 Sep 2026Revenue Trend
Total income was ₹136.47 Cr in the year ending 31 Mar 2023, slightly decreasing to ₹131.00 Cr by 31 Mar 2024. Revenue increased to ₹146.39 Cr by 31 Mar 2025, but then fell to ₹110.30 Cr by 30 Sep 2025, though this is a 9-month figure, not a full year, so isn't directly comparable.
Profit Trend
Profit after tax was ₹0.72 Cr in the year ending 31 Mar 2023, rising to ₹2.60 Cr by 31 Mar 2024. This increased further to ₹5.79 Cr by 31 Mar 2025, but then decreased to ₹4.26 Cr by 30 Sep 2025, though this is a 9-month figure, not a full year, so isn't directly comparable.
Valuation
At the issue price of ₹90.0, Shri Kanha Stainless has an implied P/E ratio of 16.23, compared to peers trading at P/E ratios ranging from 15.3 to 35.09.
Grey Market Premium, Explained
The grey market refers to the unofficial market where shares are traded before they are listed on the stock exchange. The Grey Market Premium (GMP) indicates the expected listing price of the shares compared to the issue price. A positive GMP suggests that the shares may list at a higher price, while a negative GMP indicates the opposite.
Who This IPO Suits
Investors comfortable with short-term volatility and a long-term horizon typically weigh IPOs like this against their overall investment strategy and risk tolerance. It's important to consider the company's growth potential and market conditions.
Who May Want to Wait
Investors who prefer stable and established companies with consistent earnings may want to avoid this IPO, as it operates in a competitive sector and has shown fluctuations in revenue and profit.
Listing Gains — The Risk
Listing day gains can be unpredictable. Factors such as market sentiment, demand for the stock, and overall market conditions can influence the stock's performance on its debut. Investors should be prepared for the possibility of volatility on the listing day.
This evaluation is generated from Shri Kanha 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
When does Shri Kanha Stainless IPO open and close?
Shri Kanha Stainless IPO opens on 03 December 2025 and closes on 05 December 2025.
When does Shri Kanha Stainless IPO list on the stock exchange?
Shri Kanha Stainless IPO listed on 10 December 2025 at ₹90.0.
What is the lot size for Shri Kanha Stainless IPO?
The lot size for Shri Kanha Stainless IPO is 1600 shares, requiring a minimum investment of ₹288,000 (2 lots).
What is the lot size for this IPO?
The lot size for Shri Kanha Stainless IPO is 1600 shares.
What is the minimum investment required?
The minimum investment required is ₹288,000.
What is the issue price of the shares?
The issue price of the shares is ₹90.0.
When does the IPO open and close?
The IPO opens on December 3, 2025, and closes on December 5, 2025.
What does GMP mean?
GMP stands for Grey Market Premium, which indicates the expected listing price of the shares compared to the issue price.
Issue Details
Investor Allocation
Registrar
Lead Managers / Book Running
IPO Timeline
Open
03 Dec 2025
Close
05 Dec 2025
Allotment
08 Dec 2025
Listing
10 Dec 2025
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