Updated on 22.03.2026 @ 12:07 AM
Shri Kanha Stainless Limited is launching its Initial Public Offering (IPO) on the NSE EMERGE platform. To explore more opportunities, you can also browse our latest and upcoming IPO hub.
It is a manufacturer of precision stainless steel cold-rolled strips and coils.
The subscription for this public issue will open on December 3, 2025, and close on December 5, 2025.
The company aims to raise up to ₹46.28 crores through a 100% fresh issue of shares.
The price has been fixed at ₹90 per share, with a minimum lot size of 1,600 shares.
Shri Kanha Stainless has demonstrated strong profit growth and high return ratios, but investors should be mindful of its high debt levels and negative cash flows.
In this article, you will find Shri Kanha Stainless IPO GMP today, subscription status, allotment date, price band, and a detailed, unbiased review to help you make an informed decision.
For investors exploring long-term wealth-building, you can refer to our mutual fund learning platform.
If you want to check whether you got the shares, visit our IPO allotment status check page.
Briefs of Shri Kanha Stainless IPO Details
- Price: ₹90 per share (Fixed Price)
- IPO Open / Close Dates: December 3, 2025 – December 5, 2025
- Lot Size: 1,600 Shares
- Issue Size: 51,42,400 shares (aggregating up to ₹46.28 Crores)
- Fresh Issue / OFS: 100% Fresh Issue
- Registrar: MAS Services Ltd.
- Listing Exchange: NSE SME
What is Shri Kanha Stainless IPO GMP Today
Check the GMP data of IPOs at our GMP updated hub page. The Grey Market Premium (GMP) is an unofficial indicator).
Listing Updates:
| Type | Issue Price | Open | Gain/loss |
| Lisiting | 90 | 88 | -2.2 |
What Are The Shri Kanha Stainless IPO Dates & Allotment Schedule?
- IPO Open & Close Date: December 3, 2025 – December 5, 2025
- Basis of Allotment Date: December 8, 2025
- Refund Initiation Date: December 9, 2025
- Credit of Shares: December 9, 2025
- Listing Date: December 10, 2025
What Are The Objectives of Shri Kanha Stainless IPO?
The company intends to utilise the net proceeds from the public offering to modernize its facilities and strengthen its financial position:
- Repayment of Borrowings (₹18.00 Crores): A significant portion of the proceeds will be used to reduce the company's high debt burden, improving its financial leverage.
- Upgradation of Manufacturing Facility (₹12.00 Crores): To install a new reversible rolling machine, enhancing production capabilities.
- Working Capital Requirements (₹5.48 Crores): To support its growing operational needs.
- General Corporate Purposes: The balance amount will be used for other strategic requirements.
How is The Financial Performance of Shri Kanha Stainless?
The following table summarizes the company's financial performance based on restated consolidated data.
(Amounts in ₹ Crores)
| Particulars | Period Ended 30 Sep 2025 | Year Ended 31 Mar 2025 | Year Ended 31 Mar 2024 | Year Ended 31 Mar 2023 |
Total Income | 110.30 | 146.39 | 131.00 | 136.47 |
Profit After Tax (PAT) | 4.26 | 5.79 | 2.60 | 0.72 |
EBITDA | 9.25 | 13.38 | 8.24 | 4.36 |
Net Worth | 16.33 | 10.51 | 8.20 | 3.82 |
Reserves and Surplus | 5.89 | 4.25 | 1.94 | (0.04) |
Total Borrowing | 56.02 | 42.77 | 50.19 | 67.00 |
Assets | 116.34 | 106.13 | 80.24 | 57.03 |
Source: RHP
Key Financial Observations:
Profit After Tax (PAT):
The company has shown a robust upward trend in profitability, with PAT growing from ₹0.72 Crores in FY23 to ₹5.79 Crores in FY25. This sharp increase reflects improved operational efficiency and higher margins.
Total Income:
Revenue has grown steadily, reaching ₹146.39 Crores in FY25. The company's specialized product portfolio has allowed it to capture market share, although growth has been somewhat fluctuating.
EBITDA:
Operational profit has more than tripled over the last two years, with EBITDA margins improving significantly to over 9% in FY25. This indicates better cost control and higher value addition.
Total Borrowings:
The company carries a heavy debt load of ₹56.02 Crores as of September 2025, resulting in a high Debt-Equity ratio of 3.49x. The IPO proceeds are crucially earmarked to reduce this leverage.
Assets:
Total assets have nearly doubled in two years to ₹116.34 Crores, driven by investments in plant and machinery to support capacity expansion.
P/E Ratio & Peer Comparison
Based on its Fiscal Year 2025 earnings per share (EPS) of ₹5.55, the IPO is priced at a Price-to-Earnings (P/E) multiple of approximately 16.2x at the issue price of ₹90.
P/E Ratio = ₹5.55 (Price) / ₹90 (Earnings Per Share)
P/E Ratio ≈ 16.2x
This valuation appears reasonable when compared to its listed industry peers.
| Company Name | P/E Ratio | RoNW (%) (FY25) | PAT Margin (%) (FY25) |
Shri Kanha Stainless (at IPO price) | ~16.2 | 47.61% | 3.97% |
| Hisar Metal Industries Ltd | 35.09 | 10.55% | 1.30% |
| Quality Foils (India) Ltd | 15.30 | 5.17% | 0.94% |
Analysis for Investors:
Shri Kanha Stainless is priced competitively relative to its peers. While its P/E is slightly higher than Quality Foils, it is significantly lower than Hisar Metal Industries.
More importantly, its Return on Net Worth (RoNW) of over 47% is vastly superior to both peers, indicating highly efficient use of capital.
This superior profitability justifies the valuation and suggests potential upside.
Industry Outlook
- Shri Kanha Stainless operates in the stainless steel industry, catering to diverse sectors like textiles, automotive, and electrical equipment.
- The demand for precision stainless steel strips is driven by the growth of end-user industries and increasing infrastructure spending.
- However, the industry faces competition from imports and fluctuations in raw material prices.
What Are The Strengths and Risks of Shri Kanha Stainless IPO?
Strengths:
- Strong Financial Turnaround: Consistent growth in revenue and a sharp increase in profitability over the last three years.
- High Return Ratios: Exceptional RoNW indicates strong management efficiency.
- Strategic Expansion: IPO funds will be used to modernize manufacturing and reduce debt.
- Specialized Product Portfolio: Ability to manufacture high-precision strips creates a competitive niche.
Risks:
- High Debt: The company is highly leveraged, which poses a financial risk, although the IPO aims to address this.
- Negative Cash Flows: The company has reported negative cash flows in recent periods, which is a concern for liquidity.
- Customer Concentration: High dependence on a few top customers (over 83% of revenue) makes the business vulnerable.
- SME Segment Risks: The stock will be listed on the NSE SME platform, which typically has lower liquidity and higher price volatility.
What Are The Expert Recommendations – Should You Apply?
Subscribe with Caution
The Shri Kanha Stainless IPO offers a high-growth company at a fair valuation, but the high debt and cash flow issues are significant risks.
- For Value Investors: The P/E of ~16.2x combined with high return ratios makes this an interesting pick.
- For Aggressive Investors: The strong profit momentum and debt reduction plan offer potential for future gains.
- Our View: The company's fundamentals are strong in terms of profitability, but the balance sheet needs repair. The IPO proceeds will help, but execution is key. We recommend a "Subscribe with Caution" rating, suitable for investors who can stomach the volatility of the SME segment and the company's leverage risks.
Key Takeaways
- IPO Price: ₹90 per share (Fixed Price)
- Lot Size: 1,600 Shares (Minimum Investment: ₹1,44,000).
- Allotment & Listing Dates: Tentative listing on December 10, 2025.
- Recommendations of experts: A "Subscribe with Caution" recommendation. A fast-growing company with excellent return ratios, but high debt and negative cash flows warrant careful consideration.
FAQs on Shri Kanha Stainless IPO
What is Shri Kanha Stainless IPO price?
The issue price for the Shri Kanha Stainless IPO is fixed at ₹90 per share.
What is Shri Kanha Stainless IPO allotment date?
The allotment of shares is tentatively expected to be finalized on Monday, December 8, 2025.
How to check Shri Kanha Stainless IPO allotment status?
You can check the allotment status on the website of the IPO registrar once the basis of allotment is finalized. Check the ipo allotment status of other IPOs at our allotment status page.
What is Shri Kanha Stainless IPO listing date?
The company's shares are tentatively scheduled to be listed on the NSE SME platform on Wednesday, December 10, 2025.
Should I apply for Shri Kanha Stainless IPO?
This is a cautiously recommended IPO. While the company has shown strong profit growth and has attractive valuation ratios compared to peers, its high debt levels and negative cash flows are risk factors that investors should consider.
Disclaimer:
All IPO details, GMP data, and analysis are based on publicly available information and may change without notice. This content is not investment advice or a solicitation to invest. Readers should verify facts and consult a certified financial advisor before making investment decisions.
