Rajputana Stainless Limited is set to launch its Initial Public Offering (IPO) on Monday, March 9, 2026, to raise ₹255 Crores.
It is an integrated manufacturer of stainless-steel products including billets, forging ingots, and bright bars. Track details of all the upcoming and live IPOs of 2026 at our IPO section which is updated regularly.
Operating from its facility in Panchmahal, Gujarat, the company caters to diverse industries such as automotive and engineering.
The IPO, which closes on Wednesday, March 11, 2026, aims to raise capital through a mix of a fresh issue and an Offer for Sale (OFS), with a price band fixed at ₹116 to ₹122 per equity share.
In this article, you will find Rajputana Stainless IPO GMP today,price band, and a detailed review. For allotment status, you can check our updated IPO allotment status hub page and for subscription check the IPO subscription section, all these pages are updated regularly.
Briefs of Rajputana Stainless IPO Details:
- Price Band: ₹116 – ₹122 per equity share
- IPO Open / Close Dates: March 9, 2026 – March 11, 2026
- Lot Size: 110 Shares (Minimum Retail Investment: ₹13,420)
- Issue Size: 2,09,00,000 Equity Shares
- Fresh Issue: 1,46,50,000 Shares
- Offer for Sale (OFS): 62,50,000 Shares
- Registrar: Kfin Technologies Limited
- Listing Exchange: BSE, NSE
The investors who have queries regarding refunds, credit of share, and other related issues can check our detailed Kfin IPO allotment status guide.
What Is The Rajputana Stainless IPO GMP Today?
You can check the GMP of this and other issues at our GMP today section.
Note: GMP changes daily based on market demand. It is an unofficial indicator and is not regularised by SEBI, NSE, or BSE.
What Are The Important Rajputana Stainless IPO Dates & Allotment Schedule?
For investors planning their capital allocation, here is the critical timeline for the issue:
- IPO Open Date: Monday, March 9, 2026
- IPO Close Date: Wednesday, March 11, 2026
- Basis of Allotment Date: Thursday, March 12, 2026
- Refund Initiation Date: Friday, March 13, 2026
- Credit of Shares: Friday, March 13, 2026
- Listing Date: Monday, March 16, 2026
What Are The Objectives of Rajputana Stainless IPO?
The company proposes to utilize the Net Proceeds from the Fresh Issue towards the following strategic purposes:
- Debt Repayment: A significant portion of ₹98.00 Crores is earmarked for the prepayment or repayment of outstanding borrowings, which is expected to reduce finance costs and improve profitability.
- Capital Expenditure:₹18.57 Crores will be invested to fund the forward integration strategy, specifically setting up a facility to manufacture stainless-steel seamless pipes.
- General Corporate Purposes: To fund ongoing operational needs and strategic initiatives.
The company will not receive any proceeds from the Offer for Sale; the proceeds from the Offer for Sale will go entirely to the Selling Shareholder.
How is The Financial Performance of Rajputana Stainless?
The following table summarises the financial performance of the company based on restated financial statements.
(Figures in ₹ Crores)
| Particulars | Period Ended 30 Sep 25 | FY 2024-25 | FY 2023-24 | FY 2022-23 |
Total Income | 502.77 | 937.49 | 915.50 | 950.69 |
Profit After Tax (PAT) | 24.41 | 39.85 | 31.63 | 24.04 |
EBITDA | 45.92 | 73.79 | 59.41 | 43.85 |
Total Borrowing | 85.91 | 99.75 | 79.76 | 79.83 |
Assets | 448.80 | 420.36 | 324.01 | 297.34 |
Source: RHP
Financial Analysis & Observations:
Total Income:
The company demonstrated stable revenue generation, with Total Income reaching ₹937.49 Crores in FY25, recovering from a slight dip in FY24 caused by global macroeconomic headwinds and nickel price volatility. The momentum is sustained in H1 FY26 with ₹502.77 Crores, indicating robust demand for its stainless-steel products.
Profit After Tax (PAT):
Profitability has seen consistent growth, with PAT rising from ₹24.04 Crores in FY23 to ₹39.85 Crores in FY25.
The PAT margins expanded to 4.87% in the recent half-year period, driven by improved cost absorption and a strategic shift towards cost-effective imported scrap.
EBITDA:
Operational efficiency has improved markedly, with EBITDA margins expanding from 4.63% in FY23 to 9.16% in H1 FY26.
The absolute EBITDA of ₹73.79 Crores in FY25 underscores the company's strong pricing power within a cyclical sector.
Total Borrowing:
Debt levels stood at ₹85.91 Crores as of September 2025. The planned utilization of ₹98.00 Crores from the IPO proceeds for debt repayment will significantly deleverage the balance sheet, further enhancing the debt-to-equity profile.
Assets:
The asset base has grown steadily to ₹448.80 Crores by September 2025. This expansion is essential to support the scaling of operations and the upcoming forward integration into manufacturing seamless pipes.
What Are the P/E Ratio and Peer Comparison?
Based on its Fiscal Year 2025 earnings per share (EPS) of ₹5.78, the IPO is priced at a Price-to-Earnings (P/E) multiple of approximately 21.11x at the upper end of the price band (₹122).
P/E Ratio = ₹122(Price) / ₹5.78(Earnings Per Share)
P/E Ratio ≈ 21.11x
Peer Comparison Table (FY 2025 Data)
The following table compares Rajputana Stainless Limited with its listed industry peers based on consolidated financials for the year ended March 31, 2025:
| Company | P/E Ratio | RoNW (%) | EPS (Basic) (₹) |
Rajputana Stainless | 21.11 | 26.23 | 5.78 |
| Mangalam Worldwide Ltd | 22.57 | 11.28 | 10.59 |
| Mukand Ltd | 26.34 | 7.99 | 5.24 |
| Electrotherm Ltd | 3.16 | -278.47 | 347.06 |
| Panchmahal Steel Ltd | 182.18 | 2.07 | 1.74 |
Analysis:
Rajputana Stainless is entering the market at a P/E multiple of approximately 21.10x based on its FY25 earnings. When compared to the industry average P/E of 58.56x, the issue appears to be priced attractively.
More importantly, Rajputana has a Return on Net Worth (RoNW) of 26.23%, outperforming listed peers like Mangalam Worldwide and Mukand Ltd, which indicates highly efficient capital utilisation and operational strength.
What is The Industry Outlook Rajputana Stainless?
Growth Potential:
The Indian stainless-steel industry is projected to grow significantly, driven by infrastructure development, urbanization, and increasing applications in the automotive and construction sectors.
Market Trends:
There is a growing shift towards integrated manufacturing setups to control costs and ensure quality. Companies focusing on forward integration, such as producing seamless pipes, are better positioned to capture higher margins.
What Are The Strengths and Risks of Rajputana Stainless IPO?
Strengths:
- Integrated Setup: The facility covers the entire value chain from melting to finishing, and the upcoming seamless pipe unit will further improve product margins.
- Financial Discipline: Consistent expansion of EBITDA and PAT margins demonstrates strong operational control.
- High Return Ratios: A RoNW of 26.23% highlights the company’s superior efficiency compared to industry peers.
Risks:
- High Contingent Liabilities: The company faces significant contingent liabilities (over ₹120 Crores), primarily due to a massive Central Excise Act dispute, which could impact financial health if materialised.
- Geographical Concentration: Over 91% of domestic revenue in H1 FY26 came from just three states (Maharashtra, Gujarat, UP), exposing the company to regional risks.
- Raw Material Volatility: The business is sensitive to fluctuations in the prices of nickel and steel scrap, which can squeeze margins.
Key Considerations for Investors
This analysis is neutral and for informational purposes only.
- Valuation: At ~21.10x P/E, the pricing seems reasonable compared to the industry average, especially given the strong return ratios.
- Debt Reduction: The primary objective of debt repayment is a positive signal, likely to boost future net profitability.
- Risk Profile: Investors must carefully weigh the strong operational performance against the significant overhang of contingent liabilities and civil litigations.
Key Takeaways
- IPO Price: ₹122 per share (Upper Band).
- Min Investment: ₹13,420 (110 Shares).
- Allotment: March 12, 2026
- Listing: BSE & NSE on March 16, 2026.
FAQs on Rajputana Stainless IPO
What is Rajputana Stainless IPO GMP today?
The GMP is a dynamic market sentiment indicator.You can check the GMP on our gmp today section.
What is Rajputana Stainless IPO price band?
The price band is fixed at ₹116 to ₹122 per equity share.
What is Rajputana Stainless IPO allotment date?
The allotment status is expected to be finalized on Thursday, March 12, 2026.
How to check Rajputana Stainless IPO allotment status?
Investors can check the status on the website of Kfin Technologies Limited (the Registrar) or via the BSE/NSE IPO allotment portals.
What is Rajputana Stainless IPO listing date?
The shares are tentatively scheduled to list on Monday, March 16, 2026.
Investment Perspective on Rajputana Stainless IPO
Rajputana Stainless offers a solid play in the integrated steel manufacturing sector with expanding margins and attractive valuations. The strategic forward integration plan is a strong growth catalyst. However, the high contingent liabilities and regional concentration are critical risk factors that require careful consideration.
Disclaimer:
This article is strictly for educational purposes. Please consult a SEBI-registered investment advisor before making any investment decisions.
