Rajputana Stainless IPO 2026 Full Information – Apply Date & Analysis
Latest Grey Market Premium & IPO Details
Rajputana Stainless IPO 2026 – Key Info & Highlights
Rajputana Stainless Limited is launching its IPO to raise ₹254.98 crore, with the subscription open from 9th March 2026 to 11th March 2026. The issue is structured as a fresh issue of ₹178.73 crore and an Offer for Sale (OFS) worth ₹76.25 crore. The face value of each share is ₹10, and the price band has been fixed between ₹116 and ₹122. Retail investors can participate with a minimum of 1 lot, which consists of 110 shares, making the minimum investment around ₹13,420.
The company’s shares are expected to be listed on BSE and NSE tentatively on 16th March 2026.
Stay updated here for detailed insights on Rajputana Stainless IPO, including the company’s business operations, financial performance, live subscription trends, allotment status, daily Grey Market Premium (GMP), and the listing price.
📌 IPO Details
| Company Name | Rajputana Stainless IPO |
|---|---|
| Sector / Industry | Stainless Steel Products |
| IPO Open Date | 09-03-2026 |
| IPO Close Date | 11-03-2026 |
| Allotment Date | 17-03-2026 |
| Refund Date | 18-03-2026 |
| Share Credit Date | 19-03-2026 |
| Listing Date | 19-03-2026 |
| Price Band | ₹116 - ₹122 |
| Lot Size | 110 Shares |
| Min Investment | ₹13,420 |
| Net Issue Size | ₹254.98 Cr |
| Fresh Issue | ₹178.73 Cr |
| OFS | ₹76.25 Cr |
| IPO Listing At | BSE NSE |
| DRHP | View DRHP |
| RHP | View RHP |
| Issue Type | Book Build Issue |
| Face Value | ₹10 Per Equity Share |
| Promoter Holding Pre IPO | 78.22 % |
| Promoter Holding Post IPO | 57.01% |
* All Dates are provisional
Quota Allocation
| Category | Allocation (%) |
|---|---|
| Retail Investors | 35% |
| QIB (Qualified Institutional Buyers) | 50% |
| HNI (High Net Worth Individuals) | 15% |
📈 Grey Market Premium (GMP) Day-wise Trend
| GMP Date | GMP Price | Trend | Estimated Listing Price | Estimated Profit* | Last Updated |
|---|---|---|---|---|---|
| 19-03-2026 | ₹3.00 | - | ₹125.00 | ₹330.00 | 19-03-2026 10:00 |
| 18-03-2026 | ₹3.00 | - | ₹125.00 | ₹330.00 | 18-03-2026 23:08 |
| 17-03-2026 | ₹3.00 | ▲ | ₹125.00 | ₹330.00 | 17-03-2026 23:00 |
📝 About Rajputana Stainless
Rajputana Stainless Limited is a leading Indian manufacturer of stainless steel products, specializing in both long and flat stainless steel to serve a wide range of industrial applications. With over 80 grades of stainless steel, the company produces a comprehensive product range including billets, forging ingots, rolled black bars, bright bars, flat bars, pattis, and hexagonal bars, catering to critical industries such as seamless pipe manufacturing, aerospace, automotive, defense, oil & gas, aviation, forging, and precision engineering.
The company’s manufacturing facility in Kalol, Gujarat, spans 35,196.98 square meters and features state-of-the-art infrastructure including an induction furnace, Argon Oxygen Decarburization (AOD) unit, Continuous Casting Machine (CCM), heat treatment facilities, rolling mill, and bright bar shop. This integrated setup ensures efficient operations, high-quality production, and the ability to meet both domestic and international demand.
Sales are driven through a strong domestic network of direct channels and traders, as well as exports to countries like UAE, USA, Turkey, Kuwait, and Poland, demonstrating the company’s global footprint and capability to serve diverse markets.
Key Products:
-
Billets – Semi-finished stainless steel feedstock suitable for rolling, forging, and ring rolling.
-
Cast Ingots – Defect-free, traceable steel blocks used for open-die forging and re-rolling.
-
Hexagonal Bars – Precision-rolled bars for nuts, bolts, fasteners, valves, and hose fittings.
-
Flat Bars, Pattis, and Bright Bars – Manufactured to stringent quality standards for varied industrial applications.
As of June 30, 2024, the company employed 429 permanent staff members, including both skilled and unskilled personnel, ensuring smooth production processes and consistent product quality.
Rajputana Stainless combines decades of industry experience, technical expertise, and robust manufacturing capabilities to maintain a trusted reputation among customers. Its focus on quality, innovation, and operational excellence positions it as a reliable partner for industries seeking high-grade stainless steel products, including specialty applications like stainless steel seamless pipes.
Rajputana Stainless Revised Financials
Profit / Loss & Total Assets (Last 4 Periods)
| 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 & Surplus | 108.16 | 83.75 | 78.36 | 46.73 |
| Total Borrowing | 85.91 | 99.75 | 79.76 | 79.83 |
Note: Positive figures indicate profit. All figures are reported in ₹ Crore.
Rajputana Stainless Objects of Issue
- Funding Capital Expenditure (₹18.57 Cr) – To set up a new manufacturing facility for Stainless Steel Seamless Pipes (“Proposed Facility”), aimed at expanding the product portfolio and enhancing production capabilities.
- Repayment/Prepayment of Secured Borrowings (₹98.00 Cr) – Full or partial repayment of certain outstanding secured loans to strengthen the balance sheet, reduce interest burden, and improve financial flexibility.
- General Corporate Purposes – The remaining proceeds will be utilized for general corporate requirements, including working capital, operational expenses, and strategic initiatives as needed.
- Total (₹116.57 Cr) – Total fund raised through the IPO to be deployed across the above objectives in a structured and efficient manner.
Rajputana Stainless Strengths
- Well-Established and Integrated Manufacturing Facility – Strategically located in Gujarat, the company’s fully integrated facility supports melting, rolling, heat treatment, and value-added processes, ensuring high efficiency and product quality.
- Broad and Diversified Product Portfolio – Offers over 80 grades of stainless steel products under the “RSL” brand across long and flat categories, catering to a wide range of industrial requirements.
- Strong and Longstanding Customer Relationships – Maintains a loyal and diverse B2B customer base across industries like engineering, automotive, oil & gas, and infrastructure, providing stable demand and repeat business.
- Experienced Promoters and Management Team – Led by seasoned professionals with decades of industry experience, ensuring robust strategic, operational, and financial management.
- Consistent Track Record of Steady Growth – Demonstrated sustained growth in revenue and operations over the years, reflecting strong business execution and operational excellence.
Rajputana Stainless IPO Risk Factors
- Customer Concentration Risk – A significant portion of the company’s revenue is derived from its top customers. Since long-term binding agreements are not in place with all of them, any reduction in orders or loss of key clients may materially impact revenue and profitability.
- Ongoing Legal Proceedings – The company, its promoters, and directors are involved in certain legal matters. Any unfavorable outcome may affect financial stability, operations, or reputation.
- Geographical Concentration of Operations – The manufacturing facilities, including the proposed new plant, are located in Gujarat. Any regional disruption such as policy changes, natural events, or local economic slowdown could adversely affect operations.
- Supplier Dependence – The company relies on a limited number of suppliers for key raw materials. Disruptions in supply, price fluctuations, or loss of major suppliers may impact production and margins.
- Regional Sales Dependence – A large portion of sales is concentrated in select states such as Maharashtra, Gujarat, and Uttar Pradesh. Any decline in demand in these regions could affect overall revenue.
- Execution Risk for Proposed Facility – Delays in establishing the new stainless steel seamless pipes facility, including procurement of machinery or regulatory approvals, may increase project costs and postpone expected benefits.
- Low Margin, High Volume Business Model – The stainless steel industry typically operates on tight margins. Any volatility in sales volume, pricing, or raw material costs may significantly impact profitability.
Company Information
Founded in: 1991
MD / CEO: Shankarlal Deepchand Mehta
Address: 213, Madhwas, Halol–Kalol Road, Taluka Kalol, Panchmahal, Gujarat – 389330, India
Website: www.rajputanastainless.com
Phone: +91 63 5816 4770 / +91 63 5816 4770
Email: compliance@rajputanastainless.com
IPO Quick Info
09 Mar 2026
11 Mar 2026
Upcoming
Lead Manager(s)
- Nirbhay Capital Services Pvt.Ltd.
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Frequently Asked Questions
Rajputana Stainless Limited is a stainless steel manufacturer engaged in producing long and flat stainless steel products in over 80 grades. Its products such as billets, bright bars, forging ingots, and flat bars are widely used in industries like seamless pipe manufacturing, aerospace, automotive, oil & gas, defense, aviation, and precision engineering.