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Rajputana Stainless IPO
1.12xsubscribed

Rajputana Stainless IPO

Steel & Iron Products
listed
₹12,760Min. investment

Rajputana Stainless Limited IPO Details

SectorSteel & Iron Products
Price range₹116 – ₹122
IPO type
Regular
Lot size110 shares
Issue size₹255Cr
Red Herring Prospectus
Read
Market cap
₹1,019.53CrLower than sector avg
RevenueApr 2024 - Mar 2025
₹932.15CrLower than sector avg
Growth rate3Y CAGR
-0.82%

Rajputana Stainless IPO Subscription Status

Date
QIB
NII
Retail
Total
09-Mar-26
0.62 times (X)
0.64 times (X)
0.04 times (X)
0.3 times (X)
10-Mar-26
0.64X
0.92X
0.11X
0.42X
11-Mar-26
2.01X
2.48X
0.26X
1.12X

As on 09-Mar-26, 5:00 PM

Rajputana Stainless IPO Timeline

  1. Pre-apply
    6 Mar 2026
  2. Bid start
    9 Mar 2026
  3. Bid end
    11 Mar 2026
  4. Allotment
    17 Mar 2026
  5. Release of funds
    18 Mar 2026
  6. Demat transfer
    19 Mar 2026
  7. Listing
    19 Mar 2026

About Rajputana Stainless Limited

Incorporated in 1991, Rajputana Stainless is engaged in the manufacturing of long and flat stainless steel products, which include billets and forging ingots, rolled black bars, rolled bright bars, flat products and patti and other ancillary products under the brand name "RSL".
The company provides its products in more than 80 different stainless steel grades to fulfil different technical specifications. It operates exclusively on a business-to-business (B2B) model, which serves manufacturers and traders as its main customer base. Its products find applications across a diverse range of end-use industries, which include bar processing, seamless pipes, forging and wire manufacturing, engineering and casting, fasteners and utensils manufacturing and pump and shaft and the auto industry.
Rolled black bars contributed 57.57% of revenue in H1FY26, while billets generated 17.07% of revenue and rolled bright bars accounted for 15.42%, flat & patti brought in 4.46%, and forging ingots generated 1.88% of revenue. The company sells 99.94% of its products through domestic markets, while Turkey and UAE and Poland account for 0.06% of its sales. The company operates direct sales and trader networks to distribute its products across 14 states and two union territories. The geographic distribution of sales in India shows that Maharashtra, Gujarat and Uttar Pradesh together generated 91.09% of total revenue from operations during the period.
Rajputana Stainless manufacturing plant is strategically located at Halol Kalol Road in Gujarat, spread across a total land area of 35,196.98 sq. m. (which includes an unutilized open area of approx. 17,610 sq. m. earmarked for a proposed seamless pipes unit). The integrated facility is equipped with an induction furnace, Argon Oxygen Decarburization (AOD) converter, Continuous Casting Machine (CCM), heat treatment facilities, an in-house oxygen and nitrogen plant, a rolling mill, and a bright bar shop. As of September 30, 2025, the installed melting capacity is 48,000 MTPA, rolling capacity is 36,000 MTPA, and bright bar capacity is 6,000 MTPA. Capacity utilisation has remained strong. In FY25, utilisation stood at 99.92% for melting and 99.97% for rolling.
The company has established long-term relationships with key institutional clients. During the period ending FY25, they had over 370 customers, and around 167 customers had been associated with the company for over 3 years, contributing 75.83% of the total revenue from operations. The company served 266 customers (220 of which are manufacturers and 46 are traders) as of H1FY26. Its top 10 customers that together account for approximately 45% of the total revenue, of these, the largest revenue accounts for approximately 11% of the total revenue for the H1FY26.
The sales strategy consists of a combination of direct relationships with commercial manufacturers and an established trader network. The majority of the raw materials used are produced from stainless steel scrap, mild steel scrap and ferro alloys (comprising nickel, copper, molybdenum and ferro chrome). The raw materials procured by the company are sourced from both national and global sources. The company's imports are primarily from the United Arab Emirates (UAE), Malaysia, South Korea, Hong Kong and the United States. The proportions of the top 10 suppliers represent approximately 40.14% of the total material.
The domestic stainless steel sector has experienced substantial growth trends over recent years. India is presently the world's second-largest consumer and third-largest producer of stainless steel, with a projected installed capacity of 6.6-6.8 million tonnes. Domestic demand for stainless steel has been driven by a commitment from the government to significant infrastructure projects that will be funded under various national programs, such as the National Infrastructure Pipeline and PM Gati Shakti project. It is anticipated that by 2030, domestic consumption of stainless steel in India will reach 5.5 million tonnes, at a CAGR of 6.59%. Being a manufacturer of stainless-steel products, the company has a production capacity of 48000 MTPA for melting and 36000 MTPA for rolling as of September 30 2025. It operates multiple product lines which serve various markets, including architecture, automotive and capital goods that support India's industrial and infrastructure development.
The company uses forward integration as its main strategy to produce stainless-steel seamless pipes, which helps the company to create new products with better profit margins. It keeps investing in advanced technologies, upgraded equipment and small-scale automation to enhance its operational capabilities. The company is expected to achieve financial stability and profitability through operational excellence while it works on reducing debt and expanding its international market presence.
Now, Rajputana Stainless Ltd is launching its initial public offering (IPO), which consists of a fresh issue of ₹179 crore and an offer for sale of ₹76 crore. The total issue size of the IPO is ₹255 crore. Its shares will be listed on the NSE and BSE.

How to pre-apply for the Rajputana Stainless IPO?

You can pre-apply for the Rajputana Stainless IPO on Upstox. The pre-application for this IPO, which means the pre-apply open date, usually begins a day before the IPO opens for subscription.
Follow these steps to pre-apply for the IPO:
  • Login to your Upstox account, using your six-digit PIN
  • After successfully logging in, click on ‘Discover’
  • On the Discover tab, you will find the ‘Invest in IPO’ section
  • Under the Invest in IPO section, look for the ‘Rajputana Stainless IPO’ tab and click on it
  • Now fill in all the required information, like ‘bid price’ and ‘lot size’
  • Confirm and click on ‘Pre-Apply’
  • Accept the mandate on your UPI app

How to apply for the Rajputana Stainless IPO?

If you are interested in this investment opportunity but unsure how to apply for the Rajputana Stainless IPO, here are the steps that you need to follow.
When the public issue opens for subscription, one can follow this step-by-step guide on how to apply for the Rajputana Stainless IPO on Upstox:
  • Log in to your Upstox account, using your six-digit PIN
  • After logging in, click on ‘Discover’
  • On the ‘Discover’ tab, you will find the ‘Invest in IPO’ section
  • Under the Invest in IPO section, look for the ‘Rajputana Stainless IPO’ tab and click on it
  • Now fill in all the required information, like ‘bid price’ and ‘lot size’
  • Confirm and click on ‘Apply’
  • Accept the mandate on your UPI app

**How to check Rajputana Stainless IPO Allotment Status? **

When the allotment process is completed, you can check the status of your application on the Upstox app. Share allotment is generally completed on the next working day after an IPO closes.
Here’s a step-by-step guide on how to check the Rajputana Stainless IPO allotment status:
  • Login to your Upstox account, using your six-digit PIN
  • After logging in, click on ‘Discover’
  • On the ‘Discover’ page, you will find the ‘Invest in IPO’ section
  • Under the Invest in IPO section, you will find the ‘View all’ option
  • Once you click on ‘View all’, you will be directed to the ‘IPO’ tab
  • In the ‘IPO’ tab, click on ‘My applications’
  • In ‘My applications’, under the History section, your Rajputana Stainless IPO allotment status will be mentioned

Rajputana Stainless Limited IPO Analysis

IPO REVIEW

Rajputana Stainless IPO | Analysis Video

Should you apply?

Watch our analysts break down the Rajputana Stainless Limited IPO — business model, financials, valuation and key risks — to help you decide whether to apply. The video covers the IPO price band, important dates, and what the subscription numbers mean for retail investors.

Checklist

Quality analysis
Revenue growth
Company valuation
Earnings expansion
Risk analysis
Debt to Equity ratio
Promoter holdings
Shares pledged
The investment checklist helps you understand a company's financial health at a glance and identify quality investment opportunities easily

Strength and Weakness

Fully integrated manufacturing facilities

The company’s large manufacturing facility is approximately 35,196.98 sq. m.; of this, there are approximately 17,610 sq. m. of unutilised land for observable future expansion. This facility contains all steps of the manufacturing process, from melting through refining and casting, rolling and treating materials, testing and storing the product, which creates tight quality control, faster turnaround times, and operational flexibility across all categories of product.

Diverse range of product

The company’s product mix consists of a full line of all types of stainless steel products; billets; forging ingots, rolled black bars, rolled bright bars, flat pattis, wire rods, and other ancillary products, thus, it offers more than 80 different grades of stainless steel in multiple sizes and specifications, meeting the industrial needs of customers in every sector. As a result, the product range meets all manufacturers in any sector and assures repeat orders from the customer base.

Long-term relationship with domestic customers

The company has built long-term relationships for more than 20 years, due to the customer-centred model established for producing stainless steel products according to their specific technical needs. During the period ending FY25, they had over 370 customers and around 167 customers had been associated with the company for over 3 years, contributing 75.83% of the total revenue from operations.

Established domestic revenue base

During the six months ended September 30, 2025 and in FY25, export revenues stood at ₹0.27crores and ₹15.28 crores, contributing 0.06% and 1.64% of revenue from operations, respectively. This indicates a strong domestic anchor while retaining export optionality for future scale-up.

Objectives of Rajputana Stainless Limited IPO

Repayment of borrowings
54.75%
The company will use ₹98 crore for repayment and/or pre-payment of certain outstanding borrowings.
General corporate purposes
34.88%
Part of the IPO proceeds will be used for general corporate purposes and issue expenses
Capital expenditure
10.37%
₹18.57cr to expand Panchmahal plant for stainless steel seamless pipes.

Compare

CompanyRevenue*3Y growthPATMarket capP/E ratioD/E ratio
This IPO₹932.15Cr-0.82%₹39.85Cr₹1,019.53Cr21.110.66
This sector (avg.)₹3,652.65Cr0%₹112.07Cr₹6,638.34Cr114.910.53
₹1,68,824Cr---₹3,491Cr₹2,96,623Cr39.881.50
₹2,18,542.51Cr---₹3,173.78Cr₹2,41,094.5Cr35.361.04
₹39,312.21Cr---₹2,499.72Cr₹67,753.99Cr23.050.38

*Revenue for financial year 2024-25. Lower P/E and D/E ratios are generally preferred.

Rajputana Stainless IPO Contact Details

Company NameRajputana Stainless Limited

How to apply for Rajputana Stainless IPO?

  1. Step 1

    Log in to your Upstox account to access IPO investments. Next, select the current IPO section.

  2. Step 2

    Specify IPO details. Enter the number of lots and the price you wish to apply for.

  3. Step 3

    Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.

  4. Step 4

    Mandate Notification. Your UPI app will receive a mandate notification to block funds.

  5. Step 5

    Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.

Rajputana Stainless Limited IPO FAQs

Investors can apply for the Rajputana Stainless IPO through their Demat account via the stock exchange or through their broker.
The issue size of the Rajputana Stainless IPO is 255 Cr.
Pre-applying for an IPO allows you to submit your application before the official subscription period begins.
The IPO shares will typically list on major stock exchanges such as the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE), as specified in the IPO prospectus.
Rajputana Stainless IPO will be open between 2026-03-09 and 2026-03-11.
Rajputana Stainless IPO allotment date is 2026-03-19. For Rajputana Stainless IPO allotment status check, you can visit the website of the registrar of the IPO.
For Rajputana Stainless IPO, the IPO registrar is KFin Technologies Limited . You can check Rajputana Stainless IPO allotment status on the website of the registrar.
The shares are proposed to be listed on the BSE and NSE.
The Rajputana Stainless IPO shares will typically be credited to your demat account one working day before the IPO's listing date, provided your application is successfully allotted.
The Rajputana Stainless IPO lot size is 110 and minimum order quantity is 110.
Rajputana Stainless IPO has set the price band for its IPO at 122 per equity share with a face value of 10.