Rajputana Stainless IPO opens on March 9: Know about financials, business model, IPO details & more

Rajputana Stainless IPO is set to open for subscription on March 9. 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 over 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.

Rajputana Stainless IPO details

Rajputana Stainless IPO aims to raise ₹255 crore through its public issue by selling over 2 crore shares. The IPO consists of a fresh issue of ₹179 crore and an offer for sale of ₹76 crore.

The company has fixed the price band of the issue at ₹116 to ₹122 per share. The lot size, or the minimum bid quantity to apply for the issue, is 110 shares. This equates to a minimum investment amount of ₹13,420 per lot at the upper end of the price band under the retail investors category.

Rajputana Stainless has appointed Nirbhay Capital Services as the book-running lead manager of the IPO, while Kfin Technologies is the registrar for the issue.

Rajputana Stainless IPO timeline

Rajputana Stainless IPO will open for subscription on Monday, March 9 and will remain open until Wednesday, March 11, 2026. After the bidding is closed, the allotment of shares is expected to be finalised on March 12.

Successful bidders can expect the shares to be credited to their demat accounts by March 13, with others receiving refunds on the same day. Rajputana Stainless IPO shares are scheduled to list on the BSE and NSE on Monday, March 16, 2026.

Rajputana Stainless Financials

Rajputana Stainless IPO objective

• Capital expenditure: The company will use approximately ₹18.57 crore to expand its existing manufacturing facility at Panchmahal, Gujarat, through forward integration into stainless steel seamless pipes.
• Repayment of borrowings: The company will use ₹98 crore for repayment and/or pre-payment of certain outstanding borrowings.
• General corporate purposes: Part of the IPO proceeds will be used for general corporate purposes and issue expenses

About the company

Rajputana Stainless earns majority of its revenue from sale of rolled black bars, which accounted for 57.57% of revenue in H1FY26, while billets generated 17.07% of revenue and rolled bright bars accounted for 15.42%. Rest of the revenue came from sale of flat & patti, forging ingots.

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). 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.

Rajputana Stainless 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.