IPO ChampIPO Insights
IPO Champ LogoIPO Champ Logo

IPOs

IPO Calendar
GMP Tracker
Subscription Status
Allotment Status
Stock Broker
  • Follow us on Instagram
  • Follow us on Facebook
  • Follow us on Threads
  • Follow us on YouTube
  • Follow us on Telegram
  • Follow us on WhatsApp
HomeIPORajputana Stainless

About Rajputana Stainless

Incorporated in 1991, Rajputana Stainless Limited is engaged in manufacturing long and flat stainless-steel products. The company offers a range of stainless steel products, including billets, forging ingots, rolled black and bright bars, flat & patti, and other ancillary products, in over 80 diverse grades.The company primarily sells its products domestically through direct sales and traders, while also exporting to five countries: UAE, USA, Turkey, Kuwait, and Poland.The company uses its expertise and infrastructure to supply raw materials for various industries, including seamless pipes, aerospace, forging, oil and gas, defense, automotive, aviation, and precision engineering. The company operates a manufacturing facility of 35,196.98 Sq.m in Kalol, Gujarat, equipped with an induction furnace, AOD, CCM, heat treatment facilities, rolling mill, and bright bar shop for efficient production. Product Portfolio: Billet: The company produces stainless steel billets, semi-finished products made from liquid steel, used as optimal inputs for hot working processes such as forging, rolling, and ring rolling. Cast ingots: The company produces cast ingots, metal masses poured into molds for easy storage, transportation, and further processing. These ingots are free from defects, marked for traceability, and used in open die forgings, re-rolling, and ring rolling. Hexagon al Bars: The company produces hexagonal bars, stainless steel rolled into hexagonal shapes, used in manufacturing nuts, valves, hose ends, fasteners, and hex bolts. As of September 30, 2025, the company had 408 permanent employees and workers comprising skilled and unskilled workers.

Checklist Quality Analysis

Live IPOs

National Stock Exchange of India logo

National Stock Exchange of India

Mainboard
Open  Close17th Sep 2026 - 21st Sep 2026
Issue Size22561.57 Cr
Min. Qty8 Shares
Issue Price₹ 1700.00
Live IPO
Antala Industries logo

Antala Industries

SME
Open  Close29th Oct 2026 - 5th Nov 2026
Issue Size22.98 Cr
Min. Qty2000 Shares
Issue Price₹ 62.00
Live IPO
Companies NameOpen - CloseIssue SizeMin. QtyIssue PriceApply
National Stock Exchange of India logo

National Stock Exchange of India

Mainboard
17th Sep 2026 - 21st Sep 202622561.57 Cr8 Shares₹ 1700.00
Antala Industries logo

Antala Industries

SME
29th Oct 2026 - 5th Nov 202622.98 Cr2000 Shares₹ 62.00
See All Live IPOs
IPO Champ LogoIPO Champ Logo

IPO Champ helps investors track upcoming, live and past IPOs in one place with GMP, subscription, allotment status and listing performance insights.

Tools

IPO CalendarGMP TrackerSubscription StatusAllotment Status

IPOs

All IPOsLive IPOsUpcoming IPOsClosed IPOsListed IPOs

Resources

NewseBooks

Company

HomeAbout UsPrivacy PolicyTerms of Service

About IPO Champ

IPO Champ is built for investors who want a clear view of every IPO opportunity in one place. From upcoming issues to live subscription data, allotment updates and listing performance, we bring together the key details you need to track the primary market.

Our tools are designed to be simple, fast and investor-friendly so you can focus on evaluating businesses instead of opening multiple tabs and websites for basic information.

Details of client bank account
For any query / feedback / clarifications, email at
help@ipochamp.com.

Please read all offer documents and risk disclosures carefully before investing. IPO Champ does not provide investment advice and information on this site should not be treated as a recommendation to apply for any IPO.

© 2026 IPO Champ. All rights reserved.

Want to stay updated?Subscribe to our newsletter

Rajputana Stainless

Rajputana Stainless

Open Date

Mar 9, 2026

Close Date

Mar 11, 2026

listed

Min Investment

₹13,420

Lot Size

110 Shares

Issue Size

₹254.98 Cr

Price Range

₹116 - ₹116

Listing Date

Mar 19, 2026

IPO Doc

RHP PDF

Revenue Growth

Company Valuation

Earning Expansion

The investment checklist helps you understand a company's financial health at a glance and identify quality investment opportunities easily.

₹1(+0.86%)GMP
0.82%Prediction Listing Gain

Grey Market Premium (GMP) Trend

Rajputana Stainless IPO - Issue Objectives

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

Capital expenditure

10.37%

Repayment of borrowings

54.75%

General corporate purposes

34.88%

1

Capital expenditure

₹18.57cr to expand Panchmahal plant for stainless steel seamless pipes.

10.37%
2

Repayment of borrowings

The company will use ₹98 crore for repayment and/or pre-payment of certain outstanding borrowings.

54.75%
3

General corporate purposes

Part of the IPO proceeds will be used for general corporate purposes and issue expenses

34.88%

IPO Subscription Status

QIB
2.51x
NII
2.59x
Individual
0.27x
Total
1.12x

Times subscribed by category (bars capped at 10x for readability). Dashed line marks 1.0x (fully subscribed).

Financials of Rajputana Stainless

In Cr.

Key Performance Indicator30-Sep-25 (In Cr.)31-Mar-25 (In Cr.)31-Mar-24 (In Cr.)31-Mar-23 (In Cr.)
Revenue502.77937.49915.50950.69
EBITDA45.9273.7959.4143.85
Expenses
Profit After Tax24.4139.8531.6324.04
Assets448.80420.36324.01297.34
Net Worth176.65151.95112.2781.17
Reserves108.1683.7578.3646.73
Borrowing85.9199.7579.7679.83

Rajputana Stainless - Promoter(s)

Shankarlal Deepchand Mehta

Babulal D Mehta

Jayesh Natvarlal Pithva

Yashkumar Shankarlal Mehta

Pre Issue Share Holding

78.22%

Post Issue Share Holding

57.01%

About Strength & Risks

Why this IPO looks interesting

Key positives investors may want to consider before applying.

01

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.

02

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.

03

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.

What investors should watch closely

Risk factors and possible pressure points around the offer.

01

Revenue concentration

The top 10 clients represented a significant portion of the revenue generated by the company (i.e. 44.93% of operating revenue during the six months ended September 30, 2025, 41.69% of operating revenue in FY25). This was particularly evident with the single largest customer at 11.09% of operating revenues during the H1FY26, and 8.25% of FY25 operating revenue. The loss, renegotiation or slowdown of any of these key accounts may result in Revenue fluctuations and margin compression within a relatively short time frame.

02

No long-term supply agreements

A majority of the company's revenue is derived from orders placed by customers without guaranteed volume commitments. Repeat customers represented 88.63% of revenue during the six months ended September 30, 2025, down from 93.19% in FY25; however, there is no contractual obligation on the part of customers to continue making purchases from the company. The customer flexibility provided through no guaranteed volume contract increases the company’s earnings sensitivity to changes in the demand for its products or shifts in competitive pricing situations in cyclically driven markets.

Contact Details

Rajputana Stainless

213, Madhwas, Halol Kalol Road, Kalol, Panchmahal Halol, Gujarat, 389330

+916358164770
compliance@rajputanastainless.com
https://www.rajputanastainless.com/

Registrar Contact Details

Kfin Technologies Ltd.

04067162222
rsl.ipo@kfintech.com
https://ipostatus.kfintech.com/

Rajputana Stainless IPO - FAQs

Rajputana Stainless IPO is a Mainboard IPO. The issue is priced at 116-₹122. The minimum order quantity is 110 Shares. The IPO opens on 9 Mar, and closes on 11 Mar. Kfin Technologies Ltd. is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.









IPO Timeline

  • Pre Apply2026-03-06
  • Bidding Starts2026-03-09
  • Bidding Ends2026-03-11
  • Allotment Finalisation2026-03-17
  • Release of Funds2026-03-18
  • Demat Transfer2026-03-19
  • Listing2026-03-19
04

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.

03

Order cancellation

Although the company maintains a low order cancellation rate (1.72% to 1.81% over FY23 to H1FY26), it remains susceptible to order cancellations on short notice. The company received 3,133 orders in H1FY26, with 54 orders being cancelled. All else being equal, a relatively small increase in total cancellation activity could interrupt the production planning and how quickly inventory is turned.

04

Geographic revenue concentration

The company derives a significant portion of domestic revenue from Maharashtra (47.8%), Gujarat (35.1%) and Uttar Pradesh as on H1FY26. Given the cyclical and infrastructure-linked nature of stainless steel demand, any regional slowdown, regulatory shift, or project deferral in these key states may disproportionately impact revenue trajectory and capacity utilisation.