RAJPUTANA STAINLESS LIMITED
Price Band
₹ 116 - ₹ 122
Bid Lot
110 Shares
RAJPUTANA STAINLESS LIMITED
09-Mar-2026 - 11-Mar-2026
Price Band
₹ 116 - ₹ 122
Minimum Investment
₹ 13420.00
Bid Lot
110 Shares
Shares
20,900,000
-
Face Value - Rs. 10/- Per Share
- Lisitng at NSE BSE
-
66,500 Application Required in Retail for 1 Time.
-
Registrar :
KFin Technologies Limited
IPO Details
Fresh Issue of up to 1,46,50,000 Equity Shares and Offer for Sale of up to 62,50,000 Equity Shares
QIB
50%
(10,450,000 Shares)RS.127.49 CR
HNI 1
5%
(1,045,000 Shares)RS.12.75 CR @ 633 FORM 1X
HNI 2
10%
(2,090,000 Shares)RS.25.50 CR @ 1267 FORM 1X
Retail
35%
(7,315,000 Shares)RS.89.24 CR @ 66500 FORM 1X
BRLMs: Nirbhay Capital Services Pvt. Ltd
Timeline
-
09
Mar-2026
Open Date
-
11
Mar-2026
Close Date
-
12
Mar-2026
Basis of Allotment Date
-
13
Mar-2026
Initiation of Refunds
-
13
Mar-2026
Credit of Shares to Demat A/C
-
16
Mar-2026
IPO Listing Date
Subscription as on 11-Mar-2026 17:04
Category
Book Size
Subscription
QIB
1.25x
4,180,000
(₹51.00 Cr.)
5,239,630
(₹63.92 Cr.)
HNI (<10 LAKH)
0.55x
1,045,000
(₹12.75 Cr.)
577,280
(₹7.04 Cr.)
HNI2 (>10 LAKH)
6.73x
2,090,000
(₹25.50 Cr.)
14,063,060
(₹171.57 Cr.)
RETAIL
0.48x
7,315,000
(₹89.24 Cr.)
3,537,710
(₹43.16 Cr.)
Total
1.60x
14,630,000
23,417,680
Category
Book Size
Subscription
QIB
1.25x
4,180,000
(₹51.00 Cr.)
5,239,630
(₹63.92 Cr.)
HNI (<10 LAKH)
0.55x
1,045,000
(₹12.75 Cr.)
577,280
(₹7.04 Cr.)
HNI2 (>10 LAKH)
6.73x
2,090,000
(₹25.50 Cr.)
14,063,060
(₹171.57 Cr.)
RETAIL
0.48x
7,315,000
(₹89.24 Cr.)
3,537,710
(₹43.16 Cr.)
Total
1.60x
14,630,000
23,417,680
*Excluding Anchor
Total No. of Application Approx : ~21922 (0.33 Appwise)
HNI Cost
About Company
- q The company was originally incorporated as Rajputana Steel Castings Private Limited on April 2, 1991. The name was changed to Rajputana Steel Castings Limited on June 18, 2007. Subsequently, the name was changed to Rajputana Stainless Limited on July 12, 2007.
- q The company offer its products in more than 80 diverse grades of stainless steel. The company is engaged in the business of manufacturing long and flat stainless-steel products, comprising billets, forging ingots, rolled black bar, rolled bright bar, flat & patti, and other ancillary products under the brand name “RSL”.
- q The company operates exclusively on a Business-to-Business (B2B) basis, catering to a customer base primarily comprising manufacturers and traders.
- q Apart from domestic sales, the company exports its products to 9 countries, including Turkey, UAE, Poland, Portugal, USA, South Africa, South Korea, Czech Republic, and Kuwait.
- q The company’s manufacturing facility is spread across 35,196.98 Sq.m (including unused land of ~17,610 Sq. m), at Kalol, Gujarat.
- q As of September 30, 2025, the company had an installed melting capacity of 48,000 MTPA, rolling capacity of 36,000 MTPA and bright bar capacity of 6,000 MTPA, a heat treatment facility of 2,000 MT and Oxygen and Nitrogen plants having installed capacities of 350 cum/hour and 200 cum/hour, respectively.
- q The Company is accredited with ISO 9001:2015 for manufacturing and supplying long stainless-steel and allied products and holds the AD 2000-Merkblatt W0 certification from TÜV NORD Systems GmbH & Co. KG as a material manufacturer. It has also obtained BIS certification IS 6603:2001 for stainless-steel bars and flat products. In addition, the Company is accredited with AS 9100D from TÜV India Pvt. Ltd for manufacturing stainless-steel ingots, billets and round bars for aerospace applications.
- q Between FY 2022 and FY 2025, revenue grew at a CAGR of 5.45% to ? 932.16 Cr. Revenue from operations stood at ?501.53 cr for the 6-month period ended September 30, 2025.
Strengths
Competitive Strength
- Established, integrated manufacturing setup at a strategic location
- Diverse Product Portfolio
- Established customer base and relationships
- Promoters and Experienced Management Team
- Track Record of healthy growth
Business Strategies
- Setting up of Stainless-Steel Seamless Pipes Unit
- Strengthening the foothold in our existing markets and expanding the customer base
- Continue to improve operations and profitability through strategic initiatives
- Continue our efforts towards the training of manpower
- Focus on rationalizing the indebtedness
Company Promoters
Company Financials
Company Financials (Restated)
| 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 and Surplus | 108.16 | 83.75 | 78.36 | 46.73 |
| Total Borrowing | 85.91 | 99.75 | 79.76 | 79.83 |
| Amount in ? Crore | ||||
Objects of the Issue
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
| # | Issue Objects | Est Amt (? Cr.) |
|---|---|---|
| 1 | Funding capital expenditure requirements for setting up of manufacturing facility for Stainless Steel Seamless Pipes to expand the product portfolio (“Proposed Facility”); | 18.57 |
| 2 | Full or part repayment and/or prepayment of certain outstanding secured borrowings availed by the Company; and | 98.00 |
| 3 | General corporate purposes | |
| Total | 116.57 |
How to Apply
Apply for IPO in few simple steps.
-
Step 1
Once you create your account, Login to Easy Investing.
-
Step 2
Under IPO Section, you will be able to see a list of Ongoing IPOs, where you can click on apply button.
-
Step 3
Add quantity of shares to apply – Maximum 3 bids are allowed (For retail category – max amount Rs.2,00,000/-).
-
Step 4
Enter your UPI ID and you will receive mandate on your UPI App.
-
Step 5
Once you accept the mandate, Application is submitted successful.
The Bidding Process
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How to bid on App?
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Investing using UPI
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