Rajputana Stainless Ltd IPO
Steel
Price Band
₹116 – ₹122
Lot Size
110
Minimum Bid Quantity
110
Minimum Investment
₹13420
Issue Size
₹254.98Cr
Opens
2026-03-09
Closes
2026-03-16
Listing
19-03-2026
Subscription Status
Qualified Institutional Buyers
2.51 x
Non-Institutional Investor
2.59 x
Retail Individual Investor
0.27 x
Total
1.12 x
IPO Details
Issue Type
BB
Face Value
₹10
Tick Size
1
ISIN
INE313L01016
Pre-Apply Available
No
Daily Bidding Time
10:00:00 - 17:00:00
About the Company
Rajputana Stainless is engaged in the manufacturing of long and flat stainless-steel products under the brand name "RSL." Its product portfolio includes billets, forging ingots, rolled black bars, rolled bright bars, flat & patti, and other ancillary stainless-steel products. The company offers products in more than 80 grades of stainless steel, catering to varied technical specifications and application-specific requirements. It operates exclusively on a business-to-business (B2B) model, supplying primarily to manufacturers and traders. The company's products are used across multiple industries, including bar processing, seamless pipes, forging, wire manufacturing, engineering, casting, fasteners, utensil manufacturing, pumps and shafts, and the automotive sector. Sales are predominantly domestic, executed through direct sales and trader networks. In addition to the Indian market, the company exports to nine countries, including Turkey, the UAE, Poland, Portugal, the USA, South Africa, South Korea, the Czech Republic, and Kuwait. Operations are carried out at its manufacturing facility at Kalol, Gujarat. The company also utilises third-party job work units for specific processing requirements to manage incremental demand. Use of proceeds: The IPO consists of both a fresh issue of shares and an offer for sale (OFS). Proceeds from the OFS will go to the respective selling shareholders, whereas the net proceeds from the fresh issue will be utilised for the following purposes: Funding capital expenditure requirements for expansion of the existing manufacturing facility in Gujarat — Rs 18.57 crore Full or part repayment and/or prepayment of certain outstanding borrowings availed by the company — Rs 98 crore General corporate purposes— undefined
Pros
- • The company claims to operate an integrated manufacturing facility at Kalol, Gujarat, covering approximately 35,196.98 sq. m. The facility is equipped with an induction furnace, argon oxygen decarburisation (AOD), continuous casting machine (CCM), heat treatment facilities, oxygen and nitrogen plants, rolling mill, and bright bar shop. As of September 30, 2025, it had an installed melting capacity of 48,000 MTPA, rolling capacity of 36,000 MTPA, bright bar capacity of 6,000 MTPA, and associated utilities infrastructure.
- • The company claims to have a diverse portfolio where it manufactures billets, forging ingots, rolled black bars, rolled bright bars, flat & patti and other ancillary products in more than 80 stainless-steel grades. It offers multiple sizes and configurations across product categories, enabling it to cater to varied industrial applications and reduce dependence on a single product segment.
- • The company claims to be led by promoters who have been associated with the business since 1999, 2007 and 2015, respectively, and collectively bring over five decades of experience in the steel industry. Their industry experience and continuity in leadership claim to have supported operational stability and business development over the years.
Cons
- • A significant portion of the company's revenue is derived from a few customers. Revenue from the top 10 customers amounted to Rs 225.36 crore (44.93%) for the period ended September 30, 2025, Rs 388.57 crore (41.69%) in FY25, Rs 381.64 crore (41.95%) in FY24 and Rs 419.72 crore (44.29%) in FY23. The absence of long-term contracts with these customers increases the risk of order volatility. Any reduction in offtake, shift to competitors, pricing pressure, or termination of purchase arrangements could materially impact revenue stability, cash flows, and profitability.
- • The company, its directors, and its promoters are involved in certain ongoing legal proceedings, including material civil litigation and tax proceedings. Any adverse judgment in these cases can be detrimental to the company’s business prospects.
- • The company operates a single manufacturing facility located in Gujarat, and the proposed expansion is also planned within the same premises. This geographic concentration exposes operations to regional risks such as economic downturns, regulatory changes, natural disasters, infrastructure disruptions, political unrest, or utility failures. Any adverse development affecting this region could disrupt production, delay deliveries, and materially impact sales volumes, operational continuity, and financial performance due to the absence of geographic diversification.
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