Shri Kanha Stainless Ltd IPO
Steel
Price Band
₹90 – ₹90
Lot Size
1600
Minimum Bid Quantity
3200
Minimum Investment
₹288000
Issue Size
₹46.28Cr
Opens
2025-12-03
Closes
2025-12-05
Listing
10-12-2025
Subscription Status
Qualified Institutional Buyers
0 x
Non-Institutional Investor
0.57 x
Retail Individual Investor
4.87 x
Total
2.66 x
IPO Details
Issue Type
EQUITY
Face Value
₹10
Tick Size
1
ISIN
INE1V4601019
Pre-Apply Available
No
Daily Bidding Time
10:00:00 - 17:00:00
About the Company
Shri Kanha Stainless is engaged in the manufacturing of precision stainless steel cold-rolled strips. The company produces thin and ultra-thin variants used across various industries such as textile, automotive, and chemical, as well as in flexible tubes, capillary tubes, clocks, watches, and electrical equipment. Its product range includes coils in the 200, 300, and 400 stainless steel series, with thicknesses between 0.08 mm and 2.00 mm and slitting from 5 mm upward, available in both hard and soft forms depending on customer needs. The company was incorporated in 2015 and is registered in Rajasthan, with its latest incorporation as a public limited company on August 30, 2024.
Pros
- • Shri Kanha Stainless is a private sector manufacturer engaged in producing cold-rolled stainless steel sections in India. The company manufactures stainless steel coils and strips in the 200, 300, and 400 series, each with distinct material characteristics suited to various applications. It claims to be positioned to benefit from the growing demand for cold-rolled stainless steel products in the country.
- • The company claims to have implemented a structured cost control system to monitor and manage input costs continuously. This framework is designed to help the company maintain margins despite rising raw material prices and operational expenses.
- • Shri Kanha Stainless claims to have a dedicated quality division with experienced personnel and in-house laboratories to test raw materials and finished products. The company states that its manufacturing unit follows defined quality and safety procedures in compliance with regulatory standards. It is accredited with ISO 9001:2015 for its quality management systems and ISI certifications, including IS 15997:2012, IS 5522:2014, and IS 6911:2017.
Cons
- • The company reported negative cash flow from operating activities amounting to Rs 2.65 crore for the period ended September 30, 2025, and Rs 8.78 crore in FY25. Additionally, negative cash flow from investing activities amounted to Rs 1.62 crore in FY24 and Rs 3.18 crore in FY23. Furthermore, the company reported negative cash flow from financing activities amounting to Rs 7.72 crore in FY25. The company attributes part of the overall shortfall to a technical adjustment following the transition of term loan and working capital facilities from HDFC Bank to Kotak Mahindra Bank. Any sustained negative cash flow in the future could adversely affect the company’s operations, liquidity, and financial condition.
- • The company, its promoters, and group companies are involved in certain ongoing legal proceedings, including criminal and tax-related disputes. Any adverse judgments in any of these cases could be detrimental to the company’s business prospects.
- • Shri Kanha Stainless is dependent on third-party suppliers for procuring stainless steel hot rolled (SS HR) coils, which serve as the primary raw material in its manufacturing process. The top three suppliers accounted for Rs 61.89 crore (61.63 percent) of the company’s total purchases for the period ended September 30, 2025; Rs 91.55 crore (64.24 percent) in FY25; Rs 96.74 crore (94.96 percent) in FY24; and Rs 76.63 crore (62.76 percent) in FY23. Any disruption in supply from one or more of these key vendors, price fluctuations, or transportation bottlenecks in the regions where these suppliers operate could adversely affect the company’s production schedule, profitability, and financial performance.
Get real-time IPO alerts on WhatsApp
Opening reminders • Subscription updates • GMP alerts • Allotment results
Start WhatsApp Alerts