| Price | Lot Size | Issue Date | Issue Size |
|---|---|---|---|
| ₹116 to ₹122 | 110 | 09th Mar, 2026 – 11th Mar, 2026 | ₹255 Cr |
Rajputana Stainless Limited
Rajputana Stainless Ltd. (RSL), incorporated in 1991, is engaged in the manufacturing of long and flat stainless-steel products under the brand name “RSL.” The company’s product portfolio includes billets, forging ingots, rolled black bars, rolled bright bars, flats and pattis, along with other ancillary products. RSL offers its products in more than 80 different stainless-steel grades, reflecting its ability to meet varied technical specifications and application-specific requirements across. The company primarily operates on a business-to-business (B2B) model, supplying its products to a diverse customer base, mainly manufacturers and traders. Its stainless-steel products are widely used across several industries, including bar processing, seamless pipes, forging, wire manufacturing, engineering, casting, fasteners, utensil manufacturing, pumps and shafts, and the auto sector. This wide industrial application highlights the adaptability and performance of the company’s stainless-steel solutions for both standard and specialized uses. Apart from revenue generated through the manufacturing and sale of stainless-steel products, the company also earns income from (i) the sale of consumables, scrap, and other items, (ii) the sale of traded goods, and (iii) job work and other ancillary services. RSL distributes its products across 14 states and 2 union territories in India through a combination of direct sales and a network of traders. The company primarily operates from its manufacturing facility located in Kalol, Panchmahal district, Gujarat, situated on Halol–Kalol Road. The facility spans approximately 35,196.98 sq. meters, including 17,610 sq. meters of currently unutilized land. To meet rising demand and specific customer requirements, the company also utilizes third-party manufacturing units on a job-work basis. In addition to serving the domestic market, RSL exports its products to nine countries, including Turkey, the UAE, Poland, Portugal, the USA, South Africa, South Korea, the Czech Republic, and Kuwait. With over two decades of experience in the stainless-steel manufacturing industry, RSL has developed strong technical capabilities and operational efficiencies. Over time, the company has built a broad and loyal customer base by consistently meeting stringent quality standards and adapting to evolving industry requirements.
Objective of Rajputana Stainless Limited
The company proposes to utilize the net proceeds towards funding the following objects:
- Funding capital expenditure requirements for expansion of the existing manufacturing facility at Panchmahal district, Gujarat through forward integration and diversification of product portfolio i.e., Stainless Steel Seamless Pipes (Proposed Facility);
- Full or part repayment and/or prepayment of certain outstanding borrowings availed by the company; and
- General corporate purposes
Rationale To Rajputana Stainless Limited
Investment Rationale
Strategically located integrated manufacturing setup with expansion potential
RSL operates its primary manufacturing facility on Halol–Kalol Road in Kalol, Panchmahal district, Gujarat. The facility has an integrated manufacturing setup that covers the entire production chain, from melting and refining to casting/rolling, heat treatment, testing, and storage. The plant is equipped with key infrastructure, including an induction furnace, AOD, CCM, heat treatment facilities, a rolling mill, and a bright bar shop. Additionally, the facility houses oxygen and nitrogen plants, reducing dependence on third-party suppliers and supporting uninterrupted production. The manufacturing process combines mechanized operations with human skills to maintain desired production standards. The facility is also supported by infrastructure for raw material and finished goods storage, along with quality control systems. RSL’s integrated production process provides production flexibility, enabling the company to customize products based on specific customer requirements and adjust its product mix to cater to evolving market conditions. Strategically located near National Highway (NH 148N), the facility offers convenient connectivity and access to multiple transportation modes, facilitating efficient movement of both inbound raw materials and outbound finished goods. Further, RSL plans to expand its manufacturing capabilities through forward integration and product diversification. The company intends to utilize a portion of the vacant land within the premises of its existing facility to establish a plant for manufacturing stainless-steel seamless pipes. The basic raw material required for seamless pipes is already produced in-house, which positions the company well for this expansion. By leveraging its existing capabilities and raw material production, this forward integration is expected to enhance operational efficiency, reduce production costs, ensure consistent raw material supply, and improve overall product quality, thus giving it a competitive advantage and allowing it to achieve economies of scale.
Wide product portfolio and customer-centric approach driving growth
RSL specializes in manufacturing stainless-steel products in various sizes and grades, which have applications across a broad range of industries. Its portfolio comprises billets, forging ingots, rolled black bars, rolled bright bars, flat patti, wire rods, and other ancillary products. This diverse product offering enables RSL to effectively meet evolving customer requirements and respond to changing market demands. The company’s product versatility provides it with a competitive advantage, allowing it to compete more effectively within the industry. Additionally, its diversified product portfolio reduces dependence on any particular product, thereby de-risking its revenue streams. Over the years, RSL has developed long-term association with a wide customer base, which gives competitive advantages such as improved revenue visibility, industry goodwill, and a reputation for quality. Recognition of its product quality has helped the company to penetrate the stainless-steel products market and cater to new customers in addition to its existing customer network. A key differentiating factor for RSL is its customer-centric approach, under which it offers stainless-steel products tailored to specific customer requirements. This approach has supported the company’s business growth and helped expand its presence within the industry.
Valuation of Rajputana Stainless Limited
Rajputana Stainless Ltd. is engaged in the manufacturing of long and flat stainless-steel products and offers more than 80 grades of stainless steel, catering to a wide range of industries. The company operates entirely on a B2B model, serving primarily manufacturers and traders. India is the second-largest consumer and the third-largest producer of stainless steel globally, accounting for an average of about 7% of global stainless-steel output during 2016-2020. Given the broad end-consumer base, demand for long and flat stainless-steel products is closely linked to overall economic growth, industrial, as well as consumer demand scenarios. RSL is well positioned to benefit from these structural tailwinds, supported by its diversified product portfolio. The company’s integrated manufacturing facility enables efficient end-to-end production, operational flexibility, and customization of products to meet evolving customer requirements. Its strategic location supports efficient logistics, while planned forward integration into stainless-steel seamless pipes using in-house raw materials is expected to improve cost efficiency, ensure supply consistency, enhance product quality, and support scalable growth. Financially, the company has demonstrated steady improvement in profitability, with PAT growing at a CAGR of 28.7% and EBITDA at 29.7% during FY23-FY25. Over the same period, EBITDA margin expanded from 4.6% to 7.9%, while PAT margin improved from 2.5% to 4.3%, reflecting better operational efficiency. At the upper price band of Rs. 122, Rajputana Stainless Ltd. is valued at a P/E multiple of 21.1x based on FY25 earnings. Given the company’s improving margins, diversified product portfolio, and potential growth from forward integration initiatives, we recommend a “SUBSCRIBE” rating for this issue with a medium to long-term investment horizon.
What is the Rajputana Stainless Limited IPO?
The initial public offer (IPO) of Rajputana Stainless Limited offers an early investment opportunity in. A stock market investor can buy Rajputana Stainless Limited IPO shares by applying in IPO before All Rajputana Stainless Limited shares get listed at the stock exchanges. An investor could invest in Rajputana Stainless Limited for short term listing gain or a long term.
How to apply for the Rajputana Stainless Limited IPO through StoxBox?
To apply for the Rajputana Stainless Limited IPO through StoxBox one can apply from the website and also from the app. Click here
When will the Rajputana Stainless Limited IPO open?
Rajputana Stainless Limited IPO is opening on 09th Mar 2026. Apply Now
What is the lot size of the Rajputana Stainless Limited IPO?
The Lot Size of Rajputana Stainless Limited is 110 equity shares. Login to your account now.
When is the Rajputana Stainless Limited IPO allotment date?
The allotment Date for Rajputana Stainless Limited IPO is 12th Mar 2026. Login to your account now.
When is the Rajputana Stainless Limited IPO listing date?
The listing Date for Rajputana Stainless Limited is 16th Mar 2026. Login to your account now
What is the minimum investment required for the Rajputana Stainless Limited IPO?
In the Retail segment the minimum investment required is Rs. 13,420. Login to your account now
What is the maximum investment allowed for Rajputana Stainless Limited IPO?
In the Retail segment the maximum investment requirement is Rs. 1,87,880. Login to your account now
What are the risks associated with investing in the Rajputana Stainless Limited IPO?
The company derives a significant portion of its revenue from its top 10 customers. The company does not have long-term contracts with all of these customers, and their orders are largely based on purchase orders or ongoing business relationships. Any reduction in demand, loss of key customers, or termination of purchase arrangements could adversely impact the company’s revenue visibility, cash flows, financial condition, and overall operating performance.
The company, along with its promoters, directors, KMPs, and SMPs, is involved in certain ongoing legal proceedings. The total amount involved in litigations against the company aggregates to Rs. 12,861.77 lakh, representing approximately 72.8% of its net worth. Any unfavorable outcome in these proceedings could materially impact the company’s business operations, financial condition, and results of operations.
The company’s manufacturing Facility and proposed facility are located in Gujarat, and therefore, operations are highly vulnerable to regional conditions and economic downturns in the region.
When will the Rajputana Stainlesss Limited IPO shares be credited to my Demat account?
The Rajputana Stainless Limited be credited to the account on allotment date which is 09th Mar 2026. Login to your account now
Where can I find the Rajputana Stainless Limited IPO prospectus?
The prospectus of Rajputana Stainless Limited IPO prospectus can be find on the website of SEBI, NSE and BSE
