rajputana-stainless-ltd

Incorporated in 1991 and based in Kalol, Gujarat, Rajputana Stainless is an integrated manufacturer of stainless steel long and flat products. They operate a large 35,000+ sq. meter facility and market their products under the brand name "RSL".

Business Model & Reach

• Diverse Product Range: Manufactures billets, forging ingots, rolled black/bright bars, and flats across 80+ grades of stainless steel.

• Sector Reach: Supplies to high-precision industries including Aerospace, Defense, Oil & Gas, Automotive, and Precision Engineering.

• Global Footprint: While primarily domestic, they export to countries like the USA, UAE, Turkey, South Korea, and Poland.

• B2B Strategy: Operates on a business-to-business model, serving both direct manufacturers and large trading networks.

Track Record

• Revenue Performance: Reported a total income of ₹937.49 Cr in FY25, a slight 2% increase over the previous year.

• Profitability: Reported a Profit After Tax (PAT) of ₹39.85 Cr in FY25, showcasing a healthy 26% growth in net profit compared to FY24.

• Operational Efficiency: The company has a long 34-year history, moving from a small casting unit to a large-scale integrated player.

Rajputana Stainless Ltd IPO GMP

As of March 3, 2026, the Grey Market Premium (GMP) is currently ₹0.

Note: A GMP of ₹0 indicates a neutral market sentiment with the stock expected to list near its issue price. However, premiums often fluctuate once anchor investors bid (scheduled for Mar 6) and public subscription begins.

Rajputana Stainless Ltd IPO Allotment Status

The allotment is scheduled to be finalized on Mar 12, 2026.

Check Rajputana Stainless Allotment Status To check your status online, visit: Check Allotment Status Here

You can verify your status via:

• Registrar's website (Kfin Technologies Limited)

• BSE/NSE official portals

• Using your PAN number or Application ID

Strengths

• Integrated Manufacturing: Operates a strategic, large-scale facility in Gujarat equipped with induction furnaces and AOD refining.

• Niche Product Grades: Capability to manufacture over 80 diverse grades allows them to serve specialized sectors like Aerospace and Defense.

• Established Relationships: Over 150 of their 385+ customers have been associated with the brand for more than 3 years.

• Strategic Expansion: Using IPO funds to enter the Seamless Pipes segment, which is a high-margin forward integration.

Weakness

• Revenue Stagnation: Despite profit growth, the top-line (revenue) has remained relatively flat over the last two years.

• Litigation Risk: The company and promoters are involved in legal proceedings totaling ~₹128 Cr (representing a significant portion of their net worth).

• Commodity Sensitivity: Margins are highly dependent on the prices of raw materials like nickel and chromium.

• Customer Concentration: A significant portion of revenue comes from their top 10 customers; losing any could impact the bottom line.

How the Company Will Use IPO Money

The fresh issue proceeds (₹178.73 Cr) will be utilized for:

• New Facility: ₹18.57 crores for setting up a stainless steel seamless pipe manufacturing unit.

• Debt Repayment: ₹98.00 crores for the repayment or prepayment of secured borrowings to strengthen the balance sheet.

• General Corporate Purposes: Strategic initiatives and operational expenses.

Lead Manager & Registrar

• Lead Manager: Nirbhay Capital Services Private Limited

• Registrar: Kfin Technologies Limited

• Phone: +91 40 6716 2222

• Email: rsl.ipo@kfintech.com