The IPO of Rajputana Stainless will open for investment on March 9, 2026 (Monday) and close on March 11, 2026 (Wednesday). The company has fixed a price band of Rs.116 to Rs.122 per share. Investors can apply in a minimum lot of 110 shares and in multiples thereof. For retail investors, a minimum investment of Rs.13,420 will be required as per the above price band.
The allotment of shares is expected to be completed on March 12 and listing on BSE and NSE is likely to happen on March 16, 2026.
The book running lead manager of this IPO is Nirbhay Capital Services Private Limited, while Kfin Technology Limited is acting as the registrar.
Rajputana Stainless Limited is engaged in the manufacturing of long and flat stainless steel products under its brand RSL. Its product portfolio includes billets, forging ingots, rolled black bars, rolled bright bars, flats, coils and other ancillary products. Offered in over 80 stainless steel grades. The company operates on a B2B model, primarily catering to manufacturers and traders. Its products serve diverse industries such as seamless pipes, forging, wire manufacturing, engineering, casting, fasteners, vessels, pumps and shafts and the automotive sector.
Rajputana Stainless Limited, a leading company with over three decades of strong business heritage in the niche stainless/specialty products sector, based in Panchmahal, Vadodara, is all set to take its growth story forward. The company is entering the capital market on March 6, 2026 with an attractive mainboard issue of Rs. 254.98 crores at a price of Rs. 10 and the issue will close on March 11, 2026. The public issue of Rs. 254.98 crores includes an offer for sale of 62.50 lakh shares worth Rs. 76.25 crores.
Issue Size and Purpose of Funds
In this issue of total Rs.255 crore, 1.47 crore fresh shares worth Rs.178.73 crore have been issued (Fresh Issue), while the remaining Rs.76.25 crore shares will be sold by the promoters under Offer for Sale (OFS).
The company will use the funds for strategic expansion:
• New Plant: The company will spend Rs.18.57 crore for setting up a new manufacturing unit of ‘Stainless Steel Seamless Pipes’ to enhance its portfolio.
• Debt Reduction: The company will partially or fully repay its secured debt up to Rs.98 crore, which will reduce interest expense and enhance profitability.
Company Profile and Production Capacity
Established in 1991, Rajputana Stainless Limited today has vast experience in stainless steel long and flat products. The modern manufacturing unit spread over 35,196 sq m at Kalol, Gujarat is equipped with facilities like Induction Furnace, AOD, CCM and Rolling Mill.
The company’s main products include:
• Billets and Cast Ingots: Used in forging and ring rolling processes.
• Hexagonal Bars: Used to manufacture nuts, valves and fasteners.
• Varied Grades: The company offers products in over 80 different grades.
Global Presence and Customer Base
The company exports its products to countries like the United States (USA), UAE, Turkey, Kuwait and Poland in addition to the Indian market. The company’s products are used as raw materials in high-tech industries like aerospace, defense, automotive, aviation and oil & gas. As of September 2025, the company employs over 400 skilled employees.
Strong Financial Performance
The company has shown significant growth in the last few years:
• Total Revenue: Revenue was Rs.937.49 crore in FY25.
• Profit (PAT): Net profit at the end of March 2025 was Rs.39.85 crore, which has increased to Rs.24.41 crore in the half-year ended September 2025.
• Net Worth: The company’s net worth has increased to Rs.176.65 crore as of September 2025.
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