Rajputana Stainless IPO – Price Band & Financials

Published on 02 Mar 2026, Monday

Rajputana Stainless Ltd has fixed a price band of ₹116–₹122 per share for its ₹255 crore IPO. The issue will open on March 9 and close on March 11.

IPO Structure

Total Issue Size: ₹255 crore (at upper band)

Fresh Issue: Up to 1.46 crore equity shares

Offer for Sale (OFS): Up to 62.5 lakh shares by promoter

> Use of Proceeds (Fresh Issue Portion)

Setting up a new manufacturing facility in Panchmahal, Gujarat

Product portfolio expansion

Debt repayment

General corporate purposes

Balanced structure: Not 100% OFS — which is a positive signal.

About the Company

Incorporated in 1991 (earlier Rajputana Steel Castings), the company restructured and became Rajputana Stainless in 2007.

> Business Profile:

Manufactures stainless steel long and flat products:

Billets

Forging ingots

Rolled black bars

Serves:

Domestic market (direct + traders)

Exports to UAE, US, Turkey, Kuwait, and Poland

Industry Type: Stainless steel manufacturing (cyclical, commodity-linked)

Financial Snapshot

Particulars	FY24	                FY25

Revenue       ₹910 Cr               ₹932 Cr

Net Profit      ₹31.6 Cr               ₹40 Cr

Observations:

✔ Revenue growth: Modest (~2.4%)
✔ Profit growth: Strong (~26%)
✔ Margin improvement visible

But revenue growth is relatively slow compared to profit jump — investors should check whether margin expansion is sustainable.

Key Positives

✔ Expansion plan in Gujarat
✔ Profit growth improving
✔ Exports diversification
✔ Debt repayment from IPO proceeds

Key Risks

⚠ Commodity price volatility
⚠ Cyclical industry
⚠ Revenue growth modest
⚠ Margin sustainability question
⚠ Promoter OFS portion present

What Investors Should Check in DRHP

Before applying:

Debt-to-equity ratio

ROE / ROCE

Cash flow from operations

Customer concentration

Raw material dependency

Disclaimer

This IPO analysis is provided for educational and informational purposes only and does not constitute investment advice or a recommendation to buy or sell securities.

The content is based on publicly available information and may be subject to change. Investors should carefully read the official RHP/DRHP filed with the Securities and Exchange Board of India (SEBI) and consult a qualified financial advisor before making any investment decision.

IPO investments are subject to market risks. IPORupee shall not be responsible for any losses arising from reliance on this information.