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Rajputana Stainless Ltd
MainboardListed
Open:Mon, 09 Mar 2026
Close:Wed, 11 Mar 2026
Lot Size:110 Shares
Price Band:₹ 116 - ₹ 122
Listing:NSE, BSE
Fresh Issue:178.33 Cr
OFS:76.25 Cr
Total IPO Size:254.58 Cr
QIB : 10.00%
Retail : 63.00%
Total HNI : 27.00%
EventDate
Open Date09-03-2026 , Monday
Close Date11-03-2026 , Wednesday
Tentative Allotment17-03-2026 , Tuesday
Tentative Listing Date20-03-2026 , Friday
Retail Appl. Cut Off Time11-03-2026 , Wednesday 05:00 PM
Non Retail Appl. Cut Off Time11-03-2026 , Wednesday 04:00 PM
Anchor Allotment06-03-2026 , Friday
Initiation Of Refund18-03-2026 , Wednesday
Credit Of Share To Demat18-03-2026 , Wednesday
Rajputana Stainless Limited IPO

Business Overview of Rajputana Stainless Limited

Rajputana Stainless Limited is engaged in the manufacturing of long and flat stainless-steel products under the brand name “RSL”. The company manufactures products such as billets, forging ingots, rolled black bars, rolled bright bars, flat and patti, wire rods and other ancillary products. The company operates mainly in the B2B market and caters to manufacturers and traders across industrial applications.

Full Forms Used in This Overview

B2B

B2B means Business-to-Business. It refers to selling products to manufacturers, traders or industrial customers instead of direct retail consumers.

MT and MTPA

MT means Metric Tonne. MTPA means Metric Tonnes Per Annum, which indicates annual manufacturing capacity.

AOD

AOD means Argon Oxygen Decarburization. It is a refining process used in stainless-steel manufacturing to improve steel quality and chemistry.

CCM

CCM means Continuous Casting Machine. It is used to convert molten metal into semi-finished steel products such as billets.

EBITDA, PAT, ROE and ROCE

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation. PAT means Profit After Tax. ROE means Return on Equity. ROCE means Return on Capital Employed.

RCS

RCS means Round Corner Square. It is one of the stainless-steel product forms manufactured by the company.

Company Overview

Rajputana Stainless Limited manufactures stainless-steel products in more than eighty diverse grades. Its product portfolio includes billets, forging ingots, rolled black bar, rolled bright bar, flat and patti, wire rods and other ancillary products.

The company’s products are used across industries such as bar processing, seamless pipes, forging, wire manufacturing, engineering, casting, fasteners, utensils manufacturing, pump and shaft and auto industry.

From Fiscal 2006 to Fiscal 2025, the company has produced and delivered more than 5.0 lakh metric tonnes of stainless-steel products across various grades and specifications.
IPORupee View: This is a manufacturing-led stainless-steel business. The key factors to understand are product mix, capacity utilisation, raw material cost, customer concentration, domestic market dependence and expansion into seamless pipes.

Business Model

The company operates exclusively on a B2B model. It sells stainless-steel products mainly to manufacturers and traders. Its revenue is primarily domestic, with exports forming a small part of total revenue.

Apart from manufacturing and supply of stainless-steel products, the company also earns revenue from sale of consumables, scrap and other items, sale of traded goods, job work and other income.

Core Manufacturing

Manufacturing and sale of stainless-steel products is the main revenue driver.

Traded Goods

The company also derives revenue from sale of traded goods.

Other Income Streams

Other operating income includes job work, consumables, scrap and other items.

Domestic and Export Revenue Mix

Particulars Six-month period ended Sep 30, 2025 % to Total Revenue Fiscal 2025 % to Total Revenue Fiscal 2024 % to Total Revenue Fiscal 2023 % to Total Revenue
Domestic RevenueRs. 50,125.34 lakhs99.94%Rs. 91,687.93 lakhs98.36%Rs. 90,494.47 lakhs99.47%Rs. 94,767.44 lakhs100%
Export RevenueRs. 27.60 lakhs0.06%Rs. 1,527.65 lakhs1.64%Rs. 486.33 lakhs0.53%--
Total Revenue from OperationsRs. 50,152.94 lakhs100%Rs. 93,215.58 lakhs100%Rs. 90,980.80 lakhs100%Rs. 94,767.44 lakhs100%
IPORupee Insight: The company is highly domestic-market driven. Export contribution was only 0.06% for the six-month period ended September 30, 2025 and 1.64% in Fiscal 2025. This means domestic industrial demand and stainless-steel cycle are very important for the company.

Revenue from Business Operations

Operations Six-month period ended Sep 30, 2025 % of Revenue Fiscal 2025 % of Revenue Fiscal 2024 % of Revenue Fiscal 2023 % of Revenue
Revenue from Sale of Manufactured GoodsRs. 45,128.82 lakhs89.98%Rs. 83,915.55 lakhs90.02%Rs. 88,680.85 lakhs97.47%Rs. 91,609.07 lakhs96.67%
Revenue from Sale of Consumables, Scrap and Other ItemsRs. 1,101.26 lakhs2.20%Rs. 2,715.78 lakhs2.91%Rs. 1,651.61 lakhs1.82%Rs. 2,810.72 lakhs2.97%
Revenue from Sale of Traded GoodsRs. 3,687.03 lakhs7.35%Rs. 6,138.48 lakhs6.59%Rs. 0.00 lakhs0.00%Rs. 0.00 lakhs0.00%
Revenue from Job Work and Other IncomeRs. 235.83 lakhs0.47%Rs. 445.77 lakhs0.48%Rs. 648.34 lakhs0.71%Rs. 347.66 lakhs0.37%
TotalRs. 50,152.94 lakhs100.00%Rs. 93,215.58 lakhs100.00%Rs. 90,980.80 lakhs100.00%Rs. 94,767.44 lakhs100.00%
IPORupee Insight: Manufactured goods remain the core business, contributing 89.98% of revenue for the six-month period ended September 30, 2025 and 90.02% in Fiscal 2025.

Product Portfolio and Product Revenue Mix

The company manufactures multiple stainless-steel products across long and flat product categories. Its product basket includes billets, forging ingots, rolled black bars, rolled bright bars, flat and patti, wire rods and other products.

Product Six-month period ended Sep 30, 2025 % of Revenue Fiscal 2025 % of Revenue Fiscal 2024 % of Revenue Fiscal 2023 % of Revenue
BilletRs. 8,561.69 lakhs17.07%Rs. 14,688.39 lakhs15.76%Rs. 13,150.97 lakhs14.45%Rs. 16,331.97 lakhs17.23%
Forging IngotsRs. 944.68 lakhs1.88%Rs. 2,124.35 lakhs2.28%Rs. 1,881.39 lakhs2.07%Rs. 3,077.67 lakhs3.25%
Rolled Black BarRs. 28,872.05 lakhs57.57%Rs. 55,046.69 lakhs59.05%Rs. 50,362.25 lakhs55.35%Rs. 50,703.11 lakhs53.50%
Rolled Bright BarRs. 7,731.25 lakhs15.42%Rs. 12,478.60 lakhs13.39%Rs. 10,938.23 lakhs12.02%Rs. 8,999.65 lakhs9.50%
Flat and PattiRs. 2,238.06 lakhs4.46%Rs. 4,151.08 lakhs4.45%Rs. 2,951.10 lakhs3.24%Rs. 4,588.18 lakhs4.84%
Wire Rods--Rs. 793.22 lakhs0.85%Rs. 9,107.38 lakhs10.01%Rs. 7,174.14 lakhs7.57%
Other ProductsRs. 468.12 lakhs0.93%Rs. 771.69 lakhs0.83%Rs. 289.53 lakhs0.32%Rs. 734.35 lakhs0.77%
Other Operating RevenueRs. 1,337.09 lakhs2.67%Rs. 3,161.55 lakhs3.39%Rs. 2,299.95 lakhs2.54%Rs. 3,158.30 lakhs3.33%
IPORupee Insight: Rolled Black Bar is the largest product category. It contributed 57.57% of revenue for the six-month period ended September 30, 2025 and 59.05% in Fiscal 2025. This makes the company’s performance meaningfully linked to demand and pricing in this product category.

Manufacturing Facility and Capacity Utilisation

The company operates through its manufacturing facility located at Halol Kalol Road, Kalol, Panchmahal, Gujarat. The facility is spread across 35,196.98 sq. m., including unutilised land of approximately 17,610 sq. m. The facility covers the production chain from melting and refining to casting, rolling, treatment, testing and storage.

Key Manufacturing Infrastructure

  • Induction furnace
  • AOD facility
  • Continuous Casting Machine
  • Heat treatment facilities
  • Rolling mill
  • Bright bar shop
  • Oxygen plant and nitrogen plant

Forward Integration Plan

The company proposes to use a portion of vacant land within its existing manufacturing facility to set up a plant for manufacturing stainless-steel seamless pipes. This is one of the key objects of the Fresh Issue.

Capacity Area Installed Capacity Capacity Utilisation - Six-month period ended Sep 30, 2025 Capacity Utilisation - Fiscal 2025 Capacity Utilisation - Fiscal 2024 Capacity Utilisation - Fiscal 2023
Melting Capacity48,000 MT49.90%99.92%99.96%99.99%
Rolling Capacity36,000 MT49.82%99.97%98.13%92.97%
Bright Bar Facility6,000 MT49.58%32.53%51.84%54.25%
Heat Treatment2,000 MT100%100%100%100%
Oxygen Plant350 CuM/hr100%100%100%100%
Nitrogen Plant200 CuM/hr100%100%100%100%
Investor Check: Melting and rolling capacity were almost fully utilised in Fiscal 2025, but six-month utilisation data is not annualised. Expansion into seamless pipes may support future growth, but execution, funding, demand and margin sustainability should be tracked carefully.

Production Quantity by Product

Product Six-month period ended Sep 30, 2025 Fiscal 2025 Fiscal 2024 Fiscal 2023
Billets Produced24,079.25 MT46,679.19 MT46,839.94 MT46,148.06 MT
Forging Ingots Produced494.43 MT972.02 MT1,139.11 MT1,397.55 MT
Rolled Black Bar Produced17,293.76 MT31,768.27 MT30,805.77 MT29,239.89 MT
Rolled Bright Bar Produced1,426.62 MT1,655.55 MT2,506.04 MT3,152.16 MT
Flat and Patti Produced2,092.33 MT3,696.60 MT2,252.44 MT3,182.39 MT
Wire Rods Produced-227.83 MT723.61 MT790.18 MT
Other Products Produced230.68 MT278.02 MT308.28 MT223.01 MT

Customers and Market Reach

The company’s customers comprise manufacturers and traders. It sells products in 14 states and 2 union territories through direct sales and trader network. The company generates significant revenue from Maharashtra, Gujarat and Uttar Pradesh.

Customer Type Six-month period ended Sep 30, 2025 Fiscal 2025 Fiscal 2024 Fiscal 2023
Manufacturers220225253201
Traders46145132162
Total Customers266370385363
During Fiscal 2025, the company catered to over 370 customers. Around 167 customers had been associated with the company for over 3 years and contributed Rs. 70,684.93 lakhs to revenue from operations, amounting to 75.83% of total revenue from operations in Fiscal 2025.

Top Customer Concentration

Particulars Six-month period ended Sep 30, 2025 % to Revenue Fiscal 2025 % to Revenue Fiscal 2024 % to Revenue Fiscal 2023 % to Revenue
Top 1 CustomerRs. 5,564.21 lakhs11.09%Rs. 7,693.86 lakhs8.25%Rs. 8,136.08 lakhs8.94%Rs. 8,746.80 lakhs9.23%
Top 3 CustomersRs. 11,583.37 lakhs23.10%Rs. 20,676.37 lakhs22.18%Rs. 22,202.46 lakhs24.40%Rs. 22,239.68 lakhs23.47%
Top 5 CustomersRs. 16,058.47 lakhs32.02%Rs. 27,883.94 lakhs29.91%Rs. 27,500.83 lakhs30.23%Rs. 30,128.20 lakhs31.79%
Top 10 CustomersRs. 22,535.80 lakhs44.93%Rs. 38,857.43 lakhs41.69%Rs. 38,164.10 lakhs41.95%Rs. 41,972.57 lakhs44.29%
Investor Check: Top 10 customers contributed 44.93% of revenue for the six-month period ended September 30, 2025. This is meaningful customer concentration and should be monitored.

Raw Materials and Imports

Key raw materials include stainless scrap, mild steel scrap, oxygen, nitrogen and ferro alloys including nickel, copper, molybdenum and ferro chrome. The company procures raw materials from domestic and international markets depending on price and availability.

Particulars Six-month period ended Sep 30, 2025 Fiscal 2025 Fiscal 2024 Fiscal 2023
Raw Material Purchase ExpenseRs. 39,084.46 lakhsRs. 70,119.14 lakhsRs. 73,680.99 lakhsRs. 75,513.48 lakhs
% of Revenue from Operations77.93%75.22%80.99%79.68%
Import Country As on Sep 30, 2025 % to Cost of Material Consumed Fiscal 2025 % to Cost of Material Consumed Fiscal 2024 % to Cost of Material Consumed Fiscal 2023 % to Cost of Material Consumed
UAERs. 5,680.82 lakhs15.77%Rs. 7,794.06 lakhs11.38%Rs. 5,834.57 lakhs7.86%Rs. 3,868.57 lakhs5.17%
MalaysiaRs. 3,453.75 lakhs9.59%Rs. 4,377.04 lakhs6.39%Rs. 5,362.15 lakhs7.22%Rs. 6,754.73 lakhs9.02%
South KoreaRs. 2,119.99 lakhs5.89%Rs. 1,605.67 lakhs2.34%Rs. 4,507.20 lakhs6.07%Rs. 3,001.04 lakhs4.01%
Hong KongRs. 496.30 lakhs1.38%Rs. 431.08 lakhs0.63%Rs. 2,778.24 lakhs3.74%Rs. 1,247.81 lakhs1.67%
USARs. 266.82 lakhs0.74%Rs. 427.21 lakhs0.62%Rs. 1,211.69 lakhs1.63%Rs. 1,358.41 lakhs1.81%
SingaporeRs. 1,612.63 lakhs4.48%Rs. 460.20 lakhs0.67%Rs. 2,253.38 lakhs3.03%Rs. 398.54 lakhs0.53%
OthersRs. 4,057.30 lakhs11.26%Rs. 9,459.09 lakhs13.81%Rs. 4,279.26 lakhs5.76%Rs. 3,193.19 lakhs4.27%
Total ImportsRs. 17,687.65 lakhs49.10%Rs. 24,554.34 lakhs35.85%Rs. 26,226.49 lakhs35.31%Rs. 19,822.29 lakhs26.48%
Investor Check: Raw material cost is a very large part of revenue. Any sharp movement in stainless scrap, mild steel scrap, ferro alloys, nickel, copper or foreign exchange rates can impact margins.

Key Financial Performance

Particulars September 30, 2025 Fiscal 2025 Fiscal 2024 Fiscal 2023
Revenue from OperationsRs. 50,152.94 lakhsRs. 93,215.58 lakhsRs. 90,980.80 lakhsRs. 94,767.44 lakhs
EBITDARs. 4,592.41 lakhsRs. 7,378.78 lakhsRs. 5,940.97 lakhsRs. 4,384.58 lakhs
EBITDA Margin9.16%7.92%6.53%4.63%
PATRs. 2,440.96 lakhsRs. 3,985.14 lakhsRs. 3,162.89 lakhsRs. 2,404.46 lakhs
Net Profit Margin4.87%4.28%3.48%2.54%
Net WorthRs. 17,665.48 lakhsRs. 15,194.67 lakhsRs. 11,226.94 lakhsRs. 8,116.61 lakhs
ROCE16.55%31.72%32.17%25.72%
ROE14.86%30.17%32.70%34.62%
Debt to Equity Ratio0.49x0.66x0.71x0.98x
Operating Cash FlowRs. 2,352.26 lakhsRs. 708.39 lakhsRs. 3,148.96 lakhsRs. 2,510.35 lakhs
IPORupee Financial View: Revenue has remained large but broadly range-bound between Fiscal 2023 and Fiscal 2025. However, profitability has improved: EBITDA margin increased from 4.63% in Fiscal 2023 to 7.92% in Fiscal 2025 and 9.16% for the six-month period ended September 30, 2025.

Quality Assurance and Certifications

The company places emphasis on quality assurance from raw material procurement to finished goods. It has a dedicated quality control department responsible for raw material and finished product quality.

Certifications and Accreditations

  • AD 2000-Merkblatt W0 certification as material manufacturer from TUV NORD Systems GmbH & Co. KG.
  • Product certification from Bureau of Indian Standards such as IS 6603:2001 for stainless steel bars and flat products.
  • AS 9100D certification from TUV India Private Limited for manufacture of stainless-steel ingots, billets and round bar for aerospace application.

Renewal Watch

The company has disclosed that its ISO 9001:2015 certification and quality-assurance system certification in accordance with Pressure Equipment Directive 2014/68/EU have recently expired and renewal application has been made.

Investor Check: For a steel manufacturing company, quality certifications and approvals are important. Any delay or failure in renewing key approvals can affect operations and customer confidence.

Key Strengths

Integrated Manufacturing Setup

The company’s facility covers melting, refining, casting, rolling, heat treatment, testing and storage.

Diverse Product Portfolio

The company offers products in more than 80 stainless-steel grades across various sizes and specifications.

Long Operating History

The company has over two decades of experience in stainless-steel product manufacturing.

Established Customer Relationships

In Fiscal 2025, around 167 customers associated for over 3 years contributed 75.83% of total revenue from operations.

High Utilisation in Core Capacity

Melting and rolling capacities were almost fully utilised in Fiscal 2025.

Forward Integration Opportunity

The company proposes to expand into stainless-steel seamless pipes using vacant land at its existing facility.

Positive Triggers vs Risk Triggers

Positive Triggers

  • Integrated manufacturing facility
  • More than 80 stainless-steel grades
  • Long operating history and customer relationships
  • High utilisation in melting and rolling capacity in Fiscal 2025
  • Improving EBITDA and net profit margins
  • Debt-to-equity ratio reduced from 0.98x in Fiscal 2023 to 0.66x in Fiscal 2025 and 0.49x as on September 30, 2025
  • Proposed forward integration into stainless-steel seamless pipes

Risk Triggers

  • High dependence on domestic revenue
  • Rolled Black Bar contributes the largest share of product revenue
  • Raw material cost forms a large part of revenue
  • Customer concentration: top 10 customers contributed 44.93% of revenue in six-month period ended September 30, 2025
  • Exports are currently very small
  • Steel cycle, commodity prices and demand volatility may impact margins
  • Some certifications have expired and renewal applications are pending
  • Seamless pipe expansion involves execution and demand risk

IPORupee Review

Rajputana Stainless Limited is a stainless-steel manufacturing company with an integrated production setup, a broad product portfolio and long operating experience. The company has built a meaningful B2B customer base across manufacturers and traders, with its products used in multiple industrial applications.

The most important point for retail investors is that this is a commodity-linked manufacturing business. Revenue scale is large, but margins depend heavily on raw material prices, product mix, capacity utilisation and demand conditions in the stainless-steel market.

The company’s margins have improved from Fiscal 2023 to the six-month period ended September 30, 2025. This is positive. However, investors should check whether this margin improvement is sustainable over a full cycle, especially because raw material purchases form a very high percentage of revenue.

IPORupee Final View: Rajputana Stainless has strengths in manufacturing scale, product range, customer relationships and capacity utilisation. The key watch areas are raw material volatility, customer concentration, domestic dependence, certification renewal and execution of the proposed seamless pipe expansion.

What Retail Investors Should Understand

Track these points before forming any view: valuation, steel cycle, raw material prices, EBITDA margin trend, capacity utilisation, customer concentration, export growth, certification renewals, operating cash flow, debt level and progress of seamless pipe expansion.

Disclosure and Disclaimer

This content is prepared for educational and informational purposes for IPORupee users based on the details shared from the company’s RHP/IPO documents and screenshots. It is not investment advice, research recommendation or a buy/sell/hold call.

  • All figures such as revenue, margins, capacity, customers, product mix, imports and financial indicators should be verified from the latest official RHP/offer document before making any investment decision.
  • IPO investment involves business risk, valuation risk, listing risk, market risk and liquidity risk.
  • Rajputana Stainless operates in a commodity-linked stainless-steel manufacturing business. Its performance may be affected by raw material prices, steel demand, foreign exchange movement, customer concentration, capacity utilisation, regulatory approvals and competitive pressure.
  • Investors should read the full RHP, risk factors, financial statements, objects of the issue, basis of offer price and consult a qualified financial advisor before investing.

Subscription Data

CategorySize
(In Cr)		Subscribed
(In Cr)		No of Times
(x)
QIB25.5063.922.51
bNII (Above 10L)45.90171.473.74
sNII (2L to 10L)22.956.810.30
NII Total68.85178.282.59
Retail160.6442.670.27
Total254.99284.871.12
CategoryPercentageNo. of Shares OfferedAmount
QIB
10.00 %
20,90,000
25.50 Cr
Retail
63.00 %
1,31,67,000
160.64 Cr
Total HNI
27.00 %
56,43,000
68.85 Cr
SHNI
9.00 %
18,81,000
22.95 Cr
BHNI
18.00 %
37,62,000
45.90 Cr
ApplicationDiscountQty (Lot)Total
Retail MIN
-
110 (1)
₹ 13,420
Retail MAX
-
1540 (14)
₹ 1,87,880
SHNI MIN
-
1650 (15)
₹ 2,01,300
SHNI MAX
-
8140 (74)
₹ 9,93,080
BHNI MIN
-
8250 (75)
₹ 10,06,500
ObjectiveNo Of SharesAmount
Fresh Issue
1,46,50,000
178.33 Cr
Offer for Sale
62,50,000
76.25 Cr
DocumentAction
DRHPView
RHPView
#TitlePublished Date
1Rajputana Stainless IPO – Price Band & Financials02-03-2026 , Monday
IPO Contact Details
Registered Office
213, Madhwas, Halol Kalol Road, Kalol, Panchmahal, Gujarat – 389330, India
Corporate Office
213, Madhwas, Halol Kalol Road, Kalol, Panchmahal, Gujarat – 389330, India
Contact Person
Richa Sanjeev Prashar - Company Secretary and Compliance Officer
Registrar to Issue Details
Registrar Name
Kfin Technologies Limited
Contact Person
M. Murali Krishna

Lead Managers

NameContact PersonTelephoneEmailWebsite
Nirbhay Capital Services Private
Limited
Kunjal Soni
+91 79 4897 0649
kunjal@nirbhaycapital.com
www.nirbhaycapital.com
IPO Details

Rajputana Stainless Ltd IPO Details FAQs

Understand company details, IPO size, price band, lot size, exchange listing, fresh issue and Offer for Sale (OFS) in simple language for retail investors.

Which company's IPO is this?

This IPO is of Rajputana Stainless Ltd. The issue is scheduled to open on Monday, 09 March 2026 and closes on Wednesday, 11 March 2026.

After the IPO process is completed, the shares are proposed to be listed on both NSE and BSE.

What is the IPO size?

IPO size means the total amount offered to investors through the public issue.

For Rajputana Stainless Ltd IPO, the total issue size is Rs 254.58 crore, consisting of a fresh issue of Rs 178.33 crore and an Offer for Sale (OFS) of Rs 76.25 crore.

What is the price band or issue price?

Price band is the price range within which investors can bid for shares in a book-built IPO.

For this IPO, the lower price band is Rs 116 per share and the upper price band is Rs 122 per share.

What is the lot size?

Lot size is the minimum number of shares an investor must apply for in an IPO. IPO applications are usually made in fixed lot multiples.

For Rajputana Stainless Ltd IPO, the minimum lot size is 110 shares. At the upper price band of Rs 122 per share, the minimum application amount is Rs 13,420. Applications must be made in multiples of 110 shares.

What is Fresh Issue in this IPO?

Fresh Issue means the company issues new shares to investors and receives money from that part of the IPO.

For Rajputana Stainless Ltd IPO, the Fresh Issue size is Rs 178.33 crore. The company can use these funds for purposes mentioned in the IPO documents, such as business growth, repayment of borrowings, working capital, capital expenditure, or general corporate purposes.

What is Offer for Sale (OFS) in this IPO?

Offer for Sale (OFS) means existing shareholders sell their shares to the public through the IPO.

For Rajputana Stainless Ltd IPO, the Offer for Sale (OFS) size is Rs 76.25 crore. In an OFS, the selling shareholders receive the money, and the company usually does not receive funds from that portion.

IPO Timeline

Rajputana Stainless Ltd IPO Timeline FAQs

Understand the important IPO dates, allotment process, refund schedule and listing timeline in a retail-friendly format.

What is the IPO opening date?

The IPO opening date is the first day on which investors can apply for the public issue.

For Rajputana Stainless Ltd IPO, the IPO opens on Monday, 09 March 2026.

What is the IPO closing date?

The IPO closing date is the last day on which investors can submit, modify, or cancel their IPO applications.

Rajputana Stainless Ltd IPO closes on Wednesday, 11 March 2026.

When is the tentative allotment date?

The tentative allotment date is the expected date on which the registrar finalizes the share allotment for valid IPO applications.

For Rajputana Stainless Ltd IPO, the tentative allotment date is Tuesday, 17 March 2026.

When is the tentative listing date?

The tentative listing date is the expected date on which IPO shares begin trading on the stock exchanges.

Rajputana Stainless Ltd IPO is expected to list on Friday, 20 March 2026.

When do refunds and demat credit happen?

After allotment, funds are unblocked or refunds are initiated for non-allotted investors, while allotted shares are credited to investors' demat accounts before listing.

For Rajputana Stainless Ltd IPO, refund initiation is expected on Wednesday, 18 March 2026, and credit of shares to demat accounts is expected on Wednesday, 18 March 2026.

IPO Structure

Rajputana Stainless Ltd IPO Structure FAQs

Understand IPO category-wise reservation, QIB quota, retail quota, HNI allocation, shareholder reservation and the meaning of structure columns in a simple format.

What is the IPO structure?

IPO structure shows how shares are divided among different categories of investors, such as QIB, Retail, NII/HNI, Employees, and Shareholders.

For Rajputana Stainless Ltd IPO, the available categories in the structure table include QIB, Retail, Non-Institutional Investors (NII/HNI). The NII/HNI category includes SHNI and BHNI sub-categories. Investors can use this table to understand category-wise allocation before applying.

What is the QIB category?

QIB stands for Qualified Institutional Buyers. This category includes mutual funds, banks, insurance companies, and other large financial institutions.

In Rajputana Stainless Ltd IPO, 10% shares are reserved under the QIB category, with 20,90,000 shares offered, and an allocation amount of ₹25.50 crore.

What is the Retail category?

The Retail category is reserved for individual investors and HUFs applying for up to Rs 2 lakh within the retail investment limit allowed under IPO rules.

In Rajputana Stainless Ltd IPO, 63% shares are reserved under the Retail category, with 1,31,67,000 shares offered, and an allocation amount of ₹160.64 crore.

What is the NII/HNI category?

NII/HNI stands for Non-Institutional Investors / High Net-Worth Individuals. This category generally includes investors applying for more than Rs 2 lakh, above the retail investment limit.

In Rajputana Stainless Ltd IPO, 27% shares are reserved under the NII/HNI category, with 56,43,000 shares offered, and an allocation amount of ₹68.85 crore.

What is the SHNI category?

SHNI stands for Small HNI. It is a sub-category within the NII/HNI category and generally refers to applications for more than Rs 2 lakh but not exceeding Rs 10 lakh.

In Rajputana Stainless Ltd IPO, 9% shares are reserved under the SHNI sub-category, with 18,81,000 shares offered, and an allocation amount of ₹22.95 crore.

What is the BHNI category?

BHNI stands for Big HNI. It is a sub-category within the NII/HNI category and generally refers to applications for more than Rs 10 lakh.

In Rajputana Stainless Ltd IPO, 18% shares are reserved under the BHNI sub-category, with 37,62,000 shares offered, and an allocation amount of ₹45.90 crore.

Lot Size Details

Rajputana Stainless Ltd IPO Lot Size FAQs

Understand retail lot size, HNI application limits, employee category, shareholder category and investment amount calculations using the IPO lot table.

What is lot size in an IPO?

Lot size is the minimum number of shares an investor must apply for in an IPO. IPO applications are usually made in fixed lot multiples.

For Rajputana Stainless Ltd IPO, the minimum lot size is 110 shares. At the upper price band of Rs 122 per share, the minimum application amount is Rs 13,420. Applications must be made in multiples of 110 shares.

What is Retail minimum application?

Retail minimum application shows the minimum application size for retail investors.

For Rajputana Stainless Ltd IPO, the Retail minimum application is 110 shares (1 lot) for about Rs 13,420.

What is Retail maximum application?

Retail maximum application shows the maximum application size generally available under the retail category.

For Rajputana Stainless Ltd IPO, the Retail maximum application is 1,540 shares (14 lots) for about Rs 1,87,880.

What is SHNI minimum application?

SHNI minimum application shows the minimum application size for the Small HNI category.

For Rajputana Stainless Ltd IPO, the SHNI minimum application is 1,650 shares (15 lots) for about Rs 2,01,300.

What is SHNI maximum application?

SHNI maximum application shows the maximum application size available under the Small HNI category, when provided.

For Rajputana Stainless Ltd IPO, the SHNI maximum application is 8,140 shares (74 lots) for about Rs 9,93,080.

What is BHNI minimum application?

BHNI minimum application shows the minimum application size for the Big HNI category.

For Rajputana Stainless Ltd IPO, the BHNI minimum application is 8,250 shares (75 lots) for about Rs 10,06,500.

Financial Highlights

Rajputana Stainless Ltd IPO Financial FAQs

Understand important financial figures in simple language using the financial statement data available for the IPO.

What are Financial Highlights?

Financial Highlights show important numbers from the company's financial statements. These may include income, expenses, profit, assets, liabilities, cash flow and other financial information, depending on the data available for the IPO.

The table displays available financial data based on the IPO information currently available. Fields may differ from company to company depending on disclosures and reporting format.

How should investors read the Financial Highlights table?

Investors should read the table to understand the company's financial performance and financial position over different periods.

The table may help users review income, expenses, profitability, balance sheet position, cash movement or other financial information, depending on the available data.

Why can financial line items differ between IPOs?

Financial statement line items may differ because companies operate in different industries and may follow different reporting formats.

Some companies may provide detailed financial breakup, while others may present broader financial categories.

What should investors check in financial data?

Investors should review income, expenses, profitability, debt position, asset base, liabilities and cash flow position together.

A single financial figure should not be used alone to judge the company.

Why is profit not enough to judge an IPO?

Profit is important, but it does not show the full financial picture.

Investors should also review revenue quality, expenses, debt, assets, liabilities, cash flow, valuation and business risks.

Why is cash flow important in financial analysis?

Cash flow helps investors understand how money moves in and out of the business.

A company may report profit but still face cash flow pressure, so cash flow should be reviewed along with profit, debt and balance sheet information.

Should investors rely only on Financial Highlights?

No. Financial Highlights are useful, but investors should also review valuation, peer comparison, KPI data, business risks, IPO pricing, management discussion and official offer documents such as the RHP or DRHP.

Peer Comparison

Rajputana Stainless Ltd IPO Peer Comparison FAQs

Understand how the company may be compared with similar businesses using the peer comparison data available for the IPO.

What is Peer Comparison?

Peer Comparison means comparing the IPO company with businesses operating in a similar sector or industry.

It helps investors understand the company in a broader industry context.

Why is Peer Comparison useful?

Peer Comparison helps investors understand how the company can be compared with similar businesses using available financial or valuation metrics.

It is useful for context, but it should not be treated as a final investment conclusion.

Why can peer comparison metrics differ?

Peer comparison metrics may differ depending on the companies selected, accounting format, business model and available public information.

Investors should compare only relevant and similar metrics.

How should investors read a Peer Comparison table?

Investors should use the peer comparison table as a reference point.

Available metrics should be read together with business model, scale, profitability, margins, debt, growth, valuation and IPO pricing.

Can Peer Comparison decide whether an IPO is good or bad?

No. Peer Comparison does not directly decide whether an IPO is good or bad.

It only provides context for comparison. Final analysis should include financial statements, KPI data, valuation, risk factors and official offer documents.

Should investors rely only on Peer Comparison?

No. Peer Comparison is only one part of IPO analysis.

Investors should also review financial statements, KPI data, business risks, valuation, IPO pricing and company fundamentals.

Key Performance Indicators

Rajputana Stainless Ltd IPO KPI FAQs

Understand important KPI metrics in simple language using the key performance indicator data available for the IPO.

What are Key Performance Indicators (KPIs)?

Key Performance Indicators, or KPIs, are financial and valuation metrics used to understand profitability, efficiency, leverage, return-based ratios and earnings performance.

They help investors understand the company beyond basic financial figures.

Why are KPIs important for IPO investors?

KPIs help investors assess profitability, capital efficiency, leverage, valuation and earnings quality.

They should be reviewed together with financial statements, peer comparison and IPO pricing.

Why can KPI availability differ between IPOs?

KPI data may differ depending on the company, industry, financial disclosures and available offer document information.

Not every IPO may provide every KPI, and some metrics may not be applicable to every business.

How should investors read KPI metrics?

Investors should read KPI metrics together instead of relying on one ratio.

A single KPI may not give the full picture unless it is reviewed with financial statements, peer comparison, business model and valuation.

Can high or low KPI values directly decide investment quality?

No. High or low KPI values need context.

The meaning of a ratio may differ depending on industry, business model, debt level, growth stage, profitability and IPO valuation.

Should investors rely only on KPI data?

No. KPI data is useful, but it should not be used alone.

Investors should also review financial statements, peer comparison, business risks, valuation, IPO pricing and official offer documents such as the RHP or DRHP.

Rajputana Stainless Ltd IPO Details | IPO Rupee