March 9, 2026

India’s IPO market continues to remain active, and Rajputana Stainless Limited is one of the upcoming public issues attracting investor interest. The company operates in the stainless steel manufacturing sector, supplying products to industries such as automotive, engineering, forging, and pipe manufacturing. Rajputana Stainless IPO – Key Details Particular Details IPO Opening Date 9 March 2026 IPO Closing Date 11 March 2026 IPO Allotment Date 12 March 2026 IPO Listing Date 16 March 2026 IPO Price Band ₹116 – ₹122 per share IPO Lot Size 110 Shares Minimum Fund Required for Retail ₹13,420 Maximum Fund Cap for Retail ₹1,74,460 (13 lots limit) Fresh Issue Size ₹178.73 Crore Offer For Sale (OFS) ₹76.25 Crore Total IPO Size ₹254.98 Crore The IPO will be listed on NSE and BSE through the book-building route. A majority of the IPO proceeds are coming through a fresh issue, which means the funds will be used for business expansion and strengthening the company’s balance sheet. Investors interested in learning how IPO valuation, demand, and listing gains work can also explore our Technical Analysis Course to better understand price behaviour and market trends. About the Company Rajputana Stainless Limited is a Gujarat-based stainless steel manufacturer established in 1991. The company manufactures long and flat stainless steel products used in multiple industrial applications. Rajputana Stainless operates a manufacturing facility in Kalol, Gujarat, and supplies stainless steel products to several industries including: • Automotive• Oil & Gas• Engineering & Fabrication• Pipe & Tube Manufacturing• Industrial Machinery The company produces multiple stainless steel grades, enabling it to serve a diverse set of customers in both domestic and international markets. Key Management The company is promoted by experienced professionals with long-standing expertise in the metal industry. Key promoters include: • Shankarlal Deepchand Mehta• Babul D. Mehta• Jayesh Natvarlal Pithva Their experience in steel manufacturing and trading has helped the company establish a strong network of customers and suppliers. Major Products Rajputana Stainless manufactures a wide range of stainless steel products, including: • Stainless Steel Billets• Stainless Steel Forging Ingots• Stainless Steel Rolled Bars• Stainless Steel Bright Bars• Stainless Steel Wire Rods• Stainless Steel Flats These products are widely used across sectors such as automobile manufacturing, engineering industries, aerospace components, and oil & gas applications. Investors who want to understand how industrial companies are evaluated before investing can explore our Fundamental Analysis Training program that teaches financial statement analysis and company valuation. Financial Performance Financial Year Revenue Profit After Tax FY22 ₹766 Cr ₹9.3 Cr FY23 ₹947 Cr ₹24 Cr FY24 ₹909 Cr ₹31 Cr FY25 (Estimated) ₹912+ Cr ₹42 Cr Key Observations • Revenue has remained stable around ₹900+ crore levels.• Profitability has shown consistent improvement over the past few years.• The company has improved operational efficiency and profitability. Understanding financial ratios, balance sheets, and profit growth is crucial for evaluating IPO companies. Traders and investors can develop these skills through our Chartered Financial Market Expert (FMX) Course which covers equity markets, derivatives, and financial analysis. Objectives of the IPO The company plans to use the Fresh Issue proceeds for the following purposes: These initiatives are expected to increase production capacity and strengthen the company’s financial position. Competitors Rajputana Stainless operates in the stainless steel manufacturing industry where it competes with several established players. Major competitors include: • Jindal Stainless Ltd• Viraj Profiles Ltd• Ratnamani Metals & Tubes• Mukand Ltd• Shyam Metalics While many of these companies operate on a larger scale, Rajputana Stainless focuses on specialized stainless steel products and industrial demand segments. Strengths of the Company 1.) Diversified product portfolio The company manufactures multiple stainless steel grades used across industries. 2.) Strong industry demand India’s stainless steel consumption continues to grow due to expansion in infrastructure, engineering, and manufacturing sectors. 3.) Improving profitability The company has shown steady growth in net profit over the past few years. 4.) Export presence Rajputana Stainless exports products to several countries, helping diversify its revenue streams. Risks to Consider 1.) Commodity price volatility Steel prices are highly sensitive to global demand and raw material costs. 2.) Cyclical industry Steel demand is linked to economic cycles and infrastructure spending. 3.) Competition from large players Large integrated steel companies may have advantages in scale and pricing. Conclusion Rajputana Stainless Limited operates in the growing stainless steel manufacturing sector, serving several industrial segments. The company has demonstrated stable revenue performance and improving profitability, while the IPO proceeds are expected to support capacity expansion and debt reduction. However, investors should also consider the cyclical nature of the steel industry and competition from large established players. Recommendation – Apply or Not? Short-Term Investors Investors looking for listing gains may consider applying, especially if overall IPO market sentiment remains strong. Traders who actively participate in IPO listings and short-term market movements can also benefit from learning derivatives strategies through our Advance Derivatives Training program. Long-Term Investors Long-term investors should evaluate the valuation, industry outlook, and execution of expansion plans before investing. Final View Apply for potential listing gains with caution. Long-term investors may wait for post-listing performance or better valuation comfort. If you found this blog valuable, explore our related guide on FIIs Turn Net Buyers in February 2026: Biggest Monthly Inflows in 1.5 year