Rajputana Stainless IPO 2026 – Should You Apply or Not?
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.
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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.
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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.
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Objectives of the IPO
The company plans to use the Fresh Issue proceeds for the following purposes:
- Setting up a stainless steel seamless pipe manufacturing facility
- Repayment or reduction of certain borrowings
- Funding working capital requirements
- General corporate 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.
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