Rajputana Stainless IPO
UPCOMINGMAINBOARDDRHP Filed
Awaiting issue details
Revenue (FY25)
₹932.16 Cr
PAT (FY25)
₹39.85 Cr
Analysis
6 strengths · 6 risks
- Price Band
- TBA
- Lot Size
- TBA
- Lot Value
- TBA
- Open Date
- TBA
- Close Date
- TBA
IPO Timeline
Issue Opens
TBA
Issue Closes
TBA
Allotment
TBA
Listing
TBA
About Rajputana Stainless
Manufactures and supplies steel products domestically through direct sales to manufacturers and traders, with revenues also derived from related party transactions.
Investment Analysis
Quick Analysis: 6 strengths · 6 risk factors· Exchange: NSE, BSE
Strengths (6)
- •Established integrated manufacturing facility with strategic location in Gujarat
- •Diverse product portfolio across 80+ stainless steel grades and product types
- •Strong established customer base with over two decades operating experience
- •Qualified promoters and experienced management team driving company operations
- •High capacity utilization with modern infrastructure including furnaces and treatment facilities
- •In-house oxygen and nitrogen plants reducing third-party supplier dependence
Risk Factors (6)
- •Significant revenue from top 10 customers without long-term contracts; loss could adversely affect business and operations.
- •Contingent liabilities of ₹12,082.46 lakhs (68.40% of net worth) could materially affect financial condition if materialized.
- •Litigations aggregating ₹12,861.77 lakhs (72.81% of net worth); adverse decisions may materially harm business and operations.
- •Substantial reliance on top 10 suppliers; shortages, delays, or disruptions could materially affect business and cash flows.
- •Manufacturing facility in Gujarat; regional economic downturns and conditions could severely impact operations and profitability.
- •Majority sales from domestic market, concentrated in Maharashtra, Gujarat, Uttar Pradesh; adverse developments could harm business.
✍️ Demand & Risk Analysis
Based on market demand signals — subscription, GMP trend, risk factors
IPO Market Analysis
ANALYSIS PENDINGRating will be available once IPO opens for subscription.
This is algorithmic analysis, not investment advice. Always read the DRHP before investing.
IPO Details
| Registrar | KFin Technologies Ltd. |
| Exchange | NSE, BSE |
| ISIN | — |
| Face Value | — |
| Issue Size | ₹254.98 Cr |
| Fresh Issue | — |
| OFS Size | — |
| Lead Managers | Nirbhay Capital Services Private Limited |
Company Fundamentals
11 sections extracted from this filingCapital Structure
| Authorised Capital | — |
| Issued Capital | ₹6.89 Cr |
| Paid-up Capital | ₹6.89 Cr |
| Equity Shares (Pre-Issue) | — |
| Equity Shares (Post-Issue) | — |
Source: Rajputana Stainless offer document (DRHP/RHP).
Shareholding Pattern
Pre-Issue
Pre-Issue not disclosed in this filing.Not separately disclosed in Rajputana Stainless's filing.
Post-Issue
Post-Issue not disclosed in this filing.Not separately disclosed in Rajputana Stainless's filing.
Source: Rajputana Stainless offer document (DRHP/RHP).
Reservations & OFS
Investor Reservation
- QIB+50.00%
- NII / HNI+15.00%
- Retail+35.00%
OFS Selling Shareholders
- Shankarlal Deepchand Mehta62,50,000 sh
Source: Rajputana Stainless offer document (DRHP/RHP).
Board & Management
Board of Directors (6)
- Shankarlal Deepchand Mehta₹3.00 Cr p.a.
Chairman and Managing Director
- Babulal D. Mehta₹0.18 Cr p.a.
Whole-time Director
- Jayesh Natvarlal Pithva₹0.18 Cr p.a.
Executive Director
- Prashant B. Patel₹0.01 Cr p.a.
Independent Director
Master of Commerce from Gujarat University, Bachelor of Law from Sardar Patel University, Qualified Company Secretary, Registered Insolvency Professional
Over 13 years of experience in the fields of corporate, secretarial, compliance and legal advisory
- Kushal Kamlesh Brahmkshatriya₹0.01 Cr p.a.
Independent Director
Master of Commerce from Gujarat University, Qualified Chartered Accountant, Certificate of Professional Membership from Indian Institute of Insolvency Professionals
Over 10 years of experience in the fields of audit and taxation
- Nikita Ronak Mehta₹0.01 Cr p.a.
Independent Director
Bachelor of Commerce from Gujarat University, Bachelor of Laws from Gujarat University, Qualified Company Secretary
Over 5 years of experience in the fields of secretarial compliance
Key Managerial Personnel (4)
- Yashkumar Shankarlal Mehta
Chief Executive Officer
- Jayesh Natvarlal Pithva
Chief Financial Officer
- Ambrish Bedade
Chief Financial Officer
- Richa Sanjeev Prashar
Company Secretary
Source: Rajputana Stainless offer document (DRHP/RHP).
Industry & Market
India is the second largest consumer and third largest producer of stainless steel globally with 7% share in global stainless steel output
Per Industry Report on Indian Stainless Steel by Dun & Bradstreet Information Services India Private Limited, a report commissioned by the company (not independent).
Use of IPO Proceeds
Total allocation: ₹116.57 Cr (excludes issue expenses)
Promoters
Shankarlal Deepchand Mehta
Promoter
Babulal D. Mehta
Promoter
Jayesh Natvarlal Pithva
Promoter
Investor Quota
Peer Comparison
| Company | P/E | EPS | RoNW % | NAV |
|---|---|---|---|---|
| Rajputana Stainless Limited | — | 5.78 | 26.23 | 22.05 |
Material Litigation
| Type | Against | Matters | Amount (₹Cr) |
|---|---|---|---|
| Civil | Company | 3 | — |
| Tax | Company | 0 | — |
| Tax | Directors | 1 | 0.007 |
Rajputana Stainless Limited faces material civil litigation aggregating ₹8,381.79 lakhs (72.81% of net worth) including GST/excise tax appeals and commercial disputes, plus 18 direct and indirect tax proceedings totaling ₹4,454.98 lakhs. The company's promoter Shankarlal Deepchand Mehta is co-defendant in three GST/excise tax appeals involving amounts exceeding ₹3.25 crore.
Registrar (RTA)
SEBI-registered Registrar & Transfer Agent — handles allotment and refunds.
Registrar:KFin Technologies Ltd.→Lead Managers (BRLMs)
Click any merchant banker for their full IPO track record (positive listing rate, average gain, IPOs managed).
3-Year Financial Summary
Revenue trend
↓ FY23→FY25
| Fiscal Year | Revenue (₹Cr) | PAT (₹Cr) | EPS | P/E | ROE |
|---|---|---|---|---|---|
| FY25 | 932.16 | 39.85 | 5.78 | — | 26.23% |
| FY24 | 909.81 | 31.63 | — | — | — |
| FY23 | 947.67 | 24.04 | — | — | — |
Detailed Line Items (₹ Cr)
| Line Item | FY23 | FY24 | FY25 |
|---|---|---|---|
| EBITDA | 43.85 | 59.41 | 73.79 |
| Net Worth | 81.17 | 112.27 | 151.95 |
| Cash Flow — Operating | 25.1 | 31.49 | 7.08 |
From the company's offer document (DRHP/RHP); restated figures where available.
Valuation at Issue Price
Issue P/E
—
Price ÷ EPS
EPS (FY25)
₹6
Earnings per share
RoNW
26.23%
Return on net worth
ROCE
31.72%
as reported in filing
EBITDA margin
7.9%
EBITDA ÷ revenue
Price/NAV
—
NAV not in abridged DRHP
GMP Trend
GMP data will appear a few days before the IPO opens.
Subscription Status
Subscription data will appear once bidding begins.
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Related IPOs
Documents
Frequently Asked Questions
When is the Rajputana Stainless IPO opening?
The Rajputana Stainless IPO dates have not yet been announced. Check this page for the latest updates as we refresh every 30 minutes.
What is the price band of the Rajputana Stainless IPO?
The price band for the Rajputana Stainless IPO is not yet announced. The final price is announced after the book-building process and is confirmed before listing.
What is the lot size and minimum investment for the Rajputana Stainless IPO?
The minimum lot size is TBA shares with a minimum investment of not yet announced. Retail investors can apply for up to the retail limit defined by SEBI.
What is the GMP of Rajputana Stainless IPO today?
Grey Market Premium data for Rajputana Stainless is not available yet. It typically starts appearing a few days before the IPO opens.
When will the Rajputana Stainless IPO list on NSE and BSE?
The listing date for the Rajputana Stainless IPO has not been announced yet. It is typically 5 to 6 working days after the subscription closes.
How can I check the Rajputana Stainless IPO allotment status?
The registrar for this IPO is KFin Technologies Ltd.. You can check your allotment status on the registrar's portal using your PAN, application number, or DP ID. We link to the registrar directly on our allotment page after the allotment date.
Is the Rajputana Stainless IPO a mainboard or SME issue?
Rajputana Stainless is a mainboard IPO that will list on the main NSE and BSE boards. Mainboard IPOs are open to retail investors with a minimum application of one lot.
How do I apply for the Rajputana Stainless IPO?
You can apply for the Rajputana Stainless IPO through any SEBI-registered broker such as Zerodha, Upstox, or Angel One using UPI or ASBA. Use the Apply Now buttons on this page to go directly to the broker.
Should I subscribe to Rajputana Stainless IPO?
Based on our algorithmic analysis, Rajputana Stainless IPO is rated UNRATED with low confidence. Rating will be available once subscription and GMP data is collected. This is not investment advice — please read the DRHP and consult a financial advisor before investing.
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Rajputana Stainless