Rajputana Stainless IPO

About the company

Incorporated in 1991, Rajputana Stainless is engaged in the manufacturing of long and flat stainless steel products, which include billets and forging ingots, rolled black bars, rolled bright bars, flat products and patti and other ancillary products under the brand name "RSL". The company provides its products in more than 80 different stainless steel grades to fulfil different technical specifications. It operates exclusively on a business-to-business (B2B) model, which serves manufacturers and traders as its main customer base. Its products find applications across a diverse range of end-use industries, which include bar processing, seamless pipes, forging and wire manufacturing, engineering and casting, fasteners and utensils manufacturing and pump and shaft and the auto industry. Rolled black bars contributed 57.57% of revenue in H1FY26, while billets generated 17.07% of revenue and rolled bright bars accounted for 15.42%, flat & patti brought in 4.46%, and forging ingots generated 1.88% of revenue. The company sells 99.94% of its products through domestic markets, while Turkey and UAE and Poland account for 0.06% of its sales. The company operates direct sales and trader networks to distribute its products across 14 states and two union territories. The geographic distribution of sales in India shows that Maharashtra, Gujarat and Uttar Pradesh together generated 91.09% of total revenue from operations during the period. Rajputana Stainless manufacturing plant is strategically located at Halol Kalol Road in Gujarat, spread across a total land area of 35,196.98 sq. m. (which includes an unutilized open area of approx. 17,610 sq. m. earmarked for a proposed seamless pipes unit). The integrated facility is equipped with an induction furnace, Argon Oxygen Decarburization (AOD) converter, Continuous Casting Machine (CCM), heat treatment facilities, an in-house oxygen and nitrogen plant, a rolling mill, and a bright bar shop. As of September 30, 2025, the installed melting capacity is 48,000 MTPA, rolling capacity is 36,000 MTPA, and bright bar capacity is 6,000 MTPA. Capacity utilisation has remained strong. In FY25, utilisation stood at 99.92% for melting and 99.97% for rolling. The company has established long-term relationships with key institutional clients. During the period ending FY25, they had over 370 customers, and around 167 customers had been associated with the company for over 3 years, contributing 75.83% of the total revenue from operations. The company served 266 customers (220 of which are manufacturers and 46 are traders) as of H1FY26. Its top 10 customers that together account for approximately 45% of the total revenue, of these, the largest revenue accounts for approximately 11% of the total revenue for the H1FY26. The sales strategy consists of a combination of direct relationships with commercial manufacturers and an established trader network. The majority of the raw materials used are produced from stainless steel scrap, mild steel scrap and ferro alloys (comprising nickel, copper, molybdenum and ferro chrome). The raw materials procured by the company are sourced from both national and global sources. The company's imports are primarily from the United Arab Emirates (UAE), Malaysia, South Korea, Hong Kong and the United States. The proportions of the top 10 suppliers represent approximately 40.14% of the total material. The domestic stainless steel sector has experienced substantial growth trends over recent years. India is presently the world's second-largest consumer and third-largest producer of stainless steel, with a projected installed capacity of 6.6-6.8 million tonnes. Domestic demand for stainless steel has been driven by a commitment from the government to significant infrastructure projects that will be funded under various national programs, such as the National Infrastructure Pipeline and PM Gati Shakti project. It is anticipated that by 2030, domestic consumption of stainless steel in India will reach 5.5 million tonnes, at a CAGR of 6.59%. Being a manufacturer of stainless-steel products, the company has a production capacity of 48000 MTPA for melting and 36000 MTPA for rolling as of September 30 2025. It operates multiple product lines which serve various markets, including architecture, automotive and capital goods that support India's industrial and infrastructure development. The company uses forward integration as its main strategy to produce stainless-steel seamless pipes, which helps the company to create new products with better profit margins. It keeps investing in advanced technologies, upgraded equipment and small-scale automation to enhance its operational capabilities. The company is expected to achieve financial stability and profitability through operational excellence while it works on reducing debt and expanding its international market presence. Now, Rajputana Stainless Ltd is launching its initial public offering (IPO), which consists of a fresh issue of ₹179 crore and an offer for sale of ₹76 crore. The total issue size of the IPO is ₹255 crore. Its shares will be listed on the NSE and BSE. ### **How to pre-apply for the Rajputana Stainless IPO?** You can pre-apply for the Rajputana Stainless IPO on Upstox. The pre-application for this IPO, which means the pre-apply open date, usually begins a day before the IPO opens for subscription. Follow these steps to pre-apply for the IPO: - Login to your Upstox account, using your six-digit PIN - After successfully logging in, click on ‘Discover’ - On the Discover tab, you will find the ‘Invest in IPO’ section - Under the Invest in IPO section, look for the ‘Rajputana Stainless IPO’ tab and click on it - Now fill in all the required information, like ‘bid price’ and ‘lot size’ - Confirm and click on ‘Pre-Apply’ - Accept the mandate on your UPI app ### **How to apply for the Rajputana Stainless IPO?** If you are interested in this investment opportunity but unsure how to apply for the Rajputana Stainless IPO, here are the steps that you need to follow. When the public issue opens for subscription, one can follow this step-by-step guide on how to apply for the Rajputana Stainless IPO on Upstox: - Log in to your Upstox account, using your six-digit PIN - After logging in, click on ‘Discover’ - On the ‘Discover’ tab, you will find the ‘Invest in IPO’ section - Under the Invest in IPO section, look for the ‘Rajputana Stainless IPO’ tab and click on it - Now fill in all the required information, like ‘bid price’ and ‘lot size’ - Confirm and click on ‘Apply’ - Accept the mandate on your UPI app ### **How to check Rajputana Stainless IPO Allotment Status? ** When the allotment process is completed, you can check the status of your application on the Upstox app. Share allotment is generally completed on the next working day after an IPO closes. Here’s a step-by-step guide on how to check the Rajputana Stainless IPO allotment status: - Login to your Upstox account, using your six-digit PIN - After logging in, click on ‘Discover’ - On the ‘Discover’ page, you will find the ‘Invest in IPO’ section - Under the Invest in IPO section, you will find the ‘View all’ option - Once you click on ‘View all’, you will be directed to the ‘IPO’ tab - In the ‘IPO’ tab, click on ‘My applications’ - In ‘My applications’, under the History section, your Rajputana Stainless IPO allotment status will be mentioned

GMP trend (Grey Market Premium by date)

Financial performance (₹ Cr)

IPO Roadmap / Timeline

1. IPO Opens

   Completed
   09 Mar 2026

   Bidding starts for all investor categories

2. IPO Closes

   Completed
   11 Mar 2026

   Last day to place your bid

3. Basis of Allotment

   Completed
   17 Mar 2026

   Share allotment finalised

4. Refund Initiation

   Completed
   18 Mar 2026

   Refunds credited for non-allottees

5. Credit to Demat

   Completed
   19 Mar 2026

   Allotted shares credited to demat account

6. Listing on Exchange

   Completed
   19 Mar 2026

   Shares list on NSE / BSE

Post-close dates are indicative as per SEBI T+3 listing framework and may change per registrar updates.