31 Mar 2023
Assets297.34
Total Income950.69
EBITDA43.85
Profit After Tax24.04
NET Worth81.17
Reserves and Surplus46.73
Total Borrowing79.83
At a glance
Updated 2026-09-09Rajputana Stainless is a Mainboard IPO with an issue size of ₹254.98 crore, proposed for listing on BSE, NSE. The offer opens on 9th Mar 2026 and closes on 11th Mar 2026. The issue structure includes a fresh issue of ₹178.73 crore and an offer-for-sale component of ₹76.25 crore. The current listing schedule points to 19th Mar 2026.
Issue details
Listing atBSE, NSE
Issue typeBook Build Issue
Issue size₹254.98 Cr
Fresh issue₹178.73 Cr
Offer for sale₹76.25 Cr
Face value₹10
Price band₹116.00–₹122.00
Allotment17th Mar 2026
Listing19th Mar 2026
Grey market
GMP page ↗Latest GMP₹3.00
GMP / upper price2.46%
Est. listing₹125.00
GMP is unofficial sentiment data, not an exchange price.
Timeline
Opens9th Mar 2026
Closes11th Mar 2026
Allotment17th Mar 2026
Refund18th Mar 2026
Demat19th Mar 2026
Listing19th Mar 2026
Subscription demand
Full bidding ↗QIB2.51×
sHNI0.31×
bHNI3.74×
NII / HNI3.74×
Retail0.27×
Total1.12×
Lot size
| Investor | Lots | Shares | Amount |
|---|---|---|---|
| Minimum Bid | 1 | 110 | ₹13,420 |
Company
Use of proceeds
| Object | Amount |
|---|---|
| Funding capital expenditure requirements for expansion of the existing manufacturing facility at Panchmahal district, Gujarat through forward integration and diversification of product portfolio i.e., Stainless Steel Seamless Pipes | ₹18.57 Cr |
| Full or part repayment and/or prepayment of certain outstanding secured borrowings availed by the Company | ₹98.00 Cr |
| General corporate purposes | ₹44.64 Cr |
| Issue Expenses | ₹24.99 Cr |
| Total | ₹186.20 Cr |
Financial performance
Year-wise operating scale, profitability and balance-sheet context.Revenue502.77₹ Cr · -46.4% vs prior year
EBITDA45.92₹ Cr · -37.8% vs prior year
PAT24.41₹ Cr · -38.7% vs prior year
Assets448.80₹ Cr · +6.8% vs prior year
Net Worth176.65₹ Cr · +16.3% vs prior year
Borrowing85.91₹ Cr · -13.9% vs prior year
3-year financial trendRevenue / EBITDA / PAT
₹ crore31 Mar 2024
Assets324.01
Total Income915.50
EBITDA59.41
Profit After Tax31.63
NET Worth112.27
Reserves and Surplus78.36
Total Borrowing79.76
31 Mar 2025
Assets420.36
Total Income937.49
EBITDA73.79
Profit After Tax39.85
NET Worth151.95
Reserves and Surplus83.75
Total Borrowing99.75
30 Sep 2025
Assets448.80
Total Income502.77
EBITDA45.92
Profit After Tax24.41
NET Worth176.65
Reserves and Surplus108.16
Total Borrowing85.91
KPIs
| KPI | Mar 31, 2025 | Sep 30, 2025 |
|---|---|---|
| ROE | 30.17% | 14.86% |
| ROCE | 31.72% | 16.55% |
| Debt / Equity | 0.66% | 0.49% |
| RoNW | 26.23% | 13.82% |
| PAT Margin | 4.28% | 4.87% |
| EBITDA Margin | 7.92% | 9.16% |
| Price to Book Value | 5.53 |
Valuation & shareholding
Pre-IPO EPS5.78
Post-IPO EPS5.84
Pre-IPO P/E21.1
Post-IPO P/E20.88
Promoter holding pre78.22%
Promoter holding post57.01%
Market cap₹1019.53 Cr.
Peer comparison
| Company | EPS | P/E | RoNW | NAV |
|---|---|---|---|---|
| Rajputana Stainless IPO | — | 20.88 x | — | — |
| Behari Lal IPO | — | 18.65 x | — | — |
| BMW Ventures IPO | — | 26.15 x | — | — |
| Vms Tmt IPO | — | 14.32 x | — | — |
Issue expenses
| Expense | Amount |
|---|---|
| Funding capital expenditure requirements for expansion of the existing manufacturing facility at Panchmahal district, Gujarat through forward integration and diversification of product portfolio i.e., Stainless Steel Seamless Pipes | ₹18.57 Cr |
| Full or part repayment and/or prepayment of certain outstanding secured borrowings availed by the Company | ₹98.00 Cr |
| General corporate purposes | ₹44.64 Cr |
| Issue Expenses | ₹24.99 Cr |
| Total | ₹186.20 Cr |
Registrar & lead managers
Registrar
Kfin Technologies Ltd.Lead managers
- Nirbhay Capital Services Pvt.Ltd.
Offer documents
Data is reconciled from multiple public IPO sources. Official exchange filings and offer documents remain the source of truth. Last verified 2026-09-09.
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