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₹122 - 122
Rajputana Stainless Ltd
SteelIPO
₹122 - 122
We are engaged in the business of manufacturing of long and flat stainless-steel products comprising of billets, forging ingots, rolled black bar, rolled bright bar, flat & patti and other ancillary products under the brand name of "RSL". We offer our products in more than eighty (80) diverse grades of stainless steel.
Lot110Min Invest₹13,420Face Value₹10Issue Size₹255 CrFresh Issue₹179 CrOffer for Sale₹76 CrListing Price₹122CMP₹167
Timeline
9 Mar
Bidding opens
11 Mar
Bidding closes
17 Mar
Allotment
18 Mar
Refund & demat credit
19 Mar
Listing
Subscription
Subscription opens once dates are announced
Reports
Offer Details
Terms
Issue Size₹255 Cr2.09 Cr shares
Fresh Issue₹179 Cr
Offer for Sale₹76 Cr
Face Value₹10
Lot Size110 shares
ReservationQIB 10% · NII 27% · RETAIL 63%
Application Sizes
Retail₹13,4201-14 lots
sNII₹2,01,300from 15 lots
bNII₹10,06,500from 75 lots
Managers & Registrar
Lead ManagerNirbhay Capital Services Pvt Ltd
RegistrarKFin Techologies Ltd
Ownership & Proceeds
Offer for Sale
Selling ShareholderShares OfferedAmt ₹ CrShankarlal Deepchand MehtaPRMTR62,50,00076.25Total62,50,00076.25
Shareholding
CategoryPre IPOPost IPOPromoter Group78.23%57.01%Public21.77%42.99%
Objects of the Issue
- Funding capital expenditure requirements in relation to the setting up of the proposed facility
- Full or part repayment and/or prepayment of certain outstanding borrowings availed by its Company
- Full or part of repayment and /or prepayment of certain outstanding secured borrowings availed by the company
- General corporate purposes
Anchor Book
Bid Date06-Mar-2026Shares8,19,720Amount₹10 Cr30-day lock-in15-Apr-202690-day lock-in14-Jun-2026
Financials
Profit & Loss
| Financial Year | FY23 | FY24 | FY25 | FY26 | Latest |
|---|---|---|---|---|---|
| RevenueCr | 952 | 910 | 932 | 1,007 | 1,082 |
| Operating ProfitCr | 44 | 59 | 75 | 92 | 101 |
| OPM% | 4.6 | 6.5 | 8.0 | 9.1 | 9.3 |
| PBTCr | 29 | 42 | 55 | 66 | 79 |
| PATCr | 24 | 32 | 40 | 50 | 59 |
| EPS | 14 | 5 | 6 | 7 | 8 |
Balance Sheet
| Financial Year | FY23 | FY24 | FY25 | FY26 | Latest |
|---|---|---|---|---|---|
| Equity CapitalCr | 34 | 34 | 69 | 84 | - |
| ReservesCr | 47 | 78 | 83 | 280 | - |
| BorrowingsCr | 80 | 80 | 102 | 69 | - |
| Fixed AssetsCr | - | - | 70 | 71 | - |
| Total AssetsCr | 297 | 324 | 420 | 600 | - |
Cash Flow
| Financial Year | FY23 | FY24 | FY25 | FY26 | Latest |
|---|---|---|---|---|---|
| Operating Cash FlowCr | 25 | 31 | 7 | 32 | - |
| Investing Cash FlowCr | -13 | -6 | -12 | -42 | - |
| Financing Cash FlowCr | -12 | -25 | 5 | 112 | - |
| Net Cash FlowCr | 0 | 0 | 0 | 102 | - |
Strengths & Risks
Strengths · as stated in the DRHP
- Established, integrated manufacturing setup at strategic location.
- Diverse Product Portfolio.
- Established customer base and relationships.
- Promoters and Experienced Management Team.
- Track Record of healthy growth.
Strategies · as stated in the DRHP
- Setting up of Stainless-Steel Seamless Pipes Unit.
- Strengthening its foothold in its existing markets and expanding its customer base.
- Continue to improve operations and profitability through strategic initiatives.
- Continue its efforts towards training of manpower
- Focus on rationalizing its indebtedness.
Risks · as stated in the DRHP
- The company derives a significant portion of the company's revenue from operations from its top 10 customers, and the company does not have long-term contracts with all these customers. If one or more such customers choose not to source their requirements from the company or to terminate its contracts or purchase orders, the company's business, cash flows, financial condition and results of operations may be adversely affected.
- The Company, Promoters, Directors, KMPs and SMPs are parties to certain legal proceedings. Litigations involving the Company aggregate amounting to Rs.12,861.77 Lakhs which is 72.81% of the company's net worth Any adverse decision in such proceedings may have a material adverse effect on the company's business, results of operations and financial condition.
- The company's Manufacturing Facility and Proposed Facility is located in Gujarat and therefore its operation is highly vulnerable to regional conditions and economic downturns in the region.
- The company relies substantially on the company's top 10 suppliers of the raw materials and work-in-progress goods used in the company's manufacturing processes. Any shortages, delay or disruption may have a material adverse effect on the company's business, financial condition, results of operations and cash flows.
- The company derives the majority of sales from the domestic market and a significant portion of the company's domestic sales are derived from the states of Maharashtra, Gujarat & Uttar Pradesh. Any adverse developments in this market could adversely affect its business.
- The company has contingent liabilities amounting to Rs.12,082.46 Lakhs which is 68.40% of the company's net worth and the company's financial condition could be adversely affected if any of these contingent liabilities materializes.