BSE List Price : ₹123.95

NSE List Price : ₹122.00

subscription

Category	Times
QIBs	2.51x
HNIs	2.59x
Retail	0.27x
Total : 1.12x

IPO Market Lot(s) Distribution

Application	Lot Size	Shares	Amount
Retail Minimum	1	110	₹13,420
Retail Maximum	14	1,540	₹187,880
S-HNI Minimum	15	1,650	₹201,300
S-HNI Maximum	74	8,140	₹993,080
B-HNI Minimum	75	8,250	₹1,006,500

About the Company

Rajputana Stainless, established in 1991, is a prominent manufacturer of both long and flat stainless steel products. The company offers a diverse portfolio that includes billets, forging ingots, rolled black and bright bars, flat bars & patti, along with several ancillary stainless steel products available in more than 80 different grades.

The company markets its products through direct sales channels as well as through traders, and also exports to multiple international markets such as the UAE, USA, Turkey, Kuwait, and Poland. Additionally, it supplies raw materials to a wide range of industries including seamless pipes, aerospace, forging, oil & gas, defense, automotive, aviation, and precision engineering sectors. The manufacturing facility is located in Kalol, Gujarat, and spans approximately 35,196.98 square meters. The plant is equipped with advanced infrastructure, including an induction furnace, AOD unit, continuous casting machine (CCM), heat treatment facility, rolling mill, and a bright bar shop.

Company Financial Report

_{Amount ₹ in Crores}

Period Ended	Revenue	Expense	PAT	Assets
2023	₹950.69	₹922.11	₹24.04	₹297.34
2024	₹915.50	₹873.18	₹31.63	₹324.01
2025	₹937.49	₹882.85	₹39.85	₹420.36
Sep 2025	₹502.77	₹470.45	₹24.41	₹448.80

Company Promoter

Shankarlal Deepchand Mehta

Babulal D Mehta

Jayesh Natvarlal Pithva

Yashkumar Shankarlal Mehta

Know before investing

• • Strengths

  Integrated Manufacturing Setup at a Strategic Location: The Company operates a fully integrated manufacturing unit in Kalol, Gujarat, managing the entire production process from melting to final finishing. The facility is equipped with essential infrastructure such as an induction furnace, AOD unit, CCM, rolling mill, bright bar shop, and captive Oxygen and Nitrogen plants, which helps minimize reliance on external suppliers.

  Experienced Promoters & Management Team: The business is guided by seasoned Promoters and a management team possessing more than five decades of combined experience in the steel industry, contributing to strategic planning, innovation, expansion, and efficient operations.

• • Risks

  Customer Concentration Risk: A considerable share of the Company’s revenue comes from its top 10 customers, mainly manufacturers, and in several cases the relationships are not supported by long-term contracts. Any loss of a major customer or a decline in order volumes could negatively impact revenue and cash flows.

  Geographical Concentration Risk: Manufacturing operations are concentrated in Gujarat, including the proposed facility within the same premises. Regional disruptions, economic downturns, or unforeseen events may negatively impact production, sales, and profitability.

Objects of the Issue & Utilisation of proceeds

Funding capital expenditure requirements for setting up of manufacturing facility for Stainless Steel Seamless Pipes to expand the product portfolio (“Proposed Facility”);
Full or part repayment and/or prepayment of certain outstanding secured borrowings availed by the Company; and.
General Corporate Purpose.

Company  Address

Rajputana Stainless Ltd.
213, Madhwas,
Halol Kalol Road, Kalol,
Panchmahal
Halol, Gujarat, 389330
Phone: +91 63 5816 4770
Email: compliance@rajputanastainless.com
Website: https://www.rajputanastainless.com/

IPO Registrar

Kfin Technologies Ltd.
Phone: 04067162222, 04079611000
Email: rsl.ipo@kfintech.com
Website: https://ipostatus.kfintech.com/

IPO Review

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