Rajputana Stainless Ipo
Rajputana Stainless IPO Review & Key Points
Review: Neutral
IPO Lead Managers aka Merchant Bankers
Nirbhay Capital Services Pvt. Ltd.
| Name of the Company | Face Value (₹) | EPS basic (₹) | EPS Diluted (₹) | RONW (%) | P/E Ratio | NAV (₹) |
| Powerica Limited | 5 | 15.26 | 15.26 | 15.37 % | 24.45 | 99.76 |
| Listed Peers | ||||||
| Cummins India Limited | 2 | 72.15 | 72.15 | 26.45% | 64.13 | 272.78 |
| Kirloskar Oil Engines Limited | 2 | 33.71 | 33.60 | 15.85% | 43.24 | 212.60 |
| NTPC Green Energy Limited | 10 | 0.67 | 0.67 | 2.58% | 129.40 | 21.88 |
| Acme Solar Holdings Limited | 2 | 4.55 | 4.53 | 5.59% | 50.74 | 74.54 |
| Adani Green Energy Limited | 10 | 8.37 | 8.37 | 11.90% | 101.53 | 76.62 |
| IPO Open Date | March 9, 2026 |
| IPO Close Date | March 11, 2026 |
| Face Value | ₹10 Per Equity Share |
| IPO Price Band | ₹116 to ₹122 Per Share |
| Issue Size | Approx ₹254.98 Crores |
| Fresh Issue | Approx ₹178.73 Crores |
| Offer for Sale: | Approx 62,50,000 Equity Shares |
| Issue Type | Book build Issue |
| IPO Listing | BSE, NSE |
| DRHP Draft Prospectus | |
| RHP Draft Prospectus |
| Application | Lot Size | Shares | Amount |
| Retail Minimum | 1 | 110 | ₹13,420 |
| Retail Maximum | 14 | 1,540 | ₹1,87,880 |
| S-HNI Minimum | 15 | 1,650 | ₹2,01,300 |
| S-HNI Maximum | 74 | 8,140 | ₹9,93,080 |
| B-HNI Minimum | 75 | 8,250 | ₹10,06,500 |
| Investor Category | Share Offered | Shares (%) |
| Anchor Investor | 8,19,720 Shares | -% |
| QIB (Ex. Anchor) | – Shares | 50% |
| NII Shares Offered | – Shares | 15% |
| Retail Shares Offered | – Shares | 35% |
| Anchor Bidding Date | March 6, 2026 |
| Anchor Investors List | |
| Shares Offered | 8,19,720 Shares |
| Anchor Size | 10.00 Cr. |
| lock-in period end date 50% shares (30 Days) | April 11, 2026 |
| lock-in period end date 50% shares (90 Days) | June 10, 2026 |
| IPO Open Date: | March 9, 2026 |
| IPO Close Date: | March 11, 2026 |
| Basis of Allotment: | March 17, 2026 |
| Refunds: | March 18, 2026 |
| Credit to Demat Account: | March 18, 2026 |
| IPO Listing Date: | March 19, 2026 |
| IPO Bidding Cut-off Time: | March 11, 2026 – 5 PM |
| Particular | Shares | % Share |
| Promoter Holding Pre Issue | 6,89,17,658 | 78.22% |
| Promoter Holding Post Issue | 8,35,67,658 | 57.01% |
| Purpose | Crores |
| Funding capital expenditure requirements for setting up of manufacturing facility for Stainless Steel Seamless Pipes to expand the product portfolio (“Proposed Facility”); | ₹18.57 |
| Full or part repayment and/or prepayment of certain outstanding secured borrowings availed by the Company; and | ₹98.00 |
| General Corporate Purpose | ₹- |
| 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 |
| KPI | Values |
| ROE: | 30.17% |
| ROCE: | 31.72% |
| EBITDA Margin: | 7.92% |
| PAT Margin: | 4.28% |
| Debt to equity ratio: | 0.66 |
| Earning Per Share (EPS): | ₹5.78 (Basic) |
| Price/Earning P/E Ratio: | N/A |
| Return on Net Worth (RoNW): | 26.23% |
| Net Asset Value (NAV): | ₹22.05 |
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
| Mangalam Worldwide Ltd | 10.59 | 22.57 | 11.28% | 91.37 | 1,060.71 Cr. |
| Mukand Ltd | 5.24 | 26.34 | 7.99% | 65.72 | 4,889.99 Cr. |
| Electrotherm Ltd | 347.06 | 3.16 | (278.47%) | (124.60) | 4,115.37 Cr. |
| Panchmahal Steel Ltd | 1.74 | 182.18 | 2.07% | 84.02 | 383.10 Cr. |
| Period Ended | Revenue | Expense | PAT | Assets |
| 2023 | ₹184.81 | ₹154.97 | ₹32.10 | ₹251.58 |
| 2024 | ₹206.45 | ₹175.85 | ₹34.44 | ₹339.25 |
| 2025 | ₹322.58 | ₹261.43 | ₹28.13 | ₹455.49 |
| Dec 2025 | ₹236.50 | ₹186.96 | ₹38.69 | ₹561.34 |