Key Financials Snapshot

TTM · Standalone · ₹ in Cr
Market Cap
₹1489 Cr.
Stock P/E
29.9
P/B
3.9
Current Price
₹178.2
Book Value
₹ 45.9
Face Value
10
52W High
₹201.5
52W Low
₹ 101.6
Dividend Yield
—

Rajputana Stainless Overview

Business

Rajputana Stainless Ltd. (RSL) is an Indian company primarily engaged in the manufacturing and sale of various steel products. Its core business revolves around producing intermediate steel products such as sponge iron, pig iron, and potentially other forms of steel. Sponge iron is a direct reduced iron (DRI) product used as a substitute for scrap in steelmaking, while pig iron is an intermediate product of smelting iron ore, used to produce steel and castings. The company generates revenue by selling these industrial inputs to downstream steel manufacturers, foundries, and construction/infrastructure projects. Its business model relies on efficient procurement of raw materials (iron ore, coal/coke, power) and cost-effective production to achieve margins on product sales.

Revenue Mix

Based on its stated sector and industry, RSL's primary revenue segments are likely:

Sponge Iron Manufacturing: Production and sale of direct reduced iron.

Pig Iron Manufacturing: Production and sale of pig iron.

Steel Products: Depending on its exact capabilities, this could include billets, ingots, or other semi-finished steel products.

Without specific financial reports, the precise revenue contribution from each segment cannot be provided. However, these three areas represent its core operational focus.

Industry

The Indian steel industry is highly capital-intensive, cyclical, and largely commodity-driven. It is characterized by a mix of large integrated players (like Tata Steel, JSW Steel, SAIL) and numerous smaller to mid-sized non-integrated or semi-integrated players. RSL, operating in the sponge iron and pig iron space, likely positions itself as a supplier of primary inputs to the secondary steel sector or for specific applications. Its competitive standing relative to peers would depend on factors such as production capacity, operational efficiency, raw material linkages, geographic reach, and product quality. Given the nature of its products, it likely competes on price and reliability, potentially serving regional markets or specific customer segments.

MOAT

In the commodity-driven steel and iron industry, strong, durable competitive advantages (moats) are challenging to establish, especially for non-integrated players. RSL likely does not possess deep moats such such as strong brand equity or network effects. Potential sources of competitive advantage, if any, could stem from:

Cost Leadership: Achieved through highly efficient operations, proximity to raw material sources, or captive power generation.

Geographic Proximity: Dominance in a specific regional market, offering logistics advantages to local customers.

Operational Excellence: Superior process efficiency, yield management, and cost control compared to peers.

However, these are often operational strengths rather than durable structural moats that prevent new entry or competitive erosion over the long term.

Growth Drivers

Key factors that can drive RSL's growth over the next 3-5 years include:

Infrastructure Development: Government spending on roads, railways, ports, and urban development will boost steel demand.

Construction Sector Growth: Residential, commercial, and industrial construction activities.

Manufacturing Expansion: Growth in industries like automotive, capital goods, and engineering, which are significant steel consumers.

"Make in India" Initiative: Government focus on boosting domestic manufacturing and reducing imports.

Urbanization: Increased demand for housing and associated infrastructure.

Export Opportunities: Favorable global steel demand conditions could open up export markets for intermediate products.

Risks

Rajputana Stainless Ltd. faces several inherent risks:

Cyclicality of Steel Industry: Steel demand and prices are highly correlated with economic cycles, leading to revenue and profit volatility.

Raw Material Price Volatility: Fluctuations in prices of iron ore, coking coal, non-coking coal, and scrap can significantly impact production costs and margins.

Energy Cost Fluctuations: The energy-intensive nature of steel production makes the company vulnerable to changes in power and fuel costs.

Intense Competition: Competition from larger integrated players and other mid-sized producers, both domestic and from imports.

Environmental & Regulatory Risks: Strict environmental compliance, carbon emission regulations, and potential policy changes can increase operational costs.

Interest Rate Risk: High capital expenditure requirements mean increased financing costs can impact profitability, especially in a rising interest rate environment.

Imports: Influx of cheaper steel and iron products from other countries can depress domestic prices.

Management & Ownership

As is common with many Indian companies, Rajputana Stainless Ltd. is likely promoter-led or controlled, implying a significant ownership stake held by the founding family or group. This structure often leads to long-term strategic vision but can also concentrate decision-making power. Management quality would typically involve individuals with deep industry experience in the steel or manufacturing sectors, possessing operational expertise in production, procurement, and sales within the commodity space. Detailed information on specific promoters or the management team's track record would require a review of regulatory filings.

Outlook

RSL operates in a crucial but highly volatile sector. The outlook presents both opportunities and challenges. On the bullish side, India's robust economic growth projections, strong governmental impetus on infrastructure development, and a growing manufacturing base suggest a resilient underlying demand for steel and iron products. This domestic tailwind, coupled with potential for operational efficiencies and cost control, could support revenue growth and profitability. However, the bearish perspective highlights the inherent cyclicality of the steel industry, vulnerability to global economic slowdowns, and significant exposure to volatile raw material and energy prices. Intense domestic and international competition, along with evolving regulatory landscapes, also pose continuous challenges to margins and market share. RSL's performance will largely depend on its ability to navigate these market fluctuations, optimize its cost structure, manage its supply chain effectively, and potentially diversify its product mix or end-user segments.

Rajputana Stainless Share Price

Live · BSE / NSE · Inception: 1991
₹ | |
Volume
Price

Key Financials — Profit & Loss

₹ in Cr · Standalone · annual

Rajputana Stainless Quarterly Results

#(Fig in Cr.) Dec 2024 Mar 2025 Jun 2025 Dec 2025 Mar 2026 Jun 2026
Net Sales 233 248 231 251 255 307
Other Income 1 1 1 0 2 2
Total Income 235 249 232 251 257 309
Total Expenditure 214 230 211 227 231 278
Operating Profit 21 19 22 24 25 31
Interest 4 5 5 5 6 2
Depreciation 3 2 2 2 2 2
Exceptional Income / Expenses 0 0 0 0 0 0
Profit Before Tax 14 12 15 17 17 27
Provision for Tax 4 4 4 4 4 7
Profit After Tax 10 8 11 12 13 20
Adjustments 0 0 0 0 0 0
Profit After Adjustments 10 8 11 12 13 20
Adjusted Earnings Per Share 1.4 1.2 1.6 1.8 1.6 2.4

Rajputana Stainless Profit & Loss

#(Fig in Cr.) Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 TTM
Net Sales 222 191 368 428 432 428 766 948 910 932 1007 1044
Other Income 9 6 7 7 1 2 2 3 6 5 4 5
Total Income 231 197 376 434 433 430 768 951 916 937 1011 1049
Total Expenditure 214 198 349 408 409 406 736 904 850 858 914 947
Operating Profit 17 -1 26 26 24 24 32 47 65 79 97 102
Interest 12 13 12 12 12 12 11 11 14 16 21 18
Depreciation 4 5 4 4 4 4 7 7 8 9 9 8
Exceptional Income / Expenses -0 -0 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 1 -19 10 10 8 7 14 29 42 55 66 76
Provision for Tax -1 -6 4 6 3 5 5 5 11 15 17 19
Profit After Tax 2 -13 7 4 4 2 9 24 32 40 50 56
Adjustments 0 0 0 0 0 0 0 0 0 0 0 0
Profit After Adjustments 2 -13 7 4 4 2 9 24 32 40 50 56
Adjusted Earnings Per Share 0.3 -1.9 0.9 0.6 0.6 0.3 1.3 3.5 4.6 5.8 6 7.4

Rajputana Stainless Balance Sheet

#(Fig in Cr.) Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Shareholder's Funds 58 45 52 56 60 62 58 81 112 152 363
Minority's Interest 0 0 0 0 0 0 0 0 0 0 0
Borrowings 13 14 12 13 18 16 34 25 19 18 1
Other Non-Current Liabilities 7 1 5 8 7 9 12 20 10 12 11
Total Current Liabilities 140 148 159 155 151 166 177 171 183 239 225
Total Liabilities 217 208 228 232 237 253 281 297 324 420 600
Fixed Assets 55 61 58 55 54 57 55 53 70 70 71
Other Non-Current Assets 19 8 9 23 17 12 2 21 1 3 17
Total Current Assets 144 139 162 154 165 184 224 223 252 347 513
Total Assets 217 208 228 232 237 253 281 297 324 420 600

Rajputana Stainless Cash Flow

#(Fig in Cr.) Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Opening Cash & Cash Equivalents 5 8 6 5 6 7 0 0 0 0 0
Cash Flow from Operating Activities 31 12 17 27 17 15 -2 25 31 7 32
Cash Flow from Investing Activities -12 -1 -1 -15 -2 -3 -6 -13 -6 -12 -42
Cash Flow from Financing Activities -17 -13 -16 -11 -14 -20 8 -12 -25 5 112
Net Cash Inflow / Outflow 2 -2 -1 0 1 -7 -0 0 -0 -0 102
Closing Cash & Cash Equivalent 8 6 5 6 7 0 0 0 0 0 102

Rajputana Stainless Ratios

# Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Earnings Per Share (Rs) 0.31 -1.86 0.94 0.62 0.63 0.32 1.26 3.49 4.59 5.78 5.96
CEPS(Rs) 0.89 -1.13 1.5 1.15 1.19 0.93 2.25 4.49 5.8 7.05 7.08
DPS(Rs) 0 0 0 0 0 0 0 0 0 0 0.5
Book NAV/Share(Rs) 8.39 6.53 7.48 8.09 8.73 9.05 8.38 11.78 16.29 22.05 43.47
Core EBITDA Margin(%) 3 -3.25 4.47 3.82 5.21 5.12 3.93 4.63 6.53 7.91 9.2
EBIT Margin(%) 5.13 -2.82 5.26 4.41 4.57 4.58 3.26 4.22 6.24 7.55 8.66
Pre Tax Margin(%) 0.46 -8.72 2.43 2.04 1.75 1.73 1.82 3.02 4.65 5.86 6.59
PAT Margin (%) 0.86 -5.93 1.51 0.84 1.01 0.52 1.13 2.54 3.48 4.28 4.95
Cash Profit Margin (%) 2.45 -3.6 2.41 1.57 1.9 1.49 2.02 3.27 4.39 5.22 5.88
ROA(%) 0.99 -6.02 2.98 1.85 1.87 0.91 6.19 8.31 10.18 10.71 9.76
ROE(%) 3.75 -24.87 13.47 7.92 7.55 3.64 30.12 34.62 32.7 30.17 19.34
ROCE(%) 7.66 -3.83 14.84 16.05 15.1 14.42 33.38 25.72 32.17 31.72 25.57
Receivable days 55.92 49.13 32.46 37.84 43.39 44.39 41.56 37.35 39.35 46.94 52.15
Inventory Days 137.85 165.27 79.83 63.69 78.82 88.13 53.66 38.65 38.56 46.35 56.96
Payable days 41.35 62.17 54.29 73.62 93.54 99.31 30.76 47.86 50.91 58.39 59.98
PER(x) 0 0 0 0 0 0 0 0 0 0 17.23
Price/Book(x) 0 0 0 0 0 0 0 0 0 0 2.36
Dividend Yield(%) 0 0 0 0 0 0 0 0 0 0 0.49
EV/Net Sales(x) 0.61 0.71 0.35 0.23 0.24 0.25 0.16 0.11 0.12 0.18 0.79
EV/Core EBITDA(x) 8.05 -131.71 4.94 3.76 4.42 4.51 3.78 2.29 1.61 2.08 8.2
Net Sales Growth(%) -13.58 -13.98 93.07 16.07 0.99 -0.92 0 23.65 -4 2.43 8.05
EBIT Growth(%) -14.7 -147.73 471.63 -1.45 -11.39 -0.63 0 60.02 42.15 23.91 23.95
PAT Growth(%) -9.84 -701.37 150.84 -34.63 2.92 -48.98 0 176.47 31.54 26 25.01
EPS Growth(%) -9.85 -701.37 150.84 -34.63 2.93 -48.98 289.61 176.47 31.54 26 3.09
Debt/Equity(x) 1.87 2.37 1.97 1.23 1.28 1.17 1.59 0.98 0.71 0.66 0.18
Current Ratio(x) 1.03 0.94 1.02 1 1.09 1.11 1.27 1.3 1.38 1.46 2.28
Quick Ratio(x) 0.36 0.25 0.47 0.42 0.45 0.45 0.63 0.79 0.81 0.9 1.47
Interest Cover(x) 1.1 -0.48 1.86 1.86 1.62 1.6 2.26 3.51 3.93 4.47 4.18
Total Debt/Mcap(x) 0 0 0 0 0 0 0 0 0 0 0.08

Growth Rates

Compounded annual
# 1 Year 3 Year 5 Year 10 Year
Sales CAGR +8% +2% +19% +16%
Operating Profit CAGR +23% +27% +32% +19%
PAT CAGR +25% +28% +90% +38%
Share Price CAGR — — — —
ROE Average +19% +27% +29% +14%
ROCE Average +26% +30% +30% +19%

Rajputana Stainless Shareholding Pattern

Latest · Jun 2026
100% held
Promoters 57.09 %
FII 6.3 %
DII (MF + Insurance) 0.12 %
Public (retail) 36.49 %
# Dec 2025 Mar 2026 Jun 2026
Promoter 57.0357.0357.09
FII 3.944.36.3
DII 1.790.180.12
Public 37.2438.536.49
Others 000
Total 100100100

Rajputana Stainless Peer Comparison

Steel/Sponge Iron/Pig Iron Edit Columns

Rajputana Stainless Quarterly Price

10-year quarterly close · BSE
Show Value Show %

News & Updates

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Rajputana Stainless Pros & Cons

Pros

  • Company has delivered good profit growth of 90% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 27%
  • Company has reduced debt.
  • Company is almost debt free.

Cons

  • Though the company is reporting repeated profits, it is not paying out dividend.
  • Debtor days have increased from 58.39 to 59.98days.
  • Stock is trading at 3.9 times its book value.
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