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15 Days Price Change

Rajputana Stainless IPO

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WEBSITE Inc. Year: 1991 Industry: Steel/Sponge Iron/Pig Iron Listed Page

Profile
Issue Size 254.98 Cr
Profile
Price Range 116  to  122 per share
Profile
Min Investment ₹122
Profile
Lot Size 1
Profile
Face Value ₹10
Profile
Draft Prospectus
Invest Before the IPO Goes Live

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Profile
  • Basic Info
  • IPO Tentative Timetable
  • IPO Lot Size
  • Subscription Status
  • Financials
  • Profit & Loss
  • Balance Sheet
  • Cash Flow
  • Ratios
  • Growth Rates
  • Other info

Overview

We are a growing Stainless Steel Manufacturing Unit with an annual installed capacity of 40,000 MT. Inaddition, we have an in-house Bright Bar manufacturing Unit having an annual installed capacity of 3,600MT and two Wind Mill Projects at Kutchch and Rajkot respectively having an aggregate existing Powergeneration capacity of 2.10 MW, which we use for captive power consumption. We are one of the fastestgrowing manufacturers of high quality Stainless Steel Billets, RCS, Wire Rods, Hexagon, Square, Black& Bright Bars in various grades and sizes.Our Company’s Manufacturing Plant is located at 213, Madhwas, Halol Kalol Road, Kalol, PanchmahalsDist., Gujarat-389330. Our Plant is located on the Vadodara-Indore National Highway and is 55 kmsfrom Vadodara Steel Market and 60 kms from ICD Dashrath Port.Our Company sells its goods through its Marketing offices located at Vadodara and Mumbai. In additionto that we have various dealers all across India selling our goods. Our customer profile includes SurajStainless Ltd., Rajratna Metals and other such Stainless Steel Players.The Company’s Revenues have grown from 3157.29 lacs in fiscal 2005 to Rs. 11281.21 lacs in fiscal2009, at a CAGR of 37.49%. Our earnings before interest, tax, depreciation and amortization hasincreased from Rs. 46.21 lacs in 2005 to Rs. 657.69 lacs in 2009, at a CAGR of 94.23%. Our profit aftertax has increased from Rs. 9.42 lacs in fiscal 2005 to Rs. 137.62 lacs in fiscal 2009, at a CAGR of95.50%. This improvement in performance is due to the plant expansion carried out in 2008-09Currently the company has an in-house Melting Unit, and Bright Bar unit and other facilities such asDrawing, Rolling etc are done by the Company outside on a job work basis. In order to achieve our goalof becoming a leading full-service integrated Stainless Steel Company with presence across the valuechain, we are currently exploring options in the form of Forward Integration in the Stainless SteelIndustry Value chain and are also considering certain key processes done outside currently to be done inhousefor improved productivity and profitability.We plan to setup our own Rolling Mill at a plot adjacent to our existing production Plant in order to gainthe advantages of forward integration. The land procurement for the Rolling Mill Project has beencompleted and the shed construction for the same has already been started. We are also planning toincrease our production capacity of Bright Bars to match the growing demand of this product. Also inorder to further benefit from Power savings generated by owning Wind Energy Units we plan to set upone more Wind Mill having a Power generating Capacity of 1.5 MW at Gujarat. Read More

Basic Info

Face Value 10 per share

Price 116  to  122 per share

P/E (x) 21

Sales( Cr.) 932

PAT( Cr.) 40

EPS 5.8

Draft Prospectus

Exchange BSE-NSE

Promoter

Company Promoters

Shankarlal Deepchand Mehta Kanumuri Ranga Raju Babulal D Mehta Krishnam Raju Kanumuri Jayesh Natvarlal Pithva Kanumuri Mytrey Yashkumar Shankarlal Mehta Sai Quest Syn Private Limited

Pre Issue Share Holding 78.21%

Post Issue Share Holding 57.03%

Listing Details:

Listing Price: 123.95

Listing Gain: 1.57%

Current Price: 127.1

Gain On Issue: 127.1 | 0%

GMP: 3

GMP %: 2.5 %

IPO Tentative Timetable

Opening Date Mar 09, 2026
Closing Date Mar 11, 2026
Allotment Mar 12, 2026
Refund Mar 13, 2026
Delivery of Shares Mar 13, 2026
Listing Date Mar 16, 2026

IPO Lot Size

Application Lots Shares Amount
Retail (Min) 1 110 13,420
Retail (Max) 14 1540 187,880
S-HNI (Min) 15 1650 201,300
S-HNI (Max) 74 8140 993,080
B-HNI (Min) 75 8250 1,006,500

Objective of the Issue

1. 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 (“Proposed Facility”).2. Full or part repayment and/or prepayment of certain outstanding borrowings availed by our Company.3. General corporate purposes.

Issue

Category Nos Bid Bid (x)
QIB 2090000 5239630 2.5x
NII 5643000 14640340 2.6x
Retail 13167000 3539580 0.3x
EMP 0 0 0x
Total 20900000 23419550 1.1x

Net Sales (in cr.)

Total Income (in cr.)

Operating Profit (in cr.)

Net Profit (in cr.)

Shareholder Funds (in cr.)

Total Assets (in cr.)

Rajputana Stainless Profit & Loss

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
Net Sales 257 222 191 368 428 432 428 766 948 910 932
Other Income 1 9 6 7 7 1 2 2 3 6 5
Total Income 258 231 197 376 434 433 430 768 951 916 937
Total Expenditure 239 214 198 349 408 409 406 736 904 850 858
Operating Profit 19 17 -1 26 26 24 24 32 47 65 79
Interest 12 12 13 12 12 12 12 11 11 14 16
Depreciation 4 4 5 4 4 4 4 7 7 8 9
Exceptional Income / Expenses -0 -0 -0 0 0 0 0 0 0 0 0
Profit Before Tax 3 1 -19 10 10 8 7 14 29 42 55
Provision for Tax 1 -1 -6 4 6 3 5 5 5 11 15
Profit After Tax 2 2 -13 7 4 4 2 9 24 32 40
Adjustments 0 0 0 0 0 0 0 0 0 0 0
Profit After Adjustments 2 2 -13 7 4 4 2 9 24 32 40
Adjusted Earnings Per Share 0.3 0.3 -1.9 0.9 0.6 0.6 0.3 1.3 3.5 4.6 5.8

Rajputana Stainless Balance Sheet

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Shareholder's Funds 56 58 45 52 56 60 62 58 81 112 152
Minority's Interest 0 0 0 0 0 0 0 0 0 0 0
Borrowings 9 13 14 12 13 18 16 34 25 19 18
Other Non-Current Liabilities 8 7 1 5 8 7 9 12 20 10 12
Total Current Liabilities 142 140 148 159 155 151 166 177 171 183 239
Total Liabilities 214 217 208 228 232 237 253 281 297 324 420
Fixed Assets 56 55 61 58 55 54 57 55 53 70 70
Other Non-Current Assets 9 19 8 9 23 17 12 2 21 1 3
Total Current Assets 149 144 139 162 154 165 184 224 223 252 347
Total Assets 214 217 208 228 232 237 253 281 297 324 420

Rajputana Stainless Cash Flow

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Opening Cash & Cash Equivalents 4 5 8 6 5 6 7 0 0 0 0
Cash Flow from Operating Activities 13 31 12 17 27 17 15 -2 25 31 7
Cash Flow from Investing Activities -4 -12 -1 -1 -15 -2 -3 -6 -13 -6 -12
Cash Flow from Financing Activities -8 -17 -13 -16 -11 -14 -20 8 -12 -25 5
Net Cash Inflow / Outflow 1 2 -2 -1 0 1 -7 -0 0 -0 -0
Closing Cash & Cash Equivalent 5 8 6 5 6 7 0 0 0 0 0

Rajputana Stainless Ratios

# Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Earnings Per Share (Rs) 0.34 0.31 -1.86 0.94 0.62 0.63 0.32 1.26 3.49 4.59 5.78
CEPS(Rs) 0.9 0.89 -1.13 1.5 1.15 1.19 0.93 2.25 4.49 5.8 7.05
DPS(Rs) 0 0 0 0 0 0 0 0 0 0 0
Book NAV/Share(Rs) 8.08 8.39 6.53 7.48 8.09 8.73 9.05 8.38 11.78 16.29 22.05
Core EBITDA Margin(%) 6.04 3 -3.25 4.47 3.82 5.21 5.12 3.93 4.63 6.53 7.92
EBIT Margin(%) 5.17 5.13 -2.82 5.26 4.41 4.57 4.58 3.26 4.22 6.24 7.55
Pre Tax Margin(%) 1.11 0.46 -8.72 2.43 2.04 1.75 1.73 1.82 3.02 4.65 5.86
PAT Margin (%) 0.82 0.86 -5.93 1.51 0.84 1.01 0.52 1.13 2.54 3.48 4.28
Cash Profit Margin (%) 2.14 2.45 -3.6 2.41 1.57 1.9 1.49 2.02 3.27 4.39 5.21
ROA(%) 1.1 0.99 -6.02 2.98 1.85 1.87 0.91 6.19 8.31 10.18 10.71
ROE(%) 4.33 3.75 -24.87 13.47 7.92 7.55 3.64 30.12 34.62 32.7 30.17
ROCE(%) 9.11 7.66 -3.83 14.84 16.05 15.1 14.42 33.38 25.72 32.17 31.72
Receivable days 53.38 55.92 49.13 32.46 37.84 43.39 44.39 41.56 37.35 39.35 46.93
Inventory Days 122.58 137.85 165.27 79.83 63.69 78.82 88.13 53.66 38.65 38.56 46.34
Payable days 54.02 41.35 62.17 54.29 73.62 93.54 99.31 30.76 47.86 50.91 58.39
PER(x) 0 0 0 0 0 0 0 0 0 0 0
Price/Book(x) 0 0 0 0 0 0 0 0 0 0 0
Dividend Yield(%) 0 0 0 0 0 0 0 0 0 0 0
EV/Net Sales(x) 0.55 0.61 0.71 0.35 0.23 0.24 0.25 0.16 0.11 0.12 0.17
EV/Core EBITDA(x) 7.48 8.05 -131.71 4.94 3.76 4.42 4.51 3.78 2.29 1.61 1.99
Net Sales Growth(%) 5.56 -13.58 -13.98 93.07 16.07 0.99 -0.92 0 23.65 -4 2.46
EBIT Growth(%) -13.35 -14.7 -147.73 471.63 -1.45 -11.39 -0.63 0 60.02 42.15 23.91
PAT Growth(%) -15.94 -9.84 -701.37 150.84 -34.63 2.92 -48.98 0 176.47 31.54 26
EPS Growth(%) -15.94 -9.85 -701.37 150.84 -34.63 2.93 -48.98 289.61 176.47 31.54 26
Debt/Equity(x) 2 1.87 2.37 1.97 1.23 1.28 1.17 1.59 0.98 0.71 0.66
Current Ratio(x) 1.05 1.03 0.94 1.02 1 1.09 1.11 1.27 1.3 1.38 1.46
Quick Ratio(x) 0.39 0.36 0.25 0.47 0.42 0.45 0.45 0.63 0.79 0.81 0.9
Interest Cover(x) 1.27 1.1 -0.48 1.86 1.86 1.62 1.6 2.26 3.51 3.93 4.47
Total Debt/Mcap(x) 0 0 0 0 0 0 0 0 0 0 0

Sihora Industries Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 2% 7% 17% 14%
Operating Profit CAGR 22% 35% 27% 15%
PAT CAGR 25% 64% 58% 35%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR NA% NA% NA% NA%
ROE Average 30% 32% 26% 13%
ROCE Average 32% 30% 27% 18%

Company Contact Information

Rajputana Stainless Ltd.

Richa Sanjeev Prashar

+91 63 5816 4770

compliance@rajputanastainless.com

213, Madhwas Halol Kalol Road Kalol

IPO Lead Manager(s)

Rajputana Stainless Ltd.

Nirbhay Capital Services Pvt Ltd.

Registrar Info

Rajputana Stainless Ltd.

K FIN Technologies Ltd.-(Karvy Fintech Pvt Ltd.)

Karvy Selenium Tower B, Plot 31-32 Gachibowli,Financial District, Nanakramguda Hyderabad – 500032 Tel. No. 040 67161500 Fax. No. 040 23001153 E-mail: einward.ris@karvy.com Website: www.karvy.com Toll Free No. of exclusive Call Centre:1-800-345001

040 - 67162222/18003094001

einward.ris@kfintech.com

https://www.kfintech.com

Frequently Asked Questions

All You Need To Know About IPO

When you leave without vesting, generally unvested ESOPs are cancelled. Vested ESOPs usually can be exercised after you depart, often within 3 to 6 months, depending on the company's ESOP plan.

For companies listed on a stock exchange, you can sell the shares any time after you exercise the ESOP option and the shares are in your demat account. If the company is unlisted or otherwise a startup, you can only sell the shares if and when the company announces a buyback or has a process for secondary sales.

Whenever you exercised your options to hold shares, you entered into a market risk situation, and if the valuation of the company drops, so do the shares.

Yes. ESOPs are valuable to the employer in that the employer is able to retain the best talent, align employee interests with company goals, and preserve cash while rewarding performance.

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