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Listed
Iron & Steel Products
Rajputana Stainless Limited IPO
₹255 Cr · Fresh Issue & OFS · Iron & Steel Products
Price Band
₹116 – ₹122
GMP (Grey Market)
—
No GMP data yet
Issue Size
₹255 Cr
Fresh Issue & OFS
Market Cap
₹1019.53 Cr
At upper band
P/E Ratio
25.6x
P/S: 1.1x
Listing Date
19 Mar 2026
BSE & NSE
IPO Timeline
✓
Opens
09 Mar 2026
✓
Closes
11 Mar 2026
✓
Allotment
12 Mar 2026
✓
Refund
13 Mar 2026
✓
Listing
19 Mar 2026
IPO India Hub Recommendation: Subscribe
We recommend subscribing to the issue. The company’s solid revenue and profit track record offset the valuation premium, but investors should watch steel price cycles.
Our Analysis — Key Points
✓ Strength
Strong revenue generation in steel sector
The company posted revenue of ₹932.16 crore in the last financial year, indicating a sizable operation in the steel segment. Its revenue base gives it scale to negotiate raw material contracts.
✓ Strength
Consistent profitability despite market cycles period
Net profit reached ₹39.85 crore, showing the company can generate earnings after expenses. Maintaining profitability in a capital‑intensive industry is a positive sign.
⚠ Risk
Exposure to cyclical steel price fluctuations
The steel industry is highly cyclical, and the company’s earnings can swing with global steel price movements. A prolonged downturn could compress margins and affect cash flow.
$ Valuation
Valuation appears moderate on earnings basis
The company trades at a price‑to‑earnings multiple of about 25.6×, which is higher than many peers in the sector. Its price‑to‑sales ratio of 1.1× suggests the market is paying a modest premium for sales.
Top Analyst Reviews
| Analyst / Firm | Rating | Known For | Review |
|---|---|---|---|
| IPO India Hub Our independent review |
Original analysis based on DRHP & public financials | This page | |
| Dilip Davda Chittorgarh.com |
India's most followed independent IPO analyst | Search on Chittorgarh → | |
| Capital Market (CM Rating) CapitalMarket.com |
Widely-cited "New Issue Monitor" reports | Search on CapitalMarket → | |
| ICICI Securities ICICIdirect Research |
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| IPO Guru Analyst Leaderboard ipoguru.in |
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External links go to each platform's IPO section — search for "Rajputana Stainless Limited" to find the specific review. IPO India Hub does not represent the accuracy of third-party ratings.
Company Snapshot
Revenue
₹932.16 Cr
Net Profit
₹39.85 Cr
Industry
Iron & Steel Products
Issue Type
Fresh Issue & OFS
Promoters
SHANKARLAL DEEPCHAND MEHTA, BABULAL D MEHTA, JAYESH NATVARLAL PITHVA AND YASHKUMAR SHANKARLAL MEHTA
Lead Managers
Nirbhay Capital Services
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