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Incorporated in 1991, Rajputana Stainless Limited is engaged in manufacturing long and flat stainless-steel products. The company offers a range of stainless steel products, including billets, forging ingots, rolled black and bright bars, flat & patti, and other ancillary products, in over 80 diverse grades.The company primarily sells its products domestically through direct sales and traders, while also exporting to five countries: UAE, USA, Turkey, Kuwait, and Poland.The company uses its expertise and infrastructure to supply raw materials for various industries, including seamless pipes, aerospace, forging, oil and gas, defense, automotive, aviation, and precision engineering. The company operates a manufacturing facility of 35,196.98 Sq.m in Kalol, Gujarat, equipped with an induction furnace, AOD, CCM, heat treatment facilities, rolling mill, and bright bar shop for efficient production. Product Portfolio: Billet: The company produces stainless steel billets, semi-finished products made from liquid steel, used as optimal inputs for hot working processes such as forging, rolling, and ring rolling. Cast ingots: The company produces cast ingots, metal masses poured into molds for easy storage, transportation, and further processing. These ingots are free from defects, marked for traceability, and used in open die forgings, re-rolling, and ring rolling. Hexagon al Bars: The company produces hexagonal bars, stainless steel rolled into hexagonal shapes, used in manufacturing nuts, valves, hose ends, fasteners, and hex bolts. As of September 30, 2025, the company had 408 permanent employees and workers comprising skilled and unskilled workers.
Sotefin Bharat
| Companies Name | Open - Close | Issue Size | Min. Qty | Issue Price | Apply |
|---|---|---|---|---|---|
Sotefin Bharat SME | 16th Jul 2026 - 20th Jul 2026 | 89.76 Cr | 600 Shares | ₹ 178.00 | |
Caliber Mining & Logistics Mainboard | 17th Jul 2026 - 21st Jul 2026 | 450.00 Cr | 35 Shares | ₹ 402.00 |

Open Date
Mar 9, 2026
Close Date
Mar 11, 2026
Min Investment
₹13,420
Lot Size
110 Shares
Issue Size
₹254.98 Cr
Price Range
₹116 - ₹116
Listing Date
Mar 19, 2026
IPO Doc
RHP PDFRevenue Growth
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Earning Expansion
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₹18.57cr to expand Panchmahal plant for stainless steel seamless pipes. The company will use ₹98 crore for repayment and/or pre-payment of certain outstanding borrowings. Part of the IPO proceeds will be used for general corporate purposes and issue expenses
Capital expenditure
10.37%
Repayment of borrowings
54.75%
General corporate purposes
34.88%
₹18.57cr to expand Panchmahal plant for stainless steel seamless pipes.
The company will use ₹98 crore for repayment and/or pre-payment of certain outstanding borrowings.
Part of the IPO proceeds will be used for general corporate purposes and issue expenses
Times subscribed by category (bars capped at 10x for readability). Dashed line marks 1.0x (fully subscribed).
In Cr.
| Key Performance Indicator | 30-Sep-25 (In Cr.) | 31-Mar-25 (In Cr.) | 31-Mar-24 (In Cr.) | 31-Mar-23 (In Cr.) |
|---|---|---|---|---|
| Revenue | 502.77 | 937.49 | 915.50 | 950.69 |
| EBITDA | 45.92 | 73.79 | 59.41 | 43.85 |
| Expenses | ||||
| Profit After Tax | 24.41 | 39.85 | 31.63 | 24.04 |
| Assets | 448.80 | 420.36 | 324.01 | 297.34 |
| Net Worth | 176.65 | 151.95 | 112.27 | 81.17 |
| Reserves | 108.16 | 83.75 | 78.36 | 46.73 |
| Borrowing | 85.91 | 99.75 | 79.76 | 79.83 |
Shankarlal Deepchand Mehta
Babulal D Mehta
Jayesh Natvarlal Pithva
Yashkumar Shankarlal Mehta
78.22%
57.01%
Rajputana Stainless
213, Madhwas, Halol Kalol Road, Kalol, Panchmahal Halol, Gujarat, 389330
During the six months ended September 30, 2025 and in FY25, export revenues stood at ₹0.27crores and ₹15.28 crores, contributing 0.06% and 1.64% of revenue from operations, respectively. This indicates a strong domestic anchor while retaining export optionality for future scale-up.
Although the company maintains a low order cancellation rate (1.72% to 1.81% over FY23 to H1FY26), it remains susceptible to order cancellations on short notice. The company received 3,133 orders in H1FY26, with 54 orders being cancelled. All else being equal, a relatively small increase in total cancellation activity could interrupt the production planning and how quickly inventory is turned.
The company derives a significant portion of domestic revenue from Maharashtra (47.8%), Gujarat (35.1%) and Uttar Pradesh as on H1FY26. Given the cyclical and infrastructure-linked nature of stainless steel demand, any regional slowdown, regulatory shift, or project deferral in these key states may disproportionately impact revenue trajectory and capacity utilisation.