About
Rajputana Stainless Limited (“RSL”) was incorporated on April 2, 1991, as Rajputana Steel Castings Private Limited and was subsequently converted into a public limited company in 2007. The Company was renamed Rajputana Stainless Limited in July 2007. The Company is promoted by Shankarlal Deepchand Mehta, Babulal D. Mehta, Jayesh Natvarlal Pithva and Yashkumar Shankarlal Mehta.RSL is engaged in the manufacturing of long and flat stainless-steel products under the brand name “RSL”. Its portfolio includes billets, forging ingots, rolled black bars, rolled bright bars, flats and pattis, offered in over 80 stainless-steel grades. The Company operates on a B2B model, serving manufacturers and traders across industries such as pipes, forging, engineering, casting, fasteners, utensils, pumps, shafts and automobiles. With a diversified product mix, wide grade capability and strong presence in domestic markets, RSL positions itself as a reliable stainless-steel solutions provider focused on quality, operational scale and customer-centric growth.
IPO schedule
| Issue open date | 2026-03-09 |
| Issue close date | 2026-03-11 |
| UPI mandate deadline | 2026-03-11 (5 PM) |
| Allotment finalization | 2026-03-12 |
| Refund initiation | 2026-03-13 |
| Share credit | 2026-03-13 |
| Listing date | 2026-03-16 |
| Mandate end date | 2026-03-26 |
| Lock-in end date for anchor investors (50%) | 2026-04-11 |
| Lock-in end date for anchor investors (remaining) | 2026-06-10 |
Financials
| Financial Year Ended | March 2024 | March 2025 | September 2025 |
| Total Assets | 324.01 | 420.36 | 448.8 |
| Revenue | 915.50 | 937.49 | 502.77 |
| Profit After Tax | 31.63 | 39.85 | 24.41 |
Issue size
| Funds Raised in the IPO | Amount |
| Total issue size | 254.98 |
| Fresh Issue - Proceeds go to the company | 178.73 |
| Offer for sale - Proceeds go to the existing investors | 76.25 |
Utilisation of proceeds
| Purpose | INR crores (%) |
| Capital expenditure for Proposed Facility (SS Seamless Pipes) | 18.57 (10.39%) |
| Repayment / Prepayment of secured borrowings | 98 (54.83%) |
| General corporate purposes | 62.16 (34.78%) |
Strengths
- Diversified portfolio of 80+ stainless steel grades under the “RSL” brand.
- Strong B2B presence across multiple end-use industries.
- Established promoter group with a long operating history since 1991.
- Strategic expansion into seamless pipes for forward integration.
- Consistent revenue base with improving profitability metrics..
Risks
- High revenue dependence on top customers without long-term contracts.
- Significant ongoing litigations and contingent liabilities.
- Geographic concentration of manufacturing operations in Gujarat.
- Dependence on limited key raw material suppliers.
- The majority of revenue is derived from domestic markets, especially select states.
Allotment Status for Rajputana Stainless
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