Quick Stats
Listing Price
122
(0.00%)
Subscription
1.12x
Allotment Status
Out
Last Updated
25-03-2026 09:26 PM
Rajputana Stainless Limited IPO – Live GMP, Review & Analysis
Rajputana Stainless Limited IPO GMP Today - ₹2 (1.64%)
Last updated: 16-03-2026 10:00 AM
Grey Market Premium Analysis
As of today, the latest Grey Market Premium (GMP) for Rajputana Stainless Limited IPO is ₹1.5. Considering the upper price band of ₹122, the estimated listing price is ₹123.5 (Cap Price + GMP). This indicates a listing gain of 1.2% per share. The GMP trend has been Down over the last 3 days.
GMP Trend Analysis
| Date | GMP Price | Est. Listing Gain | Trend |
|---|---|---|---|
| 16-03-2026 | 2 | ₹220 | Down |
| 15-03-2026 | 2.25 | ₹247.5 | Neutral |
| 14-03-2026 | 2.25 | ₹247.5 | Down |
| 13-03-2026 | 3 | ₹330 | Up |
| 12-03-2026 | 1.5 | ₹165 | Up |
| 11-03-2026 | 1 | ₹110 | Down |
| 10-03-2026 | 2 | ₹220 | Neutral |
| 09-03-2026 | 2 | ₹220 | Up |
| 08-03-2026 | 1.5 | ₹165 | Neutral |
| 07-03-2026 | 1.5 | ₹165 | Up |
| 06-03-2026 | 0 | ₹0 | Neutral |
Rajputana Stainless Limited IPO Date, Price Band & Lot Size
Price Band
₹116-122
Lot Size
110 shares
Cutoff Investment
13420
Promoter Holding
Open
Mar 9, 2026
Close
Mar 11, 2026
Allotment Date
Mar 12, 2026
Listing Date
Mar 16, 2026
Issue Size
254.98
Rajputana Stainless Limited IPO Review: Business Model
*This section provides a detailed description of Rajputana Stainless Limited IPO's business operations and market position.
Rajputana Stainless Limited IPO Financial: Revenue, Profit & Margins
Key financial metrics over recent years.
*Values in Cr
Revenue
₹932 Cr
Net Profit
₹40 Cr
EBITDA
₹74 Cr
ROE
30.17%
ROCE
31.72%
Debt/Equity
0.66x
PAT Margin
4.28%
Peer Comparison
Stainless Steel Manufacturing • FY25
| Company | Revenue (₹ Cr) | PAT (₹ Cr) | EBITDA Margin | P/E | Market Cap (₹ Cr) | Comment |
|---|---|---|---|---|---|---|
Rajputana Stainless Limited (IPO Company) IPO Company | 937.49 | 39.85 | 7.92% | 21.10 | 1,019.53 | Rajputana Stainless manufactures long and flat stainless-steel products including billets, forging ingots, and rolled bars for various B2B industrial applications. |
Mangalam Worldwide Ltd | 1,066.03 | 29.53 | 5.63% | 17.68 | 764.05 | Mangalam Worldwide is an integrated stainless-steel manufacturer engaged in melting, rolling, and the production of bright bars and seamless tubes. |
Mukand Ltd | 4,904.42 | 75.89 | 5.07% | 29.64 | 1,782.35 | Mukand Ltd manufactures alloy and stainless-steel products alongside heavy machinery, primarily serving the automotive and engineering sectors. |
Electrotherm (India) Ltd | 4,123.66 | 442.15 | 8.15% | 5.34 | 834.34 | Electrotherm India operates across multiple engineering segments, including the manufacturing of special steel products, steel melting equipment, and ductile iron pipes. |
Analysis & Interpretation
The peer group exhibits a wide variation in revenue scale and profitability, reflecting differences in product portfolios and end-user markets within the broader steel and engineering sector. Companies with diverse business divisions, such as heavy machinery or engineering projects, show different margin profiles and valuation multiples compared to pure-play stainless-steel manufacturers. Variations in P/E ratios and EBITDA margins are largely driven by these differing operational scales, commodity price exposures, and specific value-added manufacturing capabilities.
Note: The peer group includes companies with different business models and commodity exposure. Financial metrics are provided for sectoral context and may not represent direct business equivalence.
Source: Company annual reports and publicly available financial data (FY25).
This peer comparison is for informational purposes only and is based on publicly available financial data. It does not constitute investment advice or a recommendation to buy or sell any security.
IPO Objectives (Use of Funds)
Manufacturing Facility Expansion
₹18.57 Cr([•]%)Funding capital expenditure to expand the existing manufacturing facility in Gujarat to produce stainless steel seamless pipes.
Repayment of Borrowings
₹98.00 Cr([•]%)Full or partial repayment and prepayment of certain outstanding borrowings availed by the company.
General Corporate Purposes
₹[•] Cr([•]%)Deployment of funds towards general corporate purposes, including strategic initiatives, brand building, and business exigencies.
Offer for Sale
₹[•] Cr([•]%)The company will not receive any proceeds from the Offer for Sale portion; these funds will go directly to the selling shareholder.
Note: Objectives are as per offer documents. Utilisation may vary.
Source: RHP
For informational purposes only.
SWOT Analysis (Pros & Cons)
Comprehensive analysis of Strengths, Weaknesses, Opportunities, and Threats.
Strengths
- •Operates an integrated stainless-steel manufacturing facility in Gujarat.
- •Maintains captive industrial gas production to mitigate supply risks.
- •Manufactures over 80 distinct grades of stainless-steel products.
Weaknesses
- •Revenue is highly concentrated in Maharashtra, Gujarat, and Uttar Pradesh.
- •Operations depend heavily on raw material availability and pricing.
Opportunities
- •Forward integration into manufacturing stainless-steel seamless pipes.
- •Broadening product portfolio to expand market reach and customer base.
Threats
- •Execution risks associated with constructing the new manufacturing facility.
- •Exposure to foreign exchange fluctuations due to imported raw materials.
- •Intense competition within the domestic steel manufacturing sector.