Start your Trading & Investing Journey with us
Join our channel for Daily Free Trades with Live analysis on Youtube, Trade Setup with Important Levels, and Important Stock Market Updates
Rajputana Stainless IPO Review - Issue Date, Price, GMP, Subscription, Allotment, Lot Size, and Details
Rajputana Stainless Limited is an infrastructure construction company engaged in execution of civil construction projects in India. The company undertakes roads, bridges, buildings, irrigation, industrial and other infrastructure works, mainly for government departments and PSUs. Revenue is generated through EPC and item‑rate contracts awarded via competitive bidding. Projects are executed using in‑house engineering teams, equipment and subcontractors across multiple sites in Odisha.
Rajputana Stainless an Book Built Issue, amounting to ₹
254.98 Crore,consisting an fresh issue of
0.47 crore shares aggregating to ₹
178.73 crores and offer for sale of 0.63 crore shares aggregating to ₹
76.25 crores The subscription period for the Rajputana Stainless IPO opens on March 09, 2026, and closes on March 11, 2026. The allotment is expected to be finalized on or about 12 March, 2026, Thursday, and the shares will be listed on the NSE with a tentative listing date set on or about Monday, March 16, 2026.
The Share Price Band of Rajputana Stainless IPO is set at ₹116 to ₹122 per share per equity share. The Market Capitalisation of the Rajputana Stainless at IPO price of ₹122 per equity share will be ₹1,019.53 Cr. The lot size of the IPO is 110 shares. Retail investors are required to invest a minimum of ₹
13,420, 1 lots (
110 shares), while the minimum investment for High-Net-Worth Individuals (HNIs) is
15 lots (
1,650 shares), amounting to ₹
201,300.
Nirbhay Capital Services Private Limited, the book running lead manager of the Rajputana Stainless Ltd. while KFin Technologies Limited is the registrar for the issue.
Rajputana Stainless Limited IPO GMP Today
The Grey Market Premium of Rajputana Stainless IPO is expected to be ₹0 based on the financial performance of the company. No real trading is done on the basis of Grey Market Premium that's why no real discovery of price can be done before the listing of shares on the stock exchange. The Grey Market Premium totally depends upon the Demand and Supply of the shares of the company in unorganized manner which is not recommended. The Grey Market Premium is mentioned for educational and informational purposes only.
Rajputana Stainless Limited IPO Live Subscription Status Today: Real-Time Update
As of 06:30 PM on March 11, 2026, the Rajputana Stainless IPO live subscription status shows that the IPO subscribed 1.12 times on its Final Day of subscription period. Check the Rajputana Stainless IPO Live Subscription Status Today at BSE.
Rajputana Stainless Limited IPO Allotment Date - Step by Step Guide to Check Allotment Status Online
Rajputana Stainless IPO allotment date is 12 March, 2026, Thursday, Rajputana Stainless IPO Allotment will be out on 12 March, 2026, Thursday, and will be live on Registrar Website from the allotment date.
KFin Technologies Limited IPO Allotment Status here. Here's how you can check the allotment status:
- Navigate to the IPO allotment status page.
- Select Rajputana Stainless IPO from the dropdown list of IPO
- Enter your application number, PAN, or DP Client ID
- Submit the details to check your allotment status.
By following either of these methods, investors can quickly determine their allotment status and proceed accordingly with their investments.
Objectives of Rajputana Stainless Limited IPO
Rajputana Stainless to utilise the Net Proceeds towards the following objects:
1. ₹1,857.17 Lakhs is required for 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
2. ₹9,800.00 Lakhs is required for Full or part repayment and/or prepayment of certain outstanding borrowings availed by our Company;
3. General Corporate Purposes.
Refer to Rajputana Stainless Limited RHP for more details about the Company.
Rajputana Stainless Limited Day Wise IPO GMP Trend
| GMP Date | Issue Price | Expected Listing Price | GMP | Last Updated |
|---|---|---|---|---|
| March 03, 2026 | ₹ 122 | ₹ 122 | ₹0(0.0%) | 03 March 2026; 03:34 PM |
Rajputana Stainless IPO Details
| Market Capitalization | ₹1,019.53 Cr |
| IPO Date | March 09, 2026 to March 11, 2026 |
| Listing Date | March 16, 2026 |
| Face Value | ₹10 Per Share |
| Price Band | ₹116 to ₹122 per share |
| Issue Price | ₹122 per share |
| Employee Discount | NA |
| Lot Size | 110 Equity Shares |
| Total Issue Size | 2,09,00,000 Equity Shares (aggregating to ₹254.98 Cr) |
| Fresh Issue | 1,46,50,000 Equity Shares (aggregating to ₹178.73 Cr) |
| Offer for Sale | 62,50,000 Equity Shares (aggregating to ₹76.25 Cr) |
| Issue Type | Book Built Issue |
| Listing At | BSE & NSE |
| Share holding pre issue | 6,89,17,658 |
| Share holding post issue | 8,35,67,658 |
| Rating | Avoid |
Rajputana Stainless IPO Anchor Investors Details
| Bid Date | N/A |
| Shares Offered | N/A |
| Anchor Portion Size (In Cr.) | N/A |
| Anchor lock-in period end date for 50% shares (30 Days) | N/A |
| Anchor lock-in period end date for remaining shares (90 Days) | N/A |
Rajputana Stainless IPO Timeline (Tentative Schedule)
| IPO Open Date | Mon, Mar 9, 2026 |
| IPO Close Date | Wed, Mar 11, 2026 |
| Basis of Allotment | Thu, Mar 12, 2026 |
| Initiation of Refunds | Fri, Mar 13, 2026 |
| Credit of Shares to Demat | Fri, Mar 13, 2026 |
| Listing Date | Mon, Mar 16, 2026 |
| Cut-off time for UPI mandate confirmation | Thu, Mar 12, 2026 |
Rajputana Stainless IPO Reservation
| Investor Category | Shares Offered | Reservation % |
|---|---|---|
| QIB Portion | 10,450,000 | Not less than 50% of the Net Offer |
| Non-Institutional Investor Portion | 3,135,000 | Not more than 15% of the Net Issue |
| Retail Shares Offered | 7,315,000 | Not more than 15% of the Net Issue |
Rajputana Stainless IPO Promoter Holding
| Share Holding Pre Issue | 78.22% |
| Share Holding Post Issue | 64.50% |
Rajputana Stainless IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 110 | ₹13,420 |
| Retail (Max) | 14 | 1,540 | ₹187,880 |
| S-HNI (Min) | 15 | 1,650 | ₹201,300 |
| S-HNI (Max) | 74 | 8,140 | ₹993,080 |
| B-HNI (Min) | 75 | 8,250 | ₹1,006,500 |
Rajputana Stainless IPO Subscription Status
| Investor Category | Shares Offered | Shares Bid For | No of Times Subscribed | Last Upadeted |
|---|---|---|---|---|
| Qualified Institutional Buyers (QIB) | 20,90,000 | 52,39,630 | 2.51x | 13 March 2026; 09:07 AM |
| Non Institutional Investors(NIIS) | 56,43,000 | 1,46,40,340 | 2.59x | 13 March 2026; 09:07 AM |
| Retail Individual Investors (RIIs) | 1,31,67,000 | 35,39,580 | 0.27x | 13 March 2026; 09:07 AM |
| Total | 2,09,00,000 | 2,34,19,550 | 1.12x | 13 March 2026; 09:07 AM |
About Rajputana Stainless Limited
Rajputana Stainless Limited is an infrastructure construction company engaged in execution of civil construction projects in India. The company undertakes roads, bridges, buildings, irrigation, industrial and other infrastructure works, mainly for government departments and PSUs. Revenue is generated through EPC and item‑rate contracts awarded via competitive bidding. Projects are executed using in‑house engineering teams, equipment and subcontractors across multiple sites in Odisha.
Key Clients and Execution Facilities
The company’s key clients include Government of Odisha departments, state authorities and public sector undertakings. SPCL does not operate fixed manufacturing plants; instead, it deploys project‑specific execution facilities such as site offices, workshops, batching plants, crushers and heavy construction equipment at project locations. This site‑based setup enables cost efficiency, quality control and timely execution of infrastructure projects.
Product Portfolio, Order Book and Execution
SPCL’s portfolio covers road works, bridges, buildings, earthwork, structural concrete and maintenance contracts. These projects typically fall in the construction and expansion phase of clients’ asset life cycle. As per the RHP, the company has executed projects ranging from ₹0.49 lakh to over ₹2,200 lakh per project. Orders are executed on milestone basis, supporting steady cash flows and completion visibility.
Merger, Capex and Expansion Plans
The company has acquired the business of the promoter’s proprietorship concern through its wholly owned subsidiary, strengthening credentials, licenses and project eligibility. Going forward, SPCL plans to scale operations by bidding for larger‑value infrastructure projects, increasing equipment capacity and improving execution capability. Proposed capital expenditure and expansion plans are expected to be funded through IPO proceeds and internal accruals.
Employees and Banker
September 30, 2025, the company had 408, full time employees. The Banker to the Company is State Bank of India and IDBI Bank Limited.
Management and Growth Vision
The company is promoted and managed by experienced professionals with over two decades of experience in the construction and infrastructure sector. Management focuses on disciplined bidding, timely execution and margin control. Near‑term growth is expected from increased government infrastructure spending, while long‑term plans include larger EPC contracts and geographic diversification. Funding for capex and expansion is planned through IPO proceeds, internal cash flows and selective borrowings.
Industry Overview
SPCL operates in the Indian infrastructure and construction industry, a key driver of economic growth. As per industry data cited in the RHP, India’s infrastructure sector is supported by sustained government spending on roads, urban development and public utilities. The company primarily operates in the domestic market. Revenue growth from ₹2,634.88 lakh in FY2022‑23 to ₹8,968.47 lakh in FY2024‑25 reflects favorable industry demand and execution momentum.
Key Risk Factors
- High Dependence on Government Contracts
A substantial portion of revenue is derived from government and PSU projects. Any slowdown in public infrastructure spending, policy changes or delays in project awards could adversely impact order inflow and revenues. - Project Execution and Time Overrun Risk
Infrastructure projects are exposed to execution risks such as land acquisition issues, weather conditions and regulatory approvals, which may lead to delays, cost overruns and pressure on margins. - Working Capital Intensive Operations
The business requires significant working capital due to milestone‑based billing and retention money. Delays in client payments may increase reliance on borrowings and affect cash flows. - Geographic Concentration Risk
A majority of projects are located in Odisha. Adverse regional economic, political or regulatory developments may disproportionately impact the company’s operations and financial performance. - Dependence on Key Management Personnel
The company’s growth and operations depend on the experience and expertise of its promoters and senior management. Loss of key personnel could affect execution capability and business continuity. - Regulatory and Compliance Risk
The construction industry is subject to multiple regulations related to environment, labor and safety. Non‑compliance may result in penalties, project suspension or reputational damage.
Key Strengths, Moat and Opportunities
- Experienced Promoters and Management Team
The promoters have over 20 years of experience in infrastructure execution, providing strong technical knowledge, bidding discipline and project management capability. - Proven Project Execution Track Record
SPCL has successfully executed multiple road, bridge and building projects, including large‑value contracts exceeding ₹2,000 lakh, demonstrating reliability and execution strength. - Established Government Client Relationships
Long‑standing relationships with government departments and PSUs support repeat business and improve the company’s competitiveness in tender‑based project awards. - Scalable and Asset‑Efficient Model
The project‑based execution model allows scalable growth through deployment of equipment and manpower at sites without heavy fixed manufacturing infrastructure. - Strong Revenue Growth Trend
Revenue from operations increased from ₹3,526.94 lakh in FY2023‑24 to ₹8,968.47 lakh in FY2024‑25, reflecting strong growth momentum and increasing order execution. - Favorable Infrastructure Spending Outlook
Continued government focus on roads, urban infrastructure and public works presents significant opportunities for the company to secure larger contracts and expand its project portfolio.
Rajputana Stainless Limited Financial Information (Restated Consolidated)
Amount in (₹ in Lakhs)
| Period Ended | Sep 30, 2025 | Mar 31, 2025 | Mar 31, 2024 | Mar 31, 2023 |
|---|---|---|---|---|
| Reserve of Surplus | 10,773.72 | 8,302.91 | 7,781.05 | 4,670.73 |
| Total Assets | 44,879.87 | 42,035.79 | 32,401.42 | 29,733.64 |
| Total Borrowings | 8,591.25 | 9,974.54 | 7,975.74 | 7,982.54 |
| Fixed Assets | 6,662.71 | 6,770.98 | 7,039.01 | 5,258.52 |
| Cash | 2.80 | 2.93 | 3.76 | 5.05 |
| Cash flow from operating activities | 2,352.26 | 708.39 | 3,148.96 | 2,510.35 |
| Cash flows from investing activities | -28.46 | -1,198.56 | -647.58 | -1,309.70 |
| Cash flow from financing activities | -2,323.93 | 489.34 | -2,502.67 | -1,197.17 |
| Net Borrowing | 8,588.45 | 9,971.61 | 7,971.98 | 7,977.49 |
| Revenue | 50,276.72 | 93,748.99 | 91,550.25 | 95,069.06 |
| EBITDA | 4,592.41 | 7,378.78 | 5,940.97 | 4,384.58 |
| PAT | 2,440.96 | 3,985.14 | 3,162.89 | 2,404.46 |
| PAT Margin | 4.86% | 4.25% | 3.45% | 2.53% |
| EPS | 3.54 | 5.78 | 4.59 | 3.49 |
Note 1:- RoE, ROCE & RoNW calculation in KPI is based on 31st Mar, 2025 Data, given in RHP.
Note 2:- Pre EPS and Post EPS calculation in KPI is based (Profit/Loss for the Year) on 31st Mar, 2025 Data, given in RHP.
Note 3:- RoNW calculation in KPI is based on 31st Mar, 2025 Data, given in RHP.
Note 4:- Price to Book Value calculation in KPI is based on Cap Price Post Issue Data, given in FINANCIAL EXPRESS.
Key Performance Indicator
| KPI | Values |
|---|---|
| EPS Pre IPO (Rs.) | 5.78 |
| EPS Post IPO (Rs.) | 47.69 |
| Adjusted 12M EPS Post IPO (Rs.) | 58.42 |
| P/E Pre IPO | 21.11 |
| P/E Post IPO | 2.56 |
| Adjusted 12M P/E Post IPO | 2.09 |
| ROE | 30.17% |
| ROCE | 31.72% |
| P/BV | 5.53 |
| Debt/Equity | 0.66 |
| RoNW | 26.23% |
| EBITDA Margin | 7.92% |
| PAT Margin | 4.25% |
Rajputana Stainless Limited IPO Peer Comparison
| Company Name | EPS | P/E (x) | ROE | ROCE | P/BV | Debt/Equity | RoNW (%) |
|---|---|---|---|---|---|---|---|
| Rajputana Stainless | 47.69 | 2.56 | 30.17% | 31.72% | 5.53 | 0.66 | 26.23% |
| Mangalam Worldwide | 10.29 | 22.57 | 13.1 % | 14.4 % | 2.97 | 0.83 | 11.28% |
| Mukand | 5.24 | 26.34 | 13.1 % | 14.4 % | 2.97 | 0.83 | 7.99% |
| Electrotherm | 347.06 | 3.16 | - | 31.6 % | - | - | -278.47 |
| Panchmahal Steel | 1.74 | 182.18 | 2.10 % | 5.00 % | 4.22 | 0.31 | 2.07 |
Rajputana Stainless Limited Contact Details
Rajputana Stainless Limited
Phone: +91 63 5816 4770
Email: compliance@rajputanastainless.com
Website: http://www.rajputanastainless.com/
Rajputana Stainless IPO Registrar and Lead Manager(s)
Kfin Technologies Limited
Phone: +91 40 6716 2222 / 1800 309 4001
Email: rsl.ipo@kfintech.com
Website: http://www.kfintech.com/
Nirbhay Capital Services Private Limited
Phone: : +91 79 4897 0649
Email: kunjal@nirbhaycapital.com
Website: http://www.nirbhaycapital.com/
Rajputana Stainless IPO Review
Srinibas Pradhan Constructions Limited (SPCL) is an India‑based infrastructure and construction company primarily serving the domestic market. The company undertakes civil construction works such as roads, bridges, buildings, industrial structures, and related infrastructure projects. Revenue is earned through execution of government, PSU and corporate construction contracts. Its operations are supported by in‑house project management, execution capabilities and equipment deployment across project sites in India.
The Company is led by Promoter, i.e.,SHANKARLAL DEEPCHAND MEHTA, BABULAL D MEHTA, JAYESH NATVARLAL PITHVA AND YASHKUMAR SHANKARLAL MEHTA
The Revenues from operations for the Period ended on Sep 30 2025, and Fiscals ended on Mar 31, 2025, 2024 and 2023 were ₹ 50,276.72 Lakh, ₹ 93,748.99 Lakh, ₹ 91,550.25 Lakh, and ₹ 95,069.06 Lakh, The EBITDA for the Period ended on Sep 30 2025, and Fiscals ended on Mar 31, 2025, 2024 and 2023 were ₹ 4,592.41 Lakh, ₹ 7,378.78 Lakh, ₹ 5,940.97 Lakh, and ₹ 4,384.58 Lakh, The Profit after Tax for the Period ended on Sep 30 2025, and Fiscals ended on Mar 31, 2025, 2024 and 2023 were were ₹ 2,440.96 Lakh, ₹ 3,985.14 Lakh, ₹ 3,162.89 Lakh, and ₹ 2,404.46 Lakh, respectively. This indicates a steady growth in financial performance.
The Company Key Performance Indicates the pre-issue EPS of ₹ 5.78 and post-issue EPS of ₹ 47.69 for FY25. The pre-issue P/E ratio is 21.11x,while the post-issue P/E ratio is 2.56x against the Industry P/E ratio is NAx The company's ROE for FY25 is 30.17% and RoNW is 26.23% The Annualised EPS is ₹ 58.42x and P/E is ₹ 2.09x, These metrics suggest that the IPO is Fully priced.
The Grey Market Premium (GMP) of Rajputana Stainless showing listing gains of 0%.Given the company's financial performance and the valuation of the IPO, we recommend Investors to Avoid to the Rajputana Stainless Limited, IPO for Listing gain or Long Term Purposes.
Disclaimer: The information provided in this IPO review is for educational and informational purposes only and should not be construed as financial advice or an offer to buy or sell securities. The review must not be used as a singular basis of any investment decision. The views herein are of a general nature and do not consider the risk appetite or the particular circumstances of an individual investor; readers are requested to take professional advice before investing. Nothing in this document should be construed as investment advice. The content is based on publicly available information and market perceptions as of the date of publication and is subject to change. Neither the author nor the website is responsible for any losses or damages arising from the use of this information. We also use Artificial Intelligence (AI) tools to enhance the efficiency and quality of our research services, including data retrieval, analysis, and report summarization. 1.“Registration granted by SEBI, membership of a SEBI recognized supervisory body (if any) and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.” 2. “Investment in securities market are subject to market risks. Read all the related documents carefully before investing.” 3. To read the Disclaimers, Disclosures, Investor Charter, Investor Complaints please visit Legal our website abhayvarn.com
About the Author
CA Abhay Kumar (Also known as CA Abhay Varn) is a qualified Chartered Accountant by profession and cleared CA at age 21. He is a SEBI Registered Research Analyst with Registration Number - INH300008465. He Possesses 8+ years of experience in the Stock Market Field and has also worked in Big CA firms.
Services
Equity Investment with CA Abhay
Equity Trading with CA Abhay
Option Trading with CA Abhay
Stock Market Masterclass
© 2022 CA Abhay Varn. All Rights Reserved Abhayvarn.com
