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Total Issue Size
Fresh Issue + Offer For Sale
Fresh Issue (FI)
Proceeds go to the company
Offer For Sale (OFS)
Proceeds go to the existing investors
Capacity expansion
Funding capital expenditure towards expansion of the existing manufacturing unit, including a new stainless steel seamless pipe facility.
Repayment of borrowings
Repayment or prepayment, in full or in part, of certain outstanding borrowings availed by the company.
General corporate purposes
Balance of the net fresh issue proceeds to be deployed for general corporate purposes.
(₹ in Crore)
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Rajputana Stainless Limited, incorporated in 1991, is a Gujarat based manufacturer of long and flat stainless steel products used across a broad range of industrial applications. Its product portfolio spans billets, forging ingots, rolled black bars and bright bars, flats and pattis, and other ancillary items, produced in more than 80 different stainless steel grades to suit varied customer specifications. The company runs an integrated manufacturing facility of about 35,197 square metres at Kalol in Gujarat. The plant is equipped for the full production cycle, with an induction furnace, an argon oxygen decarburisation (AOD) converter, a continuous casting machine, heat treatment lines, a rolling mill and a bright bar shop, allowing it to convert raw material into finished bars and sections in house. Rajputana Stainless sells primarily in the domestic market through direct sales and a network of traders, and also exports to customers in five countries, namely the United Arab Emirates, the United States, Turkey, Kuwait and Poland. The company reported total income of the order of 900 to 950 crore rupees across recent financial years, with profitability improving steadily on the back of a widening product mix and higher value added grades.
No anchor investors added yet.
Source: RHP • Analysis provided for informational purposes
Last Updated: 9 July 2026, 5:30 AM
Wide product and grade range
The company makes long and flat stainless steel products in more than 80 grades, letting it serve many industries and reduce dependence on any single application.
Integrated single site plant
Its Kalol facility covers the full cycle from melting to finished bars, with an induction furnace, AOD converter, continuous casting, rolling mill and bright bar shop, giving control over quality and cost.
Healthy return ratios
Return on equity of about 30 percent and return on capital employed of about 32 percent in FY25 point to efficient use of capital relative to many steel peers.
Long operating record
Operating since 1991, the company has a multi decade track record in stainless steel manufacturing and an established base of domestic and export customers across five countries.
Margin led rather than volume led growth
Revenue has stayed broadly flat near 900 to 950 crore rupees while profit has risen, so earnings gains rest on margins rather than top line expansion, which can reverse if spreads narrow.
Competitive and fragmented market
The stainless steel long and flat products segment is crowded and price sensitive, which limits pricing power and can pressure margins.
Single location concentration
Production is concentrated at one plant in Gujarat, so any disruption there would affect the whole business.
Rajputana Stainless Limited
KFin Technologies Limited
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Raw material price exposure
Profitability depends on the prices of nickel, scrap and other stainless steel inputs, which are volatile and can compress margins.