Rajputana Stainless IPO GMP

March 11, 2026 Written By Mihir Gohel, Reviewed and Fact Checked by Harpal Parmar

Rajputana Stainless IPO opens for subscription on March 9, 2026, and closes on March 11, 2026, with an issue size of ₹254.98 crore comprising a fresh issue of ₹178.73 crore and offer for sale of ₹76.25 crore (2.09 crore equity shares priced at ₹116 – ₹122) for BSE and NSE listing on March 16. Jaipur-based Rajputana Stainless Ltd manufactures stainless steel pipes, tubes, sheets, and fittings serving infrastructure, automotive, pharmaceutical, and construction sectors. Rajputana Stainless IPO proceeds fund a new seamless pipes facility (₹18.57 crore), debt repayment (₹98 crore), and corporate purposes.

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Latest IPO GMP

Last updated on 15 Mar 2026 14.17

₹122

IPO Offer Price

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Listing Price

Listing Date 16/03/2026

Expert Opinions

Market sentiment for Rajputana Stainless IPO tilts favorably toward infrastructure plays, bolstered by 2% FY25 revenue rise to ₹932 crore and PAT growth to ₹40 crore amid capex revival. Company strengths include 19-year revenue CAGR of 18.67%, EBITDA margins climbing to 7.92%, debt optimization plans, seamless pipes expansion, and diverse end-user exposure across pharma auto construction.

Risks and challenges feature 2% revenue decline YoY, elongated receivables at 120 days, steel price volatility, customer concentration over 50% from top 10 clients, and import competition. Valuation analysis of Rajputana Stainless IPO and year 2025 presents Return on Equity (ROE) of 30.17%, ROCE of 31.72%, and Net Asset Value (NAV) of ₹22.05, at 13.5x P/E attractive versus metal peers. Long-term investment perspective rides 8% steel demand CAGR through infrastructure housing initiatives.

Investor Considerations

Rajputana Stainless IPO demonstrates steady company performance and fundamentals in FY25, achieving revenue of ₹932 crore up 2% YoY alongside PAT growth to ₹40 crore through operational efficiencies. Stainless steel sector outlook benefits from 8% CAGR fueled by infrastructure pipelines and industrial capex revival. IPO Valuation of Financial Year 2025 for Rajputana Stainless IPO and year shows Price to Book Value of 5.53, PAT Margin of 4.28%, and Debt/Equity of 0.66, at 13.5x P/E compelling relative to metal processing peers.

Growth prospects encompass seamless pipes facility addition, debt reduction enhancing margins, and diversified applications in pharma auto sectors. Risk factors include modest revenue expansion, receivables stretching 120 days, raw material price swings, top-10 client dependency exceeding 50%, and Chinese import pressures. Short-term investment goals seek infra theme listing gains, while long-term strategies capture capacity utilization improvements and steel demand surge.