Rajputana Stainless IPO

Rajputana Stainless melts stainless steel scrap and rolls it into long and flat semi-finished steel — billets, forging ingots, rolled black bar, bright bar and flats — sold under the "RSL" brand in more than eighty grades of stainless steel. It sells business-to-business only, to manufacturers and traders who process the metal further: bar processors, seamless pipe makers, forging shops, wire drawers, engineering and casting units, fastener and utensil makers, pump and shaft producers, and the auto industry. Production is concentrated in a single plant at Kalol in Panchmahal district, Gujarat, covering roughly 35,196.98 sq m and running an induction furnace, rolling mill, bright bar shop, heat treatment facility and captive oxygen and nitrogen plants. The company was incorporated in April 1991 as Rajputana Steel Castings Private Limited. Exports were 1.64% of FY25 revenue.

Revenue is tonnage sold at a scrap-linked price, so the spread between scrap bought and bar sold is the whole economics. Raw material purchases — mainly stainless and mild steel scrap, ferro alloys and industrial gases — were ₹701.19 crore in FY25, equal to 75.22% of revenue from operations; power, water and fuel added another 4.63% of total expense. What survives is thin: EBITDA margin was 7.92% in FY25 and 9.16% in the six months to September 2025. The binding constraint is the furnace. Melting capacity was 48,000 MTPA and ran at 99.92% utilisation in FY25, so tonnage cannot grow without new capacity. The top ten customers were 41.69% of FY25 revenue.