NSE: RSL · BSE: 544731
RAJPUTANA STAINLESS LTD
Manufactures stainless steel products, with FY26 revenue from operations of Rs 1,006.96 crore and an EBITDA margin of 9.52%. The business runs a manufacturing facility in Panchmahal district, Gujarat, which is being expanded with capital expenditure funded from IPO proceeds. Raw materials dominate the cost structure at 73.2% of revenue, making procurement the dominant input; employee costs run at 2.2%, other operating expenses at 8.8%, and depreciation at 0.9%, with capex at 1.3% of revenue in FY26. The company completed its IPO in March 2026, raising Rs 178.73 crore through a fresh issue and listing on NSE and BSE, with total equity capital of 8.35 crore shares of Rs 10 face value. Of the IPO proceeds, Rs 18.57 crore is allocated to manufacturing expansion at Panchmahal, Rs 98 crore to debt repayment, Rs 44.64 crore to general corporate purposes, and Rs 17.52 crore to issue expenses. Bank loan facilities total Rs 165 crore, rated BBB+/Stable (long-term) and A2 (short-term) by CRISIL. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Sale of stainless steel products. Asset-heavy stainless steel manufacturing
Exhibit 1: Financial summary, FY26–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY26 |
|---|---|
| Revenue | 1,007 |
| EBITDA (ex other income) | 92 |
| margin % | 9.1 |
| Owners' profit | 50 |
| EPS, as reported (₹) | 7.17 |
| ROE % · ROCE % | 13.7 · 23.0 |
| Debt / equity (x) | 0.18 |
| Cash from operations | 32 |
| Capex | (13) |
Exhibit 2: Quarterly performance, last 3 quarters
| ₹ crore | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|
| Revenue | 251 | 255 | 307 |
| Profit before tax | 17 | 17 | 27 |
| Net profit | 12 | 13 | 20 |
| EPS (₹) | 1.79 | 1.88 | 2.42 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| WELSPUN CORP LIMITED | 65,982 | 28.6 | 7.01 | 28.1 | 17.2 | 14.9 | 21.1 | 18.5 |
| APL APOLLO TUBES LTD | 61,480 | 50.0 | 11.61 | 32.0 | 22.7 | 26.1 | 22.1 | 8.0 |
| SHYAM METALICS AND ENGY L | 32,069 | 28.6 | 2.60 | 13.0 | 8.6 | 11.4 | 24.1 | 14.9 |
| RATNAMANI MET & TUB LTD. | 16,437 | 38.0 | 3.91 | 19.2 | 12.7 | 15.6 | 14.4 | 18.5 |
| JINDAL SAW LIMITED | 15,732 | 24.0 | 1.28 | 8.7 | 7.5 | 6.8 | 10.9 | 9.4 |
| USHA MARTIN LTD. | 14,523 | 28.6 | 4.40 | 19.1 | 14.1 | 17.7 | 12.0 | 21.0 |
| GALLANTT ISPAT LIMITED | 13,114 | 30.2 | 3.95 | 17.5 | 14.6 | 16.8 | 34.4 | 17.8 |
| GODAWARI POW & ISP LTD | 12,641 | 14.8 | 2.16 | 9.6 | 13.7 | 17.0 | 5.7 | 21.0 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 26.9 | 15.6 | 70 of 105 | 34% |
| P/B | 3.8 | 1.4 | 81 of 101 | 20% |
| ROCE | 17.7 | 9.1 | 12 of 115 | 90% |
| ROE | 13.7 | 8.6 | 22 of 103 | 79% |
| Debt / Equity | 0.2 | 0.2 | 48 of 101 | 53% |
| EBITDA margin | 10.1 | 11.0 | 54 of 100 | 47% |
| Market cap | 1368 | 210 | 29 of 122 | 77% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · Board to approve September 2026 quarterly and half-year results | results | low | — | — |
| 17 Oct 2026 · Promoter group member demise disclosed, held no shares | ownership changes | minimal | — | — |
| 10 Oct 2026 · Promoter Yashkumar Mehta buys 50,000 shares via open market | ownership changes | medium | — | — |
| 8 Oct 2026 · Routine filing: SEBI Regulation 74(5) certificate for Q2 FY27 | compliance | minimal | — | — |
| 1 Oct 2026 · Promoter group member buys 25,000 shares of Rajputana Stainless | ownership changes | low | — | — |
| 1 Oct 2026 · Promoter group member buys 25,000 shares via open market (about 0.03%) | ownership changes | medium | — | — |
| 1 Oct 2026 · Promoter group Mahima Bokadia and PACs acquire shares in open market | ownership changes | medium | — | — |
| 1 Oct 2026 · Promoter CEO Yashkumar Mehta buys 84,576 shares via open market | ownership changes | medium | — | — |
| 1 Oct 2026 · Promoter Group buys shares worth 0.16 percent stake in open market | ownership changes | medium | — | — |
| 30 Sept 2026 · Promoter group buys 1.46 lakh shares in Rajputana Stainless via open market | ownership changes | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.