Rajputana Stainless IPO

Rajputana Stainless – Detailed Company Overview

• Incorporated in 1991, the company is engaged in the manufacturing of long and flat stainless-steel products, serving both domestic and international markets.
• Over three decades, it has developed strong metallurgical expertise, enabling it to manufacture products in 80+ stainless steel grades, including customized specifications as per client requirements.
• Operates as a B2B raw material supplier, forming a critical link in the stainless-steel value chain.

Integrated Manufacturing Infrastructure

• Manufacturing facility spread across 35,196.98 sq. meters in Kalol, Gujarat.
• Equipped with advanced in-house facilities:
  • Induction Furnace – For primary melting of scrap and alloys.
  • AOD (Argon Oxygen Decarburization) – For refining and achieving precise chemical composition.
  • Continuous Casting Machine (CCM) – For producing billets and ingots with uniform quality.
  • Heat Treatment Facilities – To enhance mechanical properties and durability.
  • Rolling Mill – For shaping long stainless-steel products.
  • Bright Bar Shop – For finishing and precision surface treatment.
• This backward-integrated setup allows:
  • Better quality control
  • Cost efficiency
  • Customization capability
  • Reduced dependency on third parties

Product Portfolio (Value Chain Positioning)

1. Billets

• Semi-finished stainless steel forms produced from molten steel.
• Serve as base material for forging, hot rolling, and ring rolling.
• Critical input for downstream engineering industries.

2. Cast Ingots

• Large cast metal blocks used for re-rolling and forging applications.
• Manufactured with defect control and traceability marking.
• Used in open-die forging and heavy engineering components.

3. Hexagonal & Rolled Bars

• Includes black bars and bright bars.
• Hexagonal bars widely used in fasteners, valves, fittings, and industrial hardware.
• Bright bars cater to industries requiring tight dimensional tolerance and superior surface finish.

4. Flat & Patti

• Used in fabrication, structural components, and engineering assemblies.

End-User Industries & Demand Drivers

The company supplies to high-performance industries such as:

• Oil & Gas – Corrosion-resistant materials for pipelines and fittings.
• Aerospace & Aviation – High-strength precision components.
• Defense – Specialized alloy grades for strategic applications.
• Automotive – Shafts, fasteners, and precision components.
• Seamless Pipe Manufacturers – Raw material for pipe production.
• Forging & Precision Engineering – Base material for customized industrial parts.

Demand growth is supported by:

• Infrastructure development
• Industrial capex cycle
• Rising exports
• Increasing preference for corrosion-resistant materials

Market Presence

• Domestic sales through direct client relationships and trader network.
• Exports to UAE, USA, Turkey, Kuwait, and Poland, enhancing foreign currency revenue.
• Export presence indicates compliance with international quality standards.

Workforce & Operational Strength

• 408 permanent employees (skilled & unskilled) as of September 30, 2025.
• Skilled technical workforce supports metallurgical processes and quality assurance.

Strategic Positioning

• Positioned as a mid-sized integrated stainless-steel manufacturer.
• Strength lies in:
  • Wide grade portfolio (80+ grades)
  • Integrated melting-to-finishing operations
  • Diversified industry exposure
  • Export footprint
• Operates in a cyclical but high-entry-barrier industry, where technical capability, capital investment, and quality consistency create competitive advantage.

• Established, integrated manufacturing setup at a strategic location.
• Diverse Product Portfolio.
• Established customer base and strong relationships.
• Strong Promoters and Experienced Management Team.
• Track Record of healthy growth.

The Company proposes to utilise the Net Proceeds from the Issue towards the following objects: