Leading brokerage firms like Adroit Financial Services, Anand Rathi, BP Equities, GEPL Capital, SBI Securities and Ventura Securities have given their “Subscribe” recommendation to Rajputana Stainless, which is a is a manufacturer of long and flat stainless-steel products comprising of billets, forging ingots, rolled black bar, rolled bright bar, flat and patti and other ancillary products under the brand name of RSL.

The Company has fixed the price band of ₹116/- to ₹122/- per Equity Share of face value ₹10 /- each for its maiden initial public offer. The Initial Public Offering (“IPO” or “Issue”) of the Company will open on Monday, March 9, 2026, for subscription and close on Wednesday, March 11, 2026. Investors can bid for a minimum of 110 Equity Shares and in multiples of 110 Equity Shares thereafter.

Brokerage house reports have highlighted strong fundamentals of the company.

Anand Rathi highlights the company’s business model is driven by value-added processing, efficient raw material sourcing and maintaining consistent product quality standards. The company benefits from growing demand for stainless steel products in infrastructure development, real estate construction, railways modernization and industrial fabrication.

On the valuation front, the company is valued at a P/E of nearly 21 times (post-issue) on FY25 earnings (at the upper band) and is valued fairly in relation to its competitors. Considering the company’s consistent track record and superior financial metrics, recommend a Subscribe rating.

Adroit Financial highlights the company produces a wide array of long and flat stainless- steel products, such as billets, forging ingots, rolled black and bright bars, and wire rods, offered in over 80 diverse grades. This diversification reduces the company’s dependency on any single product, effectively derisking its revenue streams across multiple industrial applications.

On the valuation front, the issue is at a P/E of 20.9 times (based on upper price band) and recommended Subscribe rating, considering growth potential and valuations.

GEPL Capital highlights the company’s integrated setup enables flexible production, allowing the company to convert billets into long and flat stainless-steel products or sell billets independently based on market demand. On the valuation front, based on the FY25 earnings, relative to the company’s paid-up capital, the issue is priced at a P/E ratio of 21 times. The issue is fairly valued compared to its peers, healthy financial performance, planned forward integration, and reduction of debt levels. Therefore, recommend a Subscribe rating for the issue. 

SBI Securities highlights the company plans to foray into the manufacturing of stainless-steel seamless pipes by means of utilizing a portion of vacant land within the premises of the existing facility. This foray will mark a case of forward integration for the company along with product diversification.

The basic raw material required for manufacturing of stainless-steel seamless pipes is rolled bars, which is being presently manufactured by the company at its existing facility.

On the valuation front, at the upper price band of Rs 122, the issue is valued at a P/E of 25.6x and EV/EBITDA of 12.6 times on a post‐issue basis, and given RSL’s superior profitability metrics relative to peers, the valuation appears relatively attractive. Recommend Subscribe for a long-term investment horizon.