- Key Facts and First-Day Trends
- Post-IPO Valuation Check
- Should You Hold or Sell Now?
- What Investors Should Track Now
- Final Take
Rajputana Stainless listed on the NSE on 16 March 2026 at exactly ₹122, the same as its IPO price. No gain, no loss on day one. But this flat opening was not just about the company. It was also about the market around it. Nifty 50 has fallen nearly 7% this month, weighed down by rising geopolitical tensions involving Iran, Israel, and the United States.
Among 12 mainboard IPOs listed in 2026 so far, 7 debuted at a discount, 2 listed flat (including Rajputana Stainless), and only 3 opened at a premium. Put simply, a flat listing in this environment is not a bad result. This blog covers what the listing means for your holding, how the valuation looks now, and what to watch next.
Key Facts and First-Day Trends
- IPO Price: ₹122 per share
- Listing Price: ₹122 per share (0% below issue price on NSE, opened flat)
- Market Capitalization (at listing): ₹1,020 crore
- Track the live share price of Rajputana Stainless here.
Post-IPO Valuation Check
- P/E (price-to-earnings, meaning how much you pay per ₹1 of profit) stays at 20.88x at ₹122. Valuation did not change from IPO to listing.
- Among peers, Rajputana's 20.88x P/E is cheaper than Mukand (26.34x) and far cheaper than Panchmahal (182.18x), and only slightly more than Mangalam (22.57x). So, on pure P/E, it is not expensive.
- EBITDA margin (operating profit as a percentage of revenue) is 7.92%, better than two peers but below Mukand's 18.30% and Electrotherm's 12.10%. Room to grow, but also room to slip if input costs rise.
Should You Hold or Sell Now?
- Short-term traders: A flat listing with no premium gives you no quick profit to book. If you applied for listing gains, the story did not play out. Holding short-term means taking on market risk with no buffer from a listing pop.
- Medium-term investors (6-18 months): The debt repayment plan using ₹98 crore of fresh IPO funds could lower interest costs and improve earnings over the next few quarters. That is worth tracking - if margins improve, the stock could re-rate upward.
- Long-term investors (2+ years): The new seamless pipe facility (9,600 MT capacity) is a meaningful expansion into a higher-value product. If execution goes smoothly and steel cycles stay supportive, this could build a stronger earnings base over time.
- Balanced option: Investors already allotted shares may consider holding at least a portion while tracking the Q1 and Q2 FY27 results. If earnings show the debt-reduction benefit and margins hold, that data would strengthen the case for staying invested.
Also Read: PhonePe IPO Pause Comes as 7 of 11 Mainboard IPOs List at a Discount in 2026
What Investors Should Track Now
- Quarterly results: Watch net profit margin (currently 4.28%) and EBITDA margin (7.92%) every quarter. If margins expand after debt repayment, the stock's valuation case strengthens.
- Anchor lock-in expiry dates: The first anchor tranche unlocks around 11 April 2026 and the second around 10 June 2026. Historically, anchor lock-in expiries can bring short-term selling pressure of roughly 5-15%, so watch for price dips around those dates.
- Seamless pipe plant progress: The new Gujarat facility is funded from the IPO. Any delay in commissioning or cost overrun would be a red flag. Management updates on this should be tracked closely.
- Raw material costs and import dependency: Stainless steel inputs include nickel and other imported materials. A rise in global commodity prices or rupee weakness can squeeze margins quickly in this business.
- Customer and state concentration risk: About 90.65% of domestic revenue comes from just three states. Any slowdown in those regions or the loss of a top-10 customer could have an outsized revenue impact.
For detailed information, visit Rajputana Stainless’s official IPO page at INDmoney.
Final Take
Rajputana Stainless listed fairly, and in today's market, flat is arguably better than it sounds. Recent IPO listings are struggling; well-recognised businesses like Shadowfax and Fractal Analytics listed at discounts, and even Aye Finance, a known NBFC, listed flat. Rajputana holding its IPO price on listing day, against a Nifty down over 7% this month and a backdrop where most new issues are opening in the red, suggests the stock may have found enough buyers to stay steady. The business itself has improving margins, a clear debt-reduction plan, and a capacity expansion in progress, but steel is still cyclical, risks are real, and the broader market mood remains fragile. Watch the next two quarterly results and the anchor lock-in windows before making any major decision on your holding.
For more IPOs, check INDmoney’s IPO tracker here.
Disclaimer
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