Rajputana Stainless Limited (RSL) share price

₹171.94 on NSE as of 2026-10-08. -1.47% on the day. 52-week range ₹102.40 to ₹197.88. Capital Goods.

www.rajputanastainless.com

Rajputana Stainless Q1 FY27: Revenue Up 32.4% to ₹306.54 Cr, Interest Down to ₹1.72 Cr, and One Extremely Busy Furnace

At a glance

Rajputana Stainless melts stainless steel scrap and rolls it into bars, billets and flats. Revenue for the three months to June 2026 was ₹306.54 crore. That is 32.4% above the same quarter a year earlier, when revenue was ₹231.50 crore. Operating profit came in at ₹28.72 crore. Net profit was ₹20.20 crore, against ₹11.19 crore a year earlier. That is a rise of 80.5%. Revenue took the stairs and profit took the lift, and both arrived in the same filing. The interest line read ₹5.75 crore in the March quarter and ₹1.72 crore in this one. It appears to have spent April on a very strict diet.

The quarter away from the profit and loss account was not quiet either. The company listed on 19 March 2026 and has since announced that it became debt-free on 8 April. It has announced 2.10 MW of wind and 8 MW of solar projects in Gujarat for captive power. A fresh rating from CARE, a credit-rating agency, followed. So did a final dividend of fifty paise and a date for the 35th annual general meeting. That is the to-do list of a wedding week. All of it ran alongside a melting shop that logged 99.92% capacity utilisation in the year to March 2025. A newly listed company finds that everything it does now comes with a filing number. This one has been producing filing numbers at roughly the rate its furnace produces billets.

This is the company's first full quarter as a listed entity. Market capitalisation stands at ₹1,585 crore.

Introduction

The company was incorporated in 1991, according to its corporate identity number. That makes it the same age as India's economic liberalisation. It has spent most of the years since turning scrap into bars. It is named after the historical name of one state and headquartered in another, a tradition Indian businesses keep up with great pride. The registered office is in Halol. The factory sits on Halol-Kalol Road in Panchmahal district, Gujarat.

CARE, a credit-rating agency, says the business is led by three directors. They are Shankarlal Deepchand Mehta, Babulal D. Mehta and Jayesh Natvarlal Pithva. CARE adds that each has more than two decades in the steel industry. Yash Mehta is promoter and chief executive, with around a decade of industry experience.

The seven-year revenue record reads like a staircase with one loose step. Revenue was ₹431.94 crore in the year to March 2020. It reached ₹770.14 crore in the year to March 2022, then ₹951.62 crore the year after. It dipped to ₹909.73 crore in the year to March 2024. It then climbed to ₹1,006.96 crore in the year to March 2026, the first four-digit year on the record. Compounded sales growth is 18.7% over five years and 1.90% over three. Compounded profit growth is 86.1% over five years. That figure starts from a net profit of ₹2.23 crore in the year to March 2021, roughly the cost of a very ambitious office renovation.

In March 2026 the company ran its initial public offering, 2.09 crore shares in all. The fresh issue was 1.465 crore shares and raised ₹178.73 crore for the company. The offer for sale was 62.5 lakh shares, worth ₹76.25 crore, and that money went to the selling shareholders. Net worth went from ₹151.95 crore at March 2025 to ₹363.30 crore at March 2026.

The rating agencies have taken turns like relatives at a buffet. Brickwork, CRISIL and CARE are all credit-rating agencies. Brickwork rated the company in 2024 and 2025, CRISIL in 2024, 2025 and July 2026, and CARE in September 2026. The shares trade on the BSE under scrip code 544731 and on the NSE under the symbol RSL.

Business model

In one sentence: Rajputana Stainless buys old stainless steel, melts it, and sells it back to the world as new stainless steel in long, useful shapes. It is recycling with a furnace, a rolling mill and an invoice. The products are sold under the brand RSL.

Billets and forging ingots are the melt shop's output, meaning steel in its please-shape-me stage. Rolled black bars are billets that have been through the rolling mill. Rolled bright bars are, broadly, black bars finished to a smooth surface. They are the same steel after finishing school. Flat and patti, plus ancillary products, round out the range. Everything is reported as one segment.

The operating numbers are where the business stops being abstract. The melting shop ran at 99.99% utilisation in the year to March 2023 and 99.96% the year after. It ran at 99.92% in the year to March 2025. Production was 47,993.43 tonnes in the first of those years and 47,959.86 tonnes in the last. The middle year sat at 47,979.05 tonnes. Across two full years, output moved by 33.57 tonnes, less than one delivery truck's worth. The furnace is less a machine than a very punctual institution. The rolling mill ran at 92.97% in the first of those years. It then reached 98.13%, and then 99.97%. A plant at full utilisation grows through new capacity rather than extra effort. CARE, a credit-rating agency, notes that the company operated at full capacity in the year to March 2026 and is expanding its bright-bar capacity.

Rolled black bars made up 59.05% of revenue in the year to March 2025, up from 53.50% two years earlier. Repeat customers accounted for 93.19% of revenue, up from 86.85%. The top ten customers took 41.69%.

The raw material is where the real drama sits. Per CARE, stainless steel scrap made up about 82% of cost of sales in the year to March 2026. CARE says about 35-40% of the raw material is imported, and that the company has no active foreign currency hedging, meaning no bought protection against moves in the rupee. Where scrap is four-fifths of the cost, the margin comes down to the scrap price and the bar price. CARE also notes that the company buys much of its raw material against confirmed orders. The customers are pipe makers, forging shops, automobile companies and utensil manufacturers. Somewhere in India, a steel tiffin carries a little piece of Panchmahal. The company counted 370 customers in the year to March 2025.

Quarterly results, balance sheet, cash flow, ratios, shareholding and the filings themselves are on the full page for Rajputana Stainless Limited.

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