Key Metrics of Rajputana Stainless Limited
About Rajputana Stainless Limited
Sectors
Company details
- Registered office
- 213, Madhwas, Halol Kalol Road, Kalol Panchmahal, Kalol, In-gj, 389330
- Listed
- NSE: RSL · ₹168.25
Operational Areas of Rajputana Stainless Limited
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
Revenue, EBITDA, net profit, net worth, debt and assets for every filing year, 15+ ratios, the financial health score, shareholding, charges and peer comparison are part of the premium plan.
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Due dates follow the Companies Act: AGM within six months of the year end, AOC-4 within 30 days and MGT-7 within 60 days of the AGM. A filing made but not yet uploaded here shows as pending.
Vendor checks & payment capacity
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Credit ratings
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 07 Sep 2026 | CARE | Assigned | A- | A2+ | Stable | ₹160 Cr | View |
Credit strengths (CARE, Sep 2026)
+ Moderate scale of operations and profitability
RSL operates on a moderate scale with total operating income (TOI) of ₹1,008 crore in FY26. In FY26, TOI increased by 8% y-o- y primarily driven by growth in sales volume of 8%, while sales realisation remained largely stable. The growth continued in Q1FY27, with the company reporting TOI of ₹307 crore. The company caters to end-user industries, primarily pipes, forging, automobiles, and utensils, among others. RSL operated at full capacity in FY26 reflecting healthy demand. The company is curre
+ Extensive experience of promoters in the steel industry
The company’s operations are led by directors, Shankarlal Deepchand Mehta , Babulal D. Mehta , and Jayesh Natvarlal Pithva, who have an experience of over two decades in the steel industry. Yash Mehta, Promoter and Chief Executive Officer, also has around a decade of industry experience.
Credit challenges
− Working capital intensive nature of operations
The company's operations remain inherently working capital intensive, as reflected by gross current asset days of 137 days as on March 31, 2026 (PY: 134 days). The gross current asset days were primarily due to inventory holding period of 62 days and collection period of 52 days. The company sources large part of its raw material against confirmed orders, mitigating the raw material price fluctuation risk to certain extent.
− Cyclical nature of the steel industry
The company's operating performance remains exposed to the inherently cyclical nature of the stainless steel industry. Demand for stainless steel products is closely linked to the performance of key end-user sectors such as construction, infrastructure, automobiles, engineering, and capital goods. Consequently, slowdown in economic activity, reduction in infrastructure spending, or weakness in industrial and automotive demand can adversely impact steel consumption and product realisations.
− Susceptibility of profitability to raw material and forex volatility
The company's profitability remains vulnerable to fluctuations in raw materialprices and foreign exchange rates. Raw materials, primarily stainless steel scrap, constituted ~82% of the total cost of sales in FY26, exposing margins to volatility in steel scrap prices. The company imports ~35-40% of its raw material requirements and does not have active foreign currency hedging, exposing its profitability to adverse movements in foreign exchange rates.
Could lead to an upgrade
• Improvement in scale of operations above ₹1,800 crore with sustained operating margin aided by product diversification. • Sustenance of comfortable capital structure with overall gearing below 0.3x. • Improvement in operating cycle leading to improvement in
Could lead to a downgrade
• Significant decline in scale of operations with profit before interest, lease rentals, depreciation and taxation (PBILDT) margin less than 6.50% on a sustained basis. • Stretch in working capital cycle above 110 days on a sustained basis, impacting the
Agency-reported financials (CARE, 07 Sep 2026)
| Metric | March 31, 2025 | March 31, 2026 | Q1FY27 |
|---|---|---|---|
| Total operating income | ₹933 Cr | ₹1,008 Cr | ₹307 Cr |
| PBILDT* | ₹74.77 Cr | ₹92.52 Cr | ₹28.72 Cr |
| Profit after tax (PAT) | ₹39.68 Cr | ₹50.15 Cr | ₹20.20 Cr |
| Overall gearing (x) | 0.99× | 0.39× | — |
| Interest coverage (x) | 4.85× | 4.60× | 16.70× |
| Revenue growth (YoY) | — | 7.9% | — |
| PAT margin | 4.3% | 5.0% | 6.6% |
Borrowings & rated debt
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Long-term Short-term bank facilities | Working capital & bank lines | — | ₹130 Cr | — | A- / A2+ (Stable) | Assigned | CARE |
| Long-term bank facilities | Working capital & bank lines | — | ₹30.0 Cr | — | A- (Stable) | Assigned | CARE |
CARE ratings on record (checked 26 Oct 2026)
| Instrument | Amount | Rating |
|---|---|---|
| Cash Credit | ₹70.0 Cr | CARE A-; Stable / CARE A2+ |
| Letter of credit | ₹60.0 Cr | CARE A-; Stable / CARE A2+ |
| Term Loan | ₹30.0 Cr | CARE A-; Stable |
Lenders
| Fund-based - LT | Term Loan | Proposed |
| Fund-based - LT/ ST | Cash Credit | IDBI Bank Ltd. |
| Fund-based - LT/ ST | Cash Credit | State Bank of India |
| Non-fund-based - LT/ ST | Letter of credit | IDBI Bank Ltd. |
| Non-fund-based - LT/ ST | Letter of credit | State Bank of India |
Credit assessment · Manufacturing
Rating Methodology – Manufacturing Companies (Mar 2025) · Standalone accounts · FY 2025-26
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | None – standalone rating |
| Next action stable or better (model) | 70% |
| Information on file | 67% · missing: Annual results history (3+ years), Capex / investment plans, Auditor details |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 70% chance the next rating action is stable or better
- Current rating A- (investment grade)
- Interest coverage 16.7×
What happened, step by step
- Sep 2026 — ₹178.73 cr raised through equity
- Sep 2026 — Full repayment of term loan
“Press Release Comfortable capital structure and debt protection metrics In March 2026, RSL raised ₹178.73 crore through IPO and got listed on Bombay Stock Exchange and National Stock Exchange.”
Rated limits by facility
Timeline
From the report
Press Release Comfortable capital structure and debt protection metrics In March 2026, RSL raised ₹178.73 crore through IPO and got listed on Bombay Stock Exchange and National Stock Exchange.
From the report
In Q1FY27, RSL prepaid its term loan (in entirety) and working capital borrowings from IPO proceeds.
From the report
Cash and bank balance stood at ₹126.04 crore as of FY26-end, including unutilised IPO proceeds of ₹116.67 crore earmarked for repayment of bank borrowings and capital expenditure.
From the report
Cash and bank balance stood at ₹126.04 crore as of FY26-end, including unutilised IPO proceeds of ₹116.67 crore earmarked for repayment of bank borrowings and capital expenditure.
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Competitors of Rajputana Stainless Limited
Top competitors by location
| Company | Description | Domain | Founded | Location |
|---|---|---|---|---|
| Part of Aditya Birla Group. | hindalco.com | 1962 | Mumbai, India | |
| Stainless Steel & Non-Ferrous Metals · Steel, Metals & Pipes | coalindia.in | 1975 | Kolkata, India | |
| Stainless Steel & Non-Ferrous Metals · Steel, Metals & Pipes | vedantalimited.com | — | Coimbatore, India | |
 Adani Enterprises |
Part of Adani Group. | adanienterprises.com | 1993 | Ahmedabad, India |
 Hindustan Zinc |
Stainless Steel & Non-Ferrous Metals · Steel, Metals & Pipes | hzlindia.com | 1966 | Udaipur, India |
 National Aluminium Company (NALCO) |
Stainless Steel & Non-Ferrous Metals · Steel, Metals & Pipes | nalcoindia.com | — | India |
| Jain Resource Recycling Limited | Discovered Companies · Other Industries | — | — | Tamil Nadu, India |
| Sarda Energy & Minerals Limited | Stainless Steel & Non-Ferrous Metals · Steel, Metals & Pipes | — | — | Nagpur, Maharashtra, India |
 Pennar Industries Limited |
TMT Bars & Secondary Steel · Steel, Metals & Pipes | pennarindia.com | 1977 | Hyderabad, Telangana, India |
 Hindustan Copper |
Part of Life Insurance Corporation of India. | hindustancopper.com | 1967 | Kolkata, India |
Similar companies
Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Business activities and related parties
Principal business activities and related-party transactions are read from MGT-7 and AOC-4 filings.
Filings
No filings on record yet.