About Fusion CX IPO
The Rajputana Stainless IPO is a book-build issue of ₹254.98 crores, which is a combination of a fresh issue of 1.47 crore shares worth up to ₹178.73 crore and an offer for sale (OFS) of 0.63 crore shares worth up to ₹76.25 crores. The price band for this IPO is set at ₹116 to ₹122 per share and the lot size for an application is 110. The minimum amount of investment required by an individual investor (retail investor) is ₹13,420 (110 shares). The IPO will open for subscription from March 9 to 11, 2026, on the BSE and NSE platforms, with a tentative listing date fixed as March 16, 2026.
Company Background
Rajputana Stainless Ltd. was founded in 1991 and has established itself as a manufacturer of high-quality long and flat stainless steel products in Gujarat. The company has transformed itself into a versatile company in the metallurgical industry, producing more than 80 different grades of steel. They managed to maintain a healthy and efficient staff strength of 408 employees till the end of 2025, while at the same time utilizing their expertise gained over decades in servicing critical sectors like aerospace, defense and automotive.
Operations & Product Range
Rajputana Stainless Ltd. deals with the manufacturing of semi-finished and finished stainless steel products, offering a wide range of products, including billets for hot working, cast ingots for forging and hexagonal bars for high-precision fasteners and valves. Additionally, it offers black and bright bars, flats and pattis. The products can be regarded as raw materials for high-performance industries, including oil and gas, aviation and precision engineering.
Facilities & Capacity
Rajputana Stainless Ltd. has a versatile production facility with an operational area of 35,196.98 sq. meters located in Kalol, Gujarat. The facility is designed with sophisticated metallurgical equipment such as induction furnaces, Argon Oxygen Decarburization plants and continuous casting machines to create an integrated production process from liquid steel to finished industrial components without any defects by utilizing heat treatment facilities, a rolling mill and a bright bar shop.
Brands & Market Presence
Rajputana Stainless Ltd.'s market footprint is strong, as it covers the domestic market as well as the international market. In the domestic market, it caters to Indian industries through a combination of direct sales and a strong trader network. In the international market, it has a footprint in five major countries: the USA, UAE, Turkey, Kuwait and Poland. Its ability to cater to the stringent requirements of the aerospace and defense industry has helped it establish itself as a reliable supplier to the world market.
Revenue Channels
- • Serving large industrial end-users in the aerospace, defense and automotive industries.
- • Utilizing the services of intermediaries for widespread distribution across the Indian stainless steel market.
- • Accruing foreign exchange through the export of specialty products to North America, Europe and the Middle East.
- • Revenue earned from different types of steel products, along with specialty shapes such as hexagonal and bright bars.
Management and Shareholding
The management team of Rajputana Stainless Ltd. is characterized by a "Strong Promoter" model, backed by an experienced management team with deep technical expertise in steel manufacturing. The company’s governance structure is designed to oversee its 400-strong workforce efficiently while driving strategic expansion. The ownership remains concentrated among the founding promoters, ensuring stable decision-making and a long-term vision via the upcoming listing.
Promoter and Shareholding
The promoters of Rajputana Stainless Ltd. possess decades of experience in the industry and have been the main developers for the growth and development of the organization since 1991. In the pre-IPO, the high equity holding by the promoters can be considered a high level of commitment towards the operational success of the organization, while in the post-IPO, the shareholding pattern would change, allowing the organization to shift from a promoter-led organization to a publicly held corporation.
Board & Key Management
The board members of Rajputana Stainless Ltd. are a group of experienced professionals who guide the company on aspects of compliance and engineering, as well as market strategy. They are responsible for various departments of the Kalol plant, which are specialized in maintaining a defect-free production process as well as metallurgical traceability of the products. The team has effectively handled the expansion of the business to produce over 80+ steel grades, meeting the technical specifications of sectors such as aviation, as well as subsea oil and gas exploration.
Fusion CX IPO Details
| Detail | Description |
|---|---|
| IPO Date | - |
| Listing Date | - |
| Face Value | ₹ 1 per share |
| Issue Price Band | - |
| Lot Size | - |
| Sale Type | Fresh Capital & OFS |
| Total Issue Size | [.] shares (agg. up to ₹ 1,000 Cr) |
| Reserved for Market Maker | - |
| Fresh Issue(Ex Market Maker) | [.] shares (agg. up to ₹ 600 Cr) |
| Offer for Sale | [.] shares of ₹1 (agg. up to ₹ 400 Cr) |
| Net Offered to Public | - |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 12,60,12,400 shares |
| Share Holding Post Issue | - |
Fusion CX IPO Financial Information
Latest Revenue
944.42
₹ Crore
Profit After Tax
47.24
₹ Crore
Net Worth
323.91
₹ Crore
Total Borrowing
258.37
₹ Crore
| Period Ended | Assets | Revenue From Operations | Profit After Tax | Net Worth | Reserves & Surplus | Total Borrowing | |||
|---|---|---|---|---|---|---|---|---|---|
| 31 Dec 2024 | 919.25 | 944.42 | 47.24 | 323.91 | — | 258.37 | |||
| 31 Mar 2024 | 768.02 | 1,021.53 | 36.26 | 270.18 | — | 210.61 | |||
| 31 Mar 2023 | 603.22 | 1,146.82 | 39.84 | 237.21 | — | 134.96 | |||
| 31 Mar 2022 | 470.87 | 806.24 | 43.87 | 190.38 | — | 95.92 | |||
| Amount in ₹ Crore | |||||||||
Fusion CX Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 13.37% |
| ROCE | 19.56% |
| Debt/Equity | - |
| RoNW | 13.42% |
| PAT Margin | 3.66% |
| EBITDA Margin | - |
| Price to Book Value | - |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 2.88 (basic/diluted) | - |
| P/E (x) | - | - |
IPO Objectives
- • Funding the capital expenditure requirements for setting up manufacturing facilities to expand the product portfolio
- • Repayment of debt (in part or in full)
- • General corporate purposes
Conclusion
Rajputana Stainless IPO provides an opportunity to investors to invest in a growing & stable company that has been working in the market since 1991 and has become a stable company with the strength of the strategic location of the company in Gujarat and the strength of the diverse portfolio of the company. With the objective of catering to the high-growth sectors of the industry and expanding the export markets, the company has become stable. This issue mainly aims at expanding the portfolio of the company and reaching the untouched markets.
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Competitive Strengths
Diversified global delivery model with operational centers located internationally.
Deep expertise in high-growth areas such as healthcare and BFSI sectors.
Strong relationships with a global customer base help.
Adaptation of technology infrastructure for the integration of AI tools into service delivery models.
| Sr.no | Description | Date | File |
|---|---|---|---|
| 1 | SEBI/Exchange approval received | 11/12/2025 | - |
| 2 | Filed with SEBI/Exchange | 26/05/2025 | View DRHP |
Fusion CX IPO Timeline
| IPO Open Date | - |
| IPO Close Date | - |
| Tentative Allotment | - |
| Initiation of Refunds | - |
| Credit of Shares to Demat | - |
| Tentative Listing Date | - |
| Cut-off time for UPI mandate confirmation | - |
IPO Lot Size
| Investors | No.of lots | Shares Offered | Max Bid Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 1 | — | ~₹14,000 - ₹15,000 |
| Individual investors (Retail) (Max) | 13-14 | — | Up to ₹2,00,000 |
| S-HNI (Min) | 14-15 | — | Over ₹2,00,000 |
| S-HNI (Max) | 66-70 | — | Up to ₹10,00,000 |
| B-HNI (Min) | 71+ | — | Over ₹10,00,000 |