Rajputana Stainless Net Profit Jumps 79.5% YoY to ₹23.7 Crore in Q2 FY27

Key numbers

Market Cap	₹1,406.03 CrSmall Cap
P/E Ratio	23.9xSector PE 31.18x
Promoter Holding	57.33%0.24% QoQ Increase
RSI	45.55Neutral Zone

Key highlights

• Net profit increased 79.5% year-on-year to ₹23.7 crore in Q2 FY27 from ₹13.2 crore in Q2 FY26
• Revenue from operations grew 33.3% to ₹360 crore compared to ₹270 crore in the same period last year
• Operating margins expanded to 8.8% in Q2 FY27, up from 6.4% in the year-ago quarter
• On a sequential basis, net profit rose 17.3% from ₹20.2 crore reported in Q1 FY27
• The company maintains ₹21.58 crore in unutilised IPO proceeds, primarily earmarked for facility expansion

Operational Scaling and Revenue Momentum

Rajputana Stainless Ltd has demonstrated significant operational scaling in the second quarter of FY27, following its successful stock exchange listing in March 2026. Revenue from operations reached ₹360 crore, a substantial 33.3% increase compared to ₹270 crore in the same period last year. The company's net profit also showed robust growth, climbing 79.5% year-on-year to ₹23.7 crore.

This performance highlights the company's ability to capitalize on its customized make-to-order business model within the stainless-steel products segment. While the company does not publish a quantified order book, its transition into a listed entity appears to have coincided with improved throughput and revenue realization across its manufacturing lines.

Status of IPO Capital Deployment

• The company raised ₹178.73 crore through a fresh issue during its IPO in March 2026.
• Approximately ₹96.01 crore has been utilized for the repayment or prepayment of borrowings as of September 30, 2026.
• ₹18.57 crore remains earmarked but unutilized for capital expenditure at the Panchmahal expansion facility.
• Total unutilized proceeds from the IPO stand at ₹21.58 crore at the end of the second quarter.
• Unutilized funds are currently parked in fixed deposits and monitoring accounts to generate interest income.

Profitability Profile and Market Position

Rajputana Stainless continues to maintain an efficient cost structure, which is clearly reflected in its expanded operating margins. The margin improved to 8.8% in Q2 FY27 from 6.4% in the corresponding quarter of the previous year, remaining stable sequentially from Q1 FY27. With a price-to-earnings (P/E) ratio of 23.9, the company is trading at a discount compared to the broader industry P/E of 31.18.

This financial stability is further supported by a promoter holding of 57.33%, which saw a marginal increase of 0.24% in the latest quarter. The company’s focus on high-value stainless-steel products like bright bars and forging ingots continues to drive profitability despite broader market volatility.

Product Segment and Reporting

The Company is primarily engaged in business of Manufacturing of long and flat stainless-steel products comprising of billets, forging ingots, rolled black bar, rolled bright bar, flat & Patti and other ancillary products etc. Accordingly, in the context of Indian Accounting Standard 108 – Operating Segments, it is considered to constitute single reportable segment.

What to watch next

• Earnings conference call scheduled for November 3, 2026, to discuss the H1 FY27 results
• Deployment of the remaining ₹18.57 crore towards the Panchmahal facility expansion project
• Monitoring of raw material cost trends impacting the cost of materials consumed, which stood at ₹223.54 crore this quarter

Rajputana Stainless · financial snapshot

Share price	₹168.25
Market capitalisation	₹1,406.03 Cr
Revenue (annual)	₹1,006.96 Cr
Net profit (annual)	₹49.82 Cr
Revenue (latest quarter)	₹306.54 Cr+20.25% vs previous quarter
Net profit (latest quarter)	₹20.20 Cr+54.16% vs previous quarter
P/E (TTM)	23.9×Sector 16.47×
Promoter holding	57.33%+0.24% QoQ
FII holding	5.75%Current quarter

Reference market data from a third-party provider, as of the story. Not a valuation or a recommendation.