Shri Kanha Stainless
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
3 observations recorded — too few to plot a trend.
Day-wise premium · 3 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 10 Dec 2025 | ₹0 | 0.00% | ₹0 | ₹90 | ₹0 |
| 09 Dec 2025 | ₹0 | 0.00% | ₹0 | ₹90 | ₹0 |
| 08 Dec 2025 | ₹0 | 0.00% | ₹0 | ₹90 | ₹0 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 03 Dec 2025 – 05 Dec 2025
- Listing date
- 10 Dec 2025
- Face value
- ₹10 per share
- Issue price
- ₹90 per share
- Lot size
- 1,600 shares
- Issue type
- Fixed Price issue
- Listing at
- NSE
- Total issue size
- ₹46.28 Cr
- Market cap at offer price
- ₹140 Cr
- Promoter holding
- 100.00% → 67.00% pre-issue → post-issue
- ISIN
- INE1V4601019
- Registrar
- MAS Services Ltd.
- Lead managers
- Kreo Capital Pvt.Ltd.
- Registered office
- Plot No.70-B, Unit No.401-402, 4th Floor, Trimurty Prime Tower, Nirwaroo Road, Jhotwara, Rajasthan
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 0 | — | — |
| Market maker | 2,59,200 | — | — |
Application size
Minimum 1,600 shares per lot, in multiples, at ₹90
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,600 | ₹1,44,000 |
| S-HNI (min) | 2 | 3,200 | ₹2,88,000 |
| S-HNI (max) | 6 | 9,600 | ₹8,64,000 |
| B-HNI (min) | 7 | 11,200 | ₹10,08,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹90 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 5.55 | 5.46 |
| P/E (×) | 16.22 | 16.48 |
| Price to book (×) | 7.73 | — |
| Market cap | — | ₹140 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 47.61%
- ROCE
- 19.20%
- Debt / equity
- 4.19
- PAT margin
- 3.97%
- EBITDA margin
- 9.18%
- NAV per share
- ₹11.65
- Price to book
- 7.73
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Shri Kanha Stainless
Shri Kanha Stainless Limited, incorporated in 2015 and converted to a public company in 2024, is an Indian manufacturer of precision stainless steel cold-rolled strips. The company converts hot-rolled (HR) coils into cold-rolled (CR) coils and manufactures coils in standard sizes and thicknesses of grade 200, 300, and 400 series from 0.08mm to 2.00mm. Its products serve industries including textiles, automotive, chemical processing, flexible tubes, capillary tubes, clocks, watches, and electrical equipment. With a manufacturing facility of 6,076 sq.m at C-40-C, SKS Industrial Area, Reengus, Sikar, Rajasthan, the company currently has an installed capacity of 14,000 MTPA and maintains a 57.05% capacity utilization rate as of March 31, 2025. The company has filed for its IPO under Chapter IX of SEBI (ICDR) Regulations on the NSE Emerge platform.
Company Analysis
from DRHPShri Kanha Stainless manufactures precision stainless steel cold-rolled strips and coils across textile, automotive, chemical, and consumer durables industries in India.
Shri Kanha Stainless Limited, incorporated in 2015 and converted to a public company in 2024, is an Indian manufacturer of precision stainless steel cold-rolled strips. The company converts hot-rolled (HR) coils into cold-rolled (CR) coils and manufactures coils in standard sizes and thicknesses of grade 200, 300, and 400 series from 0.08mm to 2.00mm. Its products serve industries including textiles, automotive, chemical processing, flexible tubes, capillary tubes, clocks, watches, and electrical equipment. With a manufacturing facility of 6,076 sq.m at C-40-C, SKS Industrial Area, Reengus, Sikar, Rajasthan, the company currently has an installed capacity of 14,000 MTPA and maintains a 57.05% capacity utilization rate as of March 31, 2025. The company has filed for its IPO under Chapter IX of SEBI (ICDR) Regulations on the NSE Emerge platform.
Objects of the Issue
- Upgradation of existing manufacturing facility by installation of 1150 mm 4-Hi AGC Reversible Rolling Machine ₹1,200.29 lakhs p.83
- Repayment/Pre-payment in part of certain secured and unsecured borrowing availed by our company ₹1,800.00 lakhs p.83
- Funding of working capital requirement of our company ₹548.46 lakhs p.83
- General Corporate Purpose p.100
Issue Structure
- Total Issue
- Up to ₹[●] lakhs (51,50,000 Equity Shares of ₹10 face value)
- Fresh Issue
- Up to 51,50,000 Equity Shares of face value of ₹10 each
- Offer for Sale
- Nil
- Price Band
- [●] (to be determined through fixed price process)
- Lot Size
- [●] Equity Shares and in multiples thereof
- Face Value
- ₹10 per Equity Share
Business Model
The company earns revenue through manufacturing and sale of precision stainless steel cold-rolled strips and coils. Products are sold domestically through a network of dealers and traders. Revenue for FY2025, FY2024, and FY2023 stood at ₹14,579.11 lakhs, ₹13,037.44 lakhs, and ₹13,503.95 lakhs respectively.
Business Segments
SWOT Analysis
- • Manufacturing of low thickness up to 0.08mm with fast machine speed and high efficiency(p.138)
- • Comprehensive in-house processing capabilities with circle cutting, slitting, and polishing machinery(p.138)
- • ISO 9001:2015 and multiple Indian Standard certifications demonstrating quality assurance(p.130)
- • Strategic geographic location near major markets Delhi and Mumbai(p.138)
- • Revenue growth with improving margins - PAT margin increased from 0.53% to 3.98% over three years(p.106)
- • Significant customer concentration with top 3 customers representing 54.34% of revenue(p.28)
- • High supplier concentration with top 3 suppliers accounting for 64.24% of purchases(p.29)
- • Negative operating cash flows from operations in FY2025(p.57)
- • Low capacity utilization at only 57.05% despite significant debt(p.30)
- • Dependence on unsecured recallable loans from promoters (₹1,687.63 lakhs as of March 31, 2025)(p.41)
- • Pending trademark registrations with no recourse to prevent unauthorized use(p.37)
- • Expanding into precision blade-grade stainless steel at 0.08mm for high-demand shaving blade market(p.135)
- • Installation of 1150mm 4-Hi AGC Reversible Rolling Machine will increase capacity 2.5x to become third such manufacturer in India(p.135)
- • Projected boost in capacity utilization from 50-60% to approximately 90% with new machinery(p.135)
- • Strong domestic steel demand expected to grow 9-10% in FY25 with per capita consumption targeted at 160kg by 2030-31(p.119)
- • Opportunity to directly serve end-use industries (automotive, textile, electronics) to improve margins(p.136)
- • Export growth potential with focus on establishing international presence(p.136)
- • Dumping of cheap material from China, Vietnam, and Malaysia(p.138)
- • Raw material suppliers' monopoly limiting procurement flexibility(p.138)
- • Competitors possess higher production capacity(p.138)
- • Seasonal demand variations across different markets(p.138)
- • Difficulty in obtaining spare parts and long lead times for critical equipment(p.138)
- • Outstanding GST and indirect tax demand from group companies (₹3,616.64 lakhs)(p.35)
- • Changes in government regulations and labor codes could increase operational costs(p.50)
- • Geopolitical uncertainties affecting global trade and export competitiveness(p.51)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Jai Bhagwan Agarwal | Promoter | 40.22% | — |
| Shashank Agrawal | Promoter | 22.98% | — |
| Kavita Agarwal | Promoter | 25.28% | — |
| Neha Agarwal | Promoter | 11.49% | — |
Leadership
Auto-extracted from the company's DRHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official DRHP before relying on it.