Shri Kanha Stainless SME: Check IPO Date, Live Subscription and Key Details
Shri Kanha Stainless Limited, established in 2015, makes precision stainless-steel cold-rolled strips in thin and ultra-thin sizes (as thin as 0.08 mm). The company manufactures products across 200, 300, and 400 stainless-steel series, also producing stainless-steel circles and sheets. Its products are vital for industries such as textiles, automotive, chemicals, flexible tubes, watches, and electrical equipment. The manufacturing unit is located in Sikar, Rajasthan, with a production capacity of 14,000 MTPA. The company holds a strong order book of ₹12.73 crore as of November 25, 2025.
Price Range
₹90.00
Issue Size
₹43.95 Cr
Lot Size
1,600 shares
IPO Type
NSE SME
GMP
-
Est. Listing Price
₹90
Estimate Profit
-
Retail Portion
47.48%
Key Metrics
Check Live GMPGMPFace Value
₹10
EPS
5.46
P/E Ratio
16.47
RoNW
47.61%
ROE
47.61%
Debt to Equity
4.19
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Timeline
IPO Opens
3 Dec
IPO Closes
5 Dec
Allotment
8 Dec
Listing
10 Dec
IPO Timeline & Listing Details
| Event | Date | Details |
|---|---|---|
| IPO Open Date | 3 December 2025 | Subscription starts |
| IPO Close Date | 5 December 2025 | Subscription ends |
| Allotment Date | 8 December 2025 | Allotment |
| Listing Date | 10 December 2025 | Listing |
Investment Categories
| Category | Lots | Amount |
|---|---|---|
Individual | 2 | ₹2,88,000 |
SHNI (Min) | 3 | ₹4,32,000 |
SHNI (Max) | 6 | ₹8,64,000 |
BHNIAbove ₹10,00,000 | 7 | ₹10,08,000 |
IPO Reservation Details
| Category | Reservation |
|---|---|
| NII (Non-Institutional Investor) | 47.48% |
| Retail | 47.48% |
| Market Maker | 5.04% |
| Total | 100.00% |
IPO Objectives
- Upgradation of existing manufacturing facility by installation of 1150 mm 4- Hi AGC Reversible Rolling Machine (₹12.00 Cr).
- Repayment/pre-payment, in part, of certain secured and unsecured borrowing availed by the Company (₹18.00 Cr).
- Funding of Working Capital Requirement of the Company (₹5.48 Cr).
- General corporate purposes (₹5.00 Cr).
Strengths
- The company is a reputed private sector manufacturer of cold-rolled stainless sections, with the specialized capability to produce ultra-thin strips (up to 0.08 mm).
- It shows high profitability metrics, with PAT rising by 122% in FY25 and a high RoNW of 47.61%.
- The business maintains an effective focus on Cost Control Management and Quality Assurance in its key operational strategies.
- The company caters to major industrial markets, with products used across diverse sectors like textiles, automotive, chemicals, and electrical equipment.
- IPO funds are strategically used for facility upgradation (new rolling machine) and debt reduction (₹18.00 Cr), aiming to improve efficiency and leverage.
Weaknesses
- The company has a very high Debt-to-Equity ratio of 4.19 (FY25), meaning significant financial leverage remains a key risk despite planned debt reduction.
- The low PAT margin (3.95% in FY25) suggests intense price competition in the commodity-linked steel industry.
- The business is vulnerable to raw material price volatility (stainless steel) and dependence on a single manufacturing unit in Rajasthan.
- Operations are working capital intensive due to high inventory costs, which can strain liquidity.
- There is inconsistency in top-line growth (a slight decline from FY23 to FY25), raising questions about market scalability.
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Financial Performance
| Period Ended | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets (₹ Cr.) | 116.34 | 106.13 | 80.25 | 57.03 |
| Revenue (₹ Cr.) | 110.3 | 146.39 | 131 | 136.47 |
| PAT (₹ Cr.) | 4.26 | 5.79 | 2.6 | 0.72 |
| Net Worth (₹ Cr.) | 16.03 | 12.16 | 6.37 | 3.77 |
Peer Comparison
| Company | P/B Ratio | P/E Ratio | RONW (%) | Net Worth (₹ Cr.) |
|---|---|---|---|---|
| Shri Kanha Stainless | 7.73 | 16.47 | 47.61% | 16.03 |
| Hisar Metal Industries | 1.46 | 37.83 | 3.85% | 62.81 |
| Quality Foils (india) | 0.63 | 13.32 | 4.61% | 30.15 |
Subscription Details
Daily Bids Status
| Category | Day 1 | Day 2 | Day 3 |
|---|---|---|---|
| NII | 0.25x | 0.38x | 0.61x |
| RII | 0.55x | 3.22x | 4.91x |
| Total | 0.4x | 1.8x | 2.81x |
Overall Subscription Statistics
| Category | Shares Offered | Shares Bid | Bid Amount (₹ Cr) |
|---|---|---|---|
| NII | 24,41,600 | 15,00,800 | 13.51 |
| RII | 24,41,600 | 1,19,93,600 | 107.94 |
| Total | 48,83,200 | 1,37,16,800 | 123.45 |
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Company Details
- Shri Kanha Stainless Ltd.
- Plot No. 70-B, Unit No. 401-402, 4th Floor, Trimurty Prime Tower, Nirwaroo Road, Jhotwara, Jaipur, -302012
- +91 925 704 3976
- info@kanhastainless.com
- https://www.kanhastainless.com/
Registrar Details
- MAS Services Ltd.
- (011) 2610 4142
- ipo@masserv.com
- https://www.masserv.com/opt.asp
Frequently Asked Questions
What are the core products manufactured by Shri Kanha Stainless?
The company manufactures precision cold-rolled stainless-steel strips (in thin and ultra-thin sizes) and stainless-steel circles and sheets, used in textiles, automotive, and electrical equipment.
When does the Shri Kanha Stainless IPO open and close?
The Shri Kanha Stainless SME IPO opens for subscription on December 3, 2025, and closes on December 5, 2025.
What is the IPO price and listing date?
The IPO is a Fixed Price Issue at ₹90.00 per share. The tentative listing date on the NSE SME is December 10, 2025.
What are the main objectives of the Fresh Issue funds?
The net proceeds will be utilized for upgradation of the existing manufacturing facility (installing an 1150 mm 4-Hi AGC Reversible Rolling Machine), repayment of secured borrowings (₹18.00 Cr), and funding Working Capital Requirements.
What are the key financial strengths of Shri Kanha Stainless?
The company has shown strong financial growth with PAT rising by 122% in FY25. It also reports a high RoNW of 47.61% and a P/E ratio of 16.23, which is competitive within the sector.
What capacity expansion is planned by Shri Kanha Stainless?
The IPO proceeds will be used to install a new 1150 mm 4-Hi AGC Reversible Rolling Machine to upgrade the facility and improve its capacity and product quality for precision strips.
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