Shri Kanha Stainless Ltd. is issuing a fixed price fresh issue of 51,42,400 equity shares aggregating to ₹46.28 crore at a fixed price of ₹90 per share. The IPO opens on Dec 3, 2025 and closes on Dec 5, 2025. Tentative allotment is on Dec 8, 2025, refunds & demat credit on Dec 9, 2025, and tentative listing on Dec 10, 2025 on NSE SME. Minimum retail application = 2 lots (3,200 shares) = ₹2,88,000.
Shri Kanha Stainless Ltd. IPO
NSE SME — Fixed Price Fresh Issue (Precision Stainless Steel Cold Rolled Strips)
UPCOMINGShri Kanha Stainless Ltd. is issuing a fixed price fresh issue of 51,42,400 equity shares aggregating to ₹46.28 crore at a fixed price of ₹90 per share. The IPO opens on Dec 3, 2025 and closes on Dec 5, 2025. Tentative allotment is on Dec 8, 2025, refunds & demat credit on Dec 9, 2025, and tentative listing on Dec 10, 2025 on NSE SME. Minimum retail application = 2 lots (3,200 shares) = ₹2,88,000.
| Face Value | ₹10 per share |
|---|---|
| Issue Price (Final) | ₹90 per share (Fixed Price) |
| Lot Size | 1,600 shares |
| Total Issue Size | 51,42,400 shares (aggregating up to ₹46.28 Cr) |
| Reserved for Market Maker | 2,59,200 shares (₹2.33 Cr) — Giriraj Stock Broking Pvt. Ltd. |
| Net Offered to Public | 48,83,200 shares (₹43.95 Cr) |
| Issue Type | Fixed Price IPO (Fresh) |
| Listing | NSE SME |
| Pre / Post Issue Shares | 1,04,40,000 / 1,55,82,400 |
| BRLM / Registrar | Kreo Capital Pvt. Ltd. / MAS Services Ltd. |
| Investor Category | Allocation |
|---|---|
| Market Maker | 2,59,200 shares (5.04%) |
| NII (HNI) | 24,41,600 shares (47.48%) |
| Retail (RII) | 24,41,600 shares (47.48%) |
| IPO Open | Wed, Dec 3, 2025 |
|---|---|
| IPO Close | Fri, Dec 5, 2025 |
| Tentative Allotment | Mon, Dec 8, 2025 |
| Initiation of Refunds | Tue, Dec 9, 2025 |
| Credit to Demat | Tue, Dec 9, 2025 |
| Tentative Listing | Wed, Dec 10, 2025 |
| UPI Mandate Cut-off | 5 PM on Fri, Dec 5, 2025 |
| Application | Lots | Shares | Amount (₹ at ₹90) |
|---|---|---|---|
| Retail (Min) | 2 | 3,200 | ₹2,88,000 |
| Retail (Max) | 2 | 3,200 | ₹2,88,000 |
| HNI (Min) | 3 | 4,800 | ₹4,32,000 |
Fixed-price issue — amounts shown use the final price ₹90. Multiples permitted in 1,600-share lots.
Incorporated in July 2015, Shri Kanha Stainless Ltd. manufactures precision cold-rolled stainless steel strips (thin & ultra-thin) used across textiles, automotive, chemicals and electrical equipment. Product thickness ranges from 0.08 mm to 2.00 mm; slitting from 5 mm. Manufacturing capacity: 14,000 MTPA. Unit located in Sikar, Rajasthan. Order book as on Nov 25, 2025: ₹12.73 crore approx.
Competitive strengths: specialized low-thickness production, ISO & ISI certifications, centralized location for key markets, effective cost controls and quality assurance.
Selected financials (₹ Crore)
| Period Ended | Assets | Total Income | PAT | EBITDA | Net Worth | Total Borrowing |
|---|---|---|---|---|---|---|
| 30 Sep 2025 | 116.34 | 110.30 | 4.26 | 9.25 | 16.03 | 56.02 |
| 31 Mar 2025 | 106.13 | 146.39 | 5.79 | 13.38 | 12.16 | 50.98 |
| 31 Mar 2024 | 80.25 | 131.00 | 2.60 | 8.24 | 6.37 | 53.94 |
KPI (as of Mar 31, 2025): ROE 47.61% | ROCE 19.20% | Debt/Equity 4.19 | PAT Margin 3.97% | EBITDA Margin 9.18% | P/B 7.73 | Market Cap ~₹140.24 Cr.
| 1 | Upgradation of manufacturing facility — Install 1150 mm 4-Hi AGC reversible rolling machine: ₹12.00 Cr |
|---|---|
| 2 | Repayment / pre-payment of borrowings: ₹18.00 Cr |
| 3 | Working capital requirements: ₹5.48 Cr |
| 4 | General corporate purposes: ₹5.00 Cr |
[Dilip Davda] SKSL operates in a competitive stainless steel strips segment. The company posted improved PAT (large percentage increase) which may need deeper verification. Financials show rising revenue and higher leverage (Debt/Equity). Issue appears aggressively priced; suitable for informed investors with medium-term horizon who accept SME liquidity and execution risk.
Company Contact
- Shri Kanha Stainless Ltd., Plot No. 70-B, Unit No. 401-402, 4th Floor, Trimurty Prime Tower, Nirwaroo Road, Jhotwara, Jaipur, Rajasthan, 302012
- Phone: +91 92570 43976 | Email: [email protected]
- Website: https://www.kanhastainless.com/
Registrar
- MAS Services Ltd. — Phone: (011) 2610 4142 | Email: [email protected] | Website: https://www.masserv.com/opt.asp