Shri Kanha Stainless
December 3, 2025 – December 5, 2025
| Price | ₹90 - ₹90 |
| GMP Rumors * | ₹0 |
|---|---|
| Lot size | 1600 |
| Issue size | ₹46.28 cr |
| Allotment | Dec 8, 2025 |
| Listing | Dec 10, 2025 |
Shri Kanha Stainless Lot(s) Distribution
| Category | Lot(s) | Qty | Amount | Reserved |
|---|---|---|---|---|
| INDIVIDUAL | 2 | 3200 | 288000 | 763 |
| HNI | 3 | 4800 | 432000 | 509 |
Shri Kanha Stainless Reservation
| Category | Shares Offered | % |
|---|---|---|
| HNI | 2441600 | 47.48% |
| INDIVIDUAL | 2441600 | 47.48% |
| Market Maker | 259200 | 5.04% |
| Total | 5142400 | 100% |
Shri Kanha Stainless About
IPO Details
| Total Issue Size | 51,42,400 shares (aggregating up to ₹46.28 Cr) |
| Fresh Issue | 51,42,400 shares (aggregating up to ₹46.28 Cr) |
| Issue Type | Fixed Price IPO |
| Listing At | NSE SME |
| Share Holding Pre Issue | 1,04,40,000 shares |
| Share Holding Post Issue | 1,55,82,400 shares |
| Reserved for Market Maker | 2,59,200 shares (aggregating up to ₹2.33 Cr) |
| Market Maker | Giriraj Stock Broking Pvt.Ltd. |
Key Performance Indicators (KPI)
| KPI | Sep-25 | Mar-25 | Mar-24 | Mar-23 |
|---|---|---|---|---|
| ROE | 26.55% | 47.61% | 40.85% | 19.11% |
| ROCE | 11.64% | 19.20% | 13.20% | 7.37% |
| Debt/ Equity | 3.49 | 4.19 | 8.47 | 10.71 |
| P/E PRE IPO | 16.23 | |||
| P/E POST IPO | 16.47 |
Company Financial (In ₹Crore)
| Period Ended | Sep-25 | Mar-25 | Mar-24 | Mar-23 |
|---|---|---|---|---|
| Assets | 116.34 | 106.13 | 80.25 | 57.03 |
| Total Income | 110.3 | 146.39 | 131 | 136.47 |
| Profit After Tax | 4.26 | 5.79 | 2.6 | 0.72 |
| EBITDA | 9.25 | 13.38 | 8.24 | 4.36 |
| NET Worth | 16.03 | 12.16 | 6.37 | 3.77 |
| Reserves and Surplus | 5.59 | 11.29 | 5.5 | 2.9 |
| Total Borrowing | 56.02 | 50.98 | 53.94 | 40.36 |
Peer Comparision (Valuation)
| Company | P/E (x) | CMP*(₹) | Face value (₹) |
|---|---|---|---|
| Shri Kanha Stainless Limited | 16.23 | 90.00 | 10.00 |
| Hisar Metal Industries Limited | 35.09 | 206.67 | 10.00 |
| Quality Foils (India) Limited | 15.30 | 76.05 | 10.00 |
Peer Comparision (Financial Performance)
| Company | NAV/Share (₹) | RoNW (%) | EPS (Basic) (₹) |
|---|---|---|---|
| Shri Kanha Stainless Limited | 11.65 | 47.61 | 5.55 |
| Hisar Metal Industries Limited | 116.00 | 9.00 | 5.89 |
| Quality Foils (India) Limited | 106.00 | 4.00 | 4.97 |
About Company
Industry Applications
The company’s stainless-steel products are widely used across industries such as textiles, automotive, chemicals, and in applications including flexible and capillary tubes, clocks and watches, and electrical equipment.
Product Capabilities
Shri Kanha Stainless manufactures stainless-steel coils in the 200, 300, and 400 series, with thickness ranging from 0.08 mm to 2.00 mm. Slitting starts from 5 mm, and products are available in hard and soft tempers based on customer requirements. The company operates with a manufacturing capacity of 14,000 MTPA.
Product Portfolio
- Precision Stainless-Steel Cold-Rolled Strips
- Stainless-Steel Circles
- Stainless-Steel Sheets
Certifications
The company holds key industry certifications including:
- ISO 9001:2015
- ISI 15997:2012 for low-nickel austenitic stainless-steel sheets for utensils and appliances
- IS 5522:2014 and IS 6911:2017 for stainless-steel sheets, strips, and plates
Manufacturing Facility
Shri Kanha Stainless operates its manufacturing facility in Sikar, Rajasthan, equipped to support precision stainless-steel processing and large-scale production.
Strength
Ultra-Thin Precision Manufacturing Capability: The company specializes in producing cold-rolled stainless-steel strips, sheets, coils, and circles with ultra-thin thicknesses as low as 0.08 mm, a capability not commonly available among competitors. It manufactures coils in the 200, 300, and 400 series, offering thicknesses from 0.08 mm to 2.00 mm, with slitting from 5 mm onward in hard or soft tempers based on dealer-cum-customer requirements.
High-Efficiency Operations With Strong Manufacturing Heritage: The company’s machinery operates at high speed, ensuring strong productivity and efficiency. With over 35 years of manufacturing heritage and a workforce of around 80 employees, the company has built significant operational depth and a broad, reliable market presence.
Strategically Located Manufacturing Facility: The manufacturing facility in Reengus, Sikar, Rajasthan (approx. 6,076 sq. m) offers strategic access to major markets such as Delhi and Mumbai. Convenient transportation availability supports efficient distribution and timely delivery to customers.
Weakness
Risks From Expanding Into New Product Categories: As the company diversifies into new stainless-steel product categories and increases its range of thin and ultra-thin precision strips, it may face unfamiliar operational, technical, and market challenges. Entering new segments increases exposure to higher risks related to quality, customer acceptance, and production complexity.
Geographic Concentration of Revenue: A major portion of the company’s sales comes from select geographic regions. Any adverse economic, competitive, or demographic developments in these areas may significantly impact revenue, profitability, and overall business performance due to the high dependency on these markets.
Dependence on Related Party Transactions: The company conducts significant sales and purchase transactions with its Group Company, Navbharat Tubes Private Limited. Although these are stated to be at arm’s length, continued reliance on related-party dealings may pose risks related to business dependence, pricing, transparency, and regulatory scrutiny.
Shri Kanha Stainless Lead Manager(s)
Shri Kanha Stainless Address
Plot No. 70-B
Unit No. 401-402, 4th Floor
Trimurty Prime Tower, Nirwaroo Road, Jhotwara,
Jaipur, Rajasthan, 302012
Phone: +91 925 704 3976
Email: info@kanhastainless.com
Website: https://www.kanhastainless.com/
Shri Kanha Stainless Registrar
Shri Kanha Stainless Reviewers
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