Innovision IPO vs Rajputana Stainless IPO: Two Sectors, Two Business Models

The same week had two mainboard IPOs open for subscription: Rajputana Stainless, a Gujarat stainless steel manufacturer that's been running since 1991, and Innovision Limited, a Gurgaon-based manpower and facility management company founded in 2007. They're pitching to the same investors while doing entirely different things.

This piece goes past the GMP, what each company actually does, how the financials compare, and what the valuations are really asking you to believe. This way, you will have a better understanding of these companies and which is worth applying for if you had to choose one.

Quick snapshot: key numbers side by side

What each company actually does

Rajputana Stainless was founded in 1991. It makes stainless steel billets, forging ingots, rolled bars, flat products, and 80-plus grades, at an integrated plant in Kalol, Gujarat. Its customers are in oil and gas, automotive, aerospace, defense, and consumer goods. It exports to the US, UAE, Turkey, Kuwait, and Poland.

Innovision started in 2007. It runs a services operation: manpower solutions, facility management, manned security, and skill development training, spread across 23 states and 5 union territories. It works with 180-plus clients at over 1,000 locations in retail, healthcare, logistics, warehousing, and BFSI.

One company converts raw materials into products. The other deploys and manages people. That difference shows up in margins, capital needs, and how each business behaves when conditions get harder.

Financial performance: how the numbers stack up

Revenue is broadly similar. Rajputana Stainless: ₹937.49 crore for FY25. Innovision: ₹895.95 crore. Profitability diverges.

Rajputana earned ₹39.85 crore net profit in FY25. Innovision earned ₹29.02 crore. Rajputana's EBITDA margin was 7.92% in FY25, up from 4.63% in FY23: steady improvement over three years. Innovision's EBITDA margin was 6.34% for FY25.

On capital returns, the gap is wider. Rajputana's 'Return on Capital Employed' (ROCE) was 31.72%, and 'Return on Equity' (ROE) was 26% in FY25. Innovision's ROCE was 18.19%, and ROE was 19.55%.

The balance sheets are also different. Rajputana's Debt to Equity (D/E) ratio was 0.66 in FY25, with a net worth of ₹151.95 crore. Innovision's borrowings of ₹112.39 crore are slightly above its net worth of ₹102.33 crore (September 2025), putting D/E over 1.

For H1 FY26 (April–September 2025): Rajputana reported ₹502.77 crore in revenue and ₹24.41 crore in 'Profit After Tax' (PAT). Innovision reported ₹483.10 crore in total income and ₹23.57 crore in profit before tax.

IPO structure: Where does the money go?

Both are mostly fresh issues, and the money goes to the company, not selling shareholders.

Innovision is putting ₹119 crore toward working capital and ₹51 crore toward repaying borrowings. The working capital need is large for a services company, but it's typical when you're running payroll across hundreds of contracts.

Rajputana is using ₹98 crore to pay down debt and ₹18.57 crore to build a seamless stainless-steel pipes manufacturing facility. That new facility is the only place either company is using IPO proceeds to expand into something new rather than sustain what's already running.

Valuation: What are you paying for?

Rajputana Stainless is priced at roughly 21x FY25 earnings. Listed peers Mangalam Worldwide (22.57x) and Mukand (26.34x) are priced higher, so Rajputana isn't asking for a sector premium.

Innovision is priced at roughly 44.5x FY25 earnings. Listed staffing and manpower peers — Quess Corp and SIS — trade at far lower multiples. Innovision's net margin of ~3.24% is also below two of its sector peers. Several brokerages flagged the valuation when the IPO opened on March 10.

The short version: Rajputana makes more money, earns better returns on capital, carries less debt, and costs about half as much on a P/E basis. Its post-issue market cap is ~₹841 crore. Innovision's is ~₹1,291 crore.

Market sentiment: GMP and subscription data

As of March 10, 2026:

• Rajputana Stainless GMP is ₹2, implying an expected listing around ₹124 — about 1.64% above the upper price band of ₹122.
• Innovision GMP is ₹0. The grey market has it priced at or near the issue price of ₹548.

Grey market premiums aren't official. They don't reliably predict listing prices.

Key risks

For Innovision: the P/E of 44.5x is hard to justify against sector peers. The business depends on contract renewals, borrowings exceed net worth, and in a people-heavy model, attrition and wage costs are constant pressures on margin.

For Rajputana: roughly 45% of revenue comes from the top 10 customers. Nickel and chromium input costs can shift margins in either direction. There are ongoing legal proceedings involving the company and its promoters. Most revenue comes from the domestic market, though exports provide some diversification.

Sector context

Rajputana is in specialty stainless steel. Orders follow industrial capex, oil and gas infrastructure, and defense and aerospace procurement, areas where India has been spending. The new seamless pipes facility goes after a higher-value product category.

Innovision is in outsourced workforce services. More of corporate India is routing headcount through third-party providers for security, facility management, and payroll. Compliance requirements around PF, ESIC, and labour codes have also pushed companies toward organized vendors who can handle the regulatory side.

Manufacturing demand tends to be cyclical and follows capital spending cycles. Manpower services demand is steadier but also more competitive, it takes real scale to build margins that don't get squeezed.

Conclusion

Rajputana Stainless has the better financial profile going in: higher profit, stronger returns on capital, less debt, a lower P/E, and institutional investors who showed up on Day 1. The numbers aren't complicated.

Innovision's case rests on the sector's growth trajectory and the company's reach across 23 states. The valuation works if earnings grow fast enough to close the gap with the multiple. That's not impossible — but it requires Innovision to deliver margin improvement in a segment where Quess Corp, operating at 30x the revenue, trades at a fraction of the P/E.

For a detailed breakdown of each IPO individually, read our full coverage of the Innovision IPO and the Rajputana Stainless IPO on Sahi.

Disclaimer: This article is for informational purposes only and does not constitute financial advice. Please consult a SEBI-registered advisor before making any investment decisions.