RKB Global Ltd
Mumbai-headquartered steel processor and trader — graded wires, bright bars, ERW pipes, welding electrodes and pre-engineered building components from its Wada (Palghar) plants — that grew revenue from ₹360 Cr (FY23) to ₹433 Cr (FY24) and is reported to have filed a draft prospectus for a mainboard IPO in March 2026.
Market cap
₹433.06 Cr
4.38 Cr shares
P/E ratio
37.62
Sector average 20
Book value
₹46.24
P/B 2.14
1-year return
-21.89%
52w ₹99 – ₹128
Currently 0% of the way through its 52-week range.
Indicative price history
1Y change
-21.89% ₹127 → ₹99
52-week band in this window: ₹98.94 – ₹127.80. Weekly indicative marks, not exchange-traded prices.
Key highlights
- Revenue ₹360 Cr (FY23) → ₹433 Cr (FY24) → about ₹580 Cr annualised (H1 FY26); PAT margin rising from 1.5% to about 3.5%.
- Net worth about ₹202 Cr and debt about ₹64 Cr at March 2025 after a pre-IPO capital raise; paid-up capital ₹43.77 Cr (4.38 Cr shares).
- Mainboard IPO DRHP reported filed in March 2026; CARE-rated since at least March 2025.
- UnlistedZone ₹115 (30 Jun 2026) implies about ₹503 Cr market value; Planify ₹109.60, wwipl ₹110.
About RKB Global
RKB Global Limited is a Maharashtra-based manufacturer and trader of steel products. From its plants at Wada in Palghar district, about 90 km from Mumbai, it makes graded and galvanised steel wires, bright bars, ERW (electric-resistance-welded) pipes and tubes, welding electrodes and pre-engineered building (PEB) components, and it also trades in steel long products. Company and rating-agency descriptions add an iron-ore mining segment. Customers are construction, infrastructure, engineering and fabrication businesses in western India.
The company was incorporated on 30 December 2013 as RKB Global Private Limited (CIN U28100MH2013PLC251485, RoC Mumbai) by the Shah family — Virat Sevantilal Shah (director) and his son Alok Virat Shah (managing director) — building on the family's earlier steel-trading business (RKB Steel Private Limited, 2008). It converted to a public limited company ahead of its listing plans. Registry data show paid-up capital of ₹43.77 Cr (about 4.38 Cr shares of ₹10) against an earlier figure of ₹5.05 Cr, consistent with a bonus issue and a pre-IPO capital raise during FY25; the registry also lists Samir Mukund Patil as a director and Asha Morley as an additional (independent) director.
Financials are from the CARE Ratings press release of March 2025 and IPO-tracking summaries of the restated financials: total operating income rose from ₹360.00 Cr in FY23 to ₹432.83 Cr in FY24, with a thin PAT margin of 1.51% in FY23 (about ₹5.4 Cr) and 1.83% in FY24 (about ₹7.9 Cr). As at 31 March 2025 net worth was about ₹202.40 Cr and total debt about ₹63.71 Cr. For the half-year to September 2025 the annualised run-rate was roughly ₹580 Cr of revenue and ₹20.32 Cr of PAT, implying margins improving to about 3.5% as the manufacturing mix grows. FY25 full-year revenue and profit were not captured and are estimated here.
IPO: broker and IPO-tracking sites list RKB Global as an upcoming mainboard issue with a draft red herring prospectus reportedly filed in March 2026 (lead managers and issue size not captured). Proceeds are expected to fund capacity expansion at Wada, working capital and debt repayment; SEBI observations, pricing and dates were not available at the time of writing. Rating: CARE Ratings reviewed the company's bank facilities in March 2025 (grade not captured in this research).
At the UnlistedZone indicative rate of ₹115 (30 June 2026; 52-week range ₹115–₹128; lot 500), the implied market capitalisation on 4.377 Cr shares is about ₹503 Cr — roughly 25 times the annualised H1 FY26 profit of ₹20.3 Cr, 2.5 times the March 2025 net worth of ₹202 Cr and about 1.2 times FY24 sales. Planify quoted ₹109.60 (9 July 2026, lot 1,000) and wwipl a last trade of ₹110 (lot 100), so the dealer market sits a few rupees below the UnlistedZone level.
Verification status (10 Oct 2026): CIN, incorporation date, conversion, directors and the two paid-up-capital figures are from registry aggregators (TheCompanyCheck, InstaFinancials); FY23 and FY24 revenue and PAT margins, FY25 net worth and debt, and the H1 FY26 annualised figures are from the CARE Ratings press release and IPO analysis sites quoting the restated financials. FY25 revenue and profit, the FY23/FY24 balance sheets, cash flows, headcount, the segment split, the shareholding percentages and the website are estimates or unconfirmed. The DRHP filing is reported by IPO-tracking sites and should be checked on SEBI's website.
Where the revenue comes from
- Manufactured steel products55%
Graded/galvanised wires, bright bars, ERW pipes, welding electrodes, PEB components from Wada (estimate)
- Steel trading40%
Trading in long products and semi-finished steel for construction and fabrication customers (estimate)
- Iron ore mining & others5%
Iron-ore mining segment and other income streams described by the company (estimate)
Products & services
Steel wires & bright bars
Graded, galvanised and HB wires and cold-drawn bright bars for construction, fasteners and engineering.
ERW pipes & tubes
Electric-resistance-welded pipes and hollow sections for structural and plumbing uses.
Welding electrodes
Mild-steel welding consumables sold to fabricators and industrial users.
PEB components
Pre-engineered building structures and components for warehouses and industrial sheds.
Steel trading
Distribution of long products and semi-finished steel to builders and fabricators in western India.
What works
- • Growing manufacturing base at Wada (wires, bright bars, ERW pipes, electrodes, PEB) that is lifting margins — annualised H1 FY26 PAT of ₹20.3 Cr versus ₹7.9 Cr for all of FY24.
- • Revenue scale of ₹433 Cr in FY24 rising toward a ₹580 Cr run-rate, with a strengthened balance sheet: net worth about ₹202 Cr and debt about ₹64 Cr at March 2025 (gearing roughly 0.3x).
- • Pre-IPO visibility: public-company conversion, bonus/placement that lifted paid-up capital to ₹43.77 Cr, CARE rating coverage and a reported DRHP in March 2026 give the stock a defined listing path.
- • Founder-led by the Shah family with a decade and a half in steel trading and processing around Mumbai's construction market.
What to watch
- • Thin margins: PAT margin was 1.5–1.8% in FY23–FY24; a large share of revenue is still trading, where steel-price swings can wipe out profit.
- • Valuation already prices in the IPO: ₹503 Cr implied market value is about 25x annualised profit and 2.5x book; dealer quotes (₹109.60–₹110) are below the UnlistedZone rate, and IPO pricing could be lower than the unlisted level.
- • Execution and funding risk on expansion; the IPO timetable depends on SEBI observations and market conditions, and pre-IPO shares are locked in for six months after listing.
- • Registry inconsistencies (paid-up capital ₹5.05 Cr vs ₹43.77 Cr; office shown as Mumbai and as Wada) and the absence of FY25 full-year figures in this research — verify with the DRHP.
Compare with peers
| Company | Price | Market cap | P/E | P/B | Rev CAGR |
|---|---|---|---|---|---|
| RKB GlobalThis page | ₹98.94 | ₹433.06 Cr | 37.62 | 2.14 | +15.47% |
| AKC Steel | ₹26.00 | ₹10.79 Cr | 4.32 | 0.63 | -15.15% |
| ESL Steel | ₹34.68 | ₹6,416 Cr | — | 1.56 | +0.33% |
Latest reported year: FY25 ending 31 Mar 2025.