Bombay Coated and Special Steels Ltd IPO

Status: Upcoming

Overview

IPO date

29 Oct 2026 to 02 Nov 2026

Face value

₹ 10 per share

Price

₹ 78 to ₹82 per share

Issue Size

22,324,024 shares
(aggregating up to ₹ 183.06 Cr)

Allotment Date

03 Nov 2026

Listing at

NSE

Issue type

Book Building

Sector

Steel

Initial public offering of up to 22,324,024 equity shares of face value of Rs. 10 each ("Equity Shares") of Bombay Coated and Special Steels Limited ("The Company" or "Issuer") for cash at a price of Rs. 82 per equity share (including a share premium of Rs. 72 per equity share) ("Issue Price") aggregating up to Rs. 183.06 Crores (the "Issue"). The issue comprises a fresh issue of up to 22,324,024 equity shares. The issue shall constitute [*]% of the post-issue paid-up equity share capital of the company. The company, in consultation with the brlm, may consider a pre-ipo placement of specified securities, as may be permitted under applicable law, to any person(s), aggregating up to Rs. [*] crores at its discretion, prior to filing of the pre-ipo placement, if undertaken, will be at a price to be decided by the company, in consultation with the brlm. If the pre-ipo placement is completed, the amount raised pursuant to the pre-ipo placement will be reduced from the fresh issue, subject to compliance with Rule 19(2)(b) of the securities contracts (Regulation) Rules, 1957, as amended. The pre-ipo placement, if undertaken, shall not exceed 20.00% of the size of the fresh issue. Prior to the completion of the issue, the company shall appropriately intimate the subscribers to the pre-ipo placement, prior to allotment pursuant to the pre-ipo placement, that there is no guarantee that the company may proceed with the issue, or the issue may be successful and will result into listing of the equity shares on the stock exchanges. Further, relevant disclosures in relation to such intimation to the subscribers to the pre-ipo placement (if undertaken). Price Band: Rs. 78/- to Rs. 82/- per equity share of face value of Rs. 10 each. The floor price is 7.8 times the face value of the equity shares and the cap price is 8.2 times the face value of the equity shares. Bids can be made for a minimum of 182 equity shares of face value of Rs. 10 each and in multiples of 182 equity shares of face value of Rs. 10 each thereafter.

Bombay Coated & Special Steels Limited was originally incorporated as Bombay Coated and Special Steels Private Limited', a private limited Company at Mumbai, Maharashtra dated December 26, 2019, with the Central Registration Centre at Manesar, Haryana. The Company acquired the business of sole proprietorship, of M/s. Bombay Steels via Business Transfer Agreement as a going concern basis dated January 21, 2021, entered between Mr. Vijaykumar Himatrai Gupta, the proprietor and the Company. Thereafter, Company was converted into a Public Limited company and the name of Company was changed to Bombay Coated and Special Steels Limited' w.e.f. February 14, 2025. The Company is presently running the business of processing Steel Coils into processed steel products. Company, being a Steel Processing Centre (SPC), acts as an intermediary between steel producers and end-users. Processed Steel Products are engineered to meet precise technical requirements, enabling their use across a wide range of industries such as Home and Commercial Appliances including air conditioners, home refrigeration, commercial refrigeration, washing machines, water heaters and in the General Engineering sector including pharmaceutical cleanrooms, electrical components, air ventilation solutions, automotive components and other applications. SPCs provide value-added steel processing services including precision slitting, cut-to-length, shearing and embossing. For the Home & Commercial Appliances sector, we undertake processing of Coated Steel Coils and hot rolled steel coils into Processed Steel Products which are used in the manufacture of air conditioners, home refrigeration, commercial refrigeration, washing machines, water heaters etc. For the General Engineering sector, we undertake specialised processing of Non-Coated Steel Coils and galvanised plain coils into Blanks which are used in the manufacture of automobiles, pharmaceutical clean rooms, electrical components, and air ventilation systems. Apart from manufacturing the Processed Steel Products, SPCs also facilitate logistical and inventory related functions by holding inventory and offering just-in-time delivery, ensuring Processed Steel Products reach businesses across both urban and remote areas in a cost-effective and efficient manner. Company is planning a fresh issue IPO of 15,000,000 equity shares of face value of Rs 10 each.

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T&C*

Strengths vs Risks of Bombay Coated and Special Steels Ltd

Know the pros & cons

Strengths

Established relationship with JSWSCPL Steel for supply of Steel Coils.
Long-standing relationships with customers, including OEMs and ODMs.
Strategically Located Manufacturing Network Enabling Just-in-Time Supply and Cost-Efficient Operations.
Integrated and Advanced Steel Processing Infrastructure.
High Entry Barriers Driven by Authorised Supplier Arrangements, Capital Intensity and Customer Approvals.
Experienced Promoters and professional management team.

Risks

The company deriveds 68.31% and 67.44%, 67.43% and 68.21% of its revenue from its top ten customers for six months period ended September 30, 2025, and for the Fiscals 2025, 2024 and 2023, respectively. The loss of any of these customers or reduction in business from such will have a material adverse effect on the company's business, financial condition, results of operations and cash flows.
The cost of raw materials and components consumed accounted for 85.32%, 92.97%, 89.14% and 92.38% of its total expenses for the six months period ended September 30, 2025 and for Fiscals 2025, 2024 and 2023, respectively. Any volatility in prices, unavailability, or disruption in the timely and adequate supply of steel coils may materially and adversely affect the company's business, results of operations, financial condition and cash flows.
The company's business is significantly dependent on the performance of certain end-use sectors, particularly the Home & Commercial Appliances sector, which contributed 82.70%, 81.80%, 77.41% and 73.54% of its revenue from sale of products for the six months period ended September 30, 2025, and for Fiscals 2025, 2024 and 2023, respectively. Any adverse developments, slowdown, reduced demand, or cyclicality affecting this sector could have a material adverse effect on the company's business, results of operations, financial condition and cash flows.
The company derives the company's revenue from operations from customers located across fourteen (14) states and two (2) union territories in India, on average more than 70% of its revenue from operations for the six months period ended September 30, 2025 and last three Fiscals was derived from Maharashtra, Gujarat and Haryana. Any disruption in our operations in these states, whether due to internal or external factors, could restrict the company's operations and have an adverse effect on its business, results of operations and financial condition.
the company is substantially dependent on a single supplier, JSW Steel Coated Products Limited and/or its holding Company ("JSWSCPL"), for the supply of steel coils, which constitute a key raw material for its operations. For the six months ended period September 30, 2025, and for the Fiscal 2025, Fiscal 2024 and Fiscal 2023, the company sourced approximately 83.99% and 90.61%, 84.58% and 81.77%, respectively, of its total steel coil requirements from JSWSCPL. This high level of supplier concentration exposes the company to significant risks, and any disruption in the supply of steel coils from JSWSCPL could materially and adversely affect the company's business, results of operations and financial condition.
Under-utilisation of its manufacturing capacities over extended periods, or significant under-utilisation in the short term, could increase the company's cost of production and operating costs, which could adversely affect its operating leverage, margins and financial performance.
The company's manufacturing facilities are geographically dispersed across specific regions in India, and any disruption to the operations of these facilities or adverse developments affecting such regions could materially and adversely affect its business, financial condition and results of operations.
The company has experienced certain discrepancies in the company's statutory filings with the Registrar of Companies ("RoC") and other non-compliances under the Companies Act, 2013 in the past. The company cannot assure that regulatory authorities will not initiate inquiries, proceedings or other actions against the company in the future. Any such proceedings or actions, if initiated, may result in the imposition of penalties, fines or other regulatory measures, which could adversely affect its business, financial condition, results of operations and reputation.
The company does not have long-term purchase commitments from the company's customers, and any reduction or cancellation of orders could adversely affect its business, results of operations, financial condition and cash flows.
The company's business requires significant working capital, and any inability to arrange or maintain adequate working capital may adversely affect its business, results of operations, financial condition and cash flows.
The company's business is capital intensive, and its significant capital expenditure requirements may constrain the company's ability to expand into new product lines or business segments and adversely affect its business, results of operations, financial condition and cash flows.
As of November 30, 2025, the Company has significant outstanding borrowings of Rs.2,736.36 million and is subject to restrictive covenants under its financing arrangements, which may limit its operational and financial flexibility and adversely affect the company's business and liquidity.
The company's high debt-to-equity ratio could adversely affect its financial condition, results of operations, and business prospects.
Any delay by the company's customers in taking delivery of its Processed Steel Products, due to internal or external factors, may result in an increase in the company's inventory levels and a corresponding delay in receipt of payments. Such delays may also constrain the company's ability to process further orders, which could adversely affect its business, results of operations and financial performance.
The company is subject to counterparty credit risk and any delay in receiving payments, or non-receipt of payments, from the company's customers could have an adverse effect on the company's business, results of operations, financial condition and cash flows.
the company has experienced negative cash flows from investing and financing activities in the past and may continue to experience negative cash flows in the future, which could adversely affect its liquidity, financial condition and ability to operate the company's business and implement our growth plans.
Some of the company's manufacturing facilities and offices are located on leasehold land or premises taken on a leave and licence basis. Any failures to comply with the terms of such arrangements, or the company's inability to renew or extend these arrangements on acceptable terms, could adversely affect its business and operations.
The Company's logo is not registered as on date of this Draft Red Herring Prospectus. However, application for registration of its trademark has been filed. the company may be unable to adequately protect its intellectual property and/ or be subject to claims alleging breach of third-party intellectual property rights.
Obsolescence, breakdown, or failures to maintain our equipment could adversely affect the company's business, financial condition, cash flows, and results of operations.
The company relies on third-party transport service providers for the transportation of the company's products to customers. The company's freight and handling expenses were Rs.77.04 million for the six months period ended September 30, 2025, and Rs.156.24 million, Rs.118.84 million and Rs.123.91 million for Fiscal 2025, Fiscal 2024 and Fiscal 2023, respectively, representing between 1.53% and 2.17% of the company's total expenses during such periods. Any failures by, disruption in operations of, or loss of its third-party transport service providers could result in delays in delivery and increased transportation costs, which may adversely affect our business, results of operations, financial condition and cash flows.
The company has powers and fuel requirements, and its power and fuel charges amounted to Rs.12.80 million for the six months period ended September 30, 2025, and Rs.28.64 million, Rs.24.89 million and Rs.17.34 million for Fiscal 2025, Fiscal 2024 and Fiscal 2023, respectively; any disruption to power or fuel sources could increase the company's production costs and adversely affect its business, results of operations, financial condition and cash flows.
The Company, Promoters, Directors and certain members of its Promoter Group are involved in legal and regulatory proceedings, and any adverse outcome in such proceedings could have a material adverse effect on the company's business, results of operations, financial condition and cash flows.
The company is requireds to comply with precise technical specifications, quality standards and performance requirements prescribed by its customers. Any failures to meet such specifications or standards could result in cancellation of orders, rejection or return of its Processed Steel Products, loss of customers and damage to the company's reputation, which could adversely affect its business, results of operations, financial condition and cash flows.
As on September 30, 2025, the Company had outstanding dues aggregating to Rs.604.49 million the company has outstanding dues payable to its creditors, and any failure or delay in payment of such dues may adversely affect the company's reputation, business and financial condition.
The company requires various statutory and regulatory permits and approvals in the ordinary course of its business, and the company's failures to obtain, renew or maintain them in a timely manner may adversely affect its operations.
The company has not obtained any credit ratings for its borrowing facilities, and any adverse credit rating or inability to obtain a credit rating in the future may adversely affect the company's access to financing and the terms on which such financing is available.
The company's funding requirements and proposed deployment of the Net Proceeds of the Issue have not been appraised by any bank or financial institution, and any delays, cost overruns or changes in the proposed utilisation may adversely affect its business, financial condition, results of operations and cash flows.
the company faces competition from domestic steel processing companies as well as steel producers that operate steel processing units, and any inability on the company's part to compete effectively may have a material adverse effect on its business, results of operations and financial condition.
Peer companies presented for comparison may not be fully comparable with the Company due to differences in scale, business model, geographical presence, and other factors. Accordingly, investors should not base their investment decisions solely on peer comparison.
The company is in the process of expanding the company's existing Ghiloth Facility and may also seek to expand its operations into new geographic regions. Any delays in obtaining approvals, inability to arrange financing, or challenges associated with such expansions could adversely affect the company's business, results of operations, financial condition and cash flows.
The company's success depends upon knowledge and experience of its Directors, Key Managerial Personnel, Senior Management and other key employees as well as our ability to attract and retain personnel with technical expertise. In the six months period ended September 30, 2025, Fiscal 2025, Fiscal 2024 and Fiscal 2023, the Company's attrition rate for permanent employees was 11.76%, 32.13%, 44.21% and 30.26%, respectively. The loss of or the company's inability to attract or retain such persons could adversely affect its business, results of operations, financial condition and cash flows.
The company's operations are labour intensive and depends significantly on the availability of skilled and contract labour. Any shortage of labour, increase in labour costs, labour unrest or adverse regulatory action could adversely affect its business, results of operations, financial condition and cash flows.
The company is subjects to environmental, health and safety laws and regulations, and any failures to comply with such laws or to obtain, renew or maintain the required statutory permits and approvals could have a material adverse effect on its business, results of operations, financial condition and cash flows.
The company has experienced delays in payment of certain statutory dues including employee state insurance corporation contributions, provident fund contributions, income tax Labour Welfare Fund, Tax deductions at source and Tax collected at source and GST payments in the past. Any delay in payment of statutory dues by the Company in future, may result in the imposition of penalties and in turn may have an adverse effect on the Company's business, financial condition, results of operation and cash flows.
The company's insurance coverage may not be adequate to protect the company against all potential losses, which could have a material adverse effect on its business, results of operations, financial condition and cash flows.
The Company has in the past entered into related party transactions with its Promoters, Directors and Promoter Group members/ entities and may continue to do so in the future. There can be no assurance that such transactions, individually or in the aggregate, will not have an adverse effect on the company's financial condition and results of operations.
The company has certain capital commitments, and any failures to meet such commitments or the occurrence of future contingent liabilities could adversely affect its business, results of operations, financial condition and cash flows.
As on November 30, 2025, the Company has availed unsecured loans amounting to Rs.261.49 million that are repayable on demand and may be recalled by the lenders at any time, which could adversely affect its liquidity, business and financial condition.
The company's Promoters, Nitin Vijaykumar Gupta, Vijaykumar Himatrai Gupta and Bhawna Nitin Gupta, have provided personal guarantees for loan facilities obtained by the company, and any failures or default by the company to repay such loans could trigger repayment obligations on its Promoters, which may impact the company's Promoters' ability to effectively service his obligations as its Promoter and thereby, adversely impact the company's business, results of operations, financial conditions and cash flows.
The company's Promoters may have interests other than reimbursement of expenses incurred and remuneration or benefits, which may result in a conflict of interest.
The company's Promoters and member of Promoter Group will continue to retain significant control in the Company after the Issue which will allow them to influence the outcome of matters submitted to shareholders for approval. Such a concentration of ownership may also have the effect of delaying, preventing or deterring a change in control.
Certain educational qualification documents of its Independent Directors and the company's Chief Executive Officer are not traceable, and disclosures in this Draft Red Herring Prospectus are based on confirmations provided by them.
Most of the company's Directors does not have prior experience of serving as directors of listed companies, which may affect its ability to comply with the regulatory, governance and disclosure requirements applicable to listed companies and could adversely affect the company's business and operations.
If the company is unable to continue investing in new technologies and upgrading the company's equipment, the company's existing technologies and machinery may become obsolete, which could increase the company's processing costs, reduce operational efficiency and adversely affect its business, results of operations, financial condition and cash flows.
The company's growth strategy may place significant demands on its management and operational resources, and the company's inability to effectively execute such strategy could adversely affect its business, results of operations, cash flows and financial condition.
Information relating to the installed capacity, utilised capacity and capacity utilisation of the company's manufacturing facilities included in this Draft Red Herring Prospectus is based on assumptions and estimates, and actual production and capacity utilisation may vary.
The industry related disclosure in this Draft Red Herring Prospectus has been derived from the CareEdge Report which the company has commissioned and purchased and any reliance on such information for making an investment decision in the Issue is subject to inherent risks.
Any variation in the utilization of the Net Proceeds as disclosed in this Draft Red Herring Prospectus shall be subject to certain compliance requirements, including prior approval of the shareholders of the Company.
Certain non-GAAP financial measures and certain other statistical information relating to the company's operations and financial performance like Gross Profit, Gross Margin, EBITDA, EBITDA Margin, PAT Margin, Return on Net Worth, Return on Capital Employed, Net Debt to Equity Ratio and Fixed Asset Turnover Ratio have been included in this Draft Red Herring Prospectus. These non-GAAP financial measures are not measures of operating performance or liquidity defined by Ind AS and may not be comparable.
Any failures, disruption or inadequacy of the company's information technology systems could adversely affect its business, results of operations, financial condition and cash flows.
If the company is unable to establish and maintain effective internal control measures and a robust compliance system, the company's business, financial condition and reputation could be adversely affected.
The company is exposed to operational risks, including cyber-attacks, cyber frauds, fraud, theft and embezzlement, which may adversely affect its reputation, business, results of operations, financial condition and cash flows.
The requirements associated with being a publicly listed company may place significant demands on the company's management and financial resources.
The Company may not be able to pay dividends in the future. The company's ability to pay dividends in the future will depend upon its future earnings, financial condition, profit after tax available for distribution, cash flows, working capital requirements and capital expenditure and the terms of the company's financing arrangements.
We rely on third-party transport service providers for the transportation of our products to customers. Our freight and handling expenses were Rs.64.86 million for the three months period ended June 30, 2026, and Rs.170.83 million, Rs.156.24 million and Rs.118.84 million for Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively, representing between 1.72%, 1.39%, 1.53% and 1.61% of our total expenses during such periods respectively. Any failure by, disruption in operations of, or loss of our third-party transport service providers could result in delays in delivery and increased transportation costs, which may adversely affect our business, results of operations, financial condition and cash flows.
We are subject to counterparty credit risk and any delay in receiving payments, or non-receipt of payments, from our customers could have an adverse effect on our business, results of operations, financial condition and cash flows.
We have power and fuel requirements, and our power and fuel charges amounted to .3.98 million for the three months period ended June 30, 2026, and .29.05, .28.64 million and .24.89 million for Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively; any disruption to power or fuel sources could increase our production costs and adversely affect our business, results of operations, financial condition and cash flows.
We are required to comply with precise technical specifications, quality standards and performance requirements prescribed by our customers. Any failure to meet such specifications or standards could result in cancellation of orders, rejection or return of our Processed Steel Products, loss of customers and damage to our reputation, which could adversely affect our business, results of operations, financial condition and cash flows.
As on June 30, 2026, our Company had outstanding dues aggregating to ?859.66 million. We have outstanding dues payable to our creditors, and any failure or delay in payment of such dues may adversely affect our reputation, business and financial condition.
We require various statutory and regulatory permits and approvals in the ordinary course of our business, and our failure to obtain, renew or maintain them in a timely manner may adversely affect our operations.
We have not obtained any credit ratings for our borrowing facilities, and any adverse credit rating or inability to obtain a credit rating in the future may adversely affect our access to financing and the terms on which such financing is available.
We face competition from domestic steel processing companies as well as steel producers that operate steel processing units, and any inability on our part to compete effectively may have a material adverse effect on our business, results of operations and financial condition.
Peer companies presented for comparison may not be fully comparable with our Company due to differences in scale, business model, geographical presence, and other factors. Accordingly, investors should not base their investment decisions solely on peer comparison.
We are in the process of expanding our existing Ghiloth Facility and may also seek to expand our operations into new geographic regions. Any delays in obtaining approvals, inability to arrange financing, or challenges associated with such expansions could adversely affect our business, results of operations, financial condition and cash flows.
Our operations are labour intensive and depend significantly on the availability of skilled and contract labour. Any shortage of labour, increase in labour costs, labour unrest or adverse regulatory action could adversely affect our business, results of operations, financial condition and cash flows.
We are subject to environmental, health and safety laws and regulations, and any failure to comply with such laws or to obtain, renew or maintain the required statutory permits and approvals could have a material adverse effect on our business, results of operations, financial condition and cash flows.
Our Company has in the past entered into related party transactions with our Promoters, Directors and Promoter Group members/ entities and may continue to do so in the future. There can be no assurance that such transactions, individually or in the aggregate, will not have an adverse effect on our financial condition and results of operations.
We have certain capital commitments, and any failure to meet such commitments or the occurrence of future contingent liabilities could adversely affect our business, results of operations, financial condition and cash flows.
As on August 31, 2026, our Company has availed unsecured loans amounting to Rs. 204.07 million that are repayable on demand and may be recalled by the lenders including our Promoters and members of our Promoter Group at any time, which could adversely affect our liquidity, business and financial condition.
Our Promoters, Nitin Vijaykumar Gupta, Vijaykumar Himatrai Gupta and Bhawna Nitin Gupta, have provided personal guarantees for loan facilities obtained by us, and any failure or default by us to repay such loans could trigger repayment obligations on our Promoters, which may impact our Promoters' ability to effectively service his obligations as our Promoter and thereby, adversely impact our business, results of operations, financial conditions and cash flows.
Our Promoters may have interests other than reimbursement of expenses incurred and remuneration or benefits, which may result in a conflict of interest.
Our Promoters and member of Promoter Group will continue to retain significant control in our Company after the Issue which will allow them to influence the outcome of matters submitted to shareholders for approval. Such a concentration of ownership may also have the effect of delaying, preventing or deterring a change in control.
Certain educational qualification documents of our Independent Directors and our Chief Executive Officer are not traceable, and disclosures in this Red Herring Prospectus are based on confirmations provided by them.
Most of our Directors do not have prior experience of serving as directors of listed companies, which may affect our ability to comply with the regulatory, governance and disclosure requirements applicable to listed companies and could adversely affect our business and operations.
If we are unable to continue investing in new technologies and upgrading our equipment, our existing technologies and machinery may become obsolete, which could increase our processing costs, reduce operational efficiency and adversely affect our business, results of operations, financial condition and cash flows.
Our growth strategy may place significant demands on our management and operational resources, and our inability to effectively execute such strategy could adversely affect our business, results of operations, cash flows and financial condition.
The industry related disclosure in this Red Herring Prospectus has been derived from the CareEdge Report which we have commissioned and purchased and any reliance on such information for making an investment decision in the Issue is subject to inherent risks.
Any variation in the utilization of the Net Proceeds as disclosed in this Red Herring Prospectus shall be subject to certain compliance requirements, including prior approval of the shareholders of our Company.
Certain non-GAAP financial measures and certain other statistical information relating to our operations and financial performance like Gross Profit, Gross Margin, EBITDA, EBITDA Margin, PAT Margin, Return on Net Worth, Return on Capital Employed, Net Debt to Equity Ratio and Fixed Asset Turnover Ratio have been included in this Red Herring Prospectus. These non-GAAP financial measures are not measures of operating performance or liquidity defined by Ind AS and may not be comparable.
Any failure, disruption or inadequacy of our information technology systems could adversely affect our business, results of operations, financial condition and cash flows.
If we are unable to establish and maintain effective internal control measures and a robust compliance system, our business, financial condition and reputation could be adversely affected.
We are exposed to operational risks, including cyber-attacks, cyber frauds, fraud, theft and embezzlement, which may adversely affect our reputation, business, results of operations, financial condition and cash flows.
The requirements associated with being a publicly listed company may place significant demands on our management and financial resources.
Our Company may not be able to pay dividends in the future. Our ability to pay dividends in the future will depend upon our future earnings, financial condition, profit after tax available for distribution, cash flows, working capital requirements and capital expenditure and the terms of our financing arrangements.

Bombay Coated and Special Steels Ltd Peer Comparison

Understand the company’s industry standing

Bombay Coated & Special Steels Ltd

BMW Industries Limited

Manaksia Coated Metals & Industries Limited

Face Value

Standalone / Consolidated

Standalone

Total Income Rs. Cr.

1266.82

664.07

884.46

EPS-Basis

7.64

3.63

4.25

EPS-Diluted

7.64

3.35

4.18

NAV Per Share

30.41

35.85

32.46

P/E-Basic EPS

---

14.98

31.03

P/E-Diluted EPS

---

RONW(%)

25.12

10.15

11.96

Latest NAV Period

---

Latest NAV

---

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The IPO opens on 29 Oct 2026 & closes on 02 Nov 2026.

Bombay Coated and Special Steels Ltd IPO will close on 02 Nov 2026.

Established relationship with JSWSCPL Steel for supply of Steel Coils.
Long-standing relationships with customers, including OEMs and ODMs.
Strategically Located Manufacturing Network Enabling Just-in-Time Supply and Cost-Efficient Operations.
Integrated and Advanced Steel Processing Infrastructure.
High Entry Barriers Driven by Authorised Supplier Arrangements, Capital Intensity and Customer Approvals.
Experienced Promoters and professional management team.

S.No	Promoters Name	Pre Issue Shares	Pre Issue Percentage	Post Issue Shares	Post Issue Percentage
1	Vijaykumar Himatrai Gupta	3960000	9.78	3960000	6.3
2	Nitin Vijaykumar Gupta	31679840	78.22	31679840	50.43
3	Bhawna Nitin Gupta	3960000	9.78	3960000	6.3
4	Sunita Vijaykumar Gupta	40	---	40	---
5	Ruchi Vijaykumar Gupta	40	---	40	---

The company deriveds 68.31% and 67.44%, 67.43% and 68.21% of its revenue from its top ten customers for six months period ended September 30, 2025, and for the Fiscals 2025, 2024 and 2023, respectively. The loss of any of these customers or reduction in business from such will have a material adverse effect on the company's business, financial condition, results of operations and cash flows.
The cost of raw materials and components consumed accounted for 85.32%, 92.97%, 89.14% and 92.38% of its total expenses for the six months period ended September 30, 2025 and for Fiscals 2025, 2024 and 2023, respectively. Any volatility in prices, unavailability, or disruption in the timely and adequate supply of steel coils may materially and adversely affect the company's business, results of operations, financial condition and cash flows.
The company's business is significantly dependent on the performance of certain end-use sectors, particularly the Home & Commercial Appliances sector, which contributed 82.70%, 81.80%, 77.41% and 73.54% of its revenue from sale of products for the six months period ended September 30, 2025, and for Fiscals 2025, 2024 and 2023, respectively. Any adverse developments, slowdown, reduced demand, or cyclicality affecting this sector could have a material adverse effect on the company's business, results of operations, financial condition and cash flows.
The company derives the company's revenue from operations from customers located across fourteen (14) states and two (2) union territories in India, on average more than 70% of its revenue from operations for the six months period ended September 30, 2025 and last three Fiscals was derived from Maharashtra, Gujarat and Haryana. Any disruption in our operations in these states, whether due to internal or external factors, could restrict the company's operations and have an adverse effect on its business, results of operations and financial condition.
the company is substantially dependent on a single supplier, JSW Steel Coated Products Limited and/or its holding Company ("JSWSCPL"), for the supply of steel coils, which constitute a key raw material for its operations. For the six months ended period September 30, 2025, and for the Fiscal 2025, Fiscal 2024 and Fiscal 2023, the company sourced approximately 83.99% and 90.61%, 84.58% and 81.77%, respectively, of its total steel coil requirements from JSWSCPL. This high level of supplier concentration exposes the company to significant risks, and any disruption in the supply of steel coils from JSWSCPL could materially and adversely affect the company's business, results of operations and financial condition.
Under-utilisation of its manufacturing capacities over extended periods, or significant under-utilisation in the short term, could increase the company's cost of production and operating costs, which could adversely affect its operating leverage, margins and financial performance.
The company's manufacturing facilities are geographically dispersed across specific regions in India, and any disruption to the operations of these facilities or adverse developments affecting such regions could materially and adversely affect its business, financial condition and results of operations.
The company has experienced certain discrepancies in the company's statutory filings with the Registrar of Companies ("RoC") and other non-compliances under the Companies Act, 2013 in the past. The company cannot assure that regulatory authorities will not initiate inquiries, proceedings or other actions against the company in the future. Any such proceedings or actions, if initiated, may result in the imposition of penalties, fines or other regulatory measures, which could adversely affect its business, financial condition, results of operations and reputation.
The company does not have long-term purchase commitments from the company's customers, and any reduction or cancellation of orders could adversely affect its business, results of operations, financial condition and cash flows.
The company's business requires significant working capital, and any inability to arrange or maintain adequate working capital may adversely affect its business, results of operations, financial condition and cash flows.
The company's business is capital intensive, and its significant capital expenditure requirements may constrain the company's ability to expand into new product lines or business segments and adversely affect its business, results of operations, financial condition and cash flows.
As of November 30, 2025, the Company has significant outstanding borrowings of Rs.2,736.36 million and is subject to restrictive covenants under its financing arrangements, which may limit its operational and financial flexibility and adversely affect the company's business and liquidity.
The company's high debt-to-equity ratio could adversely affect its financial condition, results of operations, and business prospects.
Any delay by the company's customers in taking delivery of its Processed Steel Products, due to internal or external factors, may result in an increase in the company's inventory levels and a corresponding delay in receipt of payments. Such delays may also constrain the company's ability to process further orders, which could adversely affect its business, results of operations and financial performance.
The company is subject to counterparty credit risk and any delay in receiving payments, or non-receipt of payments, from the company's customers could have an adverse effect on the company's business, results of operations, financial condition and cash flows.
the company has experienced negative cash flows from investing and financing activities in the past and may continue to experience negative cash flows in the future, which could adversely affect its liquidity, financial condition and ability to operate the company's business and implement our growth plans.
Some of the company's manufacturing facilities and offices are located on leasehold land or premises taken on a leave and licence basis. Any failures to comply with the terms of such arrangements, or the company's inability to renew or extend these arrangements on acceptable terms, could adversely affect its business and operations.
The Company's logo is not registered as on date of this Draft Red Herring Prospectus. However, application for registration of its trademark has been filed. the company may be unable to adequately protect its intellectual property and/ or be subject to claims alleging breach of third-party intellectual property rights.
Obsolescence, breakdown, or failures to maintain our equipment could adversely affect the company's business, financial condition, cash flows, and results of operations.
The company relies on third-party transport service providers for the transportation of the company's products to customers. The company's freight and handling expenses were Rs.77.04 million for the six months period ended September 30, 2025, and Rs.156.24 million, Rs.118.84 million and Rs.123.91 million for Fiscal 2025, Fiscal 2024 and Fiscal 2023, respectively, representing between 1.53% and 2.17% of the company's total expenses during such periods. Any failures by, disruption in operations of, or loss of its third-party transport service providers could result in delays in delivery and increased transportation costs, which may adversely affect our business, results of operations, financial condition and cash flows.
The company has powers and fuel requirements, and its power and fuel charges amounted to Rs.12.80 million for the six months period ended September 30, 2025, and Rs.28.64 million, Rs.24.89 million and Rs.17.34 million for Fiscal 2025, Fiscal 2024 and Fiscal 2023, respectively; any disruption to power or fuel sources could increase the company's production costs and adversely affect its business, results of operations, financial condition and cash flows.
The Company, Promoters, Directors and certain members of its Promoter Group are involved in legal and regulatory proceedings, and any adverse outcome in such proceedings could have a material adverse effect on the company's business, results of operations, financial condition and cash flows.
The company is requireds to comply with precise technical specifications, quality standards and performance requirements prescribed by its customers. Any failures to meet such specifications or standards could result in cancellation of orders, rejection or return of its Processed Steel Products, loss of customers and damage to the company's reputation, which could adversely affect its business, results of operations, financial condition and cash flows.
As on September 30, 2025, the Company had outstanding dues aggregating to Rs.604.49 million the company has outstanding dues payable to its creditors, and any failure or delay in payment of such dues may adversely affect the company's reputation, business and financial condition.
The company requires various statutory and regulatory permits and approvals in the ordinary course of its business, and the company's failures to obtain, renew or maintain them in a timely manner may adversely affect its operations.
The company has not obtained any credit ratings for its borrowing facilities, and any adverse credit rating or inability to obtain a credit rating in the future may adversely affect the company's access to financing and the terms on which such financing is available.
The company's funding requirements and proposed deployment of the Net Proceeds of the Issue have not been appraised by any bank or financial institution, and any delays, cost overruns or changes in the proposed utilisation may adversely affect its business, financial condition, results of operations and cash flows.
the company faces competition from domestic steel processing companies as well as steel producers that operate steel processing units, and any inability on the company's part to compete effectively may have a material adverse effect on its business, results of operations and financial condition.
Peer companies presented for comparison may not be fully comparable with the Company due to differences in scale, business model, geographical presence, and other factors. Accordingly, investors should not base their investment decisions solely on peer comparison.
The company is in the process of expanding the company's existing Ghiloth Facility and may also seek to expand its operations into new geographic regions. Any delays in obtaining approvals, inability to arrange financing, or challenges associated with such expansions could adversely affect the company's business, results of operations, financial condition and cash flows.
The company's success depends upon knowledge and experience of its Directors, Key Managerial Personnel, Senior Management and other key employees as well as our ability to attract and retain personnel with technical expertise. In the six months period ended September 30, 2025, Fiscal 2025, Fiscal 2024 and Fiscal 2023, the Company's attrition rate for permanent employees was 11.76%, 32.13%, 44.21% and 30.26%, respectively. The loss of or the company's inability to attract or retain such persons could adversely affect its business, results of operations, financial condition and cash flows.
The company's operations are labour intensive and depends significantly on the availability of skilled and contract labour. Any shortage of labour, increase in labour costs, labour unrest or adverse regulatory action could adversely affect its business, results of operations, financial condition and cash flows.
The company is subjects to environmental, health and safety laws and regulations, and any failures to comply with such laws or to obtain, renew or maintain the required statutory permits and approvals could have a material adverse effect on its business, results of operations, financial condition and cash flows.
The company has experienced delays in payment of certain statutory dues including employee state insurance corporation contributions, provident fund contributions, income tax Labour Welfare Fund, Tax deductions at source and Tax collected at source and GST payments in the past. Any delay in payment of statutory dues by the Company in future, may result in the imposition of penalties and in turn may have an adverse effect on the Company's business, financial condition, results of operation and cash flows.
The company's insurance coverage may not be adequate to protect the company against all potential losses, which could have a material adverse effect on its business, results of operations, financial condition and cash flows.
The Company has in the past entered into related party transactions with its Promoters, Directors and Promoter Group members/ entities and may continue to do so in the future. There can be no assurance that such transactions, individually or in the aggregate, will not have an adverse effect on the company's financial condition and results of operations.
The company has certain capital commitments, and any failures to meet such commitments or the occurrence of future contingent liabilities could adversely affect its business, results of operations, financial condition and cash flows.
As on November 30, 2025, the Company has availed unsecured loans amounting to Rs.261.49 million that are repayable on demand and may be recalled by the lenders at any time, which could adversely affect its liquidity, business and financial condition.
The company's Promoters, Nitin Vijaykumar Gupta, Vijaykumar Himatrai Gupta and Bhawna Nitin Gupta, have provided personal guarantees for loan facilities obtained by the company, and any failures or default by the company to repay such loans could trigger repayment obligations on its Promoters, which may impact the company's Promoters' ability to effectively service his obligations as its Promoter and thereby, adversely impact the company's business, results of operations, financial conditions and cash flows.
The company's Promoters may have interests other than reimbursement of expenses incurred and remuneration or benefits, which may result in a conflict of interest.
The company's Promoters and member of Promoter Group will continue to retain significant control in the Company after the Issue which will allow them to influence the outcome of matters submitted to shareholders for approval. Such a concentration of ownership may also have the effect of delaying, preventing or deterring a change in control.
Certain educational qualification documents of its Independent Directors and the company's Chief Executive Officer are not traceable, and disclosures in this Draft Red Herring Prospectus are based on confirmations provided by them.
Most of the company's Directors does not have prior experience of serving as directors of listed companies, which may affect its ability to comply with the regulatory, governance and disclosure requirements applicable to listed companies and could adversely affect the company's business and operations.
If the company is unable to continue investing in new technologies and upgrading the company's equipment, the company's existing technologies and machinery may become obsolete, which could increase the company's processing costs, reduce operational efficiency and adversely affect its business, results of operations, financial condition and cash flows.
The company's growth strategy may place significant demands on its management and operational resources, and the company's inability to effectively execute such strategy could adversely affect its business, results of operations, cash flows and financial condition.
Information relating to the installed capacity, utilised capacity and capacity utilisation of the company's manufacturing facilities included in this Draft Red Herring Prospectus is based on assumptions and estimates, and actual production and capacity utilisation may vary.
The industry related disclosure in this Draft Red Herring Prospectus has been derived from the CareEdge Report which the company has commissioned and purchased and any reliance on such information for making an investment decision in the Issue is subject to inherent risks.
Any variation in the utilization of the Net Proceeds as disclosed in this Draft Red Herring Prospectus shall be subject to certain compliance requirements, including prior approval of the shareholders of the Company.
Certain non-GAAP financial measures and certain other statistical information relating to the company's operations and financial performance like Gross Profit, Gross Margin, EBITDA, EBITDA Margin, PAT Margin, Return on Net Worth, Return on Capital Employed, Net Debt to Equity Ratio and Fixed Asset Turnover Ratio have been included in this Draft Red Herring Prospectus. These non-GAAP financial measures are not measures of operating performance or liquidity defined by Ind AS and may not be comparable.
Any failures, disruption or inadequacy of the company's information technology systems could adversely affect its business, results of operations, financial condition and cash flows.
If the company is unable to establish and maintain effective internal control measures and a robust compliance system, the company's business, financial condition and reputation could be adversely affected.
The company is exposed to operational risks, including cyber-attacks, cyber frauds, fraud, theft and embezzlement, which may adversely affect its reputation, business, results of operations, financial condition and cash flows.
The requirements associated with being a publicly listed company may place significant demands on the company's management and financial resources.
The Company may not be able to pay dividends in the future. The company's ability to pay dividends in the future will depend upon its future earnings, financial condition, profit after tax available for distribution, cash flows, working capital requirements and capital expenditure and the terms of the company's financing arrangements.
We rely on third-party transport service providers for the transportation of our products to customers. Our freight and handling expenses were Rs.64.86 million for the three months period ended June 30, 2026, and Rs.170.83 million, Rs.156.24 million and Rs.118.84 million for Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively, representing between 1.72%, 1.39%, 1.53% and 1.61% of our total expenses during such periods respectively. Any failure by, disruption in operations of, or loss of our third-party transport service providers could result in delays in delivery and increased transportation costs, which may adversely affect our business, results of operations, financial condition and cash flows.
We are subject to counterparty credit risk and any delay in receiving payments, or non-receipt of payments, from our customers could have an adverse effect on our business, results of operations, financial condition and cash flows.
We have power and fuel requirements, and our power and fuel charges amounted to .3.98 million for the three months period ended June 30, 2026, and .29.05, .28.64 million and .24.89 million for Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively; any disruption to power or fuel sources could increase our production costs and adversely affect our business, results of operations, financial condition and cash flows.
We are required to comply with precise technical specifications, quality standards and performance requirements prescribed by our customers. Any failure to meet such specifications or standards could result in cancellation of orders, rejection or return of our Processed Steel Products, loss of customers and damage to our reputation, which could adversely affect our business, results of operations, financial condition and cash flows.
As on June 30, 2026, our Company had outstanding dues aggregating to ?859.66 million. We have outstanding dues payable to our creditors, and any failure or delay in payment of such dues may adversely affect our reputation, business and financial condition.
We require various statutory and regulatory permits and approvals in the ordinary course of our business, and our failure to obtain, renew or maintain them in a timely manner may adversely affect our operations.
We have not obtained any credit ratings for our borrowing facilities, and any adverse credit rating or inability to obtain a credit rating in the future may adversely affect our access to financing and the terms on which such financing is available.
We face competition from domestic steel processing companies as well as steel producers that operate steel processing units, and any inability on our part to compete effectively may have a material adverse effect on our business, results of operations and financial condition.
Peer companies presented for comparison may not be fully comparable with our Company due to differences in scale, business model, geographical presence, and other factors. Accordingly, investors should not base their investment decisions solely on peer comparison.
We are in the process of expanding our existing Ghiloth Facility and may also seek to expand our operations into new geographic regions. Any delays in obtaining approvals, inability to arrange financing, or challenges associated with such expansions could adversely affect our business, results of operations, financial condition and cash flows.
Our operations are labour intensive and depend significantly on the availability of skilled and contract labour. Any shortage of labour, increase in labour costs, labour unrest or adverse regulatory action could adversely affect our business, results of operations, financial condition and cash flows.
We are subject to environmental, health and safety laws and regulations, and any failure to comply with such laws or to obtain, renew or maintain the required statutory permits and approvals could have a material adverse effect on our business, results of operations, financial condition and cash flows.
Our Company has in the past entered into related party transactions with our Promoters, Directors and Promoter Group members/ entities and may continue to do so in the future. There can be no assurance that such transactions, individually or in the aggregate, will not have an adverse effect on our financial condition and results of operations.
We have certain capital commitments, and any failure to meet such commitments or the occurrence of future contingent liabilities could adversely affect our business, results of operations, financial condition and cash flows.
As on August 31, 2026, our Company has availed unsecured loans amounting to Rs. 204.07 million that are repayable on demand and may be recalled by the lenders including our Promoters and members of our Promoter Group at any time, which could adversely affect our liquidity, business and financial condition.
Our Promoters, Nitin Vijaykumar Gupta, Vijaykumar Himatrai Gupta and Bhawna Nitin Gupta, have provided personal guarantees for loan facilities obtained by us, and any failure or default by us to repay such loans could trigger repayment obligations on our Promoters, which may impact our Promoters' ability to effectively service his obligations as our Promoter and thereby, adversely impact our business, results of operations, financial conditions and cash flows.
Our Promoters may have interests other than reimbursement of expenses incurred and remuneration or benefits, which may result in a conflict of interest.
Our Promoters and member of Promoter Group will continue to retain significant control in our Company after the Issue which will allow them to influence the outcome of matters submitted to shareholders for approval. Such a concentration of ownership may also have the effect of delaying, preventing or deterring a change in control.
Certain educational qualification documents of our Independent Directors and our Chief Executive Officer are not traceable, and disclosures in this Red Herring Prospectus are based on confirmations provided by them.
Most of our Directors do not have prior experience of serving as directors of listed companies, which may affect our ability to comply with the regulatory, governance and disclosure requirements applicable to listed companies and could adversely affect our business and operations.
If we are unable to continue investing in new technologies and upgrading our equipment, our existing technologies and machinery may become obsolete, which could increase our processing costs, reduce operational efficiency and adversely affect our business, results of operations, financial condition and cash flows.
Our growth strategy may place significant demands on our management and operational resources, and our inability to effectively execute such strategy could adversely affect our business, results of operations, cash flows and financial condition.
The industry related disclosure in this Red Herring Prospectus has been derived from the CareEdge Report which we have commissioned and purchased and any reliance on such information for making an investment decision in the Issue is subject to inherent risks.
Any variation in the utilization of the Net Proceeds as disclosed in this Red Herring Prospectus shall be subject to certain compliance requirements, including prior approval of the shareholders of our Company.
Certain non-GAAP financial measures and certain other statistical information relating to our operations and financial performance like Gross Profit, Gross Margin, EBITDA, EBITDA Margin, PAT Margin, Return on Net Worth, Return on Capital Employed, Net Debt to Equity Ratio and Fixed Asset Turnover Ratio have been included in this Red Herring Prospectus. These non-GAAP financial measures are not measures of operating performance or liquidity defined by Ind AS and may not be comparable.
Any failure, disruption or inadequacy of our information technology systems could adversely affect our business, results of operations, financial condition and cash flows.
If we are unable to establish and maintain effective internal control measures and a robust compliance system, our business, financial condition and reputation could be adversely affected.
We are exposed to operational risks, including cyber-attacks, cyber frauds, fraud, theft and embezzlement, which may adversely affect our reputation, business, results of operations, financial condition and cash flows.
The requirements associated with being a publicly listed company may place significant demands on our management and financial resources.
Our Company may not be able to pay dividends in the future. Our ability to pay dividends in the future will depend upon our future earnings, financial condition, profit after tax available for distribution, cash flows, working capital requirements and capital expenditure and the terms of our financing arrangements.

The Issue type of Bombay Coated and Special Steels Ltd is Book Building.

The minimum application for shares of Bombay Coated and Special Steels Ltd is 182.

The total shares issue of Bombay Coated and Special Steels Ltd is 22324024.

Bombay Coated and Special Steels Ltd IPO

Objectives of Bombay Coated and Special Steels Ltd IPO