Bombay Coated & Special Steels
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Qualified institutionalQIB
- 37.32×
- Big non-institutionalbNII · above ₹10 lakh
- 192.94×
- Small non-institutionalsNII · ₹2–10 lakh
- 113.44×
- Retail individualRII · up to ₹2 lakh
- 35.46×
Bids received
The demand behind each multiple — what was offered, what was bid for, and what those bids are worth
| Category | Shares offered | Shares bid for | Bids (₹ Cr) | Times |
|---|---|---|---|---|
| Qualified institutional | 45,64,512 | 17,03,30,524 | ₹1,397 Cr | 37.32× |
| Non-institutional | 33,48,603 | 55,73,33,868 | ₹4,570 Cr | 166.44× |
| Big non-institutionalwithin NII | 22,32,402 | 43,07,09,916 | ₹3,532 Cr | 192.94× |
| Small non-institutionalwithin NII | 11,16,201 | 12,66,23,952 | ₹1,038 Cr | 113.44× |
| Retail individual | 78,13,409 | 27,70,80,804 | ₹2,272 Cr | 35.46× |
| Total | 1,57,26,524 | 1,00,47,45,196 | ₹8,239 Cr | 63.89× |
Times subscribed is the figure published for each category, not shares bid for divided by shares offered — a category's multiple is struck against its own allottable base, which is not always the offered count shown beside it. Observed 02 Nov, 05:56 pm IST; the registrar publishes the final basis of allotment.
Issue details
- IPO date
- 29 Oct 2026 – 02 Nov 2026
- Listing date
- 05 Nov 2026
- Face value
- ₹10 per share
- Price band
- ₹78 – ₹82
- Issue price
- ₹82 per share
- Lot size
- 182 shares
- Sale type
- Fresh capital
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹183 Cr
- Fresh issue
- ₹183 Cr 2,23,24,024 shares
- Offer for sale
- ₹0 Cr 0 shares
- Market cap at offer price
- ₹515 Cr
- Promoter holding
- 97.78% → 63.03% pre-issue → post-issue
- ISIN
- INE0XFY01011
- CIN
- U27209MH2019PLC335077
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- Smart Horizon Capital Advisors Pvt.Ltd.
- Registered office
- 2602, Parinee I, 7-A Shah Industrial Estate, Andheri (West), Mumbai - 400053, Maharashtra, India
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| QIB | 47,98,588 | 29.02% | 29.02% |
| Anchor investor · within QIB | 65,97,500 | — | 39.91% |
| NII (HNI) | 35,20,327 | 21.29% | 21.29% |
| bNII > ₹10L · within NII | 23,46,885 | — | 14.20% |
| sNII < ₹10L · within NII | 11,73,442 | — | 7.10% |
| Retail (RII) | 82,14,097 | 49.68% | 49.68% |
| Employee | 0 | — | 0.00% |
| Total issue | 1,65,33,012 | — | 100.00% |
Net offer to the public of 1,65,33,012 shares, out of a total issue of 1,65,33,012. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 182 shares per lot, in multiples, at ₹82
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 182 | ₹14,924 |
| Retail (max) | 13 | 2,366 | ₹1,94,012 |
| S-HNI (min) | 14 | 2,548 | ₹2,08,936 |
| S-HNI (max) | 67 | 12,194 | ₹9,99,908 |
| B-HNI (min) | 68 | 12,376 | ₹10,14,832 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 7.54 | 9.60 |
| P/E (×) | 10.88 | 8.54 |
| Price to book (×) | 2.70 | — |
| Market cap | — | ₹515 Cr |
Key performance indicators
- Return on net worth
- 25.12%
- ROCE
- 16.40%
- Debt / equity
- 2.78
- PAT margin
- 2.41%
- EBITDA margin
- 6.80%
- NAV per share
- ₹30.41
- Price to book
- 2.70
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
| Period ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 1,269.83 | 1,058.65 | 765.41 |
| Revenue from operations | 1,266.82 | 1,055.71 | 755.26 |
| Other income | 3.01 | 2.94 | 10.15 |
| Total expenses | 1,229.04 | 1,021.48 | 737.21 |
| Operating profit | 40.79 | 37.17 | 28.2 |
| Operating margin | 3.21% | 3.51% | 3.68% |
| Profit before tax | 40.79 | 37.16 | 28.21 |
| Profit after tax | 30.54 | 28.67 | 21.14 |
| PAT margin | 2.41% | 2.71% | 2.76% |
| Balance sheet | |||
| Total assets | 571.47 | 458.21 | 350.21 |
| Current assets | 385.89 | 299.97 | 233.28 |
| Current liabilities | 380.06 | 316.63 | 251.29 |
| Total liabilities | 449.89 | 375.16 | 295.85 |
| Net worth | 121.58 | 83.05 | 54.36 |
| Current ratio | 1.02× | 0.95× | 0.93× |
| Return on equity | 25.12% | 34.52% | 38.89% |
| Cash flow | |||
| Operating cash flow | 10.22 | 32.09 | 11.49 |
| Investing cash flow | -35.03 | -41.76 | -52.85 |
| Financing cash flow | 33.71 | 11.57 | 39.56 |
| Net cash flow | 8.9 | 1.89 | -1.8 |
Objects of the issue
1 Repayment/Pre-payment of Certain Borrowings ₹125 Cr
The company intends to utilise a portion of the Net Proceeds towards repayment/pre-payment, in full or in part, of certain outstanding borrowings availed from banks and financial institutions, including term loans and working capital facilities, along with accrued interest, to reduce indebtedness and debt servicing costs.
2 Financing Acquisition of Capital Equipment under Existing Lease Arrangements with Siemens Financial Services Private Limited ₹15.77 Cr
The company proposes to utilise a portion of the Net Proceeds towards acquiring ownership of capital equipment currently under lease arrangements with Siemens Financial Services Private Limited, aiming to reduce recurring lease and rental expenses and strengthen its fixed asset base.
3 General Corporate Purposes —
The remaining Net Proceeds are intended to be deployed towards general corporate purposes, including funding growth opportunities, strategic initiatives, partnerships, tie-ups, acquisitions, and meeting ordinary course business expenses, subject to a cap of 25% of Gross Proceeds as per SEBI ICDR Regulations.
1 of 3 objects carry no stated amount — typically general corporate purposes, funded from whatever remains — so the total above is the quantified portion only, not the whole issue.
About Bombay Coated & Special Steels
Bombay Coated and Special Steels Limited is headquartered in Andheri (West), Mumbai. It was incorporated as Bombay Coated and Special Steels Private Limited on December 26, 2019, and acquired the running business of M/s. Bombay Steels under a Business Transfer Agreement dated January 29, 2021 with promoter Vijaykumar Himatrai Gupta, the proprietor of that business. The company was converted into a public limited company in 2025, and the name change was certified by the Registrar of Companies on February 14, 2025. The company is an authorised service partner of JSW Steel Coated Products Limited and/or its holding company (JSWSCPL) since 2021. It procures steel coils from JSWSCPL and undertakes value-added processing on slitting, cut-to-length, shearing and embossing lines across four manufacturing facilities at Bhiwandi and Wada (Maharashtra), Ghiloth (Rajasthan) and Sri City (Andhra Pradesh). The Sri City facility commenced operations in April 2023. The company manufactures slit coils, embossed slit coils, blanks, embossed blanks and sheared blanks, which are supplied to OEMs and ODMs. Revenue is earned from the sale of these processed steel products, and the company reported revenue from operations of 12,668.18 million rupees in Fiscal 2026. The issue is a 100% book built issue of equity shares of face value 10 rupees each.
Management
Vijaykumar Himatrai Gupta
MD
Nitin Vijaykumar Gupta
MD
Bhawna Nitin Gupta
COO
Neelam Tater
Director
Strengths
As stated in the offer document
Established Relationship with JSWSCPL for Supply of Steel Coils
The company has been an authorised service partner of JSW Steel Coated Products Limited ('JSWSCPL') since 2021, sourcing approximately 85.13%, 86.65%, 90.61%, and 84.58% of total steel coil requirements from JSWSCPL for Q1 FY27, FY26, FY25, and FY24 respectively, ensuring consistent raw material supply and technical support.
Long-Standing Relationships with Customers, Including OEMs and ODMs
The company has maintained long-term relationships with a diversified customer base of 178–261 customers across multiple industries; the top 10 customers contributed ₹9,036.03 million (71.33%) and ₹7,120.06 million (67.44%) of revenue from operations in FY26 and FY25 respectively, with ~98.05% of Q1 FY27 revenue derived from existing customers.
Strategically Located Manufacturing Network Enabling Just-in-Time Supply and Cost-Efficient Operations
The company operates four manufacturing facilities at Wada, Bhiwandi (Maharashtra), Ghiloth (Rajasthan), and Sri City (Andhra Pradesh), totalling 42,209 sq. mtrs., strategically located near key OEM/ODM manufacturing hubs to enable just-in-time deliveries, reduce transit time, and lower freight costs.
Integrated and Advanced Steel Processing Infrastructure
The company is equipped with high-precision slitting, cut-to-length, shearing, and embossing lines with an aggregate installed capacity of 1,23,153 MTPA (Q1 FY27), all ISO 9001:2015 certified, capable of processing steel coils with widths from 22 mm to 1,850 mm and thicknesses from 0.25 mm to 5.50 mm.
High Entry Barriers Driven by Authorised Supplier Arrangements, Capital Intensity and Customer Approvals
The company operates in a capital-intensive environment characterised by high entry barriers, including substantial investments in specialised processing equipment, stringent OEM/ODM vendor qualification processes, technical audits, and the need for proximity to customer locations, reinforcing its competitive positioning.
Experienced Promoters and Professional Management Team
The company is led by promoters with over 4 decades of steel industry experience; Mr. Vijaykumar Himatrai Gupta (40+ years) and Mr. Nitin Vijaykumar Gupta (20+ years), supported by a professional management team with strong operational, technical, and financial expertise enabling strategic growth and market expansion.
Risk factors
As stated in the offer document
Substantial Dependence on a Single Supplier (JSWSCPL)
The company sourced approximately 85.13%, 86.65%, 90.61%, and 84.58% of its total steel coil requirements from JSWSCPL for the three months ended June 30, 2026, and Fiscals 2026, 2025, and 2024, respectively. Any disruption, termination, or adverse change in this relationship could materially impact production schedules, increase raw material costs, and negatively affect revenue and profitability.
High Customer Concentration Risk
The company derived 73.54% and 71.33% of its revenue from its top ten customers for the three months ended June 30, 2026, and Fiscal 2026, respectively, with the largest single customer (Amber Enterprises India Limited) contributing approximately 19.97%–20.40%. The loss of any key customer or a significant reduction in orders could have a material adverse effect on business, financial condition, and cash flows.
Raw Material Price Volatility and Supply Disruption
The cost of raw materials and components consumed accounted for 87.60%, 90.51%, 92.97%, and 89.14% of total expenses for the three months ended June 30, 2026, and Fiscals 2026, 2025, and 2024, respectively. Any significant increase in steel coil prices or disruption in timely supply could adversely impact production schedules, operating margins, and overall financial performance.
High Debt-to-Equity Ratio and Significant Outstanding Borrowings
As of August 31, 2026, the company had total outstanding borrowings of ₹3,024.28 million, with a debt-to-equity ratio of 2x as of June 30, 2026 (4.31x as of March 31, 2024). The high leverage exposes the company to higher interest obligations, restrictive covenants, reduced financial flexibility, and risk of loan recall or cross-default events.
Concentration in Home & Commercial Appliances Sector
The Home & Commercial Appliances sector contributed 89.93%, 86.54%, 81.80%, and 77.41% of revenue from sale of products for the three months ended June 30, 2026, and Fiscals 2026, 2025, and 2024, respectively. Any slowdown, reduced demand, or adverse regulatory developments in this sector could materially affect the company's business and financial performance.
Negative Cash Flows from Investing and Financing Activities
The company has experienced negative net cash flows from investing activities of ₹6.80 million, ₹350.27 million, ₹417.62 million, and ₹528.50 million for the three months ended June 30, 2026, and Fiscals 2026, 2025, and 2024, respectively. Sustained negative cash flows could impair the company's ability to meet working capital requirements, service debt, and fund capital expenditure plans.
Absence of Long-Term Purchase Commitments from Customers
The company does not have agreements obligating customers to purchase on a long-term basis; sales are primarily based on purchase orders that can be reduced, delayed, or cancelled without compensation. This exposes the company to significant revenue volatility and operational uncertainty, particularly if key customers reduce or discontinue their purchases.
Company Analysis
from RHPBombay Coated and Special Steels Limited processes steel coils into processed steel products for OEMs and ODMs across the home and commercial appliances and general engineering sectors.
Bombay Coated and Special Steels Limited is headquartered in Andheri (West), Mumbai. It was incorporated as Bombay Coated and Special Steels Private Limited on December 26, 2019, and acquired the running business of M/s. Bombay Steels under a Business Transfer Agreement dated January 29, 2021 with promoter Vijaykumar Himatrai Gupta, the proprietor of that business. The company was converted into a public limited company in 2025, and the name change was certified by the Registrar of Companies on February 14, 2025. The company is an authorised service partner of JSW Steel Coated Products Limited and/or its holding company (JSWSCPL) since 2021. It procures steel coils from JSWSCPL and undertakes value-added processing on slitting, cut-to-length, shearing and embossing lines across four manufacturing facilities at Bhiwandi and Wada (Maharashtra), Ghiloth (Rajasthan) and Sri City (Andhra Pradesh). The Sri City facility commenced operations in April 2023. The company manufactures slit coils, embossed slit coils, blanks, embossed blanks and sheared blanks, which are supplied to OEMs and ODMs. Revenue is earned from the sale of these processed steel products, and the company reported revenue from operations of 12,668.18 million rupees in Fiscal 2026. The issue is a 100% book built issue of equity shares of face value 10 rupees each.
Objects of the Issue
- Repayment and/or pre-payment, in full or in part, of certain borrowings availed by our Company p.46
- Financing the cost towards acquisition of capital equipment under existing lease arrangements with Siemens Financial Services Private Limited p.46
- General corporate purposes p.46
- Repayment/pre-payment, in full or in part, of certain borrowings availed by our Company p.69
- Financing the cost towards acquisition of capital equipment under existing lease arrangements with Siemens Financial Services Private Limited p.69
- General corporate purposes p.69
- Repayment/pre-payment, in full or in part, of certain borrowings availed by the Company ₹1,250.00 million p.125
- Financing the cost towards acquisition of capital equipment under existing lease arrangements with Siemens Financial Services Private Limited ₹157.70 million p.127
- General corporate purposes p.129
- Full or partial repayment or pre-payment of certain borrowings ₹1,250.00 million p.257
- Acquisition of capital equipment currently held under lease arrangements with Siemens Financial Services Private Limited, deployed at the Ghiloth Facility p.259
- Repayment of loans p.591
- Purchase of capital equipment p.591
Issue Structure
- Total Issue
- Up to [●] Equity Shares of face value of ₹10 each aggregating up to ₹1,830.57 million
- Fresh Issue
- Up to [●] Equity Shares of face value of ₹10 each aggregating up to ₹1,830.57 million
- Offer for Sale
- Not Applicable
- Price Band
- Floor Price ₹[●] to Cap Price ₹[●] per Equity Share; Cap Price at least 105% and at most 120% of Floor Price
- Lot Size
- [●] Equity Shares and in multiples of [●] Equity Shares thereafter
- Face Value
- ₹10 per Equity Share
Business Model
The company buys steel coils, mainly from JSWSCPL under its service partner arrangement, and processes them into processed steel products. Sales are primarily based on customer purchase orders and forecasts from OEM and ODM customers. The company generally follows a quarterly pricing model for both procurement of steel coils and sale of processed steel products.
Business Segments
SWOT Analysis
- • Long-standing relationships with several top-ten customers (over three years)(p.36)
- • Most revenue comes from existing customers (98.05% in the three months to June 30, 2026)(p.44)
- • Established relationship with JSWSCPL Steel for steel coil supply(p.134)
- • Long-standing relationships with customers, including OEMs and ODMs(p.134)
- • Strategically located manufacturing network(p.134)
- • Integrated and advanced steel processing infrastructure(p.134)
- • High entry barriers from authorised supplier arrangements, capital intensity and customer approvals(p.134)
- • Experienced promoters and professional management team(p.134)
- • Installed capacity CAGR of about 23.83% from Fiscal 2024 to Fiscal 2026(p.127)
- • Authorised service partner of JSWSCPL since 2021 for steel coil supply(p.249)
- • Long-standing relationships with a diverse OEM and ODM customer base(p.250)
- • Geographically distributed manufacturing footprint across West, North and South India(p.252)
- • Integrated slitting, cut-to-length, shearing and embossing infrastructure(p.254)
- • Entry barriers from capital intensity, customer approvals and specifications(p.254)
- • Experienced promoters and management team(p.255)
- • ISO 9001:2015 certified manufacturing facilities(p.275)
- • Non-unionised workforce with no major work stoppages in last three Fiscals(p.275)
- • Appointed exclusive service partner of JSW Steel Coated Products Limited(p.289)
- • GEM 4 sustainability certification for Ghiloth Facility(p.288)
- • Multi-location footprint across western, northern and southern India(p.294)
- • Promoter-chairman with over 40 years of steel industry experience(p.294)
- • Opted for lower tax regime under Section 115BAA(p.343)
- • No audit qualifications in auditor's report(p.338)
- • No non-compliance with borrowing covenants(p.342)
- • Customs and GST levies waived on MOOWR-scheme imports(p.344)
- • State government subsidy for industry in backward area(p.380)
- • Diversified customer base across industries reduces dependence on any single customer(p.415)
- • Installed processing capacity of 1,23,153 MTPA(p.415)
- • Long-standing, strong supplier relationships for steel coil sourcing(p.414)
- • Facilities located near customer delivery points, lowering logistics cost and time(p.415)
- • ISO 9001:2015 certified facilities and GEM-4 certified green facilities(p.415)
- • Long-term customer relationships built on quality, timeliness and price competitiveness(p.415)
- • Single-supplier dependence: 85.13% of steel coil purchases in the three months to June 30, 2026 came from JSWSCPL(p.30)
- • Past statutory filing discrepancies and non-compliances with the RoC(p.32)
- • Negative net cash flows from investing and financing activities(p.34)
- • Top ten customers account for 73.54% of revenue in the three months to June 30, 2026 (67.43% in FY2024)(p.34)
- • Revenue concentrated in Maharashtra, Gujarat and Haryana (over 50% on average)(p.39)
- • High leverage: debt-to-equity ratio of 2 times as of June 30, 2026(p.41)
- • Outstanding legal and regulatory proceedings involving the Company, Promoters, Directors and Promoter Group(p.42)
- • No long-term purchase commitments from customers(p.44)
- • Significant working capital requirement before customer payments(p.53)
- • Outstanding borrowings of ₹3,024.28 million as of August 31, 2026(p.55)
- • Unsecured loans of ₹204.07 million repayable on demand(p.71)
- • Borrowings backed by promoter personal guarantees(p.72)
- • Promoters and Promoter Group hold 97.78% on a fully diluted basis(p.72)
- • Sri City facility operates a single shift, below stated capacity basis(p.64)
- • Past delays in statutory dues payments(p.56)
- • Most directors lack listed-company board experience(p.73)
- • Customer concentration: top 10 customers contributed 73.54% of revenue in Q1 FY27(p.272)
- • Dependence on a single supplier, JSWSCPL, for 85.13% of steel coil purchases in Q1 FY27(p.273)
- • Leverage and borrowings; debt-to-equity of 2.78x in FY26(p.257)
- • Concentration in home and commercial appliance end-use; seasonal demand(p.255)
- • Dependence on power and fuel supply(p.273)
- • Reliance on third-party transport service providers(p.274)
- • High borrowings relative to equity(p.324)
- • Operating cash flow well below profit in FY2026(p.326)
- • Promoter concentration of shareholding(p.312)
- • Principal facilities leased from promoters and promoter group (related parties)(p.291)
- • Exclusivity not protected; supplier may appoint other service partners(p.289)
- • Insured assets below gross block in several years(p.276)
- • Elevated employee attrition in earlier years(p.276)
- • High leverage on adjusted equity(p.342)
- • Negative working capital in FY24 and FY25(p.342)
- • Borrowings backed by promoter personal guarantees(p.360)
- • Reliance on unsecured borrowings from related parties(p.370)
- • Majority of borrowings carry variable interest rates(p.397)
- • Overdue principal owed to MSME suppliers(p.376)
- • Heavy reliance on a single supplier, JSWSCPL (85.13% of Q1 FY27 steel coil purchases)(p.425)
- • Substantial revenue concentration in Home and Commercial Appliances and General Engineering sectors(p.425)
- • Capacity underutilisation raises per-unit fixed costs and pressures margins(p.424)
- • Operational concentration risk at manufacturing facilities(p.426)
- • Elevated leverage, with debt-to-equity still at 2.00 as at June 30, 2026(p.422)
- • EBIT margin compression driven by higher cost of materials consumed(p.419)
- • Growth strategy to expand customer base and market share(p.73)
- • Expansion of Ghiloth Facility with an additional cut-to-length line(p.68)
- • Possible expansion into new cities or geographic regions(p.69)
- • Strong domestic steel demand and consumption growth(p.151)
- • India's position as second-largest crude steel producer after a 11.2% production increase in FY26(p.151)
- • PLI Scheme Round 1.2 incentives for higher-value steel(p.151)
- • Green Steel Taxonomy framework for lower-emission steel(p.151)
- • Export access under preferential FTA tariffs(p.151)
- • Debt reduction from repayment expected to free internal accruals for growth(p.125)
- • Industry: infrastructure investment thrust as a steel demand driver(p.179)
- • Industry: power capacity additions, with renewables at about 53% of capacity(p.180)
- • Industry: emerging opportunity for green steel in India(p.180)
- • Industry: national policy targets for capacity and per capita consumption(p.163)
- • Industry: expected growth of Indian steel processing centre sector(p.191)
- • Diversify into water heaters, washing machines and General Engineering to offset seasonality(p.255)
- • Expand into automotive and auto ancillary applications(p.256)
- • Add one cut-to-length line at Ghiloth to meet peak-period demand(p.256)
- • Use Net Proceeds to repay or pre-pay borrowings of ₹1,250.00 million(p.257)
- • Expand international presence and exports(p.258)
- • Reduce processing costs through automation and asset ownership(p.259)
- • Indian auto ancillary market projected to grow from FY25 to FY29 (per CareEdge)(p.256)
- • National policy aim to support capacity additions by private and MSME producers(p.280)
- • National policy aim to enhance domestic steel demand(p.280)
- • Funding planned for capacity expansion(p.394)
- • Plans to refinance and diversify debt profile(p.394)
- • Capital contracts committed for future execution(p.393)
- • Slitting service segment projected to grow at 7.2% CAGR from CY26 to CY30(p.416)
- • Construction and automotive expansion driving demand for customised, quicker-turnaround processing(p.416)
- • Growth in India's consumer electronics and appliances sector supporting steel demand(p.417)
- • Shift toward local manufacturing boosting demand for processing centres(p.417)
- • Globalisation opening international markets for processing centres(p.416)
- • Steel coil prices and supply are volatile and driven by factors outside the Company's control(p.36)
- • Demand for processed steel depends on end-use sectors that are seasonal and cyclical(p.37)
- • JSWSCPL can appoint competing authorised service partners in the Company's operating regions(p.31)
- • Changes in government policy, consumer demand and trade or duty measures affect end-product demand(p.39)
- • Adverse economic conditions or interest-rate volatility may leave cash flows insufficient to service debt(p.41)
- • Natural disasters, weather, pandemics and other external events could disrupt manufacturing(p.44)
- • Highly competitive domestic and global environment(p.68)
- • New labour codes may raise employee and labour costs(p.79)
- • Natural disasters, fires and severe weather may disrupt operations(p.79)
- • US tariffs may affect Indian businesses with US export exposure(p.81)
- • Inflation may not be passed on to customers(p.82)
- • Changes in Indian tax laws may affect operations(p.81)
- • Industry: exposure to changes in US tariff policy across key export sectors(p.155)
- • Industry: Iran conflict raising fuel, freight and input costs(p.155)
- • Industry: below-normal monsoon and El Nino risk to food inflation(p.156)
- • Industry: steel price volatility for steel processing centres(p.198)
- • Industry: trade policy and geopolitical changes affecting steel availability and pricing(p.199)
- • Industry: transport connectivity and logistics constraints(p.199)
- • Competition from processors with lower costs and greater resources(p.274)
- • Volatility and constraints in steel coil price and availability(p.234)
- • High logistics costs in the Indian steel industry(p.235)
- • Import dependence exposes producers to commodity, FX and supply-chain risk(p.235)
- • Environmental law penalties including imprisonment or fine(p.281)
- • Hazardous waste handling requires state authorisation(p.282)
- • Legal Metrology non-compliance penalties and seizure(p.280)
- • Liability for hazardous substance accidents under Public Liability Insurance Act(p.282)
- • Contract labour principal employer registration and obligations(p.275)
- • Possible change in gratuity law raising liabilities(p.387)
- • Uncertainty from tax interpretation and law changes(p.330)
- • Exposure to market interest rate changes on floating-rate debt(p.396)
- • Volatility in steel and raw material prices affecting input costs and margins(p.424)
- • Global coking coal price, currency and supply volatility affecting the industry(p.424)
- • Adverse changes in government policies and regulations(p.425)
- • Macroeconomic and end-sector demand conditions outside company control(p.425)
- • Competition from other steel processing companies on price, quality and delivery(p.426)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Vijaykumar Himatrai Gupta | Promoter | — | — |
| Nitin Vijaykumar Gupta | Promoter | — | — |
| Bhawna Nitin Gupta | Promoter | — | — |
| Sunita Gupta | Promoter Group | — | — |
| Nitin Vijaykumar Gupta | Promoter | — | — |
| Vijaykumar Himatrai Gupta | Promoter | — | — |
| Bhawna Nitin Gupta | Promoter | — | — |
| Promoters and members of the Promoter Group | Promoter Group | 97.78% | — |
| Nitin Vijaykumar Gupta | Promoter | 78.22% | — |
| Vijaykumar Himatrai Gupta | Promoter | 9.78% | — |
| Bhawna Nitin Gupta | Promoter | 9.78% | — |
| Vijaykumar Himatrai Gupta | Promoter (Chairman-cum-Whole-Time Director) | — | — |
| Nitin Vijaykumar Gupta | Promoter (Managing Director) | — | — |
| Bhawna Nitin Gupta | Promoter | — | — |
| Vijaykumar Himatrai Gupta | Promoter, Chairman and Whole-time Director | 9.78% | — |
| Nitin Vijaykumar Gupta | Promoter, Managing Director | 78.22% | — |
| Bhawna Nitin Gupta | Promoter, Whole-time Director | 9.78% | — |
| Nitin Vijaykumar Gupta | Promoter | — | — |
| Vijaykumar Himmatrai Gupta | Promoter | — | — |
| Bhawna Nitin Gupta | Promoter | — | — |
| Vijaykumar Himatrai Gupta | Promoter | — | — |
| Nitin Vijaykumar Gupta | Promoter | — | — |
| Vijaykumar Himatrai Gupta | Promoter | — | — |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Peer comparison
| Company | EPS | NAV | P/E | P/BV | RoNW |
|---|---|---|---|---|---|
| Bombay Coated and Special Steels THIS ISSUE | 7.64 | 30.41 | 8.54, computed at the offer price | 2.70, computed at the offer price | 25.12% |
| 3.63 | 35.85 | 14.98 | 1.46 | 10.15% | |
| 4.25 | 32.46 | 31.03 | 4.03 | 11.96% | |
| 5.47 | 88.86 | 98.54 | 6.13 | 4.73% |
Blank cells are figures the offer document does not publish. This issue is unlisted, so it has no market price and the document publishes no multiple for it — its P/E and P/BV here are computed at the offer price, on the post-issue share count, and are comparable to a listed peer's.