Bombay Coated and Special Steels Limited- Rhp

This section outlines the global economic outlook, highlighting moderate growth projections of 3.0% in 2026, driven by trade agreements and technological innovation. It identifies key challenges such as geopolitical tensions, supply-chain disruptions, and demographic shifts, particularly the aging populations in advanced economies versus the expanding workforce in India. The text also notes that rising investments in digital infrastructure and energy transition will further shape global growth dynamics.

India remains the world's second-largest crude steel producer with production reaching 169.2 million tonnes in FY26, driven by strong domestic demand from infrastructure, construction, and automotive sectors. The country is actively transitioning toward higher-value and lower-carbon steel through the PLI Scheme and Green Steel Taxonomy, aiming to reduce import dependence and enhance competitiveness in international markets. While global trade restrictions and rising decarbonisation requirements pose risks, the sector benefits from a resilient domestic consumption base and potential opportunities in export markets.

The document outlines the Indian economy's projected growth trajectory, with provisional estimates for FY26 showing a 7.75% increase in GDP. The Reserve Bank of India (RBI) projects a more conservative growth rate of 6.70% for the full year 2026–27, citing factors such as sustained momentum in the services sector and strong agricultural reservoir levels. Fiscal data indicates a steady improvement in the fiscal deficit, expected to fall to 4.8% of GDP by FY25, with a target of 4.40% for FY26.

The document provides data on inflation trends in India, showing an average of 3.17% inflation between January and August 2026, rising to 4.82% by August 2026. It highlights that rural inflation (5.23%) exceeded urban inflation (4.31%), indicating higher price pressures in rural areas. The text also details the RBI's projected inflation rates for FY27 and Q2FY27, which were 5.00% and 4.70% respectively, leading to a repo rate of 5.25% in the August 2026 MPC meeting.

The document outlines the RBI's neutral monetary policy amidst geopolitical tensions and a non-inflationary growth strategy, while noting that volatile trade conditions and weather disturbances pose risks to inflation. It also highlights that India's economic growth and prevailing macroeconomic conditions are significant factors for the steel processing industry, which is experiencing strong domestic demand driven by construction and infrastructure sectors.

This section outlines India's demographic drivers for economic growth, highlighting a declining age dependency ratio and significant urbanization trends. While the dependency ratio is expected to rise to 54% by 2036 due to an aging population, the country's young workforce and urban growth are projected to fuel income and consumption. The text notes that India's population surpassed China's in 2022, becoming the world's most populous nation.

This section outlines the key government policies driving India's economic growth, including the Atmanirbhar Bharat Abhiyan and the Production Linked Incentive (PLI) Scheme. The PLI Scheme targets 14 key sectors such as electronics, pharmaceuticals, and automobiles with an approved financial outlay of Rs 1.91 lakh crore, aiming to boost domestic manufacturing, exports, and employment. The text also discusses the correlation between steel demand growth and GDP, noting that sectors like construction and the automotive industry are major drivers of steel consumption. Finally, it highlights the global steel industry context, citing a decline in per capita consumption and regional variations, alongside geopolitical factors affecting trade and input costs.

The document highlights that China dominates the global steel industry in terms of production capacity, output, and consumption, followed by the European Union and India. Global steel production has shown a slight decline from 1,883 million tonnes in 2020 to 1,849 million tonnes in 2025. The World Steel Association notes that Asia accounts for the largest share of global steel producers at 68%.

Global crude steel production in CY25 reached approximately 1,849 million tonnes, with China leading at over half the global output. The industry experienced a year-on-year decline in production across Asia, Oceania, Russia, and the Middle East, while the European Union saw marginal growth. India emerged as the second-largest producer with a 9% market share, and the World Steel Association projects a gradual increase in global demand to 1,762 million tonnes by CY27.

The document outlines global steel consumption trends from 2021 to 2025, highlighting a general decline in finished steel production due to weak demand in sectors like construction and energy. It notes that while India showed resilience with robust consumption driven by infrastructure and policy support, global markets faced significant challenges. The text also includes a chart illustrating the global steel demand landscape, ranking countries by their consumption levels.

This section details the global steel price trends, showing a general increase from USD 488 per tonne in Q2 2025 to USD 529 per tonne in Q3 2026, while noting a period of relative subduance in FY24. It highlights that price fluctuations are driven by factors such as demand conditions, raw material costs, and geopolitical events like the Russia-Ukraine war. The text also provides historical context, including a significant price drop in FY23 and a sharp decline in FY24 due to China's economic slowdown and increased exports.

The document explains that steel prices in December 2022 dropped to USD 597 per tonne due to weak global demand, specifically from China, which was affected by lockdowns, COVID-19 restrictions, and sluggish economic activity. This decline was further exacerbated by falling prices for iron ore and coking coal. Prices subsequently recovered starting in December 2022 as China relaxed restrictions and demand expectations improved, reaching USD 657 per tonne by March 2023.

India's steel industry is a vital pillar of the economy with a capacity of 222 MTPA, ranking as the second-largest producer globally. The sector is supported by significant government initiatives like the National Steel Policy 2017, which aims to increase per capita consumption to 160 kg by 2030. Despite facing trade barriers and lower per capita consumption compared to the global average, India remains a major player in the global steel market with extensive coastal trade routes.

India's steel consumption has grown robustly at a CAGR of 11.6% from 95 million tonnes in FY21 to 164 million tonnes in FY26, driven by expanding infrastructure and construction sectors. The demand is segmented into long (non-flat) and flat products, with long steel products holding a 55% share of total production in FY25 compared to 45% for flat products. Long steel products, used in construction and mechanical engineering, are supplied in straight lengths or coils, while flat steel products, used in automotive and packaging, are available in various forms like coils and sheets.

The document defines steel production into three main categories: Non-Alloy Steel, which is carbon-based and used for structural applications like rebar; Alloy Steel, which combines various elements to enhance properties and is further divided into High and Low Alloy types; and Stainless Steel, a corrosion-resistant variant containing over 10.5% chromium. These segments serve diverse industries including automotive, construction, and medical sectors.

The document outlines the Indian steel sector's production and consumption trends from FY21 to FY25, highlighting a shift in composition from Non-Alloy/Carbon Steel to Alloy & Stainless Steel. Domestic production of Non-Alloy Steel reached 92.2 million tonnes in FY25, accounting for 92.2% of total output, while Stainless Steel and Alloy Steel held 7.8% combined. Consumption data indicates strong growth across all segments, with Non-Alloy Steel growing at a CAGR of 10.5% and Stainless Steel at 19.5%, driven by infrastructure spending and technological upgrades. Regional analysis shows North and West India dominate consumption at 58% in FY25, supported by high urbanization and key industrial clusters. The pricing section details a complex market environment where raw material prices for iron ore and coal have fluctuated due to global supply dynamics, while domestic finished steel prices have generally trended upward from FY22 peaks, though recent quarters have seen moderation.

India has emerged as the world's second-largest steel producer and consumer, driven by strategic government policies and robust domestic infrastructure growth. While global steel production contracted due to factors like China's property sector weakness, India's production expanded at a 10.3% CAGR, fueled by initiatives such as the PLI Scheme and the National Steel Policy. India's finished steel consumption grew at a 10.9% CAGR, outpacing global trends and per capita consumption growth, with consumption rising from 95,000 tonnes in FY21 to 1,64,000 tonnes in FY26.

In FY26, Indian steel exports grew by 35.9% year-over-year, driven by improved competitiveness and diversification into Middle East, Europe, and Southeast Asia markets. The sector's demand is expected to be fueled by end-user industries including construction, real estate, railways, roads, power, and auto, alongside government infrastructure spending. Additionally, ongoing UDAN airport expansions and metro rail development are anticipated to further support steel demand globally.

The document outlines key growth drivers for the Indian steel industry, primarily driven by government infrastructure investments, urbanization, and rising disposable incomes. It highlights the automotive sector's steady domestic and export growth, alongside expanding metro rail networks and consumer durables. The text also details regulatory frameworks including the Domestically Manufactured Iron & Steel Products (DMI&SP) policy and the Steel Quality Control Order, alongside government initiatives like the Make in India and PLI schemes aimed at boosting domestic production and reducing import dependence.

The document describes the steel industry as a highly competitive sector characterized by significant volume, weight, and inventory turnover, where government regulations heavily influence supply chain dynamics. It highlights that overcoming logistical challenges is essential for maintaining profitability and market share. The text identifies Steel Processing Centres (SPCs) as vital intermediaries that provide cutting, slitting, and coating services to tailor steel products for industries like construction and automotive. SPCs are noted for their role in overcoming logistical challenges by holding inventory and offering just-in-time delivery, which helps reduce costs and delays. Additionally, SPCs provide flexible payment terms to small and medium-sized enterprises and act as a buffer against price fluctuations to ensure project stability.

The steel processing industry involves converting steel into customized products through value-added activities like slitting and fabrication. These centers serve as a critical interface between steel manufacturers and downstream industries such as automotive and infrastructure. The sector faces high entry barriers due to capital investments and technical standards, which favor established operators with extensive infrastructure. Market data indicates that the global steel processing center industry is projected to grow at a CAGR of 6.2% from 2020 to 2025, reaching a market size of USD 214.9 billion.

The document describes painting services as essential for applying protective or decorative coatings to steel surfaces, which are widely used in construction, automotive, and appliance manufacturing. It details various specialized surface treatments such as pickling, galvanizing, and plating offered by Steel Processing Centres. The text also presents market data for cut to length, slitting, and other steel processing services, highlighting their projected growth from 2020 to 2030.

The document outlines the growth of various steel processing services, including metal profiling, blanking, splitting, welding, heat treating, painting, and other finishing operations, driven by rising demand from manufacturing, construction, and automotive sectors. These services are expected to expand at double-digit CAGRs, with market sizes projected to reach significant figures by CY30. The growth is attributed to the need for precision, automation, and specialized solutions to meet the requirements of industries such as machinery, infrastructure, and energy.

The document outlines the projected market growth for Steel Processing Centres in India, with the manufacturing sector expected to reach USD 72.1 billion by 2030. It highlights that the industry is driven by industrial expansion, just-in-time inventory practices, and technological advancements. The text also notes that while the sector faces challenges like logistics bottlenecks and capital requirements, sustained growth is expected due to rising demand for customised steel products and infrastructure development.

The document outlines the market size and growth projections for steel processing services in India, specifically detailing the Cut to Length and Slitting sectors. It notes that the Cut to Length service type reached a market size of USD 1,707 million by 2025 and is projected to grow at a CAGR of 6.8% through 2030. The Slitting sector is also analyzed, showing significant market expansion from 2020 to 2030 with a CAGR of 8.7%.

This section outlines the projected market growth for various steel processing services including slitting, metal profiling, and welding, with specific market sizes and CAGR projections for the years 2020-2030. It further details the strategic role of Steel Processing Centres (SPCs) in India, emphasizing their ability to provide customized steel products to industries like automotive and construction. The text highlights how SPCs reduce lead times and inventory costs by offering value-added processing near end-users, while also addressing sustainability goals through improved material utilization and digital supply-chain management.

The document outlines the critical role of Steel Processing Centres in India's industrial landscape, driven by technological advancements and a diverse range of sectors including consumer electronics, HVAC, and manufacturing. It highlights the sector's expansion into global markets, local manufacturing initiatives, and the rising demand for durable goods like air conditioners and appliances. The text also addresses significant challenges such as volatile steel prices, high capital requirements, regulatory compliance, skilled labour shortages, and logistical constraints that impact operational efficiency and profitability.

This section outlines the market dynamics for key household electronics in India, highlighting steady growth driven by digitalization, urbanization, and rising incomes. It notes that while television and refrigerator markets are projected to decline slightly over the forecast period, air conditioners and PCs are expected to grow steadily. The text also provides specific market share data for these categories as of CY25 and their projected figures for CY29.

This section illustrates the projected growth of the AC market in India, driven by rising electrification rates. The data shows that AC market size and electrification levels are expected to increase significantly from FY20 to FY25, with electrification serving as a primary catalyst for demand expansion.

The Indian washing machine market is valued at ₹26,310.00 Crore in CY25 and is projected to grow at a CAGR of 12.7% to reach ₹42,380.00 Crore by CY29. This growth is driven by rising urbanization, increasing disposable incomes, and evolving consumer preferences favoring fully automatic, higher-capacity, and energy-efficient appliances. Domestic manufacturing and technological advancements are also expected to support the market's expansion over the forecast period.

PG Technoplast Pvt. Ltd. reported strong operating income growth of Rs. 3,506 crores in FY26, while Epack Durable Pvt. Ltd. achieved a 15.5% CAGR in operating income over FY24–FY26. Both companies are key players in the white goods sector, specializing in air conditioners, washing machines, and small domestic appliances, and are expanding their manufacturing capabilities to meet domestic and global demand. The text highlights their strategic positioning to support global brands through contract manufacturing, leveraging PLI schemes and government initiatives to drive self-sufficiency in India's appliance market.

India is the third-largest automobile market globally and the largest manufacturer of two-wheelers, three-wheelers, and tractors. The domestic market is dominated by two-wheelers and passenger vehicles, with exports showing resilience despite recent global economic challenges. Production in India has grown steadily, with passenger vehicle sales expected to recover in FY26 following anticipated GST tax reforms.

The document outlines the Indian automobile industry as a pillar of the national economy with strong forward and backward linkages, driven by policy liberalization and investment. It highlights the strategic shift toward electric vehicles (EVs) and new energy vehicles, supported by government initiatives like FAME II and PLI schemes to boost indigenous manufacturing. The text also notes the industry's transformation into a global R&D hub and identifies semiconductor shortages as a key market challenge.

The auto component industry in India is currently facing significant challenges including semiconductor shortages, rising raw material costs, and high tax rates. These factors are causing production volume cuts, increased vehicle prices, and a shift toward imported components, particularly for EVs. The text highlights that the industry relies heavily on imported semiconductors and that local manufacturers struggle with technology gaps and non-uniform GST rates.

The document describes the automobile lightweight trend as a strategy to enhance safety, performance, and fuel efficiency while reducing pollution, noting its role in electric vehicle range. It highlights that integration of autonomous components is increasing industry barriers and requires manufacturers with strong technical capabilities, rich experience, and good customer relationships to succeed. The text also details the Indian HVAC market, which is projected to reach USD 8.9 billion by 2029, driven by urbanization. The market is categorized into equipment and services, with equipment covering components like furnaces and heat pumps, and services including installation, maintenance, and upgradation. Finally, the HVAC sector is divided into heating, ventilation, and cooling processes, along with specific services such as upgradation, replacement, and repair.

The document describes HVAC systems as air conditioning, chillers, and heat pumps that absorb heat from indoor air and expel it outside, involving installation by skilled technicians and consulting services for expert guidance. The Indian HVAC market is projected to grow at a CAGR of 10.5% from 2024 to 2029, reaching USD 8.9 billion, driven by urbanization, disposable incomes, and demand for energy-efficient systems. The market is segmented into residential and non-residential categories, with non-residential being the largest segment in 2024 and expected to remain so, while residential is the smallest segment.

The document outlines the HVAC market in India as a rapidly growing sector driven by government initiatives such as the UDAN and Smart Cities Mission, which are expanding infrastructure and promoting energy-efficient systems. Key growth factors include rising demand in Tier-II and Tier-III cities, a focus on indoor air quality, and the push for green buildings, supported by innovations like inverter-based ACs and smart thermostats. However, the market faces significant challenges including limited access to credit, competition from unorganised players, a shortage of skilled technicians, high installation and maintenance costs, and geopolitical tensions that increase input costs. Despite these hurdles, the outlook suggests continued growth fueled by sustainable development goals and government policies aimed at improving energy security.

The Indian HVAC market is valued at USD 5.4 billion in 2024 and is projected to reach USD 8.9 billion by 2030, driven by urbanization and the demand for smart, energy-efficient, and sustainable systems. The market is dominated by air conditioners, chillers, and ventilation systems, with the equipment segment expected to hold a 71.1% share by 2030. Key growth factors include the rise of IoT-enabled smart systems, a focus on indoor air quality, and a global shift toward low-GWP refrigerants. However, challenges such as limited access to credit, high installation costs, and competition from unorganized players remain significant barriers to continued expansion.

This section outlines the regulatory framework governing Indian steel processing, highlighting the impact of GST on taxation and the introduction of a border adjustment tax on imports. It details the consolidation of Indian labour laws into four principal codes aimed at improving worker welfare and safety, alongside strict environmental regulations supported by government initiatives for decarbonization. The document also presents a comparative analysis of key competitors, including Bombay Coated & Special Steel Limited, Voltas Limited, Daikin Industries Limited, Haier Smart Home Co. Limited, and V Guard Industries Limited, detailing their product offerings, manufacturing locations, and revenue profiles.

V Guard Industries Limited is an Indian company established in 1996 that specializes in the manufacturing of electric and electronic goods, including voltage stabilizers, inverter batteries, solar water heaters, and various home appliances. The company operates with a significant revenue mix where Consumer Durables and Electricals segments account for the majority of its earnings, while Sunflame contributes a smaller portion. It has expanded its manufacturing footprint by setting up facilities for fans in Hyderabad and further expanding its battery production capabilities. The company's financial performance shows strong growth, with revenue growing at a compound annual growth rate (CAGR) of 29.51% between FY24 and FY26, outpacing industry peers.

Bombay Coated and Special Steels Limited- Rhp is a multi-location steel processing centre in India that converts steel coils into value-added processed steel products. The company operates four manufacturing facilities across Maharashtra, Rajasthan, and Andhra Pradesh, with a total installed capacity of 1,23,153 metric tonnes per annum. Its business model involves providing just-in-time delivery solutions to OEMs and ODMs in sectors such as home appliances, automotive, and HVAC. The company has established strong supplier relationships with JSW Steel Coated Products Limited and serves a diverse customer base spanning multiple industries.

The issuer is a steel processing company that manufactures processed steel products through a core arrangement with JSWSCPL Steel, a long-standing authorized service partner since 2021. The company operates multiple manufacturing facilities across India to serve diverse customers in sectors such as home appliances, general engineering, and consumer durables. Revenue is sourced primarily from JSWSCPL (85.13% in Q2 2026) and other suppliers, with significant portions derived from Original Equipment Manufacturers (OEMs) and Original Design Manufacturers (ODMs).

The issuer operates as a multi-location steel processing center with facilities in Wada, Bhiwandi, Ghiloth, and Sri City, India. These locations are strategically positioned near major OEM and ODM hubs in Western, Northern, and Southern India to enable just-in-time supply and cost-efficient operations. The company delivers processed steel products to key customers while maintaining dedicated storage infrastructure to manage inventory and mitigate supply-chain disruptions.

The document outlines the company's manufacturing capabilities in the steel processing sector, highlighting its strategic locations in Rajasthan and other regions to serve customers efficiently. It details an integrated infrastructure with high capacity for slit coils, cut-to-length blanks, and shearing, supported by advanced machinery procured from international suppliers. The company emphasizes its position as a reliable processing partner for OEMs and ODMs in home appliances and general engineering sectors, backed by high entry barriers and customer approval processes. Key strategies include expanding capacity through facility expansions, diversifying end-user industries beyond seasonal appliance segments, and increasing exports to international markets. The business is led by experienced promoters with decades of industry knowledge and is supported by a professional management team capable of managing capital-intensive operations.

The issuer processes steel coils into value-added products including Slit Coils, Blanks/Sheets, Embossed Slit Coils, Embossed Blanks, and Sheared Blanks, which are primarily used in home and commercial appliances and general engineering. The company operates its steel processing facilities at the Ghiloth Facility and utilizes a specialized workflow involving slitting, embossing, and cut-to-length stages to meet precise customer specifications. These operations focus on high dimensional accuracy, material yield optimization, and lean inventory management to enhance operational efficiency and profitability.

BCSSL manufactures slitting coils, blanks, and sheared blanks across four facilities in Maharashtra, Rajasthan, Andhra Pradesh, and Tamil Nadu. The company operates a diverse portfolio of manufacturing lines including slitting, cut-to-length, shearing, combination, and embossing lines to serve end-user sectors in home and commercial appliances and general engineering. Capacity utilization data for fiscal 2026 indicates strong performance at the Wada, Bhiwandi, Ghiloth, and Sri City facilities, with installed capacities ranging from 15,450 to 59,505 MTPA.

The issuer operates in the steel processing sector, specifically focusing on steel coils and coated products. It sources approximately 85% to 90% of its steel coil requirements from a single supplier, JSWSCPL, which creates supply concentration risk. The company serves customers in the Home and Commercial Appliances and General Engineering sectors through direct relationships with OEMs and ODMs. Its manufacturing and sales operations are supported by a regional team of 13 employees located in key Indian cities including Mumbai, Gurugram, Pune, and Sri City. The company utilizes third-party transportation providers for delivering its processed steel products and managing logistics.

The issuer is a steel processing company specializing in Coated and Non-Coated Steel Coils, which are used in the Home & Commercial Appliances, General Engineering, and Automotive sectors. The company operates manufacturing facilities in Mumbai, Gurugram, Bhiwandi, Thane, Palghar, Tirupati, Alwar, Dera Bassi, and Pimpri, with some leased properties. It employs 164 permanent and 310 contract laborers, adheres to ISO 9001:2015 standards, and holds a GEM 5-Star rating. The company uses Focus ERP and Tally for operations and maintains significant insurance coverage for assets and vehicles.

The document outlines the company's lease arrangements for office and coworking facilities in Chennai and Tirupati, detailing lease terms, rent amounts, and payment structures. It also provides a summary of key Indian business-related laws, including the National Steel Policy 2017, Factories Act, Legal Metrology Act, and Environmental Protection Act, along with their respective objectives and regulatory requirements.

The document outlines the legal framework governing intellectual property, foreign trade, and securities markets in India. It details the Trade Marks Act, which grants exclusive rights for brand and label protection, and the Foreign Trade (Development and Regulation) Act, 1992, which empowers the government to regulate imports and exports. The text also covers the Customs Act, 1962, which manages the import and export of goods, and the SEBI Act, 1992, which provides the statutory framework for regulating the securities market and protecting investor interests.

The document outlines the regulatory framework governing the issuance of securities in India, specifically referencing the SEBI Listing Regulations, SEBI ICDR Regulations, and SEBI PIT Regulations. It further details the SEBI PFUTP Regulations, which prohibit manipulative and fraudulent practices, and the SEBI SAST Regulations, which mandate disclosure and open offer procedures for share acquisitions. These regulations collectively establish the statutory basis for listing approval, trading permissions, and ongoing compliance obligations for listed entities.

The document outlines the regulatory framework governing the issuance of securities in India, specifically detailing the SEBI NCS Regulations, SEBI SDI Regulations, the Companies Act, 2013, the Information Technology Act, 2000, and the Registration Act, 1908. It also mentions compliance with the Indian Stamp Act, 1899 and other central and state government regulations. These laws collectively govern the formation, financing, and disclosure requirements for companies issuing securities.

The issuer states that its operations are subject to municipal laws, fire safety regulations, and central and state tax laws, with the company being open to complying with these legal frameworks. The text does not provide specific details regarding the company's industry, products, manufacturing locations, subsidiaries, or market position.

The document outlines the corporate history of Bombay Coated and Special Steels Limited- Rhp, which was originally incorporated as a private limited company in 2019 and converted into a public limited company in January 2025. The company underwent a significant business acquisition in January 2021 from M/s. Bombay Steels, followed by the establishment of various manufacturing facilities including Bhiwandi, Wada, Ghiloth, and Sri City between 2012 and 2024. Key corporate milestones include the company's growth in authorized share capital through multiple amendments to its Memorandum of Association and its entry into a service partner agreement with JSW Steel Coated Products Limited in April 2025.

This section defines the key terms used in the Draft Red Herring Prospectus for Bombay Coated and Special Steels Limited- Rhp, a public limited company incorporated in India under the Companies Act, 2013. The issuer's registered office is located at 2602, Parinee I, 7-A Shah Industrial Estate, Andheri (West), Mumbai - 400053, Maharashtra, India. The company is being offered a fresh issue of Equity Shares with a face value of ₹10/- each. The lead managers for this issue are CARE Analytics and Advisory Private Limited, who commissioned the 'CareEdge Report' to assist in the confirmation of the industry context. The IPO Committee, consisting of Vijaykumar Himatrai Gupta, Nitin Vijaykumar Gupta, and Bhawna Nitin Gupta, is responsible for facilitating the issue process.

The document identifies the issuer as Jansatta, a Hindi language national daily, and Navshakti, a Marathi language daily, with the company's registered office located in Maharashtra. The issue is a fresh issue being made through a book building process, led by Smart Horizon Capital Advisors Private Limited as the Book Running Lead Manager. The bid period is subject to specific working day constraints and can be extended for a minimum of three days in cases of force majeure or banking strikes, but not exceeding ten working days total.

This section outlines the terms and conditions of a fresh issue of Equity Shares for a Mutual Fund registered with SEBI. The issue price is determined by the company in consultation with the Book Running Lead Manager, with a price band ranging from ₹[●] to ₹[●] per share. The issue is structured into Net QIB Portion, Non-Institutional Portion, and Anchor Investor Portion, with specific allocations based on bid amounts. The Public Issue Account will be opened with Kotak Mahindra Bank Limited, and the Red Herring Prospectus is dated October 21, 2026.

The section defines key terms used in the prospectus, including technical specifications like °C and 12v, and industry-specific jargon such as ABS, AC, and EVs. It also lists various business and regulatory terms like BEE's star rating system, CAGR, and FDI, providing definitions for each. The text does not contain specific factual details about the issuer's legal name, CIN, registered office, incorporation date, or the specific type of issue being offered.

The provided text is a glossary of technical terms used in the Indian company's Draft Red Herring Prospectus, specifically defining abbreviations and acronyms related to steel manufacturing, environmental compliance, and financial metrics. It does not contain information regarding the issuer's full legal name, CIN, registered office address, incorporation date, or the specific type of issue being offered, as these details are typically found on the cover page rather than in the definitions section.

This section defines key financial and operational terms used to assess the company's financial performance, debt structure, and operational efficiency. It includes definitions for revenue metrics such as Revenue from Operations, Profit Before Tax (PBT), and Return on Equity (ROE), alongside ratios like Debt-to-Equity and Net Working Capital. The document also details specific manufacturing capabilities, noting the number of facilities and installed capacity, while listing various legal and regulatory terms such as SEBI regulations, the Companies Act, and specific financial instruments like AIFs and FPIs.

This section establishes the legal identity and financial reporting framework of the issuer, BCSPL, as a private company incorporated in India with its registered office in Mumbai. It specifies that the company's financial year runs from April 1st to March 31st, and the prospectus data is derived from restated financial statements as of March 31, 2026. The document clarifies that all figures are presented in Indian Rupees and that certain non-GAAP measures like Net Asset Value Per Equity Share are supplemental to standard accounting standards. It also identifies CARE Analytics and Advisory Private Ltd as the independent agency responsible for the industry data used in the report.

This section outlines the structure of a cash equity share issue for the company, specifying a face value of ₹10 per share with a total aggregate of up to ₹183.06 Crore. The issue is divided into three categories: a QIB portion comprising an Anchor Investor portion, a Net QIB portion, and a Non-Institutional portion; a Retail portion; and pre- and post-issue shares. The document also provides a summary of the company's financial status as of June 30, 2026, showing total assets of ₹526.11 Crore and total equity of ₹136.62 Crore.

The document provides a restated cash flow statement for the period ended June 30, 2026, showing a net cash increase of 88.96 million. Investing activities resulted in a net cash outflow of 350.27 million, primarily due to the purchase of capital assets. Financing activities generated a net cash inflow of 337.06 million from equity shares and long-term borrowings, while short-term borrowings contributed a net outflow of 733.88 million. The company's cash and cash equivalents increased by 88.96 million during the period, with closing balances of 109.31 million.

The document details outstanding balances with related parties as of June 30, 2026, and for the financial years ended March 31, 2026, 2025, and 2024. These balances primarily consist of unsecured borrowings from promoters and salary payables to related parties, all conducted in the ordinary course of business on an arm's length basis. The table lists specific transactions including borrowings and salary payables for various individuals and entities, with amounts presented in millions of rupees.

This section details the corporate history of Bombay Coated and Special Steels Limited- Rhp, which was originally incorporated as a private company in 2019 and acquired its business from Bombay Steels in 2021. The company was converted to a public limited company in 2025, with registration numbers 335077 and U27209MH2019PLC. The registered office is located in Andheri (West), Mumbai, and the Board of Directors includes Vijaykumar Himatrai Gupta as Chairman and Managing Director, along with other directors and an independent director. The section also lists the Company Secretary, Sonam Dilipkumar Gupta, and the Bankers to the Issue, including Kotak Mahindra Bank and Standard Chartered Bank.

The document outlines the issuance of equity shares through a book building process where bids are collected within a price band determined by the company and book running lead manager. The issue is structured as an equity share offering without credit ratings or debenture trustees, and it does not include a green shoe option. The filing process involves uploading the draft prospectus to the SEBI portal and submitting it to the Registrar of Companies. The book building process mandates ASBA participation for most bidders, with specific restrictions on anchor investors and withdrawals of bids.

The capital structure section details the authorized and issued share capital of the company, which stands at ₹40.50 Crore as of the date of the Red Herring Prospectus. The authorized capital is ₹65.00 Crore, while the issued and paid-up capital before the current issue was ₹40.50 Crore. The current issue authorizes the issuance of up to ₹18.31 Lakh worth of equity shares. Following the issue, the cumulative paid-up capital remains at ₹40.50 Crore, with no preference shares outstanding. Promoter Nitin Vijaykumar Gupta holds a significant stake, having received shares through a private placement in March 2021 and a bonus issue in July 2025.

The section outlines the allotment of 104 equity shares to three promoters, Sunita Vijaykumar Gupta, Ruchi Vijaykumar Gupta, and Lokesh Chandra Lavti, at a face value of ₹10 per share. Promoter Nitin Vijaykumar Gupta holds 78.22% of the post-Issue share capital, while the other two promoters hold 9.78% each. The document explicitly states that the company has not issued any equity shares out of revaluation reserves, under schemes of arrangement, or through employee stock option schemes since its incorporation.

The document details the company's capital structure through a rights issue, bonus issue, and subsequent secondary transactions. Promoters hold a significant majority of the equity shares, with a total of 39,60,000 shares representing 97.78% of the post-issue capital. The promoter group collectively holds 80 shares, which is negligible in percentage terms. Secondary transactions involving the promoters include gifts to other members of the group, with no other purchases or sales occurring in the preceding three months.

The document outlines the lock-in period for Anchor Investors, requiring a 90-day lock-in on 50% of their allotted shares and a 30-day lock-in on the remaining 50%. It then details the shareholding pattern as of the Red Herring Prospectus date, showing 23 shareholders with a total of 4,05,00,091 fully paid-up equity shares. Promoter and Promoter Group hold 97.78% of the shares, while the remaining 2.22% is held by Public and Non-Promoter shareholders. The directors and senior management collectively hold 97.99% of the pre-Issue capital, with Nitin Vijaykumar Gupta holding the largest stake at 78.22%.

The document details the shareholding structure of the company, showing that the promoters collectively hold 1.94% of the pre-Issue paid-up equity capital and 99.72% of the post-Issue paid-up equity capital. The promoters' average cost of acquisition is listed as ₹1.25, though the document explicitly states that no equity shares were acquired in the last one year preceding the prospectus date. Additionally, it provides a detailed table of acquisitions made by the promoter group members over the last three years, including bonus issues and transfers, with the weighted average acquisition price for the last one year being Nil.

The section confirms that the company has no shareholder with the right to nominate directors, all promoter shares are held in dematerialised form, and there are no existing buy-back arrangements for the issued shares. It further clarifies that no directors, promoters, or related parties are directly or indirectly related to the book running lead manager or its associates.

The Draft Red Herring Prospectus outlines a fresh issue of up to ₹183.06 Crore of equity shares, with net proceeds intended to fund three specific objects: repaying or prepaying existing borrowings, financing the acquisition of capital equipment under a lease with Siemens Financial Services Private Limited, and general corporate purposes. The proposed deployment plan allocates ₹125.00 Crore to debt repayment/prepayment and ₹15.77 Crore to equipment acquisition, with the remaining amount designated for general corporate purposes. The document details that the company currently has ₹302.43 Crore in outstanding borrowings and plans to utilize ₹125.00 Crore of the net proceeds to reduce this indebtedness, while also acquiring specific machinery to lower recurring lease costs.

The draft Red Herring Prospectus outlines the Company's plan to acquire Siemens equipment under lease arrangements, with a total cost of ₹15.77 Crore. The Net Proceeds from the issue are primarily allocated to this capital expenditure to reduce lease expenses and strengthen the fixed asset base. The remaining funds, if any, will be used for general corporate purposes such as funding growth opportunities, strategic initiatives, and ordinary business expenses, subject to a 25% cap. The document details various fee structures for listing, including commissions payable to SCSBs, brokers, and banks, which are estimated to be borne by the Company.

The document outlines the pricing mechanism for the equity shares, stating that the price will be determined by the company and the Book Running Lead Manager based on market demand, quantitative factors such as earnings per share, and qualitative factors like established supply relationships and manufacturing capabilities. It details specific financial metrics including basic and diluted earnings per share, price-to-earnings ratios against industry peers, return on net worth, and net asset value per share, which are used to assess the company's performance and justify the issue price. The section also includes a table of key performance indicators (KPIs) for the three months ended June 30, 2026, fiscal 2025, and fiscal 2024, covering revenue, profit, and return on equity to further evaluate the company's growth trajectory.

The document presents financial performance metrics for the fiscal year ended June 30, 2026, alongside operational KPIs for manufacturing facilities. Key performance indicators include Return on Capital Employed, Return on Assets, and Debt Service Coverage Ratio, which measure profitability and financial leverage. Operational efficiency is tracked through fixed asset turnover, current ratios, and net working capital days, while manufacturing output is detailed by specific processes like slitting and shearing. The section also highlights capacity utilization rates for various facilities, reflecting the extent to which installed capacity has been utilized during the period.

The document presents comparative financial metrics for Bombay Coated & Special Steels Limited and its peers for the financial years ended March 31, 2026, 2025, and 2024. It highlights that the company generated ₹1,266.82 Crore in revenue in 2026, with a profit before tax (PBT) of ₹40.79 Crore and a return on equity (RoE) of 29.92%. The use of proceeds is categorized into debt repayment, capital expenditure, working capital, acquisition, and general corporate purposes, though the specific line items for these categories are not detailed in the provided text.

The document details the company's financial history and share issuance activities, confirming no material additions or dispositions to the business during the relevant period. It provides specific data on weighted average costs of acquisition from primary and secondary transactions, noting that no primary or secondary equity transactions occurred within the last 18 months. The text also outlines the pricing justification, stating that the issue price is determined in consultation with the BRLM based on qualitative and quantitative parameters, with specific placeholders for the Floor Price and Cap Price relative to the weighted average cost of acquisition.

The document outlines the Restated Financial Information for Bombay Coated and Special Steels Limited- Rhp, covering assets, liabilities, cash flows, and profit and loss statements for the quarters ended June 30, 2026, and the years ended March 31, 2026 through March 31, 2023. Management is responsible for preparing these statements based on audited special purpose Ind AS financial statements and audited financial statements for the year ended March 31, 2026. The auditor confirms that the information has been compiled from the audited special purpose Ind AS financial statements and audited financial statements approved by the Board of Directors.

The document states that the company has audited its special purpose financial information for the quarters ended June 30, 2026, and the years ended March 31, 2026, 2025, and 2024. These restated statements incorporate retrospective adjustments for changes in accounting policies, material errors, and regrouping or reclassifications to ensure consistent accounting treatment across all periods. The audit report does not contain any qualifications requiring adjustments, and the statements comply with the Act, SEBI ICDR Regulations, and applicable guidance notes.

The document presents financial data for the period ended June 30, 2026, compared to March 31, 2026, 2025, and 2024. Revenue from operations increased significantly to ₹397.08 Crore in the current period, compared to ₹1,266.82 Crore in the prior year. Expenses decreased substantially to ₹1,229.04 Crore, driven by lower cost of material consumed and finance costs. The company reported a profit for the period of ₹30.54 Crore, with a comprehensive income of ₹30.61 Crore. The financial statements are presented in millions of INR.

The document outlines the accounting policies and significant judgments used to prepare the Restated Financial Information for Bombay Coated and Special Steels Limited- Rhp for the periods ending March 31, 2026, June 30, 2026, and March 31, 2025. It specifies that assets are classified as current or non-current based on liquidity and operational cycles, with a twelve-month operating cycle identified. The company applies the historical cost convention for most assets, except for financial instruments and certain property, plant, and equipment items measured at fair value. Depreciation is calculated using the Straight Line Method based on estimated useful lives, while defined benefit plans are valued using actuarial assumptions.

This section outlines the significant accounting policies for property, plant, and equipment, including useful lives, de-recognition rules, and capital work-in-progress. It also details the recognition and measurement of intangible assets, specifically mentioning the Straight Line Method (SLM) for amortization and the use of incremental borrowing rates for lease liabilities. The text emphasizes that subsequent expenditures are capitalized only if they increase future economic benefits in a specific asset, while all other costs are expensed in the period incurred.

The document outlines the accounting policies for financial assets, specifically detailing the recognition and measurement criteria for assets classified as amortised cost, fair value through other comprehensive income, and fair value through profit or loss. It explains that short-term leases and low-value assets are recognized at fair value with subsequent expense recognized on a straight-line basis. The company also describes its impairment model for financial assets, which uses the 12-month expected credit loss approach for most assets and a simplified approach for trade receivables.

The document outlines the accounting policies for financial statements, including the derecognition of financial instruments, fair value measurement using the fair value hierarchy, and the recognition of revenue from contracts with customers. It specifies that the Company's functional currency is the Indian Rupee and that foreign currency transactions are translated using spot exchange rates. The policies also cover provisions, contingent liabilities, and the classification of discontinued operations and assets held for sale.

The provided text outlines the accounting policies and explanatory notes for Bombay Coated and Special Steels Limited- Rhp, covering inventory valuation methods, tax provisions including Minimum Alternate Tax, borrowing cost capitalization rules, and segment reporting under Ind AS 108. It does not contain the restated Profit & Loss, Balance Sheet, or Cash Flow line items or derived financial ratios required for the analysis.

The document outlines the transition from Indian GAAP to Ind AS for Bombay Coated and Special Steels Limited- Rhp, noting that for periods up to March 31, 2024, the company prepared annual statements under Indian GAAP while also preparing Special Purpose Ind AS Financial Statements for the IPO. The company opted for certain exemptions under Ind AS 101, including carrying Property Plant and Equipment at previous GAAP cost and recognizing lease liabilities and right-of-use assets at the transition date using incremental borrowing rates. The transition date was set to April 1, 2022, with the first set of Ind AS financial statements prepared for the year ended March 31, 2025.

The document outlines the Company's significant accounting policies, including the transition from Indian GAAP to Ind AS, specifically regarding lease liabilities and right-of-use assets. It details the classification of financial assets based on the Business Model Test and Contractual Cash Flow Test, noting that dividends on equity shares were nil for all reported periods. The text also confirms the absence of audit qualifications in the Auditor's Report for the years ended June 30, 2026, March 31, 2026, and March 31, 2025.

The document outlines the financial performance of Bombay Coated and Special Steels Limited- Rhp for the fiscal years ended March 31, 2024, 2025, and 2026, as well as the period ended June 30, 2026. It details significant accounting policies, including the recognition of provisions based on past events and probability of outflows, and defines Earning Per Share calculations under Indian Accounting Standard 33. The text also notes that the company has not traded in cryptocurrency or virtual currency during the financial year and provides specific details on lease liabilities, including the discounting rate used to arrive at present values.

The provided text details the accounting policies and explanatory notes for the Right of Use Assets, including gross carrying amounts, additions, disposals, and accumulated depreciation for the years ending March 31st, 2023 through June 30th, 2026. It also outlines the company's exposure to market risk, credit risk, and liquidity risk, defining market risk as the impact of market price changes on income and asset value, while credit risk is defined as the loss potential due to counterparties failing to discharge obligations. The document further explains that the company manages credit risk by setting limits on exposures and monitoring them, noting that cash and term deposits with high-rated banks are considered to have negligible risk.

The document outlines the company's significant accounting policies, including employee benefits, CSR expenses, and tax regimes adopted from FY22-23. It details the restructuring of leave encashment from long-term to short-term classification effective October 2025, resulting in a reclassification of ₹33.60 Lakh from non-current to current provisions. The financial statements section presents detailed roll-forward tables for Property, Plant and Equipment, Accumulated Depreciation, Net Carrying Value, Right-of-Use Assets, and Lease Liabilities across the fiscal years ending March 31, 2024, 2025, and June 30, 2026.

The document details the company's non-current assets, including short-term bank deposits, security deposits, and inventory, which are largely held as margin money or hypothecated against borrowings. Trade receivables are presented with detailed aging analysis and allowance for credit losses, while cash and cash equivalents are reported alongside bank balances. The financial data is presented in INR millions and includes specific notes regarding the hypothecation of assets and the lien status of fixed deposits.

This section details the financial assets and equity structure of Bombay Coated and Special Steels Limited- Rhp. It lists current financial assets including security deposits and short-term advances, which are considered good unless otherwise stated. The company also holds balances with statutory authorities and advances to suppliers. The share capital section reveals a significant capital increase from ₹9.90 Crore to ₹60.00 Crore via a bonus issue and a fresh issue, resulting in 405 million fully paid-up shares. Promoter holdings are disclosed, with Nitin Vijaykumar Gupta holding the majority stake at 78% as of June 30, 2026.

The document presents the restated financial statements for Bombay Coated and Special Steels Limited- Rhp for the periods ended June 30, 2026, March 31, 2026, March 31, 2025, and March 31, 2024. It details the composition of Other Equity, including retained earnings and securities premium, and lists non-current borrowings secured by term loans and vehicle loans from banks and other entities, along with current maturities of long-term borrowings.

The document details the long-term borrowings secured by various assets and personal guarantees as of June 30, 2026, listing eight distinct bank loans with outstanding balances ranging from approximately 2.14 million to 178.97 million INR. The loans are secured against a mix of land, buildings, machinery, and personal guarantees from multiple entities including DBS Bank, Kotak Mahindra Bank, Tata Capital, and Deutsche Bank. The interest rates displayed for these loans vary significantly, with rates as low as 1.04% and as high as 12.00% per annum.

The document details a portfolio of secured term loans and unsecured borrowings issued by Kotak Term Loan and Kotak Bank, secured primarily against Rajastan Land & Building and Plant & Machinery assets and personal guarantees. It also lists unsecured borrowings from various corporate bodies including Shree Salasar Ferro Metal Pvt.Ltd. and Maharashtra Rolling India Pvt Ltd. The security details for borrowings as at March 31, 2026, are provided, showing outstanding balances and interest rates for specific loan tenures ranging from 5 years. However, the provided text does not contain the restated Profit & Loss, Balance Sheet, or Cash Flow line items or derived ratios for any period.

The document details a portfolio of secured term loans and car loans issued by Standard Chartered Bank, DBS Bank Ltd, and Kotak Mahindra Bank to Mr. Nitin Gupta and his family members. These facilities are secured against various assets including land, buildings, plant machinery, and personal guarantees. The interest rates range from 7.31% to 15% depending on the lender, collateral type, and loan tenure. Additionally, the document lists unsecured borrowings from other financial institutions such as Shree Salasar Ferro Metal Pvt.Ltd. and Maharashtra Rolling India Pvt Ltd.

The document presents the non-current provisions for employee benefits for Bombay Coated and Special Steels Limited- Rhp, showing values of 9.62, 7.76, 8.82, and 4.68 million INR for the periods ending June 30, 2026; March 31, 2026; March 31, 2025; and March 31, 2024 respectively. The text notes that these figures are referenced in Note 29 for employee benefits and includes a header indicating all amounts are in INR millions.

The document provides detailed breakdowns of deferred tax liabilities and borrowings for the financial periods ended March 31, 2026, June 30, 2026, and March 31, 2025. Deferred tax liabilities increased from 27.56 million to 63.80 million over the year, driven primarily by property, plant, and equipment adjustments. Borrowings totaled 2,095.22 million at June 30, 2026, with a significant portion secured against inventories and land assets, while unsecured loans are held by related parties.

The document details the security arrangements for borrowings made by JSW Steel and related parties, listing various banks and the specific current assets or guarantees used as collateral. It also presents a breakdown of trade payables aged by payment terms and includes a section on provisions for employee benefits as of March 31, 2026.

The provided text contains the current tax liabilities and other current liabilities for Bombay Coated and Special Steels Limited- Rhp, along with a detailed breakdown of revenue from operations and other income. It also includes a calculation of cost of material consumed using opening and closing stock figures. The data is presented in INR millions and covers the periods ending June 30, 2026, March 31, 2026, March 31, 2025, and March 31, 2024.

This section details the financial impact of defined benefit gratuity plans for Bombay Coated and Special Steels Limited- Rhp. It presents the expense recognized in the Statement of Profit & Loss, which includes current service costs of 0.78 million INR for the period ended June 30, 2026, and total expenses of 2.76 million INR for the year ended March 31, 2026. The section also provides a detailed breakdown of the funded status, showing a net liability of 10.17 million INR at year-end, and includes sensitivity analyses regarding changes in discount rates, salary escalation, and withdrawal rates that could significantly alter the obligation.

The provided text contains financial data for Bombay Coated and Special Steels Limited- Rhp, including financial costs, depreciation, other expenses, income tax, and earnings per share. However, the document does not include the restated Profit & Loss, Balance Sheet, or Cash Flow line items for the requested periods, nor does it contain the specific ratios (such as ROE, ROCE, or net working capital days) that were requested for analysis.

The document outlines the financial commitments and contingent liabilities of Bombay Coated and Special Steels Limited- Rhp, with total contingent liabilities and commitments amounting to ₹9.83 Crore as of June 30, 2026, compared to ₹2.04 Crore in March 2026 and ₹27.68 Crore in March 2025. Financial instruments are categorized into financial assets and financial liabilities, with net debt calculated by subtracting cash and cash equivalents from total borrowings and lease liabilities. The company maintains a strong credit rating and aims to optimize its capital structure through a mix of debt and equity to fund capacity expansion and strategic acquisitions.

The document details the liquidity risk management strategy of the company, which involves maintaining reserves, monitoring cash flows, and matching financial asset and liability maturities. It outlines that the credit period ranges from 30 to 180 days and that corporate treasury functions manage financial risks related to capital protection and liquidity. The text explains that loans are extended after assessing counterparties' capabilities and that credit limits are reviewed to minimize concentration risks.

The document provides a reconciliation of restated profit and shareholder's funds for the years ended March 31, 2026, 2025, and 2024, detailing adjustments for accounting policy changes, material adjustments, and audit qualifications. It also outlines the company's Corporate Social Responsibility (CSR) activities, including drinking water, health care, education, and environmental sustainability initiatives, with a total shortfall of 0.10 million INR as of March 31, 2026.

The section details related party disclosures for a company, including director and senior management transactions with various HUFs and individuals. It presents transaction volumes for interest payments, rent, loans taken, and loans repaid for the current year and prior periods. The document also lists balances with related parties at the year-end, covering borrowings, deposits, and salary payables. The data is presented in a tabular format showing amounts in INR millions for specific dates, with some entries marked as zero or negative.

The document provides detailed disclosures regarding capital work-in-progress (CWIP) aging, foreign exchange earnings and expenditures, and confirms that funds are used for specific purposes without intermediaries. It also details a reconciliation of the Indian Accounting Standards (Ind AS) to International Accounting Standards (IGAAP) for the year ended March 31, 2024, highlighting adjustments for revenue from operations, inventory changes, and exceptional items. The reconciliation shows a net profit before tax of ₹28.21 Crore under Ind AS, adjusted to ₹28.35 Crore under IGAAP due to specific classification and revaluation adjustments.

This section details the reconciliation between Indian GAAP and Ind AS for the Balance Sheet as at April 1, 2023, and March 31, 2024. The primary adjustments involve reclassifying Right of Use assets, adjusting Financial Assets (Investments and Other Financial Assets), and reclassifying Borrowings and Trade Payables due to changes in accounting standards. The Ind AS figures generally show a slight increase in total assets compared to IGAAP due to the reclassification of non-current assets and liabilities, with the exception of certain specific asset and liability reclassifications that result in a net decrease in total equity and liabilities.

This section details the reconciliation of equity figures from the previous financial year (March 31, 2024) to the current year (April 1, 2023) using Ind AS 543 standards. The reconciliation highlights specific adjustments such as ROU and lease liabilities, employee benefit expenses, and deferred tax liabilities that account for the difference between the two reporting frameworks. The table also includes items like trade receivables and unamortised processing fees which further explain the variance in total equity amounts.

The document presents audited financial data for the period ended June 30, 2026, and the financial years ended March 31, 2026, 2025, and 2024. Key figures include a profit of ₹15.07 Crore for the current period, a Return on Net Worth of 11.03%, and Adjusted EBITDA of ₹32.17 Crore. The company also reports a Net Asset Value per Equity Share of ₹33.73 for the current period. The text notes that these ratios are derived from Restated Financial Information and includes a disclaimer regarding the use of Non-GAAP measures.

The section details the company's capitalization structure as of June 30, 2026, showing total borrowings of ₹273.69 Crore against shareholders' equity of ₹136.62 Crore, resulting in a total capitalization of ₹410.31 Crore. It highlights a debt-to-equity ratio of 2.00 and notes that non-current borrowings of ₹64.17 Crore and current borrowings of ₹209.52 Crore are subject to adjustment pending the finalization of the issue price. The document also outlines the company's operational capacity of 1,23,153 MTPA and provides key performance indicators for fiscal years 2024, 2025, and 2026, including revenue from operations, profit and loss, EBITDA, and various ratios like ROE and net working capital days.

The document presents financial metrics for the fiscal years ended June 30, 2024 and 2025, noting that figures for June 30, 2026 are not annualized. It details Return on Capital Employed (RoCE) declining from 18.78% in 2025 to 16.40% in 2026, and Return on Assets (RoA) declining from 7.09% in 2025 to 5.93% in 2026. The text also provides the Return on Capital Employed (RoCE) for the period ended June 30, 2026, which is 7.01%.

The document provides a detailed analysis of the company's financial performance for the fiscal year ended June 30, 2026, highlighting a significant decline in its Net Fixed Asset Turnover Ratio from 8.92 times in Fiscal 2025 to 7.72 times in 2026, primarily due to an increase in net fixed assets. Additionally, the Current Ratio improved slightly to 1.10 times in 2026 from 0.95 times in 2025, driven by higher current assets relative to liabilities. The Net Working Capital Days increased to 58 days in 2026 compared to 63 days in 2025, reflecting a longer operating cycle. The section also outlines various operational factors affecting results, including raw material dependence on a single supplier, seasonal demand in specific sectors, and the impact of government policies on the steel industry.

The document outlines the preparation of restated financial information for the period ended March 31, 2026, incorporating retrospective adjustments for accounting policy changes, material errors, and regroupings. It specifies that amounts are presented in Indian Rupees rounded to two decimals and details the historical cost convention, with specific exceptions for assets measured at fair value. The section defines current versus non-current classification criteria for assets and liabilities based on operating cycles and settlement terms. It further details key accounting judgments, including lease term determination, property, plant, and equipment depreciation using the Straight-Line Method, and the recognition of capital work-in-progress.

The provided text outlines the accounting policies for financial instruments, including fair value measurement, impairment models, and currency translation. It details how financial assets and liabilities are recognized, measured, and reported under Indian Accounting Standards (Ind AS), specifically focusing on the use of the effective interest method, fair value hierarchy levels, and the treatment of exchange differences. The section also covers the recognition of provisions, contingent liabilities, and the definition of cash equivalents, emphasizing the use of the functional currency (Indian Rupee) and the application of specific exchange rate rules for monetary and non-monetary items.

The document outlines the accounting policies for revenue recognition, inventory valuation, and tax provisions. Revenue is recognized based on transfer of control using an input method for performance obligations over time, while significant judgments are required for expected losses and transaction price allocation. Inventory is valued at the lower of cost and net realizable value for raw materials and finished goods, with semi-finished goods valued at cost plus direct overheads. The company does not adjust transaction prices for the time value of money due to short contract durations, and government grants are recognized over the useful life of depreciable assets.

The document outlines the company's financial reporting framework, including deferred tax and minimum alternate tax policies, segment reporting focused on a single steel coil processing unit, and the use of the indirect method for cash flow statements. It details the transition from Indian GAAP to Ind AS 101, noting exemptions for property, plant, and lease accounting, while highlighting that loans and advances were classified at fair value through profit or loss due to failing the contractual cash flow test. The section also covers recent accounting standards, financial instrument classifications, and disclosures regarding related party transactions, benami property, and crypto currency investments.

The document outlines the Company's lease liabilities, which total ₹13.03 Crore as of June 30, 2026, and details the movement of these liabilities including additions, interest payments, and principal repayments. It also presents a breakdown of rental expenses, which include depreciation and interest on lease liabilities, totaling ₹1.37 Crore for the same period. Additionally, the right-of-use assets show a gross carrying amount of ₹20.46 Crore as of June 30, 2026, with accumulated depreciation bringing the net carrying amount down to ₹13.38 Crore.

The document outlines the Company's approach to managing credit risk by defining the maximum exposure to credit risk as the carrying amount of financial instruments and noting that cash equivalents, term deposits, and security deposits are considered to have negligible risk. It details the establishment of an accounts receivable policy with a dedicated risk management team that monitors positions continuously, while explicitly stating that no provision for expected credit loss on trade receivables has been made based on management estimates. The section also defines liquidity risk as the difficulty in meeting financial liabilities and describes the treasury department's role in ensuring sufficient liquidity for liabilities due under normal and stressed conditions.

The document details the company's capital structure as of June 30, 2026, showing total borrowings of ₹273.69 Crore, with adjusted net debt calculated by subtracting cash and cash equivalents of ₹9.17 Crore to arrive at ₹264.52 Crore. The adjusted net debt to equity ratio is reported as 1.94, indicating a leverage position that has decreased from 3.31 in the prior year. The section also outlines accounting policies for employee benefits, distinguishing between short-term and long-term defined contribution plans recognized as expenses.

The document outlines the financial performance of the company for the fiscal year ended June 30, 2026, and the three months ended June 30, 2026. Revenue from operations reached ₹397.08 Crore, representing 99.88% of total income, while other income totaled ₹46.60 Lakh. Total expenses amounted to ₹376.90 Crore, resulting in a profit for the year of ₹15.07 Crore. The company also reported a profit for the three months ended June 30, 2026, with revenue from operations of ₹397.08 Crore and other income of ₹46.60 Lakh.

The financial statements for the period ended June 30, 2026, show a total expense of ₹376.90 Crore, driven primarily by material costs of ₹330.17 Crore which accounted for 83.05% of revenue. Revenue growth was supported by an increase in operations, reflected in a decrease in work-in-progress and finished goods inventories. The company reported a profit before tax of ₹20.65 Crore, with tax expenses of ₹5.57 Crore, resulting in a profit after tax of ₹15.07 Crore and a profit margin of 3.80%. Fiscal 2026 total income increased by 19.95% compared to Fiscal 2025, with revenue from operations being a key driver.

The financial statements detail a 20.32% increase in total expenses from ₹1,021.48 Crore in Fiscal 2025 to ₹1,229.04 Crore in Fiscal 2026, driven primarily by a 17.32% rise in cost of material consumed from ₹949.71 Crore to ₹1,112.38 Crore. While other income grew by 2.35% due to higher subsidies and interest, the company's inventory levels decreased by ₹7.60 Crore, and employee benefits expenses rose by 48.31% to ₹12.50 Crore.

The financial statements detail a significant increase in finance costs from ₹25.96 Crore in Fiscal 2024 to ₹31.24 Crore in Fiscal 2025, driven by higher interest expenses on both borrowings and leases. Depreciation and amortisation expenses rose by 67.60% to ₹8.63 Crore, primarily due to substantial additions in Property, Plant and Equipment and Right-of-Use assets. Other expenses increased by 24.44% to ₹45.32 Crore, with notable spikes in freight and handling charges and labour charges. Consequently, profit before tax grew by 31.76% to ₹37.16 Crore, while tax expenses also increased by 20.15% to ₹8.49 Crore. Finally, profit after tax increased by 35.65% to ₹28.67 Crore, reflecting a slight decrease in the profit margin from 2.80% to 2.72% despite revenue growth.

The document details the financial performance and balance sheet data for the period ended June 30, 2026, showing a total current assets increase to ₹337.80 Crore from ₹299.97 Crore in the prior year, driven primarily by inventory growth and trade receivables. Equity and liabilities are presented in a table format with specific figures for equity share capital, other equity, total equity, and various non-current and current liabilities including borrowings. The text highlights significant changes in inventory, trade receivables, and cash balances across fiscal years 2024, 2025, and 2026, noting specific reasons for fluctuations such as increased raw material stock and customer credit sales.

The document details the financial performance of the company for fiscal years 2024, 2025, and 2026, highlighting significant variations in current liabilities driven by increased working capital term loans and lease liabilities. Cash flow analysis reveals that operating activities generated substantial positive cash flows in 2026 and 2025, while investing activities consistently resulted in large outflows primarily due to capital asset purchases. Financing activities showed mixed results, with 2026 seeing net cash outflow and 2024 showing net inflow, largely influenced by borrowings and repayments. The text also outlines Non-GAAP measures including EBITDA and Return on Equity, which are supplementary to standard Ind AS financials.

The financial statements disclose key performance metrics including a PAT of ₹15.03 Crore for the period ended June 30, 2026, compared to ₹30.61 Crore for the corresponding period in the previous year. The company reports a Return on Equity of 11.65% for the current period, significantly lower than the 29.92% and 41.76% recorded in the prior two years. Debt-to-equity ratios are presented as 2.00 for the current period, 2.78 for the previous year, and 3.33 for the prior year, indicating a gradual reduction in leverage. Market risk analysis reveals a total debt of ₹261.62 Crore as of June 30, 2026, with a significant portion of this debt having variable interest rates.

The document outlines the company's financial risk management strategies, focusing on credit, liquidity, and market concentration risks. It details the composition of financial assets and liabilities as of June 30, 2026, and provides historical data for March 31, 2025, and March 31, 2024, showing significant growth in short-term borrowings and trade payables. The text highlights a high concentration of revenue from top ten customers, including Amber Enterprises India Limited and Western Refrigeration Pvt. Ltd., which contributed over 73% of revenue for the three-month period ended June 30, 2026.

The document details the company's significant supplier concentration risk, stating that approximately 85% to 90% of total steel coil purchases come from a single supplier, JSWSCPL, which is a key raw material for operations. It also outlines the company's financial indebtedness, showing a total of ₹394.64 Crore in aggregate sanctioned and outstanding borrowings as of August 31, 2026, with a breakdown of secured and unsecured loans including specific facility details from various banks. The text further explains that the company utilizes these funds for working capital, capital expenditure, and expansion, and highlights restrictive covenants that require prior lender approval for various corporate actions and changes in capital structure.

The document outlines several material risks associated with investing in the company's equity shares. Key risks include high supplier concentration with a single provider, potential regulatory non-compliance and penalties, negative cash flows that could impair liquidity, and significant customer concentration. Additionally, the company has a service provider arrangement that limits diversification and exposes it to operational disruptions.

The document highlights significant revenue concentration with the top ten customers accounting for over 70% of total revenue across all fiscal years. It identifies Amber Enterprises India Limited as the largest customer for the most recent period, followed by Western Refrigeration Private Limited. The company explicitly states that it depends significantly on a limited number of key customers for a substantial portion of its revenue. The text warns that the loss of any key customer or a significant reduction in business from them could have a material adverse effect on the company's financial performance.

The document highlights that the Home & Commercial Appliances sector is subject to significant seasonality driven by the Indian summer and festive periods, which can cause fluctuations in sales volumes, revenue recognition, and capacity utilization. It provides quarterly revenue data for the period ended June 30, 2026, showing that the Home & Commercial Appliances sector contributed 89.93% of total revenue. The breakdown further details revenue contributions from specific end-use sectors like Air Conditioners, Commercial Refrigeration, and Home Refrigeration, with Air Conditioners alone accounting for nearly half of the total revenue. Additionally, the text notes that the performance of these sectors is influenced by domestic and global production levels, capacity utilization, and inventory management practices.

The document highlights risks related to manufacturing under-utilization, which could increase production costs and negatively impact financial performance. It also notes that the company is involved in various legal and regulatory proceedings, with any adverse outcomes potentially affecting its business and financial condition.

This section outlines outstanding legal proceedings, regulatory actions, and disciplinary measures involving the company, its directors, promoters, and key management personnel. It highlights specific tax penalties and a director's disqualification history, noting that future legal challenges could strain resources and negatively impact financial performance. Additionally, it details the company's manufacturing infrastructure across four regional facilities, emphasizing that operational disruptions due to natural disasters, labor issues, or regulatory compliance failures could severely affect production and revenue.

This section outlines several material risks affecting the company's operations and financial stability. It highlights the risk of customer cancellations or delays due to lack of minimum purchase commitments, which could impact revenue. It also notes the potential for loss of long-standing customers and increased competition from competitors. The document further details risks related to high employee attrition rates, which could disrupt operations and require costly recruitment. Finally, it warns that the deployment of net proceeds from the IPO is not yet appraised by a bank, creating uncertainty about how funds will be utilized.

This section outlines the financial risks associated with the company's working capital, capital expenditure, and debt obligations. It highlights uncertainties regarding future funding availability and the potential for dilution from equity financing. Additionally, it details significant outstanding borrowings and restrictive covenants that could limit operational flexibility. The text also addresses risks related to inventory management delays and the potential for financial distress if these constraints are not met.

The document highlights significant financial risks related to inventory management, delayed payments of statutory dues, and compliance issues with GST and EPF filings. Inventory levels are projected to increase due to potential customer delays, which could strain cash flows. Additionally, the company has a history of delays in paying employee contributions and income tax, which could lead to penalties. Furthermore, there are recurring instances of delayed filings for GST and EPF, which may result in additional costs and regulatory scrutiny.

The document highlights significant delays in the remittance of Provident Fund dues to employees across multiple fiscal years, primarily caused by errors in employee Aadhaar cards and administrative issues. While no penalties were levied under the Employees' Provident Funds Act, the company notes that it has paid delayed fees under the Goods and Services Tax Act. Additionally, the company acknowledges that its insurance coverage may not be adequate to protect against all potential losses, which could materially adversely affect its business and financial condition.

The document details the company's leasehold and ownership positions across eight distinct facilities in India, including offices, godowns, and warehouses. These assets are held either through direct ownership or via long-term leases with third parties such as Ankit Malik & Pankaj Malik, Nitin Vijaykumar Gupta, Sri City Private Limited, and Ecogenics Solutions Private Limited. The lease terms vary significantly, with some facilities leased for ninety-nine years while others have shorter tenancy periods, and the rent amounts range from ₹0.70 Lakh to ₹3.60 Lakh per month.

The document outlines lease agreements for marketing space, administrative offices, and property in Tirupati, with terms ranging from five years to 99 years. The company has paid significant lumpsum payments for these facilities and is currently exempt from monthly rent obligations. However, the text warns that renewing these agreements may be difficult, costly, or impossible due to lock-in provisions, potential relocation costs, and rising market demands.

The document highlights risks related to potential future breaches of lease and license agreements, the lack of registered trademarks which could expose the company to intellectual property claims, evolving legal frameworks in India regarding IP, and the possibility of unregistered trademarks being infringed upon by third parties. It also notes that equipment obsolescence or breakdown could negatively impact financial results and operational efficiency.

This section outlines various operational and financial risks associated with the company's manufacturing and supply chain. It highlights risks related to equipment maintenance and breakdowns that could disrupt production, as well as the reliance on third-party transport providers which introduces delays and cost increases. The text also notes that the company faces counterparty credit risk due to extending credit to customers, which could lead to delayed payments and increased receivables.

This section outlines various operational, financial, and compliance risks faced by the company. Key risks include potential delays in collecting receivables due to macroeconomic conditions or customer insolvency, which could strain working capital and increase interest costs. The company also faces significant operational risks related to power and fuel supply disruptions, which could lead to production shutdowns and higher costs. Additionally, there are risks associated with meeting customer quality standards, which could result in product recalls, litigation, and loss of reputation. Financially, the company has outstanding dues to creditors that could lead to supply disruptions or legal proceedings if not paid on time. Regulatory risks are highlighted by the need for timely approval of licenses and permits, which could be suspended or cancelled if not obtained. Finally, the company faces competition from domestic and global players, potential credit rating downgrades affecting financing access, and expansion challenges that could impact future growth and operational stability.

The document highlights significant financial risks including contingent liabilities, unsecured loans repayable on demand, and personal guarantees from promoters that could trigger repayment obligations. It also notes a high concentration of promoter ownership at 97.78%, which may delay changes in control and create conflicts of interest. Additionally, there are risks related to the accuracy of industry data, the ability to execute a growth strategy, and the potential for non-GAAP financial measures to differ from standard accounting standards.

This section outlines several key risks associated with the company's operations and financial reporting. It highlights that Non-GAAP measures are not standardized and may vary between companies, limiting their comparative usefulness. The document also notes that internal IT systems and tools may track metrics inaccurately, potentially impairing business evaluation. Additionally, it warns that failures in information technology systems could disrupt operations and cause unauthorized access to sensitive data. Furthermore, it mentions the potential for increased compliance costs and burdens due to new data protection laws enacted in India. Finally, it states that while internal controls are maintained, they are subject to inherent limitations such as human error and circumvention, which could impair financial reporting accuracy.

The document outlines various risks associated with operating in India, including legal liabilities from regulatory bodies and third parties, potential shutdowns due to labor codes, and uncertainties in tax laws and government policies. It also highlights risks from natural disasters, pandemics, and civil unrest that could disrupt operations, while noting that downgrades in credit ratings could hinder access to financing and increase borrowing costs.

This section outlines several material risks affecting the company's business, financial condition, and cash flows. Key risks include potential adverse economic conditions due to trade tensions and tariff policies, significant changes in India's tax regime that could impact profitability and dividend taxation, and the possibility of inflation eroding margins. Additionally, the company faces regulatory hurdles such as pre-emptive surveillance measures, potential delays in listing and trading commencement, and restrictions on foreign investment and repatriation of funds.

This section highlights several risks associated with investing in the company, including potential losses from adverse exchange rates affecting equity repatriation, differences in shareholder rights between Indian and foreign jurisdictions, and the possibility of anti-takeover provisions under Indian law that could prevent future control changes.

The section outlines the company's policy for identifying material litigation and arbitration matters, which are defined by monetary thresholds relative to turnover, net worth, or profit/loss, or by potential adverse effects on the business. It also notes the absence of disciplinary actions against promoters and clarifies that pre-litigation notices from third parties are not disclosed until the parties are formally impleaded. Additionally, it specifies a separate materiality threshold for creditors whose dues exceed five percent of trade payables, which is currently ₹4.30 Crore.

The document states that there are no outstanding criminal, civil, or regulatory actions involving the Company, its promoters, or its directors. The section explicitly confirms that there are no pending legal proceedings against any of these entities.

The management section lists three independent directors: Neelam Tater, Mihen Halani, and Hemant Ostwal. All three directors hold a five-year term starting in 2025 and are currently serving until 2030. Their individual details, including dates of birth, addresses, and DINs, are provided alongside their current directorships and other directorships they hold.

The section provides brief profiles of the company's Directors, including Vijaykumar Himatrai Gupta, Nitin Vijaykumar Gupta, Bhawna Nitin Gupta, Neelam Tater, Mihen Halani, and Hemant Ostwal. Vijaykumar Himatrai Gupta serves as the Chairman and Whole-time Director with over 40 years of experience in the steel industry, having previously been the proprietor of Bombay Steels. Nitin Vijaykumar Gupta is the Managing Director with over 20 years of experience, responsible for overall management and strategic planning. Bhawna Nitin Gupta is a Whole-time Director with over 6 years of experience focusing on business administration and CSR. Neelam Tater and Mihen Halani are both Independent Directors appointed since March 21, 2025, with backgrounds in accounting, finance, and company secretarial services. Hemant Ostwal is also an Independent Director with over 18 years of experience in accounts and finance, registered as a Research Analyst with the SEBI.

The document details the management structure of the company, highlighting that the sole director, Vijaykumar Himatrai Gupta, is the Chairman and Whole-time Director. He has served as a director since the company's incorporation and was re-designated as Chairman and Whole-time Director effective from February 24, 2025. The text notes that none of the directors have entered into service contracts providing for benefits upon termination of employment. Additionally, the company has authorized borrowing powers up to ₹1,000.00 Crore, subject to specific conditions outlined in the Articles of Association.

The document outlines the remuneration for three directors, including one Managing Director and two Whole Time Directors, with specific amounts paid to each. It clarifies that there are no contingent, deferred, or bonus plans, and that the Articles of Association do not mandate qualification shares for directors. The section details the directors' shareholdings, noting that while Nitin Vijaykumar Gupta holds the largest stake, the remaining directors hold smaller percentages. It further specifies that the Managing Director, Chairman, and Whole Time Director may be deemed interested in loans granted by the Managing Director. The document also confirms that no loans have been availed by directors from the company and that none of the directors have been debarred from accessing the capital market.

The document outlines the powers and responsibilities of the Audit Committee, including its mandate to investigate activities, seek information, obtain legal advice, and review management discussions and internal control reports. It specifies that the Audit Committee must meet at least four times annually with a quorum of two independent directors or one-third of the committee members. The text also introduces the Stakeholders' Relationship Committee, noting its constitution by a Board resolution dated March 21, 2025, and references compliance with Section 178 of the Companies Act and Regulation 20 of the SEBI Listing Regulations.

The document outlines the structure and functions of the Stakeholders' Relationship Committee and the Nomination and Remuneration Committee for the Indian company. The Stakeholders' Relationship Committee is chaired by Mihen Halani, who is an independent director, while the Nomination and Remuneration Committee is chaired by Mihen Halani as an independent director. Both committees are required to meet at least once a year in accordance with SEBI Listing Regulations.

The document outlines the scope and responsibilities of the Nomination and Remuneration Committee, which includes formulating criteria for director qualifications, remuneration policies, and diversity. It mandates that the committee evaluate the skills and experience of independent directors, ensure a balance between fixed and incentive pay, and recommend all remuneration to the Board. The committee is also tasked with identifying qualified candidates for senior management, reviewing performance evaluations, and analyzing human resource and compensation matters in accordance with Indian market laws.

The document outlines the Company's responsibilities for administering employee stock option schemes, including determining eligibility, quantum, and exercise terms, while mandating the Compensation Committee to meet annually. It details the composition of the Nomination, Remuneration and Compensation Committee, which includes one independent director, and establishes a Corporate Social Responsibility Committee with specific mandates for policy formulation and expenditure review.

The document outlines the Risk Management Committee's constitution, responsibilities, and meeting frequency under SEBI regulations. Key managerial and senior personnel profiles are provided, detailing their roles, qualifications, and remuneration. The text confirms that none of these individuals have related interests, hold equity, or have any contingent compensation arrangements.

The document identifies three promoters: Vijaykumar Himatrai Gupta, Nitin Vijaykumar Gupta, and Bhawna Nitin Gupta, who collectively hold 97.78% of the company's equity shares. The text confirms that no change in control has occurred in the last five years and that the promoters have not disassociated from any companies during the preceding three years. It further details that the promoters hold no material guarantees to third parties, have not been declared as wilful defaulters or fraudulent borrowers by the RBI, and are not prohibited from accessing capital markets under SEBI orders.

The document identifies a Promoter Group consisting of multiple individuals and entities, including relatives and HUFs, with specific names and relationships listed. The group includes companies such as Shubhangi Papers Private Limited, Siddhanth Promoters Private Limited, and various HUFs like Vijaykumar H Gupta HUF and Nitin Vijaykumar Gupta HUF. The Board has determined that no group companies currently exist based on related party transactions exceeding 10% of revenue, despite the inclusion of these entities in the promoter list.

The document outlines the Board's authority to recommend and approve dividends, subject to the Company's Articles of Association and applicable laws. It details the Dividend Distribution Policy, which considers various financial factors such as profits, reserves, capital expenditure, and economic conditions. The text explicitly states that no dividends have been declared for the fiscal years 2024, 2025, or 2026, with future declarations dependent on future earnings and financial conditions.

Bombay Coated and Special Steels Limited- Rhp disclosed that it has not made any loans or advances to related parties during the reporting period, as these transactions do not meet the necessary criteria for classification. The company also confirmed that it has no borrowings from banks or financial institutions based on current assets and is not a wilful defaulter. Furthermore, the entity has no pending proceedings regarding benami property under the Benami Transaction (prohibition) Act, 1988, and has not registered any charges with the Registrar of Companies.

Bombay Coated and Special Steels Limited- Rhp reports no trading or investment in cryptocurrency or virtual currency during the financial years 2024 through 2026. The company has no significant liquidity risk regarding its lease liabilities, as current assets are sufficient to meet obligations. The financial statements disclose detailed movements in lease liabilities, including opening balances, additions, interest expenses, and depreciation on right-of-use assets, with a discounting rate of 10% used to calculate present values.

The document details the accounting policies for Right of Use Assets and Net Carrying Amount, presenting historical data for the years 2023 through 2026. It highlights significant additions to these assets, with the Net Carrying Amount increasing substantially over the period. The text also outlines the company's exposure to market and credit risks, emphasizing that cash equivalents and security deposits are considered to have negligible risk.

Bombay Coated and Special Steels Limited- Rhp discloses significant accounting policies and financial data for the years ended March 31, 2024, 2025, and 2026. The company reports a total current asset carrying value of ₹385.89 Crore as of June 30, 2026, with a breakdown showing ₹56.06 Crore for assets held less than one year and ₹329.83 Crore for assets held more than one year. Employee benefits expenses are detailed under significant accounting policies, including short-term and long-term employee benefits, defined contribution plans, and defined benefit plans. The company also notes a change in leave encashment methodology effective October 2025, which reclassified a liability of ₹33.60 Lakh from non-current provisions to current provisions.

The document details the financial treatment of Right-of-Use (RoU) assets and lease liabilities for the period ended March 31, 2025, showing a decrease in RoU assets from 8.06 to 133.81 million INR due to amortization and additions, while lease liabilities increased from 8.77 to 176.56 million INR. The carrying value of lease liabilities remained relatively stable at 138.63 million INR for the March 31, 2026 period, with a closing balance of 130.26 million INR for June 30, 2026. The text notes that amortization expenses on RoU assets are included within depreciation and amortization expenses in the Profit and Loss statement.

The draft prospectus discloses two non-current investments held by the company as of March 31, 2026. The primary investment consists of 250 equity shares in SVC Bank of Rs.12 each, valued at Rs.3,000. Additionally, the company holds unsecured bank fixed deposits and security deposits totaling ₹1.45 Crore, with the majority of this amount being held as margin money. These investments are primarily with Bombay Coated and Special Steels Limited- Rhp, which is the company's former parent entity.

The draft Red Herring Prospectus discloses that Bombay Coated and Special Steels Limited- Rhp, formerly known as Bombay Coated And Special Steels Private Limited, holds significant non-current assets as of June 30, 2026, including capital advances of 0.15 million INR and inventories totaling 1,254.60 million INR. Inventory is partially held as a security against borrowings, while the company's total assets for the period ended March 31, 2026, are reported as 62.01 million INR.