# Bombay Coated and Special Steels Limited- Rhp: IPO analysis

> Bombay Coated and Special Steels Limited- Rhp (CIN U27209MH2019PLC335077) has filed a Red Herring Prospectus with SEBI for an IPO comprising a fresh issue of ₹183 Cr, priced at ₹78.00 to ₹82.00 per share. In FY26 it reported revenue of ₹1,267 Cr (+20.0% on FY25) and a net profit of ₹31 Cr. Promoters hold 97.8% before the IPO. Our earlier look-up of its claims found 2 medium or high concerns across 8 claims looked up.

- Page: https://ipo.innerkore.com/in/company/U27209MH2019PLC335077/bombay-coated-and-special-steels-limited-rhp/
- CIN: U27209MH2019PLC335077
- Last updated: 26 Oct 2026

## Key facts

- **Company:** Bombay Coated and Special Steels Limited- Rhp
- **CIN:** U27209MH2019PLC335077
- **Filing stage:** RHP
- **Latest SEBI filing:** 26 Oct 2026
- **Fresh issue:** ₹183 Cr
- **Price band:** ₹78.00 to ₹82.00 per share
- **Bidding opens:** 29 Oct 2026
- **Bidding closes:** 2 Nov 2026
- **Listing on:** BSE, NSE
- **Revenue FY26:** ₹1,267 Cr
- **Revenue growth:** +20.0%
- **Net profit FY26:** ₹31 Cr
- **Revenue CAGR FY24 to FY26:** 29.5%
- **Promoter holding (pre-IPO):** 97.8%
- **Lead managers:** Id Smart Horizon Capital Advisors Private Limited
- **Registrar:** Id KFin Technologies Limited
- **Earlier look-up flags:** 1 high, 1 medium, 4 low

## Key signals (read from the filing; not investment advice)

- **Valuation** (looks fine): 16.9x P/E. From NSE's price band, on FY26 profit; 4.2x book value.
- **Growth** (looks fine): 29.5% a year. Sales FY24 to FY26; latest year +20%.
- **Profitability** (concern): 2.4% net margin. FY26; operating margin steady.
- **Debt** (concern): 2.78x equity. ₹338 crore borrowed at the end of FY26.
- **Profit into cash** (concern): 33% of profit. Operations brought in ₹10.2 crore against ₹30.5 crore of profit in FY26.
- **One-off income** (look closer): 7% of profit. Other and one-off income is 7% of pre-tax profit; management describes 12 one-off items.
- **Where the money goes** (looks fine): All new money. 100% is new shares issued by the company. 89% of the new money repays debt.
- **Red flags** (concern): 2 to review. 8 claims looked up earlier: 1 high, 1 medium concern.

## Financial snapshot (₹ crore unless stated; unspecified)

| | FY24 | FY25 | FY26 | 3M Jun-26 |
|---|---:|---:|---:|---:|
| Sales | 755 | 1,056 | 1,267 | 397 |
| Sales growth | – | 39.8% | 20.0% | – |
| Operating profit | 49 | 74 | 86 | 32 |
| Operating margin | 6.5% | 7.0% | 6.8% | 8.1% |
| Net profit | 21 | 29 | 31 | 15 |
| Net margin | 2.8% | 2.7% | 2.4% | 3.8% |
| Net worth | 54 | 83 | 122 | 137 |
| Borrowings | 234 | 277 | 338 | 274 |
| Return on equity | 38.9% | 34.5% | 25.1% | – |

## Non-recurring items (as described by management)

- The company reported a write-off of 0.14 million on the sale of PPE including intangible assets in the period ended June 30, 2026. (p.422)
- The company has no non-recurring items discussed in this section. (p.424)
- The Company received a one-time payment of ₹33.60 Lakh to settle outstanding leave encashment balances, reclassifying the liability from Non-Current Provisions to Current Provisions. (p.447)
- The Company received insurance claims as part of its other income. (p.448)
- The company reported a write-off of ₹12.60 Crore in Fiscal 2026 for depreciation and amortisation expense. (p.458)
- The company reported a write-off of ₹3.00 Lakh in Fiscal 2026 for loss on sale of property, plant and equipment. (p.458)
- The company reported a write-off of ₹0.10 Lakh in Fiscal 2026 for Expected Credit Loss. (p.458)
- The company reported a write-off of ₹1.11 Crore in Fiscal 2026 for asset written off. (p.458)
- The company reported a write-off of ₹35.71 Crore in Fiscal 2026 for finance cost. (p.458)
- The company reported a write-off of ₹31.24 Crore in Fiscal 2025 for finance cost. (p.458)
- The company reported a write-off of ₹8.63 Crore in Fiscal 2025 for depreciation and amortisation expense. (p.458)
- The company reported a write-off of ₹1.40 Lakh in Fiscal 2026 for loss on sale of property, plant and equipment. (p.458)

## Use of proceeds (fresh issue)

- Repayment/pre-payment, in full or in part, of certain borrowings availed by our Company: ₹125 crore
- Financing the cost towards acquisition of capital equipment under existing lease arrangements with Siemens Financial Services Private Limited: ₹16 crore
- General corporate purposes(1)(2): amount not fixed yet

## Claims looked up earlier

- **HIGH** (SubsidiaryPerformance): Our Company entered into a Service Partner Agreement dated April 1, 2025, with JSW Steel Coated Products Limited.. The search results do not contain any information regarding a Service Partner Agreement between Bombay Coated and Special Steels Limited- Rhp and JSW Steel Coated Products Limited dated April 1, 2025. The available results only mention JSW Steel Coated Products Limited in the context of purchase transactions in June 2026 and general news about steel products, with no mention of the specific agreement or the date in question.
- **MEDIUM** (SubsidiaryPerformance): Our Company was originally incorporated as 'Bombay Coated and Special Steels Private Limited' under the Companies Act, 2013 on December 26, 2019.. The search results contain conflicting information regarding the company's incorporation date. While search result [5] explicitly states that 'Bombay Coated and Special Steels Limited- Rhp' was incorporated in December 2019, search result [3] indicates that 'Vardhman Special Steels Limited' was incorporated on 14 May 2010. Since the claim specifically names 'Bombay Coated and Special Steels Limited- Rhp', result [5] corroborates the claim, whereas result [3] contradicts it by referring to a different entity or a different name. The search results do not provide a definitive resolution to this discrepancy.
- **LOW** (SubsidiaryPerformance): Our Company changed its name to 'Bombay Coated and Special Steels Limited- Rhp' on February 14, 2025, following the conversion to a public limited company.. The search results do not contain any information regarding the company's name change to 'Bombay Coated and Special Steels Limited- Rhp' on February 14, 2025. While results mention a company with a similar name, 'Bombay Coated & Special Steels Limited', they refer to an IPO that opened 'tomorrow' (relative to the search date) and discuss current financial metrics, not the historical name change event described in the claim.
- **LOW** (SubsidiaryPerformance): Our Company established its Wada Facility in 2021.. The search results indicate that the company was incorporated in December 2019, but none of the provided links or snippets explicitly confirm the establishment of a Wada Facility in 2021. While the company is described as a steel processing center, there is no specific mention of a Wada Facility in the available search results.
- **LOW** (SubsidiaryPerformance): Our Company was converted into a public limited company on January 21, 2025, with a special resolution passed on January 22, 2025.. The search results indicate that the company was incorporated in December 2019 and is currently listed on the NSE, but none of the provided links or text confirm the specific conversion date of January 21, 2025, nor do they mention a special resolution passed on that date. The documents appear to be from the past or future-dated without explicit confirmation of the resolution mentioned in the claim.
- **LOW** (SubsidiaryPerformance): Our Company established its Bhiwandi Facility in 2012.. The search results do not contain any information regarding the establishment date of the Bhiwandi Facility. While one source mentions the company was incorporated in December 2019, none of the provided links confirm the specific timeline of the Bhiwandi facility's setup.
- **NONE** (SubsidiaryPerformance): Our Company acquired the business of M/s. Bombay Steels pursuant to a Business Transfer Agreement dated January 29, 2021, on a going concern basis.. The search results do not contain any information regarding a Business Transfer Agreement or the acquisition of the Bombay Steels business by Bombay Coated & Special Steels. The documents provided are limited to general company profiles, share price updates, and IPO details, with no mention of the specific acquisition transaction mentioned in the claim.
- **NONE** (SubsidiaryPerformance): Our Company established its Ghiloth Facility in 2022.. The search results do not contain specific information regarding the establishment date of the Ghiloth Facility. While one source mentions the company is incorporated in December 2019, the other sources focus on recent IPO details, business models, and share prices without mentioning the facility's founding year. Consequently, the claim cannot be verified against the provided search results.

## Common questions

### How big is the Bombay Coated and Special Steels Limited- Rhp IPO?

Bombay Coated and Special Steels Limited- Rhp's IPO comprises a fresh issue of ₹183 Cr, according to its Red Herring Prospectus. The price band is ₹78.00 to ₹82.00 per share.

### What are Bombay Coated and Special Steels Limited- Rhp's revenue and profit?

Bombay Coated and Special Steels Limited- Rhp reported revenue from operations of ₹1,267 Cr in FY26, +20.0% versus FY25. Net profit was ₹31 Cr (FY25: ₹29 Cr). Revenue grew at a compound rate of 29.5% a year from FY24 to FY26. Figures are read from the RHP, as printed there.

### How much do promoters own in Bombay Coated and Special Steels Limited- Rhp?

Promoters hold 97.8% of Bombay Coated and Special Steels Limited- Rhp before the IPO. Largest holders listed: Nitin Vijaykumar Gupta Managing Director (78.2%); Nitin Vijaykumar Gupta (78.2%); Vijaykumar Himatrai Gupta (12.5%).

### How will Bombay Coated and Special Steels Limited- Rhp use the IPO money?

The fresh-issue proceeds are earmarked for: Repayment/pre-payment, in full or in part, of certain borrowings availed by our Company (₹125 Cr); Financing the cost towards acquisition of capital equipment under existing lease arrangements with Siemens Financial Services Private Limited (₹16 Cr); General corporate purposes (amount not fixed yet).

### What are the red flags in Bombay Coated and Special Steels Limited- Rhp's RHP?

Earlier, we looked up 8 claims from the filing on the open web (we no longer do this, since SEBI reviews the filing): 1 raised a high concern, 1 medium and 4 low. The most notable: The search results do not contain any information regarding a Service Partner Agreement between Bombay Coated and Special Steels Limited- Rhp and JSW Steel… The search results contain conflicting information regarding the company's incorporation date. While search result [5] explicitly states that 'Bombay Coated… This is an automated screen, not a verdict; each finding links to its sources.

### What does Bombay Coated and Special Steels Limited- Rhp do?

They're printing cash from operations at Rs. 16.8 crore while reporting a profit of just Rs. 30 crore, which means nearly 80% of that profit is sitting in the bank and isn't actually coming in from the core business.

### Who manages the Bombay Coated and Special Steels Limited- Rhp IPO?

Book running lead managers: Id Smart Horizon Capital Advisors Private Limited. Registrar to the offer: Id KFin Technologies Limited. Shares are proposed to list on BSE and NSE.

### Where can I read the original Bombay Coated and Special Steels Limited- Rhp IPO documents?

All 2 filings for Bombay Coated and Special Steels Limited- Rhp (RHP) are listed on this page with links to the original PDFs on SEBI's website. Every page reference cites the exact page of the source document.

## Source documents

- [Bombay Coated and Special Steels Limited](https://nsearchives.nseindia.com/content/ipo/RHP_BCSSL.zip) (Red Herring Prospectus, filed 26 Oct 2026)
- [BOMBAY COATED AND SPECIAL STEELS LIMITED- RHP](https://www.sebi.gov.in/sebi_data/attachdocs/oct-2026/1793079406414.PDF) (Red Herring Prospectus, filed 21 Oct 2026)

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Source: InnerKore IPO (https://ipo.innerkore.com/). Read from public SEBI filings by automated extraction; check the linked documents. Not investment advice.