Bombay Coated & Special Steels
FinMinutes Deep Business Model & Edge
Bombay Coated and Special Steels Limited is an Indian steel processing company engaged in slitting, cut-to-length, shearing, and embossing of cold rolled, galvanized, and color-coated steel products.
What this company actually does — full breakdown ▾
Originally incorporated as Bombay Coated and Special Steels Private Limited in 2013, the company operates steel processing centers located at Wada (Maharashtra), Ghiloth (Rajasthan), and Sri City (Andhra Pradesh). It provides customized steel processing services and just-in-time delivery catering to white goods, automotive, and general engineering industries.
- Steel Processing — Slitting, cut-to-length, shearing, and embossing of steel coils.
Strategic long-term service partner agreement with JSW Steel Coated Products Limited (JSWSCPL) ensuring raw material supply and multi-location facility presence.
The Offer
Follow the Money — Use of Proceeds
- Repayment / pre-payment, in full or in part, of certain borrowings availed by our Company — ₹125.00 cr
- Financing the cost towards acquisition of capital equipment under existing lease arrangements with Siemens Financial Services Private Limited — ₹15.77 cr
- General Corporate Purposes
Valuation at the Offer Price
The filing does not print a single headline multiple, so this one is ours: the upper band divided by the latest restated earnings per share — the same arithmetic the “Basis for the Offer Price” section performs. It is struck on pre-issue earnings; where the issue creates new shares, the post-issue multiple is computed in the workings below. The peer group is the one the filing itself names. A premium is not the same thing as expensive and a discount is not the same thing as cheap — the peer table and the reasons sit further down this page.
FinMinutes IPO Score — How It's Built
Transparent, deterministic, computed from the filing — not an opinion. Open any component below to see exactly what it measures and what it is worth. Components with no disclosed input are dropped from the weighting entirely rather than held at an invented neutral, because a constant inside a weighted average is not neutral — it quietly drags every score toward the middle. Weighted across 4 live components.
88% of the designed weighting had real data behind it on this issue. Not yet scored here: Filing Integrity. A lower coverage figure does not mean a worse company — it means we are standing behind less of the picture, and you should read the findings below rather than the headline number.
How this is measured12%
Whether fresh capital actually enters the business. A predominantly offer-for-sale issue is marked down ONLY when the financials are weak. A profitable, cash-rich company selling down is treated as neutral, not penalised, because it does not need the money.
How this is measured32%
Driven by the models battery run on the filing's own restated numbers: the Piotroski fundamental tests (scored out of those we could actually run), the Altman Z-double-prime solvency zone, and the direction of profit across the disclosed period. It is not a single yes/no on last year's profit.
How this is measured10%
The post-issue earnings multiple against the peer median disclosed in the filing. A discount to the median scores well and a premium scores badly. When the filing does not disclose comparable peer multiples, this component is dropped from the weighting rather than held at a made-up neutral.
How this is measured28%
Starts at 100 and loses points for every material finding: 12 for a flagged finding, 4 for a noted one. Two kinds feed it. DERIVED findings are computed from the filed numbers against stated thresholds — operating cash negative while profit is positive, related-party revenue above 15% of total, revenue rising while profit falls, goodwill above 30% of net worth, receivables growing more than 1.3x faster than sales, cash below half of short-term debt. Those are reproducible: the same filing gives the same answer every time, and the rule is printed beside the finding. READ findings come from the forensic sweep of the notes. Contingent liabilities, related-party intensity, customer concentration, litigation, auditor qualifications, statutory dues, promoter funding. Findings that record the ABSENCE of a problem — no litigation pending, an unmodified audit opinion — deduct nothing. This is the component our forensic read drives directly, and it moves most between companies.
3-Year Financial & Growth Trend
| Metric | FY26 | FY25 | FY24 |
|---|---|---|---|
| Revenue (₹ Cr) | 1266.818 | 1055.707 | 755.259 |
| Net Profit (₹ Cr) | 30.539 | 28.672 | 21.138 |
| PAT Margin | 2.41% | 2.72% | 2.8% |
Revenue Breakdown
- Wada Facility: 42.39%
- Ghiloth Facility: 42.85%
Market Context
NOT part of the FinMinutes ScoreThe Score above is what the filing says. Everything in this box is what the crowd says. We keep them apart on purpose — every other site blends the two and calls the result a rating. Demand is real information, but it is information about the market, not about the company, and it changes by the hour while the company does not.
Demand and our read of the filing are broadly in the same territory.
Subscription is low early in a book and high at the end, because most bids arrive in the final hours. A number read on day one says more about the clock than the company — which is precisely why it is not in the Score. GMP is unofficial, unregulated, and easily moved. Neither is a recommendation.
Why the numbers moved, in management’s own words
Taken from the Management’s Discussion and Analysis section of the filing. A number tells you what happened; this is the company’s explanation of why, and whether it calls the cause temporary or structural.
| Metric | Move | Management's stated reason | Type |
|---|---|---|---|
| Revenue from Operations (FY25 to FY26) | ↑ 20.0% | Higher sales volume and increased capacity utilization across facilities | Structural |
| Profit After Tax (PAT) (FY25 to FY26) | ↑ 6.5% | Growth in overall business scale and operational efficiencies | Structural |
Headwinds
- Raw material price volatility and high dependence on single supplier JSW Steel Coated Products Limited company persistent
Maintains long-standing service partner agreement since 2021 and regular procurement terms
Tailwinds
- Expansion in end-user sectors including home & commercial appliances, automotive, and infrastructure sector
Drives demand for value-added slit coils, blanks, and sheared products
| Facility | Period | Utilisation |
|---|---|---|
| Slitting Line | FY26 | 60.6% |
| Cut-to-Length Line | FY26 | 58.7% |
| Shearing Line | FY26 | 59.9% |
| Embossing Line | FY26 | 46.7% |
Issue Timeline
Dates as carried by the exchange feed. Allotment, refund and credit dates move more often than the open and close dates do.
- Refunds initiated2026-11-04
- Pre Application Start2026-10-28
- Bidding Start2026-10-29
- Bidding End2026-11-02
- Allotment Process Start2026-11-03
- Allotment Finalization2026-11-04
- Listing Day2026-11-05
- Mandate End2026-12-14
Applying, and Who Handles the Allotment
Check allotment status on the registrar’s portal → We link the registrar directly rather than mirroring the form.
Deep Financials
Revenue, EBITDA and profit are what every listing site prints. Below are the full restated statements as disclosed, the ratios we compute from them, and a DuPont decomposition of the return on equity. A prospectus carries three years, not ten — that is the document’s ceiling, and within it we go as deep as it allows.
Income StatementThe profit and loss as filed, then what we derive from it — kept apart.
Statutory order, exactly as restated in the filing. Finance cost and depreciation sit inside Total Expenses under Ind AS, which is why they are listed among the expense lines here rather than below the total. The expense rows sum to the total. Rows the filing does not disclose separately are omitted rather than left blank.
| Income Statement — as filed (₹ Cr) | FY26 | FY25 | FY24 |
|---|---|---|---|
| Revenue from Operations | 1,266.82 | 1,055.71 | 755.26 |
| Other Income | 3.01 | 2.94 | 10.15 |
| Total Income | 1,269.83 | 1,058.65 | 765.41 |
| Cost of Materials Consumed | 1,113.84 | — | — |
| Changes in Inventories | 8.08 | — | — |
| Employee Benefit Expense | 9.87 | — | — |
| Finance Cost | 29.84 | — | — |
| Depreciation & Amortisation | 5.16 | — | — |
| Other Expenses | 62.25 | — | — |
| Total Expenses | 1,229.04 | — | — |
| Profit Before Exceptional Items and Tax | 40.79 | 37.17 | 28.21 |
| Profit Before Tax | 40.79 | 37.17 | 28.21 |
| Tax Expense | 8.04 | 7.10 | 7.07 |
| Profit After Tax | 30.54 | 28.67 | 21.14 |
| Other Comprehensive Income | 0.07 | — | — |
| Total Comprehensive Income | 30.61 | — | — |
| EPS - Basic | 7.64 | 7.24 | 5.34 |
| EPS - Diluted | 7.64 | 7.24 | 5.34 |
Balance SheetWhat the company owns, owes, and is worth on paper.
| Balance Sheet (₹ Cr) | FY26 | FY25 | FY24 |
|---|---|---|---|
| Share Capital | 40.50 | 9.90 | 9.90 |
| Reserves & Surplus | 81.08 | 73.15 | 44.46 |
| Net Worth | 121.58 | 83.05 | 54.36 |
| Long-term Borrowings | 52.29 | 39.23 | 40.69 |
| Short-term Borrowings | 286.17 | 237.74 | 193.47 |
| Total Borrowings | 338.45 | 276.96 | 234.16 |
| Trade Payables | 86.05 | 72.97 | — |
| Current Liabilities | 385.89 | — | — |
| Total Liabilities | 449.89 | — | — |
| Property, Plant & Equipment | 164.20 | 118.32 | 116.08 |
| Capital Work in Progress | 5.45 | 5.47 | — |
| Inventories | 189.33 | — | — |
| Trade Receivables | 302.26 | — | — |
| Cash & Equivalents | 10.93 | — | — |
| Current Assets | 526.11 | — | — |
| Total Assets | 571.47 | 458.21 | 350.21 |
Cash FlowWhere the cash actually went. Often the most honest statement of the three.
| Cash Flow (₹ Cr) | FY26 | FY25 | FY24 |
|---|---|---|---|
| Capital Expenditure | 54.79 | — | — |
Ratio AnalysisProfitability, leverage, liquidity, efficiency and earnings quality — computed by us.
Every ratio below is computed by us from the line items the company disclosed — not copied from anywhere. The arithmetic is standard; the point is that somebody actually did it. Blank cells mean the filing did not disclose the inputs, and we would rather show a gap than invent a number.
| Ratio | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profitability | |||
| EBITDA Margin (%) | 6 | — | — |
| EBIT Margin (%) | 5.6 | — | — |
| PAT Margin (%) | 2.4 | 2.7 | 2.8 |
| Return on Equity (%) | 25.1 | 34.5 | 38.9 |
| Return on Capital Employed (%) | 15.4 | — | — |
| Return on Assets (%) | 5.3 | 6.3 | 6 |
| Leverage | |||
| Debt / Equity (x) | 2.78 | 3.33 | 4.31 |
| Net Debt / EBITDA (x) | 4.32 | — | — |
| Interest Coverage (x) | 2.37 | — | — |
| Liquidity | |||
| Current Ratio (x) | 1.36 | — | — |
| Quick Ratio (x) | 0.87 | — | — |
| Efficiency | |||
| Asset Turnover (x) | 2.22 | 2.3 | 2.16 |
| Receivable Days | 87 | — | — |
| Inventory Days | 62 | — | — |
| Payable Days | 28 | 25 | — |
| Cash Conversion Cycle (days) | 121 | — | — |
| Quality of Earnings | |||
| Capex / Depreciation (x) | 10.63 | — | — |
| Inventory and payable days are measured against cost of goods in some years and revenue (materials consumed + purchases of stock-in-trade + change in inventories). Receivable days against revenue. | |||
DuPont DecompositionWhy the return on equity is what it is: margin, efficiency, or leverage.
A headline return on equity tells you what. The DuPont decomposition tells you why — whether the return is earned through margin, through asset efficiency, or simply through leverage. Two companies can post an identical ROE for opposite reasons, and only one of them is safe.
| Component | FY26 | FY25 | FY24 |
|---|---|---|---|
| Net Margin (PAT / Revenue) | 2.4% | 2.7% | 2.8% |
| Asset Turnover (Revenue / Assets) | 2.22x | 2.3x | 2.16x |
| Equity Multiplier (Assets / Net Worth) | 4.7x | 5.52x | 6.44x |
| = Return on Equity | 25.1% | 34.5% | 38.9% |
| Tax Burden (PAT / PBT) | 0.75x | 0.77x | 0.75x |
| Interest Burden (PBT / EBIT) | 0.58x | — | — |
| Operating Margin (EBIT / Revenue) | 5.6% | — | — |
Computed from the disclosed statements. Where the filing omits an input, the row is left blank rather than estimated.
Quality of EarningsWhat the statements say when you read them against each other.
What the statements say once you read them against each other. These are observations, not verdicts — every one is arithmetic on the numbers the company itself disclosed, and each is stated so you can go and check it in the filing.
- Debt to equity stood at 2.78x in FY26.
Forensic ModelsBeneish, Altman, Piotroski and the Montier C-score — plus our own final-year check.
Beneish M-Score
2 of 8 inputsAn eight-variable model built to detect earnings manipulation, and built to run on exactly two consecutive years — which is what a prospectus gives us. It belongs here more than anywhere: a company about to list has the maximum possible incentive to have dressed up the very years it is about to show you. A score above −1.78 is the threshold at which the model says the accounts merit a closer look. It is a screening signal, not an accusation, and it was calibrated on listed companies elsewhere. Read the eight components, not just the total.
| Component | Value | What it captures |
|---|---|---|
| DSRI Days Sales in Receivables Index (Receivables_t / Sales_t) / (Receivables_t-1 / Sales_t-1) | — | Above 1 means receivables grew faster than sales. Revenue may be being recognised ahead of collection. |
| GMI Gross Margin Index GrossMargin_t-1 / GrossMargin_t | — | Above 1 means margins deteriorated. A firm with worsening prospects has more incentive to manipulate. |
| AQI Asset Quality Index AQ_t / AQ_t-1, where AQ = 1 - (CurrentAssets + PPE) / TotalAssets | — | Above 1 means a rising share of assets is soft (neither current nor fixed) — capitalised costs can hide here. |
| SGI Sales Growth Index Sales_t / Sales_t-1 | 1.2 | Growth is not manipulation. But high-growth firms face more pressure to keep the streak going. |
| DEPI Depreciation Index DepRate_t-1 / DepRate_t, where DepRate = Dep / (Dep + PPE) | — | Above 1 means assets are being depreciated more slowly — a quiet way to lift reported profit. |
| SGAI SG&A Index (SGA_t / Sales_t) / (SGA_t-1 / Sales_t-1), SGA proxied as employee cost + other expenses | — | A proxy, because filings rarely break out SG&A cleanly. Read it as a direction, not a precise figure. |
| LVGI Leverage Index Leverage_t / Leverage_t-1, where Leverage = (CurrentLiab + LongTermDebt) / TotalAssets | 8.957 | Above 1 means leverage rose. Debt covenants create pressure to hit numbers. |
| TATA Total Accruals to Total Assets (PAT - CashFromOperations) / TotalAssets | — | The gap between reported profit and cash generated. The single heaviest term in the model — and the one that catches profit that never became cash. |
The filing does not disclose every input the model needs, so we withhold the composite score rather than substitute a guess. The components we could compute are above.
Altman Z″-Score (emerging markets)
Z″ = 6.44 · SafeA distress-prediction model. We use the Z″ variant deliberately: the original Z was calibrated on American manufacturers and misleads badly on Indian services companies. Above 2.6 is the safe zone, 1.1 to 2.6 is grey, below 1.1 is the distress zone. Like every model of its kind it is a screen, not a prophecy.
| X1 — Working Capital / Total Assets | 0.245 |
| X2 — Reserves / Total Assets | 0.142 |
| X3 — EBIT / Total Assets | 0.124 |
| X4 — Net Worth / Total Liabilities | 0.27 |
| Z″ = 3.25 + 6.56·X1 + 3.26·X2 + 6.72·X3 + 1.05·X4 | 6.44 |
X2 is meant to read retained earnings. The filing reports Other Equity, which also holds securities premium paid in by investors, so X2 here runs on reserves and reads higher than true retained earnings would. The more premium the company has raised before listing, the more Z″ is flattered.
Piotroski F-Score (adapted)
1 / 4Nine yes-or-no tests of fundamental strength — except we run eight. One of the original nine asks whether the company issued new shares, which is plainly absurd to ask of a company whose entire purpose at this moment is to issue shares. We drop that test, and we would rather tell you that than quietly fudge it. A further 4 tests are shown as — below: the filing does not disclose what they need, so they are dropped from the denominator rather than counted as a failure.
- ✓Positive return on assets
- —Positive operating cash flow
- ✗Return on assets improving
- —Cash flow exceeds profit (quality of earnings)
- ✗Long-term leverage decreasing
- —Current ratio improving
- —Gross margin improving
- ✗Asset turnover improving
Montier C-Score
1 of 1 signsSix yes-or-no signs that reported profit may be running ahead of the business, from James Montier’s 2008 screen, read here for FY26 against FY25. Each is a direction in the statements, not a judgement. Several together are a reason to read the accounting policies and notes closely; none on its own means anything is wrong, and growing companies trip some of them honestly. Signs the filing gives no inputs for are shown as — and left out of the count.
- —Gap between profit and operating cash flow widening · PAT − CFO: ₹— cr in FY25, ₹— cr in FY26
- —Receivable days rising · — days in FY25, 87 days in FY26
- —Inventory days rising · — days in FY25, 55 days in FY26 (on revenue)
- —Other current assets rising against revenue · — of revenue in FY25, 1.9% in FY26 (current assets less cash, receivables and inventory)
- —Depreciation falling against fixed assets · — of net block in FY25, 3.1% in FY26
- ●Total assets growing more than 10% a year · 24.7% in FY26
Ratios Nobody Prints
- Related-party revenue / Total revenue: 2.6%
2.6% of revenue in FY26 came from entities connected to the promoters. Revenue you sell to yourself is not the same as revenue you won in the market. - Cash / Short-term borrowings: 0.04x
Short-term borrowings of 286.17 cr against cash of 10.93 cr. Debt that must be refinanced within a year is only comfortable while lenders stay comfortable.
What the Price RequiresThe profit the offer price needs, at three hurdle rates. A restatement of the price, not a view on it.
At the upper band of ₹82.00, the market value is ₹332 cr. A buyer who wants a given return each year from a business that never grows needs annual profit of market value × that return. The three rates are round hurdle rates, not this company’s cost of capital, so pick the one that is yours. The years columns assume profit compounds from the FY26 figure and the price stands still. None of this is a forecast, a fair value or a target.
| Hurdle rate | Profit the price needs | × FY26 profit | Years at 15% growth | Years at 25% growth |
|---|---|---|---|---|
| 10% a year | ₹33.2 cr | 1.1x | 0.6 | 0.4 |
| 12% a year | ₹39.9 cr | 1.3x | 1.9 | 1.2 |
| 14% a year | ₹46.5 cr | 1.5x | 3.0 | 1.9 |
- Earnings yield at the upper band: 9.20% (FY26 profit ÷ market value).
The Formula NotebookEvery number above, with the working shown. Check us.
Every number we publish, with the working shown. The formula, the same formula with this company’s actual figures put into it, the answer, and what it is for. Check us. That is the point.
PAT ÷ Net Worth30.54 ÷ 121.58What the company earned on the money shareholders have in it. The headline measure of return — and the one the DuPont section takes apart.
EBIT ÷ (Net Worth + Total Borrowings)70.63 ÷ (121.58 + 338.45) = 70.63 ÷ 460.04Return on ALL the capital in the business, borrowed as well as owned. Unlike ROE, it cannot be flattered by taking on debt.
EBITDA ÷ Revenue75.78 ÷ 1,266.82Operating profitability before the effects of debt, tax and depreciation. What the business earns from the act of trading.
Total Borrowings ÷ Net Worth338.45 ÷ 121.58How much the company has borrowed against what it owns. High is not automatically bad — ask whether the borrowing is being serviced comfortably.
EBIT ÷ Finance Cost70.63 ÷ 29.84How many times over operating profit covers the interest bill. Below about 2x, a meaningful share of what the business earns is going to lenders rather than owners.
(Trade Receivables ÷ Revenue) × 365(302.26 ÷ 1,266.82) × 365How long the company waits to be paid. Rising receivable days mean revenue is being booked faster than it is collected — which is where a great many accounting problems begin.
Inventory Days + Receivable Days − Payable Days62 + 87 − 28How long cash is tied up in the operating cycle before it comes back. The longer it is, the more working capital the business must fund.
Price × Post-issue Shares₹82.00 × 40,500,091 sharesWhat the whole company is being valued at, if the issue prices at the top of the band.
Market Cap + Total Borrowings − Cash332.10 + 338.45 − 10.93What it would actually cost to buy the whole business: you take on its debt and you get its cash. This is the number a buyer cares about, and it is the reason a P/E on its own can mislead.
Enterprise Value ÷ EBITDA659.62 ÷ 75.78The multiple that includes debt. Two companies on the same P/E — one debt-free, one heavily borrowed — are not the same investment, and only this number tells you so.
Market Cap ÷ PAT332.10 ÷ 30.54The familiar multiple. Useful, but blind to debt — read it alongside EV/EBITDA, never instead of it.
Offer price ÷ weighted average cost of acquisition₹82.00 ÷ ₹2.59Every offer document must disclose the weighted average cost of acquisition for shares issued or transferred over the preceding one, eighteen and thirty-six months. Early capital takes real risk and a large multiple built over years is ordinary. A steep step-up inside a short window is the one that deserves a second look. What it means is yours to decide; the arithmetic is the filing’s own.
EBIT × (1 − tax rate) ÷ (Net Worth + Debt − Cash)NOPAT ÷ Invested CapitalWhat the business earns on the capital actually at work in it. We do not compare this to a cost of capital: that would need a beta, an unlisted company has none, and inventing one would be theatre.
Latest full-year PAT ÷ market value₹30.54 cr ÷ ₹332.10 crThe P/E turned upside down: what each rupee of market value earns today. Set it against what you could earn elsewhere; the gap is what growth has to make up.
P/E ÷ trailing PAT growth (%)10.87 ÷ 6.5%PEG was designed for FORWARD growth. This one uses TRAILING growth, because that is all a prospectus gives us — and the final year before an IPO is very often the best year the company will have for a while. A low PEG here may say more about the timing of the filing than about the price. We show it because it was asked for; we show the growth denominator beside it so it cannot mislead you quietly.
Workspace
The post-issue share count is stated as “[•]” in this filing until final pricing, so we derive it: profit after tax divided by earnings per share gives the pre-issue count, and the fresh issue divided by the offer price gives the new shares. Everything below rests on that derivation. It is close, not exact.
The numbers are already loaded. Move the offer price and watch every multiple move with it. Set your own growth and margin and see what they imply two years out. These are your assumptions, not our forecast — we have no view on what this company will earn, and the moment we published one we would be doing something we are not registered to do. What we can do is put the arithmetic in front of you and get out of the way.
Price defaults to the top of the band. Margin defaults to what the company actually reported in FY26.
Projections are arithmetic on the inputs you typed. They are not a forecast, not a recommendation, and not a view on whether this offer is worth taking. Educational only.
Institutional Alpha: DRHP Deep Dive
Indian steel service industry catering to auto, white goods, and general engineering sectors.
High Supplier Concentration on JSWSCPL
The company procured 86.65% of its steel coil requirements (INR 1,034.21 crore) in FY26 from JSW Steel Coated Products Limited under an authorised service partner agreement.
Source: p.30, p.462Historical Statutory Filing Delays with RoC
The company disclosed past instances of delayed secretarial and statutory filings with the RoC (such as PAS-3, MGT-14, CRA-2, CHG-1) for which late fees and compounding applications were submitted.
Source: p.33, p.34Shareholding, Syndicate & Leadership
Leadership & Skin in the Game
Leadership: Shashi Mohan Singh Rawat
Litigation: No outstanding criminal or civil litigations against Promoters.
Peers & Valuation
| Company | P/E | P/B | RoE | Margin |
|---|---|---|---|---|
| BMW Industries Limited | — | — | 10.91 | 12.29 |
| Manaksia Coated Metals & Industries Limited | — | — | 14.51 | 4.63 |
| Shiv Aum Steels Limited | — | — | 4.83 | 1.4 |
At the ₹82 upper band, the issue is priced at 10.7x earnings — a 78% discount to the peer median of 48.2x. This is the arithmetic of the price band against the peers the filing itself lists; it is not a view on whether the offer is worth taking.
Indian Steel Service Industry Metrics
The operating metrics that actually price this business — the ones a generic IPO page skips. Straight from the filing.
| Metric | Value | Detail |
|---|---|---|
| Global Steel Processing Centre Market Size | USD 214.9 Billion | Reported for CY2025 by CARE Analytics and Advisory Private Limited |
| Indian Steel Processing Centre Market Context | Growing demand from home appliances, automotive, and general engineering | Sourced from CareEdge Report |
Source: p.26, p.192
🔍 Forensic Findings — What the Footnotes Say
Findings from across the filing — the notes, MD&A, related-party disclosures, contingent liabilities, CARO and litigation, alongside the risk section itself. Each carries where it was found, so you can see which were buried and which were disclosed. Findings marked derived are computed from the filed numbers against a stated rule, shown beside them.
As of August 31, 2026, the company had availed unsecured loans aggregating ₹ 20.407 crore, of which ₹ 19.507 crore is from Promoters and Promoter Group repayable on demand.
p.36Sourced 86.65% of total steel coil purchases in FY26 (INR 1,034.21 crore) from JSW Steel Coated Products Limited (JSWSCPL).
p.462Short-term borrowings of ₹286.17 cr against cash of ₹10.93 cr. Debt that must be refinanced within a year is comfortable only while lenders stay comfortable.
rule: cash < 0.5x short-term debtCompany's Claims vs Reality
We stress-test each claim against the filing's own data.
Operates processing centers in Wada, Ghiloth, and Sri City.
p.239Proprietary SWOT — Company-Specific
Strengths
- Strategic association with JSW Steel Coated Products Limited as an authorized service partner.
- Multi-location steel processing infrastructure positioned across major industrial hubs in India.
Weaknesses
- High dependence on a single supplier (JSWSCPL) for key raw material (steel coils).
Opportunities
- Growing demand from consumer durables, white goods, and automotive sectors in India.
Threats (material, not boilerplate)
- Fluctuations in steel prices and intense market competition. risk_section
Why it matters: Raw material price volatility directly impacts gross margins.
Live Subscription Status
Allotment Status
Check your allotment on the registrar's portal → Registrar: KFin Technologies
Allotment is decided by the registrar, not by us and not by the exchange. In an oversubscribed retail book, allotment is by lottery, so a large application does not improve your odds beyond one lot. If money stays blocked after the refund date, the mandate expiry (14 Dec 2026) is the date to raise with your bank.
Analyst Q&A: Burning Questions
Facts from the filing. No recommendation — that layer arrives once our Research Analyst registration is live.
What are the primary objects of the fresh issue?
The proceeds will be utilized towards repayment/pre-payment of borrowings (INR 125.00 crore), capital equipment acquisition under lease with Siemens (INR 15.77 crore), and general corporate purposes.
p.118What Earlier Investors Paid
Early capital takes real risk and is fairly rewarded for it — a large multiple built over many years is normal. What deserves a closer look is a steep step-up in a short window: a round priced cheaply only months before the offer.
| Shareholder | Priced at | When | vs IPO price |
|---|---|---|---|
| Allotted below the band — 5 entries | |||
| Manish Dhirajlala Kansara | ₹88.00 | 2025-10-28 | as disclosed |
| Moneyplant SME Fund | ₹88.00 | 2025-10-28 | as disclosed |
| Priti Suresh Shah | ₹88.00 | 2025-10-28 | as disclosed |
| Rural Engg Co Pvt Ltd | ₹88.00 | 2025-10-28 | as disclosed |
| Ashok Shreekrishna Beharay | ₹88.00 | 2025-10-28 | as disclosed |
The 5 allotments listed under “allotted below the band” are shown at their as-disclosed per-share price. They are not adjusted for any later bonus issue or share split, so where a company has issued bonus shares the raw multiple understates the true return and can even read as a loss when none was made. We show them as filed and decline to compute a misleading multiple.
Prices are as stated in the filing’s allotment history and are not adjusted for later bonus issues or share splits. Where a company has issued bonus shares, the multiples above understate the true return and can even read as losses. Adjusting for that is on our list; until it is done we would rather show the raw disclosure and tell you its limits than publish a confident number that is wrong.
Lock-in Expiry Calendar
Shares held before the IPO cannot be sold immediately; they unlock in tranches. When a tranche unlocks, more shares become eligible to trade. Retail investors are frequently caught unaware by these dates. The schedule below follows from the listing date; quantities are shown only where the filing discloses them.
- 05 May 2028Promoter Minimum Contribution18 months
An unlock means more shares may be sold — not that they will be, and not that the price will move. We state the dates; what you do with them is your call.
Educational, grounded entirely in the company's filings (DRHP/RHP). Not investment advice. FinMinutes does not provide buy/sell recommendations.
