Severeconcentrationpage 36
JSW concentration threatens steel coil supply
approximately 85.13%, 86.65%, 90.61% and 84.58%, respectively, of our total steel coil requirements from JSWSCPL.
Opens in 2 daysMainboardSteel & Iron Products
Bombay Coated & Special Steels IPO
Bombay Coated & Special Steels IPO is a mainboard IPO raising ₹183 Cr at ₹78 – ₹82 a share. The smallest application you can make is 182 shares, costing ₹14,924 at the top of the band. Bidding opens on 29 Oct 2026.
₹78 – ₹82
Price band
₹14,924
Minimum to apply (182 shares)
₹183 Cr
Issue size
29 Oct 2026
Bidding opens
Not publishedSubscription
Bidding has not opened yet, so there is nothing to subscribe to.
populated partly populated we hold nothing here — the tab says why
What the prospectus says could go wrong
Read from the 599-page prospectus. Indian prospectuses list hundreds of risk factors, most of them generic boilerplate. These are the 14 specific to this company; 45 generic ones were skipped. Every one is quoted verbatim with its page, so you can check it against the document.
Severefinancialpage 55
High debt and restrictive covenants constrain financial flexibility
As of August 31, 2026, our Company has significant outstanding borrowings of ₹3,024.28 million and is subject to restrictive covenants under our financing arrangements, which may limit our operational and financial flexibility and adversely affect our business and liquidity.
Severepromoterpage 72
Promoters retain overwhelming ownership control
As on the date of this Red Herring Prospectus, our Promoters and members of the Promoter Group collectively hold 97.78% of the paid-up equity share capital of our Company on a fully diluted basis.
Severepromoterpage 72
Entire borrowings are backed by promoter guarantees
As on August 31, 2026, ₹3,024.28 million of our borrowings are backed by personal guarantees provided by our Promoters.
Highmarketpage 42
Raw materials dominate costs and drive margin volatility
The cost of raw materials and components consumed accounted for 87.60%, 90.51%, 92.97% and 89.14% of our total expenses
Highconcentrationpage 40
Top ten customers generate over two-thirds of revenue
We derived 73.54% and 71.33%, 67.44% and 67.43% of our revenue from our top ten customers
Highmarketpage 43
Home appliances dominate revenue and create seasonality exposure
the Home & Commercial Appliances sector, which contributed 89.93%, 86.54%, 81.80% and 77.41% of our revenue from sale of products
Highconcentrationpage 50
Ghiloth and Wada generated 85% of FY2026 revenue
Wada Facility (Western Region) 1,616.97 40.72 5,370.64 42.39 4,169.94 39.50 3,591.43 47.55 Ghiloth Facility (Northern Region) 1,749.53 44.06 5,427.78 42.85 4,892.27 46.34 2,320.89 30.73
Highregulatorypage 59
Repeated statutory-dues payment delays
There was a delay of 866 days and 30 days, respectively, in the deposit of provident fund contribution for the relevant period in FY 2022'23 and for the month of February 2023 at the Ghiloth Plant
Highoperationalpage 56
Customer delivery delays can trap cash in inventory
Any delay by customers in accepting delivery of Processed Steel Products may further exacerbate inventory accumulation, delay cash inflows and adversely impact our ability to process additional orders
Highmarketpage 51
Customer orders may lack minimum purchase commitments
These purchase orders may be terminated by customers, with or without cause, and without compensation. These arrangements do not always provide for minimum purchase commitments.
Highoperationalpage 64
Uncertain capacity utilisation may limit fixed-cost absorption
actual production levels, utilised capacity and capacity utilisation across our manufacturing facilities may vary materially from the installed capacity, utilised capacity and capacity utilisation figures disclosed in this Red Herring Prospectus.
Highoperationalpage 66
Specification failures can trigger order cancellations
Any failure to meet such specifications or standards could result in cancellation of orders, rejection or return of our Processed Steel Products, loss of customers and damage to our reputation
Highoperationalpage 74
Ghiloth expansion may not deliver capacity or efficiencies
We cannot assure you that our expansion initiatives will result in the planned increase in output capacity or operational efficiencies.
Extracted from the issuer’s own prospectus and ranked by how specific and material each risk is to this company. Severity is our assessment of the disclosure, not a prediction — and nothing here is a recommendation to apply to this issue.
What’s in court
The issuer’s own summary of outstanding legal proceedings — SEBI requires this table in every prospectus. Counts and amounts are as disclosed.
| Against | Criminal | Tax | Other material | Amount at stake |
|---|---|---|---|---|
| The company | 0 | 0 | 0 | ₹0.0 Cr |
| Promoters | 0 | 0 | 0 | ₹0.0 Cr |
| Directors | 0 | 1 | 0 | ₹0.1 Cr |
case₹0.1 Crpage 476
Income Tax Department v. Hemant Ostwal (Independent Director) — pending AY 2019-20 direct-tax proceedings involving a ₹0.46 million tax demand and ₹0.12 million penalty.
Amount converted at 1 crore = 100 lakh = ₹10 million: ₹0.58 million = ₹5.8 lakh = ₹0.058 crore. No grand total is stated. No criminal, civil or statutory/regulatory proceedings are outstanding for the Company, Promoters or Directors [p474] [p475]; figures for subsidiaries and group companies are not stated.. Outstanding means unresolved — a listed case is an exposure, not a verdict.
Source documents
What the issuer and the exchanges published. Everything else on this tab is read out of these.