Bombay Coated and Special Steels IPO
Bombay Coated and Special Steels shares listed on BSE and NSE on 5 November 2026 after an IPO priced at ₹78 to ₹82, an issue of ₹183.06 crore.
- Minimum investment
- ₹14,9241 lot of 182 shares, at the upper price
- Price band
- ₹78 to ₹82
- Lot size
- 182 shares
- Issue size
- ₹183.06 croreFresh issue only
- Bidding
- 29 Oct to 2 Nov
- Listing
- 5 NovBSE, NSE
Dates
Bombay Coated and Special Steels IPO dates
RHP cover page and Terms of the Issue (p. 494)- 28 OctAnchor bidding
- 29 OctBidding opens
- 2 NovBidding closes, UPI by 5 pm
- 3 NovAllotment (expected)
- 4 NovRefunds and demat credit (expected)
- 5 NovListing
- Today6 Nov
Read before you apply
Bombay Coated and Special Steels IPO review: read before you apply
Worth checking
- SeriousOne supplier for most steel
JSW Steel Coated Products supplied 86.65% of steel coils in FY26 and 85.13% in April to June 2026. The supply agreement limits buying some products from others, and JSW can end it with three months' notice without giving a reason (Risk factor 1).
- SeriousHigh debt
Borrowings were ₹302.43 crore on 31 Aug 2026 and debt to equity was 2.00 times in June 2026. ₹20.41 crore of unsecured loans, including from promoters, can be recalled at any time (Risk factors 8, 17 and 39).
- Few large customers
The top 10 customers gave 73.54% of revenue in April to June 2026. The largest, Amber Enterprises India, alone gave 19.97% (Risk factor 4).
- Thin margins
Steel coils and other materials cost 87.81% of revenue in FY26, and profit after tax was 2.41% of revenue (Risk factor 5; RHP, Basis for Issue Price, KPIs).
- Depends on the appliance sector
Home and commercial appliances gave 86.54% of FY26 revenue, with air conditioners alone 46.85%. Demand is seasonal, peaking in summer and festive months (Risk factor 6).
- Past compliance lapses
The company filed several forms with the Registrar of Companies late and has paid some statutory dues late in the past (Risk factors 2 and 19).
Strengths
- Revenue growing fast
Revenue grew 29.5% a year from FY24 to FY26 to ₹1,266.82 crore (our calculation from the restated financial information).
- Profitable every year
Profit after tax was ₹21.14 crore in FY24, ₹28.67 crore in FY25 and ₹30.54 crore in FY26, and ₹15.08 crore in April to June 2026 (RHP, Restated Financial Information).
- Debt falling against equity
Debt to equity came down from 4.31 times in FY24 to 2.00 times in June 2026, and ₹125 crore of the IPO money is for repaying loans (RHP, Basis for Issue Price, KPIs; Objects of the Issue).
- Large appliance makers as customers
Customers include Amber Enterprises India, Western Refrigeration, Haier Appliances India, Dixon Electro Manufacturing and EPack Durable (Risk factor 4; RHP, Our Business).
- Plants near customers
It has four plants in Maharashtra, Rajasthan and Andhra Pradesh, and installed capacity grew 23.83% a year from FY24 to FY26 (RHP, Our Business, p. 240).
What Bombay Coated and Special Steels does
Bombay Coated and Special Steels buys steel coils, mainly from JSW Steel Coated Products, and cuts them to size. It slits, cuts to length, shears and embosses the coils into slit coils and blanks. Appliance makers then use these to build air conditioners, refrigerators and other products.
Promoter Vijaykumar Himatrai Gupta started the business in 1983 as a steel trader, Bombay Steels. The company was set up in 2019 and took over that business in 2021. It is based in Mumbai and has plants at Wada and Bhiwandi (Maharashtra), Ghiloth (Rajasthan) and Sri City (Andhra Pradesh).
Listing and subscription
Bombay Coated and Special Steels IPO subscription status
NSE IPO details, final figuresListing day
Our calculation: gain vs upper price- Issue price
- ₹82
- Listing price
- ₹91
- Gain at open
- +11.0%
- Day close
- ₹94.81
Subscription
- Total
- 60.77x
- Retail
- 33.73x
- Updated
- 2 Nov 2026, 5:00 pm IST
- QIB50% of offer35.50x
- NII15% of offer158.32x
- Big NII183.52x
- Small NII107.91x
- Retail35% of offer33.73x
- Total60.77x
As of 2 Nov 2026, 5:00 pm IST. Times subscribed is a fact about demand, not a sign of quality. Share of offer is from the RHP offer structure.
Grey market premium. GMP is unofficial. It is not regulated or published by any exchange. If we show it, it carries its source and time, never as a forecast. What GMP means
Price and lots
Bombay Coated and Special Steels IPO price band, lot size and issue size
RHP cover page and The Issue (p. 81). The number of fresh shares depends on the price and is not in the RHP.| Price band | ₹78 to ₹82 |
| Lot size | 182 shares |
| Issue size | ₹183.06 crore at the upper price |
| Offer for sale | Nil |
| Issue type | Book built, fresh issue only |
Who gets how much of the net offer
What the company will do with the money
RHP, Objects of the Issue (p. 117 to 123)| Object of the issue | ₹ crore |
|---|---|
| Repay or prepay certain bank borrowings | 125.00 |
| Buy equipment now leased from Siemens Financial Services | 15.77 |
| General corporate purposes and issue expenses (balance, ours). Not stated in the RHP; general corporate purposes are capped at 25% of the issue | 42.29 |
Minimum and maximum investment
Our calculation: at ₹82 per share| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min)Minimum application | 1 | 182 | ₹14,924 |
| Retail (max) | 13 | 2,366 | ₹1,94,012 |
| Small NII (min) | 14 | 2,548 | ₹2,08,936 |
| Small NII (max) | 67 | 12,194 | ₹9,99,908 |
| Big NII (min) | 68 | 12,376 | ₹10,14,832 |
Retail bids are capped at ₹2 lakh and small NII bids at ₹10 lakh.
Valuation calculator
Our calculation: inputs from RHP, Restated Financial Information and Basis for Issue Price (p. 128 to 130)Set to the upper end of the band, ₹82. Change it to see what you would be paying for.
- Market cap
- ₹332 cr
- P/E (FY26, diluted)
- 10.7x
- Price to book
- 2.4x
- Market cap to sales
- 0.3x
- Peer average P/E
- 48.18x
Based on FY26, diluted EPS of ₹7.64, 4.05 crore shares, net worth of ₹136.62 crore (June 2026) and revenue of ₹1,266.82 crore. The share count is before the IPO. Fresh shares will be added once the price is set. The industry composite P/E of 48.18x is from the RHP (p. 129), across BMW Industries, Manaksia Coated Metals and Industries, and Shiv Aum Steels.
Financials
Bombay Coated and Special Steels financials
RHP, Restated Financial Information and Basis for Issue Price, KPIs (p. 84 to 87 and 131), ₹ croreRevenue and adjusted EBITDA
Revenue grew 29.5% a year and profit after tax 20.2% a year from FY24 to FY26 (our calculation).
| ₹ crore | FY24 | FY25 | FY26 | Q1 FY27 |
|---|---|---|---|---|
| Revenue from operations | 755.26 | 1,055.71+39.8% | 1,266.82+20.0% | 397.08 |
| Adjusted EBITDA | 49.17 | 74.09 | 86.09 | 32.17 |
| Adjusted EBITDA margin | 6.51% | 7.02% | 6.80% | 8.10% |
| Finance costs | 25.96 | 31.24 | 35.71 | 8.63 |
| Profit after tax | 21.14 | 28.67+35.6% | 30.54+6.5% | 15.08 |
| Diluted EPS (₹) | 5.34 | 7.24 | 7.64 | 3.72 |
| Total equity | 54.36 | 83.05 | 121.58 | 136.62 |
| Total borrowings (ours) | 234.16 | 276.96 | 338.45 | 273.69 |
| Cash from operations | 11.49 | 32.09 | 10.22 | 72.31 |
Standalone figures. Q1 FY27 is April to June 2026 and is not annualised. EPS is adjusted for the 3:1 bonus issue of July 2025. Total borrowings add the RHP's current and non-current borrowings (our calculation).
The small figures under revenue and profit are the change from the previous full year, our calculation.
Compared with listed peers
RHP, Basis for Issue Price (p. 130). Peer prices as of 21 Oct 2026. Peer figures are standalone.| Company | Revenue (₹ crore) | Diluted EPS (₹) | P/E | RoNW |
|---|---|---|---|---|
| Bombay Coated and Special Steels | 1,266.82 | 7.64 | 10.73x at ₹82 (ours) | 25.12% |
| BMW Industries | 664.07 | 3.35 | 14.98x | 10.15% |
| Manaksia Coated Metals and Industries | 884.46 | 4.18 | 31.03x | 11.96% |
| Shiv Aum Steels | 532.53 | 5.47 | 98.54x | 4.73% |
The peer average P/E of 48.18x is our calculation, a simple average of the peers listed.
Key performance indicatorsPAT margin, Return on equity, Return on capital employed and more
| Metric | FY24 | FY25 | FY26 | Q1 FY27 |
|---|---|---|---|---|
| PAT margin | 2.80% | 2.72% | 2.41% | 3.80% |
| Return on equity | 48.20% | 41.76% | 29.92% | 11.65% |
| Return on capital employed | 18.60% | 18.78% | 16.40% | 7.01% |
| Debt to equity (times) | 4.31 | 3.33 | 2.78 | 2.00 |
| Net working capital days | 66 | 63 | 70 | 58 |
| Steel coils bought from JSW | 84.58% | 90.61% | 86.65% | 85.13% |
| Revenue from top 10 customers | 67.43% | 67.44% | 71.33% | 73.54% |
| Customers served | 225 | 252 | 261 | 178 |
Q1 FY27 returns are for three months and are not annualised.
RHP, Basis for Issue Price, KPIs (p. 131 to 132) and Risk Factors 1 and 4
Company
About Bombay Coated and Special Steels
Business
RHP, Our Business (p. 239 to 242) and Risk Factors 4 and 6Revenue from appliance makers rose from 77.41% of revenue in FY24 to 89.93% in April to June 2026. More than half of revenue comes from customers in Maharashtra, Gujarat and Haryana.
Revenue by end use, FY26
- Plants
- 4
- Customers served, FY26
- 261
- Permanent employees, June 2026
- 160
- Net working capital days, FY26
- 70
Key risks
RHP, Risk Factors- Single supplierMost steel coils come from JSW Steel Coated Products, which can end the agreement at short notice.
- Customer concentrationThe top 10 customers give over 70% of revenue.
- High debtDebt is twice equity, and loans carry restrictive covenants.
- Steel pricesRaw materials are about 88% of revenue, so price swings hit margins.
- One sectorAppliance makers give most of revenue, and demand is seasonal.
- Working capitalThe business needs large inventory and credit to customers.
- Regional concentrationOver half of revenue comes from Maharashtra, Gujarat and Haryana.
- Compliance historySome regulatory filings and statutory dues were late in the past.
- Premises from promotersSome facilities and offices are on land leased or licensed, including from promoters.
Read before you apply puts the most important of these beside the strengths.
Promoters and shareholdingAfter-IPO figures need the issue price and are not shown.
The three promoters, from the Gupta family, own 97.78% before the IPO. Their average cost is ₹1.25 to ₹12.50 a share, while 9,00,091 shares were sold to investors at ₹88 in October 2025. After-IPO figures need the issue price and are not shown.
| Shareholder | Shares held | Before IPO |
|---|---|---|
| Nitin Vijaykumar Gupta (promoter) | 3,16,79,840 | 78.22% |
| Vijaykumar Himatrai Gupta (promoter) | 39,60,000 | 9.78% |
| Bhawna Nitin Gupta (promoter) | 39,60,000 | 9.78% |
| Sunita and Ruchi Vijaykumar Gupta (promoter group) | 80 | Negligible |
| Public (18 holders) | 9,00,171 | 2.22% |
RHP, Capital Structure (p. 110 to 112)
IndustryIndia steel processing centre market CY25: USD 8.2 billion
- India steel processing centre market CY25
- USD 8.2 billion
- Growth CY20 to CY25
- 8.6% a year
- Expected by CY30
- USD 12.4 billion (8.6% a year)
This covers all steel service and processing centres in India, not only coated steel.
CareEdge Research report 'Indian Steel Service Industry' in the RHP, commissioned and paid for by the company (p. 191)
LitigationAgainst the company: 0 · Against promoters: 0 · Against directors: tax (one independent director): 1
| Type | Cases | Amount |
|---|---|---|
| Against the company | 0 | Nil |
| Against promoters | 0 | Nil |
| Against directors: tax (one independent director) | 1 | ₹0.06 crore |
RHP, Risk Factor 10 and Outstanding Litigations and Material Developments (p. 43 and 467)
Company detailsLegal name, registered office, CIN and website
| Legal name | Bombay Coated and Special Steels Limited |
| Incorporated | 2019; business started in 1983 as Bombay Steels |
| Promoters | Vijaykumar Himatrai Gupta, Nitin Vijaykumar Gupta, Bhawna Nitin Gupta |
| Main supplier | JSW Steel Coated Products |
| Plants | Wada and Bhiwandi (Maharashtra), Ghiloth (Rajasthan), Sri City (Andhra Pradesh) |
RHP, General Information
Lead managers and registrar
RHP cover pageAllotment
Bombay Coated and Special Steels IPO allotment status
Out from 3 Nov 2026- Open the registrar's pageKFin Technologies Limited is the registrar. Open its allotment page.
- Select Bombay Coated and Special Steels LimitedIt appears once the basis of allotment is final.
- Enter your PAN, application number or DP IDUse the details you applied with.
- Or check on the exchangeBSE's application status page works too.
Documents
Questions
Bombay Coated and Special Steels IPO FAQs
When does the Bombay Coated and Special Steels IPO open and close?
The Bombay Coated and Special Steels IPO opens on Thursday, 29 October 2026 and closes on Monday, 2 November 2026. Anchor bidding is on 28 October 2026. UPI mandates must be approved by 5 pm on the closing day.
What is the Bombay Coated and Special Steels IPO price band and lot size?
The price band is ₹78 to ₹82 per share. The lot size is 182 shares, so the minimum bid is 182 shares, or ₹14,924 at the upper price.
What is the Bombay Coated and Special Steels IPO size?
The Bombay Coated and Special Steels IPO is of ₹183.06 crore at the upper end of the price band. It is a fresh issue only.
What is the Bombay Coated and Special Steels IPO allotment date?
Allotment is (expected) on Tuesday, 3 November 2026. Refunds and demat credit are expected on 4 November 2026.
What is the Bombay Coated and Special Steels IPO listing date?
Bombay Coated and Special Steels shares are due to list on BSE and NSE on Thursday, 5 November 2026.
Who is the registrar of the Bombay Coated and Special Steels IPO?
KFin Technologies Limited is the registrar. Allotment status can be checked on its website or on BSE using your PAN or application number.
What does Bombay Coated and Special Steels do?
Bombay Coated and Special Steels is a Mumbai-based steel processing centre that cuts and embosses steel coils for appliance and engineering manufacturers, from four plants in India.
What does Bombay Coated and Special Steels do?
It cuts and embosses steel coils into slit coils and blanks for appliance and engineering makers. Air conditioner makers gave 46.85% of FY26 revenue.
Does anyone sell shares in the Bombay Coated and Special Steels IPO?
No. It is a fresh issue only, so all the money goes to the company.
How will the company use the IPO money?
₹125 crore to repay loans, ₹15.77 crore to buy equipment it now leases from Siemens Financial Services, and the rest for general corporate purposes.
When does the Bombay Coated and Special Steels IPO open?
It opens on 29 Oct 2026 and closes on 2 Nov 2026. Listing on BSE and NSE is expected on or about 5 Nov 2026, as per the RHP's indicative timetable.
What is the price band of the Bombay Coated and Special Steels IPO?
The price band is ₹78 to ₹82 a share and the lot is 182 shares, as published by NSE, so one lot costs ₹14,924 at ₹82 (our calculation). The RHP itself does not state the price band. At ₹82, the P/E on FY26 diluted EPS of ₹7.64 is 10.73 times (our calculation), against an industry composite of 48.18 times in the RHP.
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