Bombay Coated and Special Steels IPO
Bombay Coated and Special Steels IPO Details
-
Open Date
29 Oct 2026
-
Close Date
02 Nov 2026
- IPO Price Range
₹ 78 to ₹82
- IPO Size
₹ 183.06 Cr
Bombay Coated and Special Steels IPO Timeline
Last Updated: 23 October 2026 4:36 PM by 5paisa
Bombay Coated and Special Steels Limited is an Indian steel processing company engaged in converting steel coils into customised, value-added processed steel products. Its primary operations include slitting, cut-to-length processing, shearing and embossing of galvanised, colour-coated and other steel coils. These processed products are supplied to original equipment manufacturers (OEMs) and original design manufacturers (ODMs), primarily serving the home and commercial appliances industry and other general engineering applications.
The company operates four manufacturing facilities located in Wada and Bhiwandi in Maharashtra, Ghiloth in Rajasthan and Sri City in Andhra Pradesh. Its manufacturing network supports customised processing, quality control and just-in-time deliveries to industrial customers. Bombay Coated & Special Steels has been an authorised service partner of JSW Steel Coated Products Limited and/or its holding company since 2021.
Its customer base includes Amber Enterprises India, Haier Appliances India, Western Refrigeration, PG Technoplast, Dixon Electro Manufacturing and EPack Durable. The company served 261 customers in FY26, compared with 252 in FY25. Revenue from operations reached ₹1,266.82 crore in FY26.
Established in: 2019
Managing Director: Nitin Vijaykumar Gupta
Peers:
| Metric | Bombay Coated & Special Steels | BMW Industries | Manaksia Coated Metals & Industries | Shiv Aum Steels |
|---|---|---|---|---|
| Face Value (₹) | 10 | 1 | 1 | 10 |
| Revenue / Sales (₹ Cr) | 1266.82 | 664.07 | 884.46 | 532.53 |
| EPS Basic (₹) | 7.64 | 3.63 | 4.25 | 5.47 |
| EPS Diluted (₹) | 7.64 | 3.35 | 4.18 | 5.47 |
| P/E Ratio | NA | 14.98 | 31.03 | 98.54 |
| RoNW (%) | 25.12 | 10.15 | 11.96 | 4.73 |
| NAV Per Share (₹) | 30.41 | 35.85 | 32.46 | 88.86 |
| CMP (₹) | NA | 51.17 | 129.69 | 539.00 |
Bombay Coated and Special Steels Objectives
The company proposes to utilise the net proceeds of the IPO for the following purposes:
1. Repayment or prepayment, in full or in part, of certain outstanding borrowings.
2. Financing the acquisition of capital equipment under existing lease arrangements with Siemens Financial Services Private Limited.
3. Funding general corporate purposes.
Bombay Coated & Special Steels IPO Size
| Types | Size |
|---|---|
| Total IPO Size | ₹183.06 Cr |
| Offer For Sale | – |
| Fresh Issue | ₹183.06 Cr |
Bombay Coated & Special Steels IPO Lot Size
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | 1 | 182 | 14196 |
| Retail (Max) | 13 | 2366 | 194012 |
| S-HNI (Min) | 14 | 2548 | 198744 |
| S-HNI (Max) | 66 | 12194 | 984984 |
| HNI (Min) | 68 | 12376 | 965328 |
| Particulars (In ₹ Crores) | FY24 | FY25 | FY26 |
| Revenue | 755.26 | 1055.71 | 1266.82 |
| EBITDA | 49.17 | 74.09 | 86.09 |
| PAT | 21.14 | 28.67 | 30.54 |
| Particulars (In ₹ Crores) | FY24 | FY25 | FY26 |
| Total Assets | 350.21 | 458.21 | 571.47 |
| Share Capital | 9.90 | 9.90 | 40.50 |
| Total Liabilities | 350.21 | 458.21 | 571.47 |
| Particulars (In ₹ Crores) | FY24 | FY25 | FY26 |
| Net Cash Generated From Operating Activities | 11.49 | 32.09 | 10.22 |
| Net Cash Used In Investing Activities | -52.85 | -41.76 | -35.03 |
| Net Cash Generated From Financing Activities | 39.56 | 11.57 | 33.71 |
| Net Increase / (Decrease) In Cash And Cash Equivalents | -1.80 | 1.89 | 8.90 |
Strengths
1. Established steel supplier relationship: The company has been an authorised service partner of JSW Steel Coated Products Limited and/or its holding company since 2021, supporting raw-material procurement and technical quality requirements.
2. Manufacturing presence across India: Four facilities in Maharashtra, Rajasthan and Andhra Pradesh enable regional customer servicing and just-in-time deliveries.
3. Established OEM and ODM customer relationships: Customers include Amber Enterprises, Haier Appliances, Western Refrigeration and Dixon Electro Manufacturing.
4. Consistent revenue expansion: Revenue from operations grew at approximately 29.51% CAGR between FY24 and FY26.
5. Specialised processing capabilities: The company undertakes slitting, shearing, cut-to-length processing and embossing for customer-specific industrial applications.
Weaknesses
1. High customer concentration: The top ten customers accounted for 71.33% of FY26 revenue from operations.
2. Dependence on a major supplier: JSW Steel Coated Products Limited and/or its holding company accounted for 86.65% of total steel coil purchases in FY26.
3. End-market concentration: Home and commercial appliances contributed 86.54% of FY26 revenue from the sale of processed steel products.
4. Significant financial leverage: The debt-to-equity ratio stood at 2.78 times in FY26, exposing the company to borrowing and interest costs.
5. Declining operating cash generation: Operating cash flow fell to ₹10.22 crore in FY26 from ₹32.09 crore in FY25.
Opportunities
1. Growth in steel processing demand: Increased manufacturing activity in automotive, engineering, appliances and infrastructure could support demand for customised steel products.
2. Expansion of appliance manufacturing: Growing domestic production of refrigerators, air conditioners and commercial appliances may create additional demand for processed steel components.
3. International market development: The company's stated strategy includes expanding exports and supplying customers across additional geographical markets.
4. Higher utilisation of existing facilities: Improved production volumes and capacity utilisation could support operating efficiency across its manufacturing network.
5. Debt reduction through IPO proceeds: The planned ₹125 crore borrowing repayment could reduce leverage and future finance costs.
Threats
1. Steel price fluctuations: Volatility in galvanised and coated steel prices could affect procurement costs, inventory valuations and profitability.
2. Customer demand cycles: A slowdown in home and commercial appliance manufacturing could reduce orders for processed steel products.
3. Supplier dependency: Disruptions in raw-material availability or changes to major supplier arrangements could affect production continuity.
4. Competition from steel processors: Pricing competition and changes in customers' sourcing arrangements could create pressure on margins.
5. Manufacturing and execution risks: Equipment failures, logistics disruptions, quality issues or delays in customer deliveries could adversely affect operations.
1. Revenue growth: Revenue from operations increased from ₹755.26 crore in FY24 to ₹1,266.82 crore in FY26, representing approximately 29.51% CAGR.
2. Established manufacturing infrastructure: Four facilities across Maharashtra, Rajasthan and Andhra Pradesh support customised steel processing for industrial customers.
3. OEM and ODM relationships: The company supplies processed steel products to established manufacturers in the home and commercial appliances industry.
4. Specialised industry exposure: The business participates in the value-added steel processing segment, where demand is linked to manufacturing and industrial production.
5. Planned debt repayment: Approximately ₹125 crore of the IPO proceeds is earmarked for borrowing repayment, which could reduce financial leverage and associated interest obligations.
India's steel processing centre industry is supported by demand from manufacturing sectors that require steel products in customised sizes, thicknesses and surface specifications. Steel processing centres convert steel coils into value-added intermediate products used by OEMs and ODMs across appliances, automotive, engineering and other industrial segments.
The Indian steel processing centre market was estimated at approximately US$8.2 billion in CY2025 and is projected to reach US$12.4 billion by CY2030, implying a compound annual growth rate of 8.6%, based on the industry projections incorporated in the company's offer document.
Demand is expected to benefit from increasing manufacturing activity, infrastructure investment and greater adoption of precision-processed steel products. Customers increasingly require consistent product quality, customised specifications and timely delivery to support their manufacturing operations.
Bombay Coated & Special Steels operates within this industry through its four manufacturing facilities and established OEM and ODM customer relationships. Its exposure to home and commercial appliances provides access to manufacturing demand, although the concentration also creates sector-specific risks.
The company's planned borrowing repayment and acquisition of leased capital equipment may support its financial position and manufacturing operations. Future performance will depend on customer demand, steel procurement costs, working-capital management and the utilisation of existing manufacturing capacity.
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FAQs
Bombay Coated & Special Steels IPO opens on 29 October 2026 and closes on 2 November 2026.
The size of the Bombay Coated & Special Steels IPO is approximately ₹183.06 crore. The issue comprises entirely fresh equity shares, with no Offer for Sale component.
The price band of Bombay Coated & Special Steels IPO is ₹78 to ₹82 per equity share, with a face value of ₹10 per share.
To apply for Bombay Coated & Special Steels IPO, follow these steps:
1. Log in to your 5paisa demat account and select the issue in the current IPO section.
2. Enter the number of lots and the price at which you wish to apply for the Bombay Coated & Special Steels IPO.
3. Enter your UPI ID and click on submit. Your bid will then be placed with the exchange.
4. You will receive a mandate notification in your UPI app to authorise the blocking of funds.
The minimum lot size of Bombay Coated & Special Steels IPO is 182 shares. The minimum investment required is ₹14,196 at the floor price of ₹78 per share. At the upper price band of ₹82, the minimum application amount is ₹14,924.
The basis of allotment for Bombay Coated & Special Steels IPO is expected to be finalised on 3 November 2026.
Bombay Coated & Special Steels IPO is tentatively scheduled to list on BSE and NSE on 5 November 2026.
Smart Horizon Capital Advisors Private Limited is the book-running lead manager for the Bombay Coated & Special Steels IPO.
The primary objectives of the Bombay Coated & Special Steels IPO are:
1. Repayment or prepayment of certain outstanding borrowings, amounting to approximately ₹125 crore.
2. Financing the acquisition of capital equipment under existing lease arrangements with Siemens Financial Services Private Limited, amounting to approximately ₹15.77 crore.
3. Funding general corporate purposes.