Bombay Coated and Special Steels Ltd IPO

Last updated: October 29, 2026 at 8:46 am IST

Bombay Coated and Special Steels Ltd IPO Price Range is ₹78 - ₹82, with a minimum investment of ₹14,924 for 182 shares per lot.

Subscription Rate

2.32x

as on 29 Oct 2026, 01:32PM IST

Minimum Investment

₹14,924

/ 182 shares

IPO Status

Live

Price Band

₹78 - ₹82

Bidding Dates

Oct 29, 2026 - Nov 2, 2026

Issue Size

₹183.06 Cr

Lot Size

182 shares

Min Investment

₹14,924

Listing Exchange

NSE

Bombay Coated and Special Steels Ltd IPO Application Timeline

Open Date29 Oct 2026

Close Date2 Nov 2026

Allotment Date3 Nov 2026

Listing Date5 Nov 2026

Revenue from operations increased from ₹755.26 crore in FY24 to ₹1,055.71 crore in FY25 and ₹1,266.82 crore in FY26, representing a two-year compound annual growth rate of 29.51%. This growth was supported by higher processing volumes across slitting and cut-to-length lines, capacity expansion, and rising demand from major home appliance manufacturers.

EBITDA increased from ₹49.17 crore, with a margin of 6.51%, in FY24 to ₹74.09 crore, with a margin of 7.02%, in FY25 and ₹86.09 crore, with a margin of 6.80%, in FY26. Net profit rose from ₹21.14 crore in FY24 to ₹30.54 crore in FY26. However, the net profit margin stood at 2.41% in FY26, reflecting the impact of raw material costs, employee expenses, and higher finance costs as the business expanded.

Total equity increased from ₹54.36 crore in FY24 to ₹121.58 crore in FY26, supported by retained profits. Borrowings also increased from ₹234.16 crore in FY24 to ₹338.45 crore in FY26 to fund working capital and capacity additions. Operating cash flow declined to ₹10.22 crore in FY26 from ₹32.09 crore in FY25, as more cash was tied up in working capital and inventory to support business growth.

Return on Equity (ROE) declined from 48.20% in FY24 to 29.92% in FY26, while Return on Capital Employed (ROCE) stood at 16.40% in FY26. Meanwhile, the debt-to-equity ratio improved from 4.31 times in FY24 to 2.78 times in FY26, reflecting lower leverage relative to equity. The company also reported a customer collection period of 38 days in FY26. These figures show strong revenue growth and an improving debt-to-equity ratio, while cash generation, profitability margins, and outstanding borrowings remain important factors to monitor.

Strengths and Risks

Strengths

Established relationship with JSWSCPL Steel for supply of Steel Coils.
Long-standing relationships with customers, including OEMs and ODMs.
Strategically Located Manufacturing Network Enabling Just-in-Time Supply and Cost-Efficient Operations.
Integrated and Advanced Steel Processing Infrastructure.
High Entry Barriers Driven by Authorised Supplier Arrangements, Capital Intensity and Customer Approvals.
Experienced Promoters and professional management team.

Risks

We are substantially dependent on a single supplier, JSW Steel Coated Products Limited and/or its holding Company (JSWSCPL), for the supply of steel coils, which constitute a key raw material for our operations. For the three months period ended June 30, 2026, and for the Fiscal 2026, Fiscal 2025 and Fiscal 2024, we sourced approximately 85.13%, 86.65%, 90.61% and 84.58%, respectively, of our total steel coil requirements from JSWSCPL. This high level of supplier concentration exposes us to significant risks, and any disruption in the supply of steel coils from JSWSCPL could materially and adversely affect our business, results of operations and financial condition.
We have experienced certain discrepancies in our statutory filings with the Registrar of Companies (RoC) and other non-compliances under the Companies Act, 2013 in the past. We cannot assure that regulatory authorities will not initiate inquiries, proceedings or other actions against us in the future. Any such proceedings or actions, if initiated, may result in the imposition of penalties, fines or other regulatory measures, which could adversely affect our business, financial condition, results of operations and reputation.
We have experienced negative cash flows from investing and financing activities in the past and may continue to experience negative cash flows in the future, which could adversely affect our liquidity, financial condition and ability to operate our business and implement our growth plans.
We derived 73.54% and 71.33%, 67.44% and 67.43% of our revenue from our top ten customers for three months period ended June 30, 2026, and for the Fiscals 2026, 2025 and 2024, respectively. The loss of any of these customers or reduction in business from such will have a material adverse effect on our business, financial condition, results of operations and cash flows.
The cost of raw materials and components consumed accounted for 87.60%, 90.51%, 92.97% and 89.14% of our total expenses for the three months period ended June 30, 2026 and for Fiscals 2026, 2025 and 2024, respectively. Any volatility in prices, unavailability, or disruption in the timely and adequate supply of steel coils may materially and adversely affect our business, results of operations, financial condition and cash flows.
Our business is significantly dependent on the performance of certain end-use sectors, particularly the Home & Commercial Appliances sector, which contributed 89.93%, 86.54%, 81.80% and 77.41% of our revenue from sale of products for the three months period ended June 30, 2026, and for Fiscals 2026, 2025 and 2024, respectively. Any adverse developments, slowdown, reduced demand, or cyclicality affecting this sector could have a material adverse effect on our business, results of operations, financial condition and cash flows.
We derive our revenue from operations from customers located across fourteen (14) states and two (2) union territories in India, on average more than 50% of our revenue from operations for the three months period ended June 30, 2026 and last three Fiscals was derived from Maharashtra, Gujarat and Haryana. Any disruption in our operations in these states, whether due to internal or external factors, could restrict our operations and have an adverse effect on our business, results of operations and financial condition.
Our high debt-to-equity ratio could adversely affect our financial condition, results of operations, and business prospects.
Under-utilisation of our manufacturing capacities over extended periods, or significant under-utilisation in the short term, could increase our cost of production and operating costs, which could adversely affect our operating leverage, margins and financial performance.
Our Company, Promoters, Directors and certain members of our Promoter Group are involved in legal and regulatory proceedings, and any adverse outcome in such proceedings could have a material adverse effect on our business, results of operations, financial condition and cash flows.

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Listed Competitors of Bombay Coated and Special Steels Ltd

Company	Revenue from Operations (₹ Cr)	YoY Revenue Growth (%)	EBITDA (₹ Cr)	EBITDA Margin (%)	PAT (₹ Cr)	PAT Margin (%)	P/E Ratio (x)	ROE (%)	ROCE (%)	Debt-to-Equity (x)	Working Capital Cycle (Days)
Bombay Coated and Special Steels	₹1,266.82 Cr	20.00%	₹86.09 Cr	6.80%	₹30.54 Cr	2.41%	16.87x	29.92%	16.40%	2.78x	70
BMW Industries	₹664.07 Cr	19.21%	₹165.58 Cr	24.93%	₹81.63 Cr	12.29%	14.98x	10.91%	10.78%	0.42x	120
Manaksia Coated Metals & Industries	₹884.46 Cr	13.16%	₹80.45 Cr	9.10%	₹40.97 Cr	4.63%	31.03x	14.51%	17.40%	1.13x	74
Shiv Aum Steels	₹532.53 Cr	-2.86%	₹14.80 Cr	2.78%	₹7.44 Cr	1.40%	98.54x	4.83%	8.08%	0.78x	110

About Bombay Coated and Special Steels Ltd

We are a steel processing centre engaged in the business of converting steel coils into value-added processed steel products. Our core competencies include precision slitting, cut-to-length processing, shearing, and embossing of steel coils into slit coils and blanks/sheets (collectively referred to as Processed Steel Products). We cater to a diversified customer base comprising Original Equipment Manufacturers (OEMs) and Original Design Manufacturers (ODMs). Our Company, being a Steel Processing Centre (SPC), operates as an intermediary between primary steel producers and end-users by providing value-added processing services.

The People Behind the Company: Leadership and Expertise

The Promoter: Bombay Coated and Special Steels Limited is promoted by Vijaykumar Himatrai Gupta, Nitin Vijaykumar Gupta, and Bhawna Nitin Gupta, who collectively hold 39,599,840 equity shares representing 97.78% of the company's pre-IPO equity share capital. Individually, Nitin Vijaykumar Gupta holds 31,679,840 shares (78.22%), Vijaykumar Himatrai Gupta holds 3,960,000 shares (9.78%), and Bhawna Nitin Gupta holds 3,960,000 shares (9.78%). The promoters bring deep domain expertise, with Vijaykumar Himatrai Gupta having over 40 years, Nitin Vijaykumar Gupta over 20 years, and Bhawna Nitin Gupta over 6 years in the steel business. Originally starting as M/s. Bombay Steels in 1983, the business was incorporated as Bombay Coated and Special Steels Private Limited on December 26, 2019, before converting to a public limited company on February 14, 2025.

Key Leadership and Management

Nitin Vijaykumar Gupta - Managing Director

Background: 46 years old, Managing Director, holds 31,679,840 equity shares (78.22% pre-IPO stake), remuneration of ₹30 Lakh for Fiscal 2026.
Qualification: Bachelor of Commerce from Mithibai College, University of Mumbai (2001).
Contribution: Over 20 years in steel processing; expanded operations across Western, Northern, and Southern India and entered OEM/ODM appliance supply chains; leads strategy and operations.
Legal / Regulatory Matters: Provided personal guarantees for company bank facilities; no material litigation.

Vijaykumar Himatrai Gupta - Chairman and Whole-time Director

Background: 76 years old, Chairman and Whole-time Director, holds 3,960,000 equity shares (9.78% pre-IPO stake), remuneration of ₹1.80 million for Fiscal 2026.
Qualification: Completed 9th standard from Shaktinagar Public Schools, Delhi.
Contribution: Over 40 years in steel trading and processing; founded M/s. Bombay Steels in 1983 and guided its evolution into processing; oversees business expansion and strategic planning.
Legal / Regulatory Matters: Provided personal guarantees for company bank facilities; no material litigation.

Bhawna Nitin Gupta - Whole-time Director

Background: 46 years old, Whole-time Director, holds 3,960,000 equity shares (9.78% pre-IPO stake), remuneration of ₹18 Lakh for Fiscal 2026.
Qualification: Bachelor of Commerce (Honours) from University of Delhi (2001).
Contribution: Over 6 years in the steel industry; oversees day-to-day administration, operational management, and CSR initiatives.
Legal / Regulatory Matters: Provided personal guarantees for company bank facilities; no material litigation.

Shashi Mohan Singh Rawat - Chief Executive Officer

Background: Chief Executive Officer, holds 0 equity shares (0.00% pre-IPO stake), remuneration of ₹53.8 Lakh for Fiscal 2026.
Qualification: Bachelor of Science from Kanahiya Lal D.A.U. College, Roorkee; Master of Marketing from Jiwaji University, Gwalior.
Contribution: Over two decades of sales and marketing experience in industrial steel sectors; oversees day-to-day operations and strategic execution.
Legal / Regulatory Matters: No material litigation.

Industry Overview

The global steel processing centre market was valued at $214.9 billion (₹18,05,160 crore) in CY25 and is projected to grow at a 6.2% CAGR to reach $290.3 billion (₹24,38,520 crore) by CY30. Against this backdrop, Bombay Coated and Special Steels Limited reported revenue from operations of ₹1,266.82 crore in FY26.
India's steel processing centre market benefits from rising demand for customized flat steel products, particularly from the appliance and engineering industries. Bombay Coated and Special Steels Limited operates four plants with an installed capacity of 4,62,411 metric tonnes. In FY26, Home & Commercial Appliances contributed ₹1,096.29 crore (86.54%) of its revenue, while General Engineering accounted for ₹170.53 crore (13.46%). The Ghiloth facility was the largest contributor, generating ₹542.78 crore, or 42.85% of total revenue.
The Indian steel processing centre market grew from $5.4 billion (₹45,360 crore) in CY20 to $8.2 billion (₹68,880 crore) in CY25, representing an 8.6% CAGR. It is projected to reach $12.4 billion (₹1,04,160 crore) by CY30 at the same growth rate. Reflecting this market opportunity, Bombay Coated and Special Steels Limited increased its revenue from ₹755.26 crore in FY24 to ₹1,266.82 crore in FY26.
Government initiatives such as Make in India and the Production Linked Incentive (PLI) schemes for white goods, along with the growing use of just-in-time delivery models, are supporting demand across major industrial hubs. Bombay Coated and Special Steels Limited serves customers across 14 states and 2 union territories. In FY26, Maharashtra contributed ₹365.16 crore (28.83%) of revenue, followed by Gujarat at ₹222.11 crore (17.53%) and Haryana at ₹153.50 crore (12.12%).

Bombay Coated and Special Steels IPO GMP

According to InvestorGain, Bombay Coated and Special Steels IPO's last verified grey market premium (GMP) stood at around ₹9 or 10.98% suggesting positive sentiment ahead of its listing. Based on the upper IPO issue price of ₹82, this indicates a potential listing price of around ₹91 per share.

GMP reflects unofficial grey-market sentiment before listing and can change frequently, so it should be treated as an indicative figure rather than a guaranteed listing price. We do not promote or endorse GMP as a basis for investment decisions. Investors should consider the company's fundamentals, valuation, financial performance, and risks.

Know more about Bombay Coated and Special Steels Ltd

Bombay Coated and Special Steels IPO Review: Is the ₹82 Price Justified?

Bombay Coated and Special Steels IPO review: Explore its ₹82 valuation, 16.87x P/E, FY26 profits, debt, cash flow and key risks before assessing the issue.

Bombay Coated and Special Steels IPO Review: Is ₹82 Justified?

Frequently Asked Questions of Bombay Coated and Special Steels Ltd IPO

What is the size of the Bombay Coated and Special Steels Ltd IPO?

The size of the Bombay Coated and Special Steels Ltd IPO is ₹183.06 Cr.

What is the allotment date of the Bombay Coated and Special Steels Ltd IPO?

Bombay Coated and Special Steels Ltd IPO allotment date is Nov 3, 2026 (tentative).

What are the open and close dates of the Bombay Coated and Special Steels Ltd IPO?

The Bombay Coated and Special Steels Ltd IPO will open on Oct 29, 2026 and close on Nov 2, 2026

What is the lot size of Bombay Coated and Special Steels Ltd IPO?

The lot size for the Bombay Coated and Special Steels Ltd IPO is 182.

When will my Bombay Coated and Special Steels Ltd IPO order be placed?

Your Bombay Coated and Special Steels Ltd IPO order will be placed on Oct 29, 2026

Can we invest in Bombay Coated and Special Steels Ltd IPO?

Yes, once Bombay Coated and Special Steels Ltd IPO opens, you can invest in the shares of the company.

What would be the listing gains on the Bombay Coated and Special Steels Ltd IPO?

The potential listing gains on the Bombay Coated and Special Steels Ltd IPO will depend on various market factors and cannot be predicted with certainty.

What is 'pre-apply' for Bombay Coated and Special Steels Ltd IPO?

'Pre-apply' for Bombay Coated and Special Steels Ltd IPO indicates your interest in the IPO before it opens for subscription. This ensures quick application when the IPO goes live.

Who are the promoters of Bombay Coated and Special Steels?

Bombay Coated and Special Steels Limited is promoted by Vijaykumar Himatrai Gupta, Nitin Vijaykumar Gupta, and Bhawna Nitin Gupta. Together, they hold 97.78% of the company's pre-IPO equity share capital. Nitin Vijaykumar Gupta holds 3,16,79,840 equity shares, representing 78.22%, while Vijaykumar Himatrai Gupta and Bhawna Nitin Gupta each hold 39,60,000 equity shares, representing 9.78%.

Who are the competitors of Bombay Coated and Special Steels?

The key competitors of Bombay Coated and Special Steels Limited include BMW Industries Limited, Manaksia Coated Metals & Industries Limited, and Shiv Aum Steels Limited. These companies operate in the same or closely related industries and compete with Bombay Coated and Special Steels across similar products, services, or markets.

How does Bombay Coated and Special Steels make money?

Bombay Coated and Special Steels Limited operates as a Steel Processing Centre, buying raw steel coils and processing them into customised products such as slit coils, cut-to-length flat sheets, sheared blanks, and embossed patterned sheets. The company earns revenue through product sales and value-added processing services. It reported ₹1,266.82 crore in revenue from operations in FY26. The Home and Commercial Appliances sector contributed ₹1,096.29 crore, or 86.54% of revenue, while General Engineering contributed ₹170.53 crore, or 13.46%. Its customers include major appliance manufacturers and other industrial businesses across India.

What is the GMP of Bombay Coated and Special Steels IPO?

According to InvestorGain, the Bombay Coated and Special Steels IPO had a grey market premium (GMP) of ₹9 per share as of October 28, 2026. This represented a 10.98% premium over the upper IPO price of ₹82, indicating an estimated listing price of ₹91 per share. However, GMP is an unofficial indicator of market sentiment and can change quickly. It does not guarantee listing gains.

Should I Apply for Bombay Coated and Special Steels IPO?

The decision to apply for the Bombay Coated and Special Steels Limited IPO depends on an investor's financial goals and risk appetite. The company's FY26 revenue of ₹1,266.82 crore, authorised partnership with JSW Steel Coated Products Limited, and relationships with major appliance manufacturers are important factors to consider. At the same time, investors should assess its dependence on JSW for 86.65% of raw material purchases, the 71.33% contribution of its top 10 customers to FY26 revenue, and outstanding borrowings of ₹302.43 crore as of August 2026.