Bombay Coated & Special Steels IPO is a Mainboard Book Built public issue by Bombay Coated and Special Steels Limited. The public issue consists entirely of a fresh issue of equity shares. After the completion of the IPO process, the company’s equity shares are proposed to be listed on both the BSE and NSE.
The objective of the fresh issue is to strengthen the company’s capital structure through debt repayment and finance the acquisition of capital equipment under lease arrangements, while supporting future business requirements. The company will receive all the net proceeds from the fresh issue.
Bombay Coated and Special Steels Limited operates as a steel processing centre in India, specialising in the conversion of steel coils into finished and semi-finished products, including slit coils, blanks, and sheets.
Its processing capabilities encompass diverse steel processing solutions serving original equipment manufacturers (OEMs) and original design manufacturers (ODMs), particularly in the home and commercial appliances sector. The company combines advanced processing infrastructure with established supplier relationships to provide comprehensive steel solutions to its customers.
The organized steel processing and manufacturing sector in India continues to expand due to rising demand for value-added steel products, industrial growth, and increasing manufacturing infrastructure. These factors are expected to create favourable long-term growth opportunities for established steel processing players. Investors should carefully analyse the company’s financial performance, business strategy, valuation, competitive strengths, and future expansion plans before making an investment decision.
Table of Contents
IPO Details
| Information | Details |
| IPO Name | Bombay Coated & Special Steels IPO |
| Company Name | Bombay Coated and Special Steels Limited |
| IPO Type | Book Built Issue |
| IPO Category | Mainboard IPO |
| Face Value | ₹10 Per Equity Share |
| Price Band | ₹78 to ₹82 Per Share |
| Issue Size | ₹183.06 Crore |
| Fresh Issue | ₹183.06 Crore |
| Offer for Sale | Nil (Entirely Fresh Issue) |
| IPO Open Date | 29 October 2026 |
| IPO Close Date | 2 November 2026 |
| Anchor Investor Bidding | 28 October 2026 |
| Basis of Allotment | 3 November 2026 |
| Refund Initiation | 4 November 2026 |
| Shares Credited to Demat Account | 4 November 2026 |
| Listing Date | 5 November 2026 |
| Listing Exchange | BSE & NSE |
| Lot Size | 182 Equity Shares |
| Registrar | Kfin Technologies Limited |
| Book Running Lead Managers | Smart Horizon Capital Advisors Private Limited |
The company plans to utilise the net proceeds from the fresh issue primarily for repayment or prepayment of certain borrowings, financing the cost towards acquisition of capital equipment under lease arrangements with Siemens Financial Services, and general corporate purposes.
Bombay Coated & Special Steels IPO Dates
| IPO Event | Date |
| Anchor Investor Bidding | 28 October 2026 |
| IPO Opening Date | 29 October 2026 |
| IPO Closing Date | 2 November 2026 |
| Basis of Allotment | 3 November 2026 |
| Refund Initiation | 4 November 2026 |
| Shares Credited to Demat Account | 4 November 2026 |
| Listing Date | 5 November 2026 |
After the allotment process is completed, successful applicants will receive the allotted shares in their demat accounts before the company’s shares begin trading on the stock exchanges.
Bombay Coated & Special Steels IPO Reservation
| Investor Category | Reservation |
| Qualified Institutional Buyers (QIB) | Not More Than 50% |
| Non-Institutional Investors (NII) | Not Less Than 15% |
| Retail Individual Investors (RII) | Not More Than 35% |
The final allocation under each investor category will depend on the number of valid applications received during the IPO subscription period.
Bombay Coated & Special Steels IPO Lot Size
| Application | Shares | Amount |
| Retail (Min) | 1 Lot (182 Shares) | ₹14,924 |
| Retail (Max) | 13 Lots (2,366 Shares) | ₹1,94,012 |
| S-HNI (Min) | 14 Lots (2,548 Shares) | ₹2,08,936 |
| S-HNI (Max) | 67 Lots (12,194 Shares) | ₹9,99,908 |
| B-HNI (Min) | 68 Lots (12,376 Shares) | ₹10,14,832 |
The application values shown above are calculated using the upper price band of ₹82 per equity share.
About Bombay Coated and Special Steels Limited
Bombay Coated and Special Steels Limited was incorporated in December 2019 and operates as a specialized steel processing centre in India. The company is engaged in the conversion of steel coils into finished and semi-finished value-added products, serving as a vital intermediary between primary steel producers and industrial end-users.
The company operates manufacturing and processing plants equipped with modern machinery across strategic locations including Wada and Bhiwandi in Maharashtra, Ghiloth in Rajasthan, and Sri City in Andhra Pradesh. Its processing facilities enable precision engineering solutions tailored to original equipment manufacturers (OEMs) and original design manufacturers (ODMs).
Over the years, Bombay Coated & Special Steels has scaled its operational capacity and expanded its customer base across key industrial segments such as home and commercial appliances.
Business Operations
Bombay Coated and Special Steels Limited operates an integrated steel processing network offering diversified value-added steel products and services.
- Slit Coils – The company processes steel coils through precision slitting lines to deliver high-quality slit coils meeting exact dimensional requirements.
- Cut-to-Length Sheets & Blanks – It provides cut-to-length sheets, sheared blanks, and embossed blanks utilized across various manufacturing applications.
- Shearing & Embossing Services – Specialized processing lines offer shearing and embossing of steel coils to enhance product utility and structural finish.
- Manufacturing Infrastructure – Operates four advanced processing plants across Maharashtra, Rajasthan, and Andhra Pradesh equipped with slitting, shearing, and embossing machinery.
- Industrial Client Servicing – Supplies processed steel products to prominent OEMs and ODMs, with a strong focus on the home and commercial appliances sector.
Industry Overview
India’s steel processing and manufacturing sector continues to expand due to increasing infrastructure development, rising industrial automation, growing demand for consumer appliances, and higher adoption of customized engineering components. Organised steel processing centres are increasingly capturing market share by offering precise specifications, reduced material wastage, and reliable supply chain solutions to manufacturers.
Increasing investments in industrial infrastructure and manufacturing capacity create long-term growth opportunities for established steel processing providers.
Business Strategy
Bombay Coated and Special Steels Limited focuses on optimizing its capital structure through strategic debt reduction, expanding processing efficiency, and strengthening relationships with major industrial clients.
The company aims to leverage its processing capabilities across multiple plants, enhance operational efficiencies, fulfill lease obligations, and capture growing demand in the appliance and manufacturing sectors. Through disciplined financial management and operational excellence, the company seeks to build long-term value in the organized steel processing market.
Bombay Coated & Special Steels IPO Financial Information
A company’s financial performance provides valuable insights into its revenue growth, profitability, operational efficiency, and financial stability. Reviewing financial statements over multiple years helps investors understand how the business has expanded and how effectively it has generated earnings from its operations.
Financial Summary
| Particulars | FY2024 | FY2025 | FY2026 | Q1 FY2027 (Jun 30, 2026) |
| Total Income | ₹765.41 Crore | ₹1,058.65 Crore | ₹1,269.83 Crore | ₹397.55 Crore |
| EBITDA | ₹49.17 Crore | ₹74.09 Crore | ₹86.09 Crore | ₹32.17 Crore |
| Profit After Tax (PAT) | ₹21.14 Crore | ₹28.67 Crore | ₹30.54 Crore | ₹15.08 Crore |
| Net Worth | ₹54.36 Crore | ₹83.05 Crore | ₹121.58 Crore | ₹136.62 Crore |
| Total Borrowings | ₹234.16 Crore | ₹276.96 Crore | ₹338.45 Crore | ₹273.69 Crore |
The company has reported consistent top-line growth across recent financial years, driven by higher processing volumes and expanding industrial demand. Operating profitability has shown steady improvement alongside strengthening net worth levels.
Bombay Coated & Special Steels IPO Key Performance Indicators (KPIs)
Key Performance Indicators help investors assess the company’s profitability, operational efficiency, financial strength, and capital utilisation. These financial ratios provide additional insights into the company’s overall business performance.
| KPI | Value (FY2026 / As of Date) |
| Return on Equity (ROE) | 29.92% |
| Return on Capital Employed (ROCE) | 16.40% |
| Return on Net Worth (RoNW) | 25.12% |
| EBITDA Margin | 6.80% |
| PAT Margin | 2.41% |
| Debt-to-Equity Ratio | 2.78 |
| Earnings Per Share (EPS – Basic) | ₹7.54 |
| Price to Earnings (P/E) | To be updated |
The company’s performance ratios demonstrate strong return metrics and active earnings generation across its processing operations.
Objects of the Bombay Coated & Special Steels IPO
The company intends to utilise the net proceeds from the fresh issue for the following purposes:
- Repayment and/or prepayment, in full or in part, of certain borrowings availed by the Company (₹125.00 Crore).
- Financing the cost towards acquisition of capital equipment under existing lease arrangements with Siemens Financial Services Private Limited (₹15.77 Crore).
- General Corporate Purposes.
The fresh issue proceeds are expected to strengthen the company’s balance sheet and reduce financial leverage.
Bombay Coated & Special Steels IPO Listing Performance
The listing performance reflects how the company’s shares performed on the stock exchanges after the IPO. While listing gains indicate initial investor sentiment, long-term returns depend on the company’s financial performance, operational execution, expansion strategy, and future growth prospects.
| Particular | Value |
| Listing Exchange | BSE & NSE |
| Listing Date | 5 November 2026 |
| Issue Price | ₹82 Per Share |
| Listing Price | To be updated |
| Listing Gain | To be updated |
| Listing Gain (%) | To be updated |
The listing performance will be available after the company’s shares commence trading on the stock exchanges. Investors should focus on long-term business fundamentals rather than short-term listing movements.
Bombay Coated & Special Steels IPO Subscription Status
The subscription figures indicate the level of investor participation received during the IPO bidding period. Strong subscription generally reflects healthy market interest, although investment decisions should also consider valuation, financial performance, and long-term business prospects.
Bombay Coated & Special Steels IPO Subscription :
| Investor Category | Subscription |
| Qualified Institutional Buyers (QIB) | To be updated |
| Non-Institutional Investors (NII) | To be updated |
| Retail Individual Investors (RII) | To be updated |
| Employee Category | To be updated |
| Total Subscription | To be updated |
The final subscription figures will be available after the IPO closes. They will provide an indication of investor participation across various categories.
Bombay Coated & Special Steels IPO Review
Bombay Coated and Special Steels Limited is an established steel processing company operating modern manufacturing plants across multiple states in India. The company provides essential processing solutions including slit coils, blanks, and cut-to-length sheets for industrial OEMs and ODMs.
The company has demonstrated steady top-line expansion and solid profitability metrics supported by longstanding supplier relationships and a focused product portfolio. Planned utilization of IPO proceeds toward substantial debt reduction is expected to improve financial flexibility and strengthen the balance sheet.
However, investors should consider risk factors such as high supplier concentration for raw materials, customer concentration in specific sectors, raw material price volatility, and high leverage levels before making investment commitments.
Overall, Bombay Coated and Special Steels Limited operates within a manufacturing segment benefitting from industrial growth. Investors should evaluate valuation multiples and financial strategies alongside market parameters when considering subscription.
Bombay Coated & Special Steels IPO Strengths
- Established steel processing capabilities with modern manufacturing plants across Maharashtra, Rajasthan, and Andhra Pradesh.
- Strategic supplier relationships ensuring steady availability of steel coils for processing operations.
- Strong customer base comprising prominent OEMs and ODMs, particularly in the home and commercial appliances sector.
- Consistent growth in operating revenue and solid return metrics (ROE and RoNW).
- Experienced promoter leadership and professional management team.
Bombay Coated & Special Steels IPO Risk Factors
- Significant supplier concentration, sourcing a major portion of steel coils from primary producers like JSWSCPL.
- Customer concentration risk with top clients contributing a substantial share of total revenues.
- Vulnerability to fluctuations in raw material and steel coil market prices which can impact operating margins.
- High financial leverage and outstanding borrowings requiring ongoing debt servicing.
- Sectoral dependence with the home and commercial appliances sector contributing a dominant share of product revenues.
Bombay Coated & Special Steels IPO Promoters
Bombay Coated and Special Steels Limited is promoted by experienced industry entrepreneurs who have guided the company’s business expansion and operational development.
Bombay Coated & Special Steels IPO Promoters Details :
| Promoter | Designation |
| Vijaykumar Himatrai Gupta | Promoter |
| Nitin Vijaykumar Gupta | Promoter |
| Bhawna Nitin Gupta | Promoter |
Bombay Coated & Special Steels IPO Management Team
The company is led by an experienced leadership team managing plant operations, financial strategy, regulatory compliance, and corporate governance.
| Name | Designation |
| Vijaykumar Himatrai Gupta | Promoter & Director |
| Nitin Vijaykumar Gupta | Managing Director / Director |
Bombay Coated & Special Steels IPO Registrar Details
The registrar is responsible for processing IPO applications, finalising the basis of allotment, crediting equity shares to successful applicants, initiating refunds, and handling investor-related services.
| Particular | Details |
| Registrar Name | Kfin Technologies Limited |
| Website | https://ris.kfintech.com |
| IPO Allotment Status | https://ris.kfintech.com/ipostatus/ |
| Email ID | [email protected] |
| Contact Number | +91-40-67162222, 040-79611000 |
Bombay Coated & Special Steels IPO Lead Manager Details
The Book Running Lead Manager is responsible for managing the IPO process, coordinating regulatory compliance, and assisting the company throughout the public issue.
| Particular | Details |
| Lead Managers | Smart Horizon Capital Advisors Private Limited |
Bombay Coated and Special Steels Limited Contact Details
| Particular | Details |
| Company Name | Bombay Coated and Special Steels Limited |
| Registered Office | Mumbai, Maharashtra, India |
| Website | https://www.bombaycoated.com |
| Email ID | [email protected] |
How to Check Bombay Coated & Special Steels IPO Allotment Status
Investors can check the IPO allotment status after the basis of allotment is finalised through the registrar’s website or the BSE IPO portal.
Through Kfin Technologies Limited
- Visit the official Kfin Technologies IPO allotment portal.
- Select Bombay Coated & Special Steels IPO from the IPO drop-down list.
- Select PAN Number, Application Number, or DP/Client ID.
- Input the corresponding details and complete the security verification.
- Click Submit to view the allotment status.
Through BSE
- Visit the official BSE IPO allotment portal.
- Select Bombay Coated & Special Steels IPO from the issue name list.
- Input your Application Number and PAN Number.
- Complete the required captcha verification.
- Click Search to check the allotment result.
Bombay Coated & Special Steels IPO Conclusion
Bombay Coated & Special Steels IPO offers investors an opportunity to participate in an established steel processing business operating multiple manufacturing plants across India. The company has demonstrated robust top-line growth and solid return metrics while serving major OEMs in the appliances sector.
Its processing expertise and planned debt reduction using IPO proceeds provide a positive operational outlook. However, investors should balance potential benefits against risk factors including raw material supplier concentration and high leverage.
Evaluating financial metrics, issue pricing, and business objectives will help investors determine alignment with their portfolio strategy.
Bombay Coated & Special Steels IPO FAQs
What is Bombay Coated & Special Steels IPO?
Bombay Coated & Special Steels IPO is a Mainboard public issue of Bombay Coated and Special Steels Limited, a specialized steel processing company.
What is the price band of Bombay Coated & Special Steels IPO?
The price band is ₹78 to ₹82 per equity share.
What is the issue size of Bombay Coated & Special Steels IPO?
The issue comprises ₹183.06 crore entirely through a fresh issue of equity shares.
When will the Bombay Coated & Special Steels IPO open?
The IPO opens for subscription on 29 October 2026.
When will the Bombay Coatd & Special Steels IPO close?
The IPO closes on 2 November 2026.
On which stock exchanges will Bombay Coated & Special Steels shares be listed?
The company’s shares will be listed on both BSE and NSE.
Who is the registrar for the Bombay Coated & Special Steels IPO?
Kfin Technologies Limited is the registrar to the issue.
What is the face value of Bombay Coated & Special Steels IPO shares?
The face value is ₹10 per equity share.
What does Bombay Coated and Special Steels Limited do?
The company processes steel coils into finished and semi-finished products including slit coils, blanks, and cut-to-length sheets for industrial customers.
What are the objects of the Bombay Coated & Special Steels IPO?
The company will use fresh issue proceeds for repayment or prepayment of borrowings, financing the acquisition of capital equipment under lease arrangements, and general corporate purposes.
