Bombay Coated & Special Steels IPO: Price, GMP, Allotment, Valuation & Review

Bombay Coated & Special Steels IPO- Complete Overview 

Bombay Coated & Special Steels IPO is a Mainboard IPO with an issue size of Rs. 183.06 Cr Shares by Bombay Coated & Special Steels Limited, which is a steel processing centre engaged in converting steel coils into value-added processed steel products for Original Equipment Manufacturers (“OEMs”) and Original Design Manufacturers (“ODMs”). 

The Company specialises in precision slitting, cut-to-length processing, shearing and embossing of steel coils to manufacture slit coils, embossed slit coils, blanks, embossed blanks and sheared blanks. Its products serve multiple end-use industries, including home and commercial appliances, automotive and auto components, electrical equipment, pharmaceutical cleanroom infrastructure, ventilation systems and general engineering. 

In addition to processing steel coils, the Company provides logistics and inventory management services and supports customers through just-in-time delivery solutions.

The Company operates four strategically located manufacturing facilities at Wada and Bhiwandi in Maharashtra, Ghiloth in Rajasthan, and Sri City in Andhra Pradesh. Spread across an aggregate area of 42,209 square metres, these facilities are equipped with slitting, cut-to-length, shearing and embossing lines. 

The Company has an authorised service partnership with JSW Steel Coated Products Limited (“JSWSCPL”) and/or its holding company since 2021, supporting regular access to steel coils. 

This new IPO is to be launched on 29 October 2026, and its ‘initial public offering’ will end on 02 November 2026.

Bombay Coated & Special Steels IPO Details

This Mainline IPO comprises a wholly fresh issue of 2.23 crore shares. The Bombay Coated & Special Steels IPO listing date (expected) might be Thursday, Nov 05, 2026, and the listing on the BSE and NSE. 

The Bombay Coated & Special Steels IPO price band is Rs. 78 to Rs. 82.

IPO Timetable (Tentative)

The Bombay Coated & Special Steels IPO date is from Oct 29 to Nov 02, with IPO allotment on Nov 03, refund initiation on Nov 04, and listing on Nov 05, 2026.

If you want to apply for the IPO, click to open a Demat Account.

Industry Overview & Outlook

Steel Products and Flat Steel Products experienced consistent growth, registering a Compound Annual Growth Rate (CAGR) of 12.1% and 13%, respectively, from FY21 to FY25. 

Bombay Coated & Special Steels Company Financial Performance

Bombay Coated & Special Steels- Profit & Loss

(Amount in Cr)

Bombay Coated & Special Steels- Balance Sheet

(Amount in Cr)

Cash Flows

The cash flows for various activities are shown below:

(Amount in Mn)

Bombay Coated & Special Steels IPO- Business Model 

The company procures large steel coils (mainly coated and non-coated) and converts them into value-added Processed Steel Products through precision processes. These finished products are then sold to customers (mostly on a just-in-time basis). 

Main processing activities:

Slitting – Cutting wide coils into narrower widths

Cut-to-length – Cutting coils into sheets/blanks of specific lengths

Shearing – Precision edge cutting

Embossing – Creating textured/patterned surfaces (especially useful for refrigerator panels)

Key products sold:

• Slit coils

• Embossed slit coils

• Blanks/sheets

• Embossed blanks

• Sheared blanks.
  
  

How Revenue is Generated

Primary revenue source: Sale of finished Processed Steel Products (almost 100% of revenue from operations comes from domestic sales of these products).

Revenue is recognised when the processed goods are delivered/transferred to the customer (point-in-time).

The company does not manufacture steel itself. It buys coils, processes them, and sells the customised products at a margin.

It also provides inventory management and logistics support, which strengthens customer relationships and supports just-in-time supply.

Revenue Bifurcation

(Source: RHP)

The Objective of the Issue

• Repayment/pre-payment, in full or in part, of certain borrowings availed by the Company. ~ Rs. 125 Cr.

• Financing the cost towards acquisition of capital equipment under existing lease arrangements with Siemens Financial Services Pvt. Ltd. ~ Rs. 15.77 Cr.
  
  

Peers of Bombay Coated & Special Steels

Evaluation of P/E Ratio

Considering the period ended on FY26 with an EPS of Rs. 7.64 from the last year, the resulting P/E ratio is 10.73x. 

Bombay Coated & Special Steels IPO Valuation

IPO's Strengths 

• High Entry Barriers.

• Growing Processing Capacity.

• Integrated Steel Processing Infrastructure.

• Strategically Located Manufacturing Network.
  
  

IPO's Weaknesses

• The Company sourced 85.13%, 86.65%, 90.61% and 84.58% of its steel coil requirements from JSWSCPL for the periods ended June 30, 2026, Fiscal 2026, 2025 and 2024 respectively, and any disruption in this relationship could materially affect operations.

• The Company has experienced past discrepancies and delays in statutory filings with the RoC, including incorrect mode of allotment disclosures and delayed forms, which could attract regulatory scrutiny or penalties.

• The Company has incurred negative net cash flows from investing and financing activities in the past, including ₹733.88 million used in financing activities for the three months ended June 30, 2026, which could affect liquidity and growth plans.
  
  

Bombay Coated & Special Steels IPO GMP Today

Bombay Coated & Special Steels IPO GMP is Rs. 8 as of October 24, 2026, when this information was written. 

IPO Other Details

Bombay Coated & Special Steels IPO Lot Size

The IPO allows retail investors to invest in a minimum and maximum of 1 Lot (182 Shares) amounting to Rs. 14924 and 13 Lots (2366 Shares) for Rs. 1,94,012, respectively, while for HNI investors, the minimum Lot is 14 (2548 Shares) amounting to Rs. 2,08,936.

Bombay Coated & Special Steels IPO Reservation

Promoters and Management of Bombay Coated & Special Steels Ltd. 

• Vijaykumar Himatrai Gupta

• Nitin Vijaykumar Gupta 

• Bhawna Nitin Gupta.

IPO Lead Managers

Smart Horizon Capital Advisors Pvt. Ltd.  

Dividend Policy

The company has not paid a dividend during the last three FYs.
 

Bombay Coated & Special Steels IPO Review: Subscribe or Avoid?

Bombay Coated & Special Steels is a steel processing company that converts coils (mainly sourced from JSW) into slit coils, blanks and embossed sheets for OEMs/ODMs, largely serving the home & commercial appliances sector through four strategically located plants. The company has shown strong revenue growth (₹755 Cr in FY24 to ₹1,267 Cr in FY26) with a PAT of ₹30.5 Cr, but operates on thin margins (PAT 2.41%, EBITDA 6.8%) and carries high leverage (Debt/Equity 2.78x). 

The ₹183 Cr pure fresh issue (price band ₹78–82) is mostly for debt repayment. While it benefits from JSW partnership, multi-location presence and value-added processing, key risks include heavy supplier dependence, customer concentration and demand seasonality. At the upper band, the IPO is valued at around 10.7x FY26 EPS.

Before making any decision to subscribe or avoid, you should consult your SEBI-registered financial advisor. 

Bombay Coated & Special Steels IPO News

Bombay Coated & Special Steels DRHP

Bombay Coated & Special Steels RHP

Bombay Coated & Special Steels IPO Allotment Status

Finowings IPO Analysis

Hope you enjoyed the Finowings IPO Analysis. We tried our best to give every required detail about the company that you should know before applying to the IPO.

You must consult your financial advisor before making any financial decisions.

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DISCLAIMER: This blog is NOT any buy or sell recommendation. No investment or trading advice is given. The content is purely for educational and information purposes only. Always consult your eligible financial advisor for investment-related decisions.