Bombay Coated & Special Steels IPO: Issue Structure and Company Details

    India's steel consumption rose from 95 million tonnes in FY2021 to 164 million tonnes in FY2026, a CAGR of 11.6% (Source: RHP, citing CareEdge Report). Bombay Coated and Special Steels Limited has filed its Red Herring Prospectus (RHP) with the Securities and Exchange Board of India (SEBI) to raise funds through an Initial Public Offering (IPO). The company runs a multi-location steel processing business that slits, cuts and embosses steel coils.

    The RHP discloses how the company earns revenue and the risks tied to its operations. Bombay Coated and Special Steels IPO details form part of a wider set of Upcoming IPO filings in the steel processing space.

    IPO Details

    The table below highlights the key details of the Bombay Coated and Special Steels IPO available in the RHP.

    ParticularsDetails
    IPO Type100% Book Built Issue
    IPO Open Date29th October, 2026
    IPO Close Date2nd November, 2026
    Face Value₹10 per equity share
    Price Band₹78 to ₹82 per share
    Lot Size182 shares
    Fresh Issue2,23,24,024 shares (agg. up to ₹183 Cr)
    Offer for SaleNA
    Total Issue Size2,23,24,024 shares (agg. up to ₹183 Cr)
    Listing ExchangeNSE and BSE

    This IPO consists entirely of a Fresh Issue, with no Offer for Sale (OFS) component, and the proceeds will be received solely by the company. Anchor bidding takes place on 28th October, 2026, Smart Horizon Capital Advisors Private Limited is the book running lead manager, and KFin Technologies Limited is the registrar.

    About Bombay Coated and Special Steels Limited

    Company Background

    Bombay Coated and Special Steels Limited holds Corporate Identity Number U27209MH2019PLC335077 and is registered in Mumbai, Maharashtra. The company processes steel coils into slit, cut-to-length, sheared and embossed products for original equipment manufacturers.

    Vijaykumar Himatrai Gupta, Nitin Vijaykumar Gupta and Bhawna Nitin Gupta are the promoters. They hold 97.78% of the company together with the promoter group.

    Business Overview

    The company has been an authorised service partner of JSW Steel Coated Products Limited since 2021. It buys steel coils from that supplier and others, and processes them on precision machinery.

    The company's operations span:

    • Four facilities at Wada and Bhiwandi in Maharashtra, Ghiloth in Rajasthan and Sri City in Andhra Pradesh

    • A combined site area of 42,209 square metres

    • Slitting, cut-to-length, shearing and embossing lines

    • ISO 9001:2015 certification, with green facility certification for Ghiloth and Sri City

    Locations were chosen for their closeness to customer delivery points.

    Revenue Model

    Revenue from Operations rose from ₹765.41 crore in FY2024 to ₹1,058.65 crore in FY2025 and ₹1,269.83 crore in FY2026. The Home and Commercial Appliances sector contributed 86.54% of revenue from the sale of products in FY2026, against 77.41% in FY2024.

    The company serves customers across fourteen states and two union territories. Adjusted EBITDA margin stood at 6.51% in FY2024, 7.02% in FY2025 and 6.80% in FY2026.

    Investors can check the Bombay Coated and Special Steels IPO allotment status on the registrar's website as the allotment timeline is announced.

    Industry Overview

    India's crude steel production grew at a CAGR of 10.3% over the same six years, and the CareEdge Report ties this growth to expanding infrastructure, construction and manufacturing (Source: RHP, citing CareEdge Report).

    Final steel consumption rose 7.9% year on year to 164 million tonnes in FY2026 (Source: RHP, citing CareEdge Report).

    A steel processing centre works like a tailor for sheet metal. It buys cloth in large rolls and cuts it to the size and finish each customer orders.

    Reading the figures needs care, because one supplier provides most of the coils and one appliance sector buys most of the output. The CareEdge Report was also commissioned and paid for by the company.

    Company Financials

    The table below summarises the company's financial performance over the last three years, based on the Restated Financial Information in the RHP.

    Financials (₹ crore)FY2026FY2025FY2024
    Assets571.47458.21350.21
    Total Income1,269.831,058.65765.41
    PAT30.5428.6721.14
    EBITDA86.0974.0949.17
    Net Worth121.5883.0554.36

    Total Income rose from ₹765.41 crore in FY2024 to ₹1,269.83 crore in FY2026, while PAT rose from ₹21.14 crore to ₹30.54 crore. EBITDA is adjusted EBITDA as defined in the RHP.

    Strengths of Bombay Coated and Special Steels Limited

    Supply Partnership

    The company has been an authorised service partner of JSW Steel Coated Products since 2021, under an agreement for regular supply of steel coils. It sourced 86.65% of its coil needs from that supplier in FY2026. This gives it a steady flow of raw material.

    Facilities Near Customers

    Four sites at Wada, Bhiwandi, Ghiloth and Sri City span Maharashtra, Rajasthan and Andhra Pradesh. The company chose these locations for their closeness to customer delivery points. Ghiloth and Sri City carry green facility certification.

    Processing Capability

    The sites run slitting, cut-to-length, shearing and embossing lines. The company processes coils on high-precision machinery. All four sites hold ISO 9001:2015 certification for processing, marketing and supply.

    Growth in Revenue

    Revenue from Operations rose from ₹765.41 crore in FY2024 to ₹1,058.65 crore in FY2025 and ₹1,269.83 crore in FY2026. That is growth of about 40% in FY2025 and about 20% in FY2026. The three months ended June 30, 2026 added ₹397.55 crore.

    Growth in Earnings

    PAT rose from ₹21.14 crore in FY2024 to ₹28.67 crore in FY2025 and ₹30.54 crore in FY2026. Adjusted EBITDA rose from ₹49.17 crore to ₹86.09 crore over the same period. The June 2026 quarter added ₹15.08 crore of profit.

    Growth in Net Worth

    Net Worth rose from ₹54.36 crore as of March 31, 2024 to ₹83.05 crore as of March 31, 2025 and ₹121.58 crore as of March 31, 2026. Equity share capital rose from ₹9.90 crore to ₹40.50 crore. Net Worth stood at ₹136.62 crore as of June 30, 2026.

    Risks Associated with Bombay Coated and Special Steels Limited

    Dependence on a Single Supplier

    The company sourced 86.65% of its steel coil needs from JSW Steel Coated Products in FY2026, against 90.61% in FY2025 and 84.58% in FY2024. Any disruption in supply from that supplier affects production. Steel coils are a key raw material.

    Customer Concentration

    The top ten customers contributed 71.33% of revenue in FY2026, against 67.43% in FY2024. The loss of any of them lowers a large share of sales. The share reached 73.54% in the three months ended June 30, 2026.

    Dependence on the Appliances Sector

    Home and Commercial Appliances supplied 86.54% of product sales in FY2026, up from 77.41% in FY2024. A slowdown or cycle in this sector affects demand directly. The company mainly serves appliance makers and design manufacturers.

    Raw Material Cost

    Raw materials and components consumed accounted for 90.51% of revenue in FY2026, against 92.97% in FY2025. A rise in coil prices that the company cannot pass on reduces margins. Adjusted EBITDA margin stood at only 6.80% in FY2026.

    High Debt-to-Equity Ratio

    The debt-to-equity ratio was 2 times as of June 30, 2026. This raises interest costs and sensitivity to rate changes, and loan covenants restrict financial flexibility. Total Borrowings rose from ₹234.16 crore in FY2024 to ₹338.46 crore in FY2026.

    Discrepancies in Statutory Filings

    The company has had discrepancies in certain filings with the Registrar of Companies. These include charge forms and auditor appointment forms for earlier periods. Regulatory action on them cannot be ruled out.

    Key Things Investors May Consider

    Before evaluating the Bombay Coated and Special Steels IPO, investors may consider the following factors:

    • Dependence on one supplier for steel coils

    • Concentration among the top ten customers

    • Dependence on the appliances sector

    • Raw material cost as a share of revenue

    • The debt-to-equity ratio and rising borrowings

    • Discrepancies in earlier statutory filings

    • Promoter and promoter group holding of 97.78%

    • Undisclosed price band and lot size

    These factors should be considered alongside the complete risk disclosures and financial information provided in the RHP.

    Disclaimer :

    Investments in securities market are subject to market risk, read all related documents carefully before investing. This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.


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    Content Partner - Dalal Street Investment Journal Wealth Advisory Private Limited



    This article is for educational purposes only and should not be considered investment advice. Market investments are subject to risks. DSIJ Wealth Advisory Private Limited is a SEBI-registered Research Analyst (Reg. No: INH000006396) and Investment Adviser (Reg. No: INA000001142). Please consult your financial adviser before investing. 

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    Publish Date: 29 Oct 2026

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