About Bombay Coated & Special Steels IPO
Bombay Coated and Special Steels IPO is a book‑built issue comprising a fresh issue worth up to ₹191 crore. The company filed the DRHP with SEBI on Jan 28, 2026. The price band and official dates of subscription and listing will be announced by the company later. The shares are supposed to be listed on the BSE and the NSE platforms. The book-running lead managers (BRLMs) of this issue are Smart Horizon Capital Advisors Private Ltd., while the registrar to the issue is KFin Technologies Ltd.
Company Background
Bombay Coated and Special Steels Ltd. was incorporated as a private company in 2019. The company is a Steel Processing Centre (SPC), which is an intermediary that adds value to the raw material by processing the steel coils into finished products for the industrial sector. The company is headquartered in Mumbai, Maharashtra. The company's business has expanded across India, with manufacturing units set up in key industrial zones.
Operations & Product Range
Bombay Coated and Special Steels Ltd. specializes in the processing of metallic and coated steel coils into high-value products. The main services that the company offers include precision cutting, cut-to-length shearing and aesthetic stamping. The company fulfills the needs of the critical sectors of home appliances, automotive and general engineering by providing OEMs and ODMs with customized slit coils, blanks and sheets.
Facilities & Capacity
Bombay Coated and Special Steels Ltd. has manufacturing facilities in India, mainly located in Bhiwandi, Wada, Ghiloth, and Sri City, which are connected to major customers. As of September 30, 2025, the company has a processing capacity of 220,506 metric tons per annum.
Brands & Market Presence
Bombay Coated and Special Steels Ltd. is a trusted service partner for large industrial customers such as Haier Appliances India and IFB Refrigeration. It is an authorized partner of JSW Steel Coated Products Ltd. since 2021 and functions within the country in 14 states and 2 union territories, receiving recognition such as the ‘Excellence Award’ from Haier in 2023.
Revenue Streams & Business Model
Bombay Coated and Special Steels Ltd. mainly earns through processed steel products, emphasizing service-oriented processing. The top 10 customers alone contribute more than 67% of the company’s revenue, and more than 70% of the revenue is generated from Maharashtra, Gujarat, and Haryana. The revenue from operations in FY25 was ₹1,058 crores, with a Profit After Tax (PAT) of ₹28.67 crores.
Management & Shareholding
The management of Bombay Coated and Special Steels Ltd. is handled by its Chairman & WTD, Vijaykumar Himatrai Gupta, and MD Nitin Gupta, along with a team of independent and experienced directors. Before the IPO, the promoters held a 100% stake in the company, but even after the IPO, there will be no dilution in the promoters' stake.
Board & Key Management
The management of Bombay Coated and Special Steels Ltd. is led by Vijaykumar Himatrai Gupta (Chairman & WTD) and Nitin Gupta (Managing Director), who have been managing the company for more than three decades (30+ years). The management team is led by Bhawna Gupta (WTD), while the Independent Directors Mihen Halani, Neelam Tater, and Hemant Ostwal govern the decisions taken by the company. The top management is aided by Ashish Sonthalia (CFO) and Sonam Gupta (CS).
Bombay Coated & Special Steels IPO Details
| Detail | Description |
|---|---|
| IPO Date | - |
| Listing Date | - |
| Face Value | ₹ 10 per Equity Share |
| Issue Price Band | - |
| Lot Size | - |
| Sale Type | Fresh Capital |
| Total Issue Size | Up to ₹ 191.00 Cr (aggregating up to ₹ 1,910.00 million) |
| Reserved for Market Maker | - |
| Fresh Issue(Ex Market Maker) | Up to ₹ 191.00 Cr (aggregating up to ₹ 1,910.00 million) |
| Offer for Sale | - |
| Net Offered to Public | - |
| Issue Type | Bookbuilding IPO |
| Listing At | NSE and BSE |
| Share Holding Pre Issue | - |
| Share Holding Post Issue | - |
Bombay Coated & Special Steels IPO Financial Information
Latest Revenue
492.91
₹ Crore
Profit After Tax
11.01
₹ Crore
Net Worth
94.07
₹ Crore
Total Borrowing
270.94
₹ Crore
| Period Ended | Assets | Revenue From Operations | Profit After Tax | Net Worth | Reserves & Surplus | Total Borrowing | |||
|---|---|---|---|---|---|---|---|---|---|
| As of 30 Sept 2025 | 451.71 | 492.91 | 11.01 | 94.07 | 54.47 | 270.94 | |||
| FY 2025 | 458.21 | 1,058.65 | 28.67 | 83.05 | 73.15 | 276.96 | |||
| FY 2024 | 350.21 | 765.41 | 21.14 | 54.36 | 44.46 | 234.16 | |||
| FY 2023 | 270.73 | 591.89 | 15.67 | 33.24 | 23.34 | 168.63 | |||
| Amount in ₹ Crore | |||||||||
Bombay Coated & Special Steels Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 41.76% |
| ROCE | 18.78% |
| Debt/Equity | 3.33x |
| RoNW | 34.54% |
| PAT Margin | 2.72% |
| EBITDA Margin | 7.02% |
| Price to Book Value | - |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 7.24 (basic/diluted) | - |
| P/E (x) | - | - |
IPO Objectives
The company plans to use the net proceeds from the fresh issue of the Bombay Coated and Special Steels IPO for the following purposes:
- Repayment or debt (in part or in full)
- Funding the cost of capital equipment
- General corporate purposes
Conclusion
The Bombay Coated and Special Steels IPO provides an investment opportunity for those who wish to invest in a growing firm that has demonstrated robust revenue growth by capitalizing on its role as a strategic service partner in the steel value chain in India. The firm’s strengths include its strategic industry partnerships and geographically diversified operations.
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Competitive Strengths
A long-standing, authorized service partnership with JSW Steel Coated Products ensures a steady supply of a key raw material.
Diversified base of reputed OEMs and ODMs, with long-standing relationships with clients.
4 manufacturing plants located near key national highways and industrial clusters enable cost-efficient operations and just-in-time delivery.
A complete range of value-added processing services under one roof.
| Sr.no | Description | Date | File |
|---|---|---|---|
| 1 | Filed with SEBI/Exchange | 28/01/2026 | View DRHP |
| 2 | SEBI/Exchange approval received | - | - |
Bombay Coated & Special Steels IPO Timeline
| IPO Open Date | - |
| IPO Close Date | - |
| Tentative Allotment | - |
| Initiation of Refunds | - |
| Credit of Shares to Demat | - |
| Tentative Listing Date | - |
| Cut-off time for UPI mandate confirmation | - |
IPO Lot Size
| Investors | No.of lots | Shares Offered | Max Bid Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 1 | — | ~₹14,000 - ₹15,000 |
| Individual investors (Retail) (Max) | 13-14 | — | Up to ₹2,00,000 |
| S-HNI (Min) | 14-15 | — | Over ₹2,00,000 |
| S-HNI (Max) | 66-70 | — | Up to ₹10,00,000 |
| B-HNI (Min) | 71+ | — | Over ₹10,00,000 |