Bombay Coated & Special Steels IPO GMP, Date, Price Band & Review

Company Background

Bombay Coated and Special Steels Limited was incorporated in Mumbai on 26 December 2019 and became a public limited company in February 2025. Its roots go back to 1983, when promoter Vijaykumar Himatrai Gupta started steel trading as the proprietor of M/s. Bombay Steels. That business moved into processing with the Bhiwandi facility in 2012, and the company took it over through a business transfer agreement in 2021. Today it is a steel processing centre that sits between primary steel producers and manufacturers. It buys steel coils and converts them into slit coils and cut blanks or sheets that go straight onto customers' production lines.

Operations & Product Range

The company works through four processes: slitting, cut-to-length, shearing and embossing. Its slitting lines handle widths from 22 mm to 1,850 mm, and its cut-to-length lines produce blanks up to 5.50 mm thick.

For the home and commercial appliances sector, it processes coated and hot-rolled coils used in air conditioners, refrigerators and water heaters. For general engineering, it turns non-coated and galvanised plain coils into blanks for automobiles, pharmaceutical clean rooms, electrical equipment and ventilation systems. Named customers include Haier Appliances India, IFB Refrigeration, Dixon Electro Manufacturing, Amber Enterprises India, Western Refrigeration, PG Technoplast and EPack Durable. The company served 261 customers in FY26.

Facilities & Capacity

The four facilities are at Wada and Bhiwandi in Maharashtra, Ghiloth in Rajasthan and Sri City in Andhra Pradesh, covering 42,209 square metres in total. All four are ISO 9001:2015 certified, and Ghiloth and Sri City hold ASSOCHAM's Certified GEM 4 sustainability rating.

Installed capacity rose from 3,01,541 MTPA in FY24 to 4,62,411 MTPA in FY26. FY26 utilisation was 60.61% for slitting, 58.74% for cut-to-length, 46.68% for embossing and 59.86% for shearing, so the existing lines can take more volume. The company still plans one more cut-to-length line at Ghiloth and has bought an adjoining 11,250 square metre plot for ₹11.69 crore, funded outside the IPO.

Brands & Market Presence

As a business-to-business processor, the company does not sell under consumer brands. It has been an authorised service partner of JSW Steel Coated Products since 2021, which gives it access to the coated coils many appliance makers specify. In FY26, 86.65% of its coil purchases came from JSW Steel Coated Products. The company sells in 14 states and two union territories, and on average more than half of its revenue comes from Maharashtra, Gujarat and Haryana. Exports are limited to small past sales to Bangladesh. Existing customers accounted for 96.08% of FY26 revenue.

Revenue Streams & Business Model

Revenue comes from selling processed steel to manufacturers. Original design manufacturers, who build appliances for brands, contributed 55.92% of FY26 revenue. By end use, home and commercial appliances accounted for 86.54% of FY26 revenue and air conditioners alone for 46.85%. The appliance share rose to 89.93% in the June 2026 quarter.

Raw materials were 90.51% of total expenses in FY26, so margins are thin and move with steel prices. Ghiloth and Wada generated about 85% of FY26 revenue between them, at 42.85% and 42.39%.

Financial Performance

Bombay Coated and Special Steels has reported steady growth over the past three years, with revenue from operations moving from ₹755.26 crore in FY24 to ₹1,055.71 crore in FY25 and ₹1,266.82 crore in FY26, a revenue CAGR of 29.51% over the period. Profit after tax stood at ₹21.14 crore in FY24, ₹28.67 crore in FY25 and ₹30.54 crore in FY26, reflecting 6.51% growth in the latest financial year. For the three months ended 30 June 2026, revenue was ₹397.08 crore and profit after tax was ₹15.07 crore. Net worth stood at ₹121.58 crore at the end of FY26.

Management & Shareholding

The promoters are Vijaykumar Himatrai Gupta, Nitin Vijaykumar Gupta and Bhawna Nitin Gupta. Together they hold 3,95,99,840 shares, or 97.78% of the pre-issue capital of 4,05,00,091 shares. Nitin Vijaykumar Gupta holds 78.22%, and the other two hold 9.78% each. Since there is no offer for sale, the promoters are not selling. The final post-issue holding will be set in the Prospectus. In July 2025 the company issued bonus shares in a 3:1 ratio, and on 28 October 2025 it allotted 9,00,091 shares in a private placement at ₹88 each, above the IPO price band.

Board & Key Management

The board has six directors. Vijaykumar Himatrai Gupta is Chairman and Whole-time Director, with more than 40 years in the steel business. His son, Nitin Vijaykumar Gupta, is Managing Director with over 20 years in the sector. Bhawna Nitin Gupta, Nitin's spouse, is a Whole-time Director with over six years of experience. The independent directors are Neelam Tater, a chartered accountant, Mihen Halani, a practising company secretary, and Hemant Ostwal, a chartered accountant and company secretary. Key managerial personnel include Chief Executive Officer Shashi Mohan Singh Rawat, Chief Financial Officer Ashish O Sonthalia and Company Secretary Sonam Dilipkumar Gupta.