Bombay Coated and Special Steels Limited is a Mumbai-based steel processing company engaged in converting steel coils into customised, value-added steel products for Original Equipment Manufacturers (OEMs) and Original Design Manufacturers (ODMs). Incorporated in December 2019, the company acquired the business of Bombay Steels in January 2021, which traces its origins to 1983.
The company specialises in four steel processing operations—slitting, cut-to-length processing, shearing and embossing, manufacturing five major products:
- Slit Coils: Steel coils cut into narrower widths for appliances, automotive components and industrial applications.
- Blanks/Sheets: Flat steel sheets processed into customised lengths for refrigerators, air conditioners and electrical equipment.
- Embossed Slit Coils: Narrow steel coils with textured or patterned surface finishes.
- Embossed Blanks: Patterned steel sheets primarily used in refrigerator panels and home appliances.
- Sheared Blanks: Precision-cut steel sheets for engineering and industrial applications.
The company serves two major end-use segments: Home and Commercial Appliances (86.54% of FY2026 revenue) and General Engineering (13.46%), covering refrigeration, automotive components, electrical equipment, ventilation systems and pharmaceutical cleanrooms.
The company operates four manufacturing facilities in Maharashtra, Rajasthan and Andhra Pradesh, covering 42,209 square metres, with an installed processing capacity of 1,23,153 MTPA as of June 30, 2026, calculated on a quarterly basis for FY2027. It has also been an authorised service partner of JSW Steel Coated Products Limited and/or its holding company since 2021.
Its major customers include Haier Appliances India, IFB Refrigeration, Dixon Electro Manufacturing, Amber Enterprises India, Western Refrigeration, PG Technoplast and EPack Durable. During FY2026, the company served 261 customers, with its top 10 customers contributing 71.33% of revenue from operations.
As of June 30, 2026, the company had 164 personnel, including 160 permanent employees and 4 employees on retainership.
Bombay Coated & Special Steels IPO – Details
| IPO Opening Date | 29 October 2026 |
| IPO Closing Date | 02 November 2026 |
| Issue Type | Book Built Issue IPO |
| Issue Size | Total Issue Size: 2,23,24,024 Shares Worth ₹183.06 Crore Fresh Issue: 2,23,24,024 Shares Worth ₹183.06 Crore |
| Face Value | ₹10 per equity share |
| IPO Price | ₹78 – ₹82 per share |
| Market Lot | 182 Shares |
| Min Order | 182 Shares [1 Lot] |
| Listing At | BSE, NSE |
| Register | Kfin Technologies Ltd. |
| QIB Shares Offered | 50% |
| NII (HNI) Shares Offered | 15% |
| Retail Shares Offered | 35% |
Bombay Coated & Special Steels IPO – Date Schedule
| IPO Open Date | 29 October 2026 |
| IPO Close Date | 02 November 2026 |
| Basis of Allotment | 03 November 2026 |
| Initiation of Refund | 04 November 2026 |
| Credit of Shares to Demat Account | 04 November 2026 |
| IPO Listing Date | 05 November 2026 |
| Cut-off time for UPI mandate confirmation | 7 PM on November 02, 2026 |
Bombay Coated & Special Steels IPO – Lots Size & Price
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 182 | ₹14,924 |
| Retail (Max) | 13 | 2366 | ₹1,94,012 |
| S-HNI (Min) | 14 | 2548 | ₹2,08,936 |
| S-HNI (Max) | 67 | 12194 | ₹9,99,908 |
| B-HNI (Min) | 68 | 12376 | ₹10,14,832 |
Competitive Strength
- High Entry Barriers.
- Growing Processing Capacity.
- Integrated Steel Processing Infrastructure.
- Strategically Located Manufacturing Network.
- Long-Standing Customer Relationships.
- Established Relationship with JSWSCPL.
Company Promoters
- Vijaykumar Himatrai Gupta
- Nitin Vijaykumar Gupta
- Bhawna Nitin Gupta
Company Financials
| Particulars | Total Revenue | Total Expense | Profit After Tax | Total Borrowing |
|---|---|---|---|---|
| 31 March 2024 | ₹765.41 Cr | ₹737.21 Cr | ₹21.14 Cr | ₹234.16 Cr |
| 31 March 2025 | ₹1,058.65 Cr | ₹1,021.48 Cr | ₹28.67 Cr | ₹276.96 Cr |
| 31 March 2026 | ₹1,269.83 Cr | ₹1,229.04 Cr | ₹30.54 Cr | ₹338.45 Cr |
| 30 June 2026 | ₹397.55 Cr | ₹376.90 Cr | ₹15.08 Cr | ₹273.69 Cr |
Key Performance Indicator
| KPI | Values (Mar 31, 2026) | Values (June 30, 2026) |
|---|---|---|
| ROE | 29.92% | 11.65% |
| ROCE | 16.40% | 7.01% |
| Debt/Equity | 2.78 | 2.00 |
| RoNW | 25.12% | 11.03% |
| PAT Margin | 2.41% | 3.80% |
| EBITDA Margin | 6.80% | 8.10% |
| NAV | 30.41 | 33.73 |
| Price to Book Value | 2.70 | – |
| Pre IPO | Post IPO | |
| EPS (₹) | 7.54 | 9.60 |
| P/E (x) | 10.88 | 8.54 |
Object Of The Issue
| Objects of the Issue | Expected Amount (₹ in crores) |
|---|---|
| Repayment/pre-payment, in full or in part, of certain borrowings availed by Company. | ₹125.00 |
| Financing the cost towards acquisition of capital equipment under existing lease arrangements with Siemens Financial Services Pvt. Ltd. | ₹15.77 |
| General corporate purposes. |
Bombay Coated & Special Steels IPO Peer Comparison
| S. No. | Face Value (₹) | Company Name | P/E Ratio |
|---|---|---|---|
| 1 | 1 | BMW Industries Limited | 14.98 |
| 2 | 1 | Manaksia Coated Metals & Industries Limited | 31.03 |
| 3 | 10 | Shiv Aum Steels Limited | 98.54 |
✅Strengths
- Industry Experience with a legacy dating back to 1983.
- JSW Partnership supporting steel coil sourcing.
- Diversified Customers across multiple industries.
- Strong Infrastructure with four manufacturing facilities.
- Repeat Customers contributing to consistent business relationships.
⚠️Risks
- Customer Concentration with high revenue dependence on top 10 customers.
- Supplier Dependency on JSW Steel for raw materials.
- Sector Concentration in home and commercial appliances.
- Seasonal Demand affecting revenue and capacity utilisation.
- Competition Risk from other steel processing companies.
Bombay Coated & Special Steels IPO Promoter Holding
| Pre Issue Share Holding | 97.78% |
| Post Issue Share Holding | 63.03% |
Bombay Coated & Special Steels IPO Prospectus
Company Contact Information
| Bombay Coated & Special Steels Ltd. 2602, Parinee I, 7-A Shah Industrial Estate, Andheri (West), Mumbai, Maharashtra, 400053 Phone: +91 22 4664 9193 Email: compliance@bcsspl.in Website: https://www.bcsspl.in/ |
Bombay Coated & Special Steels IPO Registrar
| Kfin Technologies Ltd. Phone: 040-79615565 Email: einward.ris@kfintech.com Website: https://ipostatus.kfintech.com/ |
Bombay Coated & Special Steels IPO Lead Manager(s)
| 1. Smart Horizon Capital Advisors Pvt. Ltd. |
Bombay Coated & Special Steels IPO FAQs
| What is the Bombay Coated & Special Steels IPO? Bombay Coated & Special Steels IPO is a main-board IPO. The issue is priced at ₹78 to ₹82 per equity share. The IPO is to be listed on the BSE & NSE. |
| When will the Bombay Coated & Special Steels IPO open? The IPO is to open on 29 October 2026 for QIB, NII, and Retail Investors. |
| What is Bombay Coated & Special Steels IPO Investors Portion? The investors’ portion for QIB – 50%, NII – 15%, and Retail – 35%. |
| What is the Bombay Coated & Special Steels IPO Size? Bombay Coated & Special Steels IPO size is ₹183.06 Crore. |
| What are the Bombay Coated & Special Steels IPO Minimum and maximum lot sizes for Retail? The minimum bid is 182 Shares with ₹14,924, while the maximum bid is 2366 Shares with ₹1,94,012. |
| What is the Bombay Coated & Special Steels IPO Allotment Date? Bombay Coated & Special Steels IPO allotment date is 03 November 2026. |
| What is the Bombay Coated & Special Steels IPO Listing Date? Bombay Coated & Special Steels IPO listing date is 05 November 2026. The IPO is to be listed on the BSE and the NSE. |
