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Bombay Coated and Special Steels IPO: price band, dates, financials, valuation and risks
Bombay Coated and Special Steels Limited, a steel service centre that processes coated and hot-rolled coils mainly for home appliance makers, is raising about ₹183 cr through an entirely fresh issue at a price band of ₹78 to ₹82. There is no Offer for Sale.
Last updated 24 Oct 2026. Sources: RHP and broker notes.
IPO means initial public offering. RHP is the Red Herring Prospectus, the offer document filed before the issue opens. UPI is the Unified Payments Interface. BSE is BSE Limited and NSE is the National Stock Exchange of India. FY26 means the financial year ended 31 March 2026. EBITDA is earnings before interest, tax, depreciation and amortisation.
Key dates
| Anchor investor bidding | Wed, 28 Oct 2026 |
|---|---|
| Issue opens | Thu, 29 Oct 2026 |
| Issue closes | Mon, 2 Nov 2026 (UPI mandate confirmation cut-off 5:00 pm) |
| Basis of allotment | Tue, 3 Nov 2026 (expected) |
| Refunds and credit of shares to demat accounts | Wed, 4 Nov 2026 (expected) |
| Listing | Thu, 5 Nov 2026 on BSE and NSE (expected) |
Issue details and application size
| Price band | ₹78 to ₹82 per share (face value ₹10) |
|---|---|
| Lot size | 182 shares |
| Minimum application at upper band | 182 × ₹82 = ₹14,924 |
| Total issue size | about ₹183 cr (about 2,23,24,024 shares at the upper band) |
| Fresh issue | ₹183 cr; proceeds go to the company |
| Offer for Sale and sellers | None (₹0); no existing shareholder is selling |
| Anchor portion | Up to about 66,97,207 shares (about ₹55 cr at the upper band), which is up to 60% of the institutional portion |
| Quota of the net offer | Qualified institutional buyers up to 50%, non-institutional investors at least 15%, retail investors at least 35%. There is no employee reservation |
| Book running lead manager | Smart Horizon Capital Advisors Private Limited (sole manager) |
| Registrar | KFin Technologies Limited |
About the company
Bombay Coated and Special Steels Limited was incorporated on 26 December 2019 at Mumbai, Maharashtra, as Bombay Coated and Special Steels Private Limited and became a public limited company in February 2025. In January 2021 it took over the running business of the proprietorship Bombay Steels, which Vijaykumar Gupta started in 1983.
It is a steel service centre that converts steel coils into slit coils, blanks, embossed and sheared products, mainly for makers of home and commercial appliances and engineering products. It has been an authorised service partner of JSW Steel Coated Products since 2021 and runs four plants at Wada and Bhiwandi in Maharashtra, Ghiloth in Rajasthan and Sri City in Andhra Pradesh, with installed capacity of 1,23,153 tonnes a year at 30 June 2026. Customers include Haier, IFB, Dixon and Amber Enterprises.
Financial snapshot (year ended 31 March 2026)
| Revenue from operations | ₹1,267 cr |
|---|---|
| Profit after tax | ₹30.5 cr (restated) |
| EBITDA margin | 6.8% (adjusted EBITDA as defined in the RHP, divided by revenue from operations) |
| Debt to equity | 2.78 times at 31 March 2026 (2.00 times at 30 June 2026) |
FY26 means the financial year ended 31 March 2026. Revenue was ₹755 cr in FY24, and in the April to June 2026 quarter revenue was ₹397 cr with profit after tax of ₹15.1 cr.
Valuation versus peers
At the upper band of ₹82 the market capitalisation is about ₹515 cr (6,28,24,115 shares after the issue). That is about 16.9 times FY26 profit after tax of ₹30.5 cr, calculated on post-issue shares; on the diluted earnings per share of ₹7.64 for FY26 the ratio is about 10.7 times. The median price to earnings ratio of the three listed peers in the RHP is 31.03 times (BMW Industries 14.98 times, Manaksia Coated Metals 31.03 times and Shiv Aum Steels 98.54 times; average 48.18 times). With only three peers, the median is a rough guide.
Strengths
Authorised service partner of JSW Steel Coated Products since 2021, which gives steady coated-coil supply and technical support. Appliance and engineering customers are served just in time from four plants located near customer hubs. Revenue rose from ₹755 cr in FY24 to ₹1,267 cr in FY26, and the adjusted EBITDA margin was 8.10% in the April to June 2026 quarter. Brokers note entry barriers from authorised supplier arrangements, capital intensity and customer approvals.
Key risks
About 85% of steel coil purchases come from JSW Steel Coated Products (85.13% in the April to June 2026 quarter) and the arrangement restricts buying coated products elsewhere. The top ten customers made up 73.54% of that quarter’s revenue (the largest 19.97%) and appliances were 89.93% of product sales. Leverage is high, margins are thin (FY26 profit margin 2.41%) and working capital needs are heavy, with FY26 operating cash flow of only ₹10 cr. Brokers note revenue concentration in Maharashtra, Gujarat and Haryana, no long-term purchase commitments from customers and past discrepancies in Registrar of Companies filings.
Use of proceeds
The company receives the whole fresh issue of about ₹183 cr. Of this, ₹125 cr will repay or prepay certain borrowings and ₹15.77 cr will buy capital equipment currently held under lease from Siemens Financial Services. The balance is for general corporate purposes, capped at 25% of the gross proceeds.
Anchor investors
Anchor investors bid on 28 Oct 2026, up to about 66,97,207 shares (about ₹55 cr at the upper band). The names and allocation will be published after anchor bidding closes, and this section will be refreshed then.
Frequently asked questions
What is the Bombay Coated and Special Steels IPO price band and lot size?
The price band is ₹78 to ₹82 per share and one lot is 182 shares, so the minimum application at the upper band is ₹14,924.
Is the Bombay Coated and Special Steels IPO a fresh issue or an Offer for Sale?
It is entirely a fresh issue of about ₹183 cr, so the money goes to the company. There is no Offer for Sale.
When does the Bombay Coated and Special Steels IPO open, close and list?
Anchor bidding is on 28 Oct 2026 and the issue is open from 29 Oct to 2 Nov 2026. Allotment is expected on 3 Nov, refunds and credit of shares on 4 Nov, and listing on BSE and NSE on 5 Nov 2026.
Who is the lead manager and registrar?
Smart Horizon Capital Advisors Private Limited is the sole book running lead manager. The registrar is KFin Technologies Limited.
What is the valuation compared with peers?
At the upper band the market capitalisation is about ₹515 cr, or about 16.9 times FY26 profit after tax on post-issue shares. The median of the three listed peers in the RHP is 31.03 times.
How much will the promoters hold after the IPO?
The promoters and promoter group hold 97.78% before the issue. After the fresh issue at the upper band they would hold about 63.03%, because new shares are added and the promoters sell none.
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