Bombay Coated & Special Steels IPO
IPO Details
Bidding Dates
29 Oct '26 - 02 Nov '26
Minimum Investment
To be announced
Price Range
To be announced
Maximum Investment
To be announced
Retail Discount
To be announced
Issue Size
₹183 Cr
Investor category and sub category
Qualified Institutional Buyers (QIB) | Retail Individual Investors (RII) | Non-institutional Investors (NII)Bombay Coated & Special Steels IPO Important Dates
Important dates with respect to IPO allotment and listing
IPO Opening Date
29 Oct '26
IPO Closing Date
02 Nov '26
Basis of Allotment
03 Nov '26
Initiation of Refunds
04 Nov '26
IPO Listing Date
05 Nov '26
About Bombay Coated & Special Steels
Bombay Coated and Special Steels is a steel processing company that converts large steel coils into customised products for manufacturers. Instead of producing steel from raw materials, the company purchases steel coils from suppliers, including JSW Steel Coated Products Limited, and processes them according to customer requirements.
Its key operations include slitting, cut-to-length processing, shearing and embossing. These processes produce steel coils, sheets and blanks used in manufacturing refrigerators, air conditioners, automotive components, electrical equipment and other industrial products.
The company operates four manufacturing facilities in Wada and Bhiwandi in Maharashtra, Ghiloth in Rajasthan, and Sri City in Andhra Pradesh. As of June 30, 2026, its aggregate installed processing capacity stood at 1,23,153 metric tonnes per annum.
Bombay Coated and Special Steels serves a diversified customer base, including Haier Appliances India, Amber Enterprises India, Dixon Electro Manufacturing and Western Refrigeration. It also provides inventory management and just-in-time delivery services to help customers receive processed steel when required.
The business originated in 1983 as a steel trading enterprise and expanded into processing in 2012. Its long-standing supplier relationships, manufacturing infrastructure, and presence across multiple industrial regions support its operations.
Bombay Coated & Special Steels IPO Objectives
The company will use ₹1,250 million to repay or prepay existing borrowings, reducing its outstanding debt and interest costs.
₹157.70 million will be allocated to acquire equipment currently leased from Siemens Financial Services Private Limited. This is expected to reduce recurring lease and rental expenses by ₹46.86 million.
The remaining proceeds will support business growth, strategic initiatives, partnerships, acquisitions and routine business expenses, subject to applicable regulatory limits.
Industry Outlook
India’s steel processing centre industry is expected to witness steady growth across service segments, supporting demand for companies such as Bombay Coated and Special Steels.
The cut-to-length processing market is projected to grow at a CAGR of 6.8%, reaching USD 2,337 million by CY30, while the slitting market is expected to expand at a CAGR of 7.2% to USD 2,095 million.
The blanking and splitting segments are projected to grow at a CAGR of 7.4% each between CY26 and CY30, reaching USD 1,250 million and USD 531 million, respectively.
Other processing services, including shearing, embossing and surface treatment, are expected to grow at a CAGR of 5.0%, reaching USD 433 million by CY30.
Increasing demand for customised steel products across manufacturing industries could create growth opportunities for the company by supporting demand for its steel processing services.
Financial Performance of Bombay Coated & Special Steels
Financial Metric | FY2024 | FY2025 | FY2026 | Quarter Ended June 30, 2026 |
EBIT Margin | 7.17% | 6.48% | 6.04% | 7.37% |
Adjusted EBITDA Margin | 6.51% | 7.02% | 6.80% | 8.10% |
PBT Margin | 3.73% | 3.52% | 3.22% | 5.20% |
PAT Margin | 2.80% | 2.72% | 2.41% | 3.80% |
Return on Equity (RoE) | 48.20% | 41.76% | 29.92% | 11.65% |
Note: The June 2026 figures cover only the three-month period and are not directly comparable with full-year figures.
Bombay Coated & Special Steels Peer Comparison
Company Name | Revenue from Operations (₹ million) | Diluted EPS (₹) | NAV (₹/share) | RoNW (%) |
Bombay Coated and Special Steels Limited | 12,668.18 | 7.64 | 30.41 | 25.12 |
BMW Industries Limited | 6,640.74 | 3.35 | 35.85 | 10.15 |
Manaksia Coated Metals & Industries Limited | 8,844.64 | 4.18 | 32.46 | 11.96 |
Shiv Aum Steels Limited | 5,325.33 | 5.47 | 88.86 | 4.73 |
Strengths and Opportunities for Bombay Coated & Special Steels
The promoters bring over four decades of experience in steel trading and processing, supported by a management team with operational, technical and financial expertise.
The company has been an authorised service partner of JSW Steel Coated Products Limited since 2021, supporting raw material sourcing, technical assistance and quality control.
The company operates high-precision slitting, cut-to-length, shearing and embossing lines, with ISO 9001:2015-certified manufacturing facilities.
Its 4 manufacturing facilities across Maharashtra, Rajasthan and Andhra Pradesh are located near key industrial and customer hubs, helping reduce logistics costs and enable timely deliveries.
The company serves a diversified base of OEMs and ODMs, including Haier Appliances India, Amber Enterprises India, Dixon Electro Manufacturing and Western Refrigeration.
Its storage infrastructure, buffer stocks and just-in-time delivery capabilities support supply continuity and help meet customers’ production requirements.
Risks and Threats for Bombay Coated & Special Steels
The company sourced 84.58%–90.61% of its steel coil requirements from JSW Steel Coated Products Limited (JSWSCPL) during FY24–FY26 and Q1 FY27, exposing it to supply disruptions and supplier dependency risks.
Its top 10 customers contributed 67.43%–73.54% of revenue during FY24–FY26 and Q1 FY27, making revenue vulnerable to the loss of key customers or reduced orders.
Raw materials and components accounted for 87.60%–92.97% of total expenses during FY24–FY26 and Q1 FY27, leaving the company exposed to steel price volatility and supply disruptions.
The Home & Commercial Appliances sector contributed 77.41%–89.93% of revenue from product sales during FY24–FY26 and Q1 FY27, increasing its exposure to demand slowdowns and cyclicality in this sector.
More than 50% of revenue from operations was derived from Maharashtra, Gujarat and Haryana, on average, during Q1 FY27 and the preceding three financial years, exposing the company to regional disruptions.
Past discrepancies in statutory filings with the Registrar of Companies and other non-compliances under the Companies Act, 2013, could result in regulatory proceedings, penalties and reputational damage.
The company has recorded negative net cash flows from investing and financing activities in the past, primarily due to capital expenditure and financing obligations, which could constrain liquidity and financial flexibility.
Bombay Coated & Special Steels IPO Reservation
Investor Category | Shares Offered |
QIB | Not more than 50% of the Net Offer |
Retail | Not more than 35% of the Net Offer |
NII | Not less than 15% of the Net Offer |
Bombay Coated & Special Steels IPO Promoter Holding
Vijaykumar Gupta, Nitin Gupta, and Bhawna Gupta are the promoters of the company.
Category | Pre-IPO | Post-IPO |
Promoter and Promoter Group | 97.78% | N.A. |
Bombay Coated & Special Steels IPO Registrar and Lead Managers
Bombay Coated & Special Steels IPO Lead Managers
Smart Horizon Capital Advisors Pvt.Ltd.
Registrar for Bombay Coated & Special Steels IPO
Name: Kfin Technologies Ltd.
Phone: 040-79615565
Email ID: einward.ris@kfintech.com
How To Check the Allotment Status of the Bombay Coated & Special Steels IPO ?
Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
Locate the IPO Section: Navigate to the 'IPO' section on the platform.
Select IPO: Find and select the Milky Mist Ltd. IPO from the list of open IPOs.
Enter the Lot Size: Specify the number of lots you want to bid for.
Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
How To Apply for Bombay Coated & Special Steels IPO Online?
Steps to check IPO allotment status on Angel One’s app:
Log in to the Angel One app.
Go to the IPO Section and then to IPO Orders.
Select the individual IPO that you had applied for and check the allotment status.
Angel One will notify you of your IPO allotment status via push notification and email.
Contact Details of Bombay Coated & Special Steels IPO
Address: 2602, Parinee I, 7-A Shah Industrial Estate, Andheri (West), Mumbai, Maharashtra, 400053
Phone: +91 22 4664 9193
Email ID: compliance@bcsspl.in
- How to Apply in IPO
- How to Check IPO Allotment Status
Login to Angel One App / Website & click on IPO
Select desired IPO & tap on "Apply"
Enter UPI ID, set quantity/price & submit
Accept mandate on the UPI app to complete the process
Bombay Coated & Special Steels IPO FAQs
What is the Bombay Coated & Special Steels IPO?
The Bombay Coated and Special Steels IPO is a ₹183.06 crore public issue comprising entirely a fresh issue of shares. The company aims to use this money for prepay its debt and reduce its lease and rental expenses.
What are the bidding dates of the Bombay Coated & Special Steels IPO?
The IPO opens for subscription on October 29, 2026, and closes on November 2, 2026.
When will the IPO be listed?
The company plans to list its shares on NSE and BSE on November 5, 2026.
What would be the listing gains on the Bombay Coated & Special Steels IPO?
Listing gains cannot be predicted in advance. They depend on market demand, subscription levels, and overall investor sentiment on the listing day.
How to increase your chances of getting a Bombay Coated & Special Steels IPO allotment?
1. Multiple Submissions: Use different Demat accounts to make multiple applications.
2. Higher Price Band Bidding: Opt for bidding at the cut-off price or higher price band.
3. Timely Subscription: Ensure you subscribe to the IPO within the specified time frame.
How do I approve the UPI mandate request for the Bombay Coated & Special Steels IPO?
After submitting your IPO application, log in to your UPI app and approve the mandate request to block funds.
Can I submit more than one application using one PAN for the Bombay Coated & Special Steels IPO?
No. Only one application per PAN is allowed in an IPO.
How to read the financial statements of the company?
You can access the company’s financials by downloading the RHP document.
What is ‘pre-apply’ for the Bombay Coated & Special Steels IPO?
Pre-apply allows investors to submit their IPO application up to two days before the subscription window opens, ensuring early placement.
If I pre-apply for the Bombay Coated & Special Steels IPO, when will my order get placed?
Your order will be placed when the IPO opens on September 26, 2025, and the UPI request will follow within 24 hours.
When will I know if my Bombay Coated & Special Steels IPO order is placed?
You’ll receive a notification once your order is successfully submitted to the exchange after bidding begins.
Who is the registrar for the Bombay Coated & Special Steels IPO?
The registrar is Kfin Technologies Ltd. They are responsible for allotment and investor grievance handling.
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