IPO Analysis
Bombay Coated and Special Steels Limited IPO Analysis: GMP, Financials, Valuation & Risks
Bombay Coated and Special Steels IPO opens October 29, 2026, at ₹78 to ₹82 per share. Here are its financials, valuation measures and key risks.
By Sneh Shah
· 5 min read
AI wrote this article from prospectus and exchange data, and software checked its figures against that data before publishing. How our content is made
Summary
Bombay Coated and Special Steels Limited’s mainboard IPO opens October 29, 2026, with a price band of ₹78 to ₹82 per share. The issue comprises 2,23,24,024 fresh shares, aggregating up to ₹183 crore.
The company processes steel coils for manufacturers and reported revenue of 1,269.83 and profit after tax of 30.54 for the year ended March 31, 2026. Its growth comes alongside significant borrowings and reliance on a concentrated group of suppliers and customers. Financial figures below use the units as published.
IPO snapshot
| Detail | Information |
|---|---|
| IPO type | Mainboard, bookbuilding |
| Price band | ₹78 to ₹82 per share |
| Face value | ₹10 per share |
| Issue size | 2,23,24,024 shares, aggregating up to ₹183 crore |
| Fresh issue | 2,23,24,024 shares, aggregating up to ₹183 crore |
| Offer for sale | Not available |
| Retail minimum | 1 lot, 182 shares, ₹14,924 |
| Retail maximum | 13 lots, 2,366 shares, ₹1,94,012 |
| Opens | October 29, 2026 |
| Closes | November 2, 2026 |
| Allotment | November 3, 2026 |
| Refunds | November 4, 2026 |
| Credit to demat | November 4, 2026 |
| Listing | November 5, 2026 |
For the full Bombay Coated and Special Steels IPO analysis, see our company page. You can also browse all IPOs.
Business
Incorporated in December 2019, Bombay Coated and Special Steels converts steel coils into processed products for original equipment manufacturers and original design manufacturers. Its work includes slitting, cut-to-length processing, shearing and embossing. Products include slit coils, blanks and embossed steel products.
The company also provides logistics, inventory management and just-in-time delivery. It operates four facilities in Wada and Bhiwandi in Maharashtra, Ghiloth in Rajasthan, and Sri City in Andhra Pradesh. Its installed processing capacity was 1,23,153 metric tonnes per annum as of June 30, 2026.
It has had an authorised service partnership with JSW Steel Coated Products Limited and/or its holding company since 2021. The company serves several manufacturing sectors, though home and commercial appliances account for a large share of product revenue.
Financials
| Period ended | Assets | Revenue | EBITDA | Profit after tax | Net worth | Total borrowing |
|---|---|---|---|---|---|---|
| March 31, 2024 | 350.21 | 765.41 | 49.17 | 21.14 | 54.36 | 234.16 |
| March 31, 2025 | 458.21 | 1,058.65 | 74.09 | 28.67 | 83.05 | 276.96 |
| March 31, 2026 | 571.47 | 1,269.83 | 86.09 | 30.54 | 121.58 | 338.45 |
| June 30, 2026 | 526.11 | 397.55 | 32.17 | 15.08 | 136.62 | 273.69 |
Revenue and profit after tax increased across the reported full financial years. Borrowings also rose over that period, reaching 338.45 at March 31, 2026, before the reported June 30, 2026 figure of 273.69.
Valuation
The company reports a price-to-book value of 2.70 and net asset value of 33.73. Its reported return on equity is 11.65%, return on capital employed is 7.01%, and return on net worth is 11.03%.
The reported debt-to-equity ratio is 2.00. PAT margin is 3.80% and EBITDA margin is 8.10%. These measures show profitability alongside borrowing and margin considerations; they don't by themselves establish whether the IPO valuation is attractive.
GMP
No current unofficial grey market quote is available. GMP is an unofficial grey market quote, not an exchange figure, and no quote time can be reported.
Strengths
- The company operates four processing facilities across Maharashtra, Rajasthan and Andhra Pradesh.
- It has an authorised service-partner relationship with JSW Steel Coated Products and/or its holding company dating from 2021.
- Revenue and profit after tax rose across the reported financial years from March 31, 2024, to March 31, 2026.
- Its processing and delivery services cover several manufacturing sectors and customer requirements.
Risks
- JSW Steel Coated Products Limited supplied 85.13% of steel coils in the June 2026 quarter. Supplier restrictions, termination rights and potential competing partners create supply and margin exposure.
- The top ten customers accounted for 67.43% to 73.54% of revenue. Home and commercial appliances contributed 89.93% of product revenue, adding customer and product concentration risk.
- Raw materials made up 87.60% of total expenses in the June 2026 quarter. Price movements, regional or sector downturns, and capacity under-utilisation may affect results.
- Borrowings and cash-flow volatility create financing and liquidity risks. Trade payables were ₹85.97 crore as of June 30, 2026.
- RoC adjudication is pending over a ₹8.76 crore share allotment, alongside past filing delays. One independent director has a pending tax proceeding involving ₹5.8 lakh.
Important dates
| Event | Date |
|---|---|
| IPO opens | October 29, 2026 |
| IPO closes | November 2, 2026 |
| Allotment | November 3, 2026 |
| Refunds | November 4, 2026 |
| Credit to demat | November 4, 2026 |
| Listing | November 5, 2026 |
Promoters
Promoter details are not included in the available IPO information.
FAQs
When does the Bombay Coated and Special Steels IPO open?
The IPO opens on October 29, 2026, and closes on November 2, 2026.
What is the price band?
The price band is ₹78 to ₹82 per share.
What is the issue size?
The issue is 2,23,24,024 fresh shares, aggregating up to ₹183 crore.
Is a GMP quote available?
No current unofficial grey market quote is available.
When is the IPO scheduled to list?
The scheduled listing date is November 5, 2026.