Bombay Coated and Special Steels IPO

Mainboard • Equity • Fresh capital only

LISTEDMAINBOARDEquity

Bombay Coated and Special Steels

Price band

₹78 – ₹82

Lot size

182 shares

Min investment

₹14,924

Issue size

₹183.06 Cr

About the company

Bombay Coated and Special Steels Limited is a steel processing centre. It buys steel coils from primary steel producers and converts them into value-added products. The main processes are slitting, cut-to-length, shearing and embossing. The outputs are slit coils, embossed slit coils, blanks and sheets, which the company calls Processed Steel Products. It sits between the steel mill and the end user. The company sells to original equipment manufacturers (OEMs) and original design manufacturers (ODMs). In FY2025, ODMs gave 60.56% of revenue from operations and OEMs gave 39.42%. The Home and Commercial Appliances sector bought 81.80% of product sales in FY2025. Named customers include Amber Enterprises India Limited, Western Refrigeration Private Limited, Haier Appliances India Private Limited, PG Technoplast Private Limited, EPack Durable Limited and Dixon Electro Manufacturing Private Limited. The company served 252 customers in FY2025. It runs four manufacturing facilities. Wada (Palghar district) and Bhiwandi (Thane district) are in Maharashtra, Ghiloth is in Rajasthan and Sri City is in Andhra Pradesh. The Sri City plant began operations in April 2023 and the embossing line began on 1 April 2023. In FY2025 the Ghiloth plant gave 46.34% of revenue and Wada gave 39.50%. Installed slitting capacity was 1,87,020 MT in FY2025, against 1,44,120 MT in FY2023. Steel coils are the main raw material. JSW Steel Coated Products Limited supplied about 90.61% of the company's steel coil requirement in FY2025. The company had 153 full-time employees, 4 retainership employees and 350 contract labourers as of 30 September 2025. The company was converted into a public limited company in January 2025 and carries its present name from February 2025. It is promoted by Vijaykumar Himatrai Gupta, Nitin Vijaykumar Gupta and Bhawna Nitin Gupta. Its registered and corporate office is in Andheri (West), Mumbai. The offer is a fresh issue of Rs 183.06 crore at the upper band of Rs 82, and there is no offer for sale.

Bombay Coated and Special Steels converts steel coils into slit coils, blanks and sheets at four plants in India. Total income grew from Rs 765.41 crore in FY2024 to Rs 1,269.83 crore in FY2026.

IPO details

Issue price: ₹82
Price band: ₹78 – ₹82
Face value: ₹10
Lot size: 182
Min investment: ₹14,924
Issue size: ₹183.06 Cr
Sale type: Fresh capital only
Listing on: BSE, NSE
BSE scrip code: 8065
NSE symbol: BCSSL.NS

Lot size & investment by category

APPLICATION	LOTS	SHARES	AMOUNT
Retail (Min)	1	182	₹14,924
Retail (Max)	13	2,366	₹1,94,012
S-HNI (Min)	14	2,548	₹2,08,936
B-HNI (Min)	68	12,376	₹10,14,832

Investor reservation

CATEGORY	RESERVED
QIB	1,11,62,012 shares (50.00% of the Offer)
NII	33,48,603 shares (15.00% of the Offer)
Retail	78,13,409 shares (35.00% of the Offer)

Objects of the issue

1Repay or pre-pay, in full or in part, certain borrowings of the company125.00

2Finance the cost of acquiring capital equipment held under existing lease arrangements with Siemens Financial Services Private Limited18.00

3General corporate purposes

Financials

Rs. Crore • restated

METRIC	30 Jun 2026	31 Mar 2026	31 Mar 2025	31 Mar 2024
Assets	526.11	571.47	458.21	350.21
Total Income	397.55	1,269.83	1,058.65	765.41
Profit After Tax	15.08	30.54	28.67	21.14
EBITDA	32.17	86.09	74.09	49.17
NET Worth	136.62	121.58	83.05	54.36
Reserves and Surplus	96.12	81.08	73.15	44.46
Total Borrowing	273.69	338.45	276.96	234.16

Key performance indicators

P/E Ratio

8.54

EPS (₹)

9.60

RoE

11.65%

RoCE

7.01%

RoNW

11.03%

PAT Margin

3.80%

EBITDA Margin

8.10%

Debt / Equity

2.00

NAV (₹)

33.73

✓ Strengths

• Total income rose from Rs 765.41 crore in FY2024 to Rs 1,058.65 crore in FY2025 and Rs 1,269.83 crore in FY2026.

• Profit after tax grew from Rs 21.14 crore in FY2024 to Rs 28.67 crore in FY2025 and Rs 30.54 crore in FY2026.

• EBITDA rose from Rs 49.17 crore in FY2024 to Rs 86.09 crore in FY2026. For the quarter ended 30 June 2026 it was Rs 32.17 crore.

• Net worth grew from Rs 54.36 crore on 31 March 2024 to Rs 121.58 crore on 31 March 2026, and was Rs 136.62 crore on 30 June 2026.

• The upper band of Rs 82 is 8.54 times post-issue EPS of Rs 9.60 and 10.88 times pre-issue EPS of Rs 7.54, as per the source.

• Four plants in Maharashtra, Rajasthan and Andhra Pradesh serve 252 customers (FY2025). Existing customers gave 93.76% of FY2025 revenue.

• Installed slitting capacity rose to 1,87,020 MT in FY2025 from 1,44,120 MT in FY2023, and slitting utilisation was 63.40% in FY2025, so there is room to grow volumes on current lines.

• The offer is a fresh issue of Rs 183.06 crore, so all the money goes to the company. Rs 125.00 crore repays borrowings and Rs 18.00 crore finances leased equipment.

⚠ Risks

• Customer concentration is high: the top 5 customers gave 51.34% and the top 10 gave 67.44% of FY2025 revenue. The largest customer, Amber Enterprises, gave 15.53%.

• One supplier, JSW Steel Coated Products Limited, provided about 90.61% of steel coils in FY2025 and 83.99% in the six months to 30 September 2025.

• Home and Commercial Appliances made up 81.80% of FY2025 product sales, so a slowdown in appliances would hit the company directly.

• Margins are thin. PAT was Rs 30.54 crore on total income of Rs 1,269.83 crore in FY2026, about 2.4%, and raw material cost was 89.96% of revenue from operations in FY2025.

• Debt is heavy. Total borrowings were Rs 338.45 crore on 31 March 2026 against net worth of Rs 121.58 crore, and the source lists a debt to equity ratio of 2.00.

• Unsecured loans of Rs 26.15 crore, repayable on demand, stood at 30 November 2025. Of this, Rs 25.22 crore is from promoters and promoter group members.

• Capacity is under-used: slitting ran at 45.90% and cut-to-length at 48.55% in the six months to 30 September 2025.

• Most of the offer money goes to debt and leases. Rs 125.00 crore repays borrowings and Rs 18.00 crore finances leased equipment, and the general corporate purposes amount is not yet fixed.

• Promoters hold 97.78% before the issue and 63.03% after it, so they keep control after listing.

• The company reports past discrepancies in its statutory filings with the Registrar of Companies and non-compliances under the Companies Act, 2013.

Promoters & holding

Vijaykumar Himatrai Gupta, Nitin Vijaykumar Gupta and Bhawna Nitin Gupta

Pre-issue promoter holding

97.78%

Post-issue promoter holding

63.03%

Promoters hold 97.78% before the issue and will hold 63.03% after it. Nitin Vijaykumar Gupta holds 78.22% before the issue.

Data refreshed 09 Nov 2026, 04:30 am IST. GMP is unofficial market sentiment, not investment advice.