Bombay Coated & Special Steels Ltd.
BOMBAYCOATEDMainboard
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Overview
Bombay Coated and Special Steels Limited is a multi-location steel processing centre that converts coated, hot-rolled and cold-rolled steel coils into customised slit coils, blanks, embossed products and sheared blanks. It serves OEMs and ODMs in home and commercial appliances and general engineering through four facilities across Maharashtra, Rajasthan and Andhra Pradesh, with processing, inventory-management and just-in-time delivery capabilities.
Should you apply? Read our Bombay Coated & Special Steels IPO analysis →- Opening Date
Oct 29, 2026
- Closing Date
Nov 02, 2026
- Listing Date
Nov 05, 2026
- IPO Type
Mainboard
- IPO Status
Open
- Issue Size
183.06 Cr
- Fresh Issue
183.06 Cr
- Offer for Sale
0 Cr
- Price Band
₹78 - ₹82
- Lot Size
182
IPO Timeline
Financials
Use of IPO funds
Key Performance Indicator
- P/E Ratio
10.88
- EPS
7.54
- ROE
11.65%
- ROCE
7.01%
- RONW
11.03%
- Debt to Equity Ratio
2
- PAT Margin
3.8%
- EBITDA Margin
8.1%
- P/B
2.7
Bull vs Bear
Bull case
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Four processing facilities near major manufacturing regions support faster deliveries and lower customer inventory needs, making its service network harder to replicate.
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Customer-specific processing capabilities and quality requirements create switching hurdles, helping the company serve demanding appliance and engineering manufacturers.
- •
India’s steel processing market is projected to grow, giving established processors room to benefit from rising demand for customised steel.
Bear case
- •
Over 85% of steel coils come from one supplier, so disrupted supply or tougher terms could delay production, raise costs, and squeeze margins.
- •
Past filing errors and pending RoC matters could lead to penalties or scrutiny, which may consume management attention and hurt reputation.
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Past investing and financing cash outflows show expansion needs can strain liquidity, increasing reliance on operating cash or external funding.
Net takeaway
The long-term case rests on a multi-location steel processing network that can serve customers needing customised, timely supply, alongside growth in steel-intensive industries. This requires reliable coil supply, stable customer orders, and disciplined funding of expansion, but supplier dependence and cash demands could disrupt that path. The key thing to monitor is how much of its steel procurement remains concentrated with JSWSCPL.
