Bombay Coated & Special Steels IPO: Price Band, Dates and Issue Details

Bombay Coated and Special Steels Limited’s ₹183.06 crore mainboard initial public offering (IPO) is open from 29 October 2026 to 2 November 2026 at a price band of ₹78 to ₹82 per share. The issue is entirely a fresh issue, with no offer for sale (OFS). Fresh-issue proceeds will go to the company, with identified uses including repayment or prepayment of borrowings and acquisition of certain leased capital equipment. The proposed listing date is 5 November 2026.

Business profile and operating footprint

Bombay Coated and Special Steels is a multi-location steel processing centre. It converts coated, hot-rolled and cold-rolled steel coils into customised slit coils, blanks, embossed products and sheared blanks. Its products serve original equipment manufacturers (OEMs), original design manufacturers (ODMs) and customers in general engineering that require steel processed to specified formats.

The company operates four facilities across Maharashtra, Rajasthan and Andhra Pradesh: Bhiwandi, Wada, Ghiloth and Sri City. The network supports processing, inventory management and just-in-time delivery to manufacturing customers. Its integrated capabilities include slitting, cut-to-length processing, embossing and shearing.

Home and commercial appliances are key end markets, particularly air conditioning and refrigeration. The company also serves general engineering customers. Its stated plans include diversification into water heaters, washing machines, automotive applications and general engineering, as well as broadening its domestic and international market presence.

A material operating relationship is with JSW Steel Coated Products Limited (JSWSCPL), for which the company became an authorised service partner in 2018. The relationship supports coil sourcing and technical inputs. It also places supplier concentration among the principal factors relevant to the business.

Development milestones and capacity additions

The predecessor business established the Bhiwandi facility in 2012. Bombay Coated and Special Steels Private Limited was incorporated in 2019. In 2021, it acquired the running business of M/s. Bombay Steels under a business transfer agreement and established the Wada facility.

The company established the Ghiloth facility in 2022 and the Sri City facility in 2024. It expanded installed capacity at the Ghiloth and Wada facilities during 2024. In 2025, the company converted into a public limited company and was renamed Bombay Coated and Special Steels Limited.

The Ghiloth facility remains part of the company’s stated expansion plans, with management identifying additional capacity as a means of addressing peak-period demand. The company has also set out plans to reduce its reliance on seasonal appliance demand through product, customer and market diversification.

Financial trajectory

Total revenue increased from ₹765.41 crore in FY2024 to ₹1,058.65 crore in FY2025 and ₹1,269.83 crore in FY2026. Profit after tax (PAT) was ₹21.14 crore in FY2024, ₹28.67 crore in FY2025 and ₹30.54 crore in FY2026.

Total assets rose from ₹350.21 crore in FY2024 to ₹458.21 crore in FY2025 and ₹571.47 crore in FY2026. The reported PAT margin was 2.76% in FY2024, 2.71% in FY2025 and 2.40% in FY2026.

The financial record should be viewed alongside the company’s procurement requirements, inventory management and customer concentration. Steel processing depends on the availability of input coils, conversion operations and delivery performance. The company has also disclosed past investing and financing cash outflows, indicating that expansion activity has required liquidity and funding.

Issue structure and proposed use of proceeds

The IPO consists entirely of a ₹183.06 crore fresh issue and has no OFS component. As a result, IPO proceeds are intended for the company rather than selling shareholders.

The largest identified proposed use is ₹125.00 crore for repayment or prepayment, in full or in part, of certain company borrowings. The company also proposes to use ₹15.77 crore to finance the cost of acquiring capital equipment under existing lease arrangements with Siemens Financial Services Private Limited. The remaining net proceeds are proposed for general corporate purposes, for which no separate amount has been specified.

These are proposed uses and do not represent completed debt reduction or equipment acquisition. The capital structure remains relevant because the reported debt-to-equity ratio was 2.00 times in the June 2026 quarter.

Valuation context and participation details

At the upper end of the price band, the pre-IPO price-to-earnings (P/E) ratio is reported at 10.88 times, based on earnings per share (EPS) of ₹7.54. The reported price-to-book ratio is 2.70 times. Return on equity (ROE) is 11.65%, return on capital employed (ROCE) is 7.01%, and return on net worth (RoNW) is 11.03%.

The company reports an earnings before interest, tax, depreciation and amortisation (EBITDA) margin of 8.10% and a PAT margin of 3.80% in its key performance indicators. These metrics provide a separate reported profitability and return context alongside the historical financial-year results.

The lot size is 182 shares, translating into a minimum application amount of ₹14,924 at the upper price band. The issue allocation comprises 50% for qualified institutional buyers (QIBs), 15% for non-institutional investors (NIIs) and 35% for retail investors. Up to 60% of the QIB portion is allocated to anchor investors, with a 33.33% reservation within the anchor portion for domestic mutual funds.

Key risks and monitoring points

Steel-coil procurement is heavily concentrated, with more than 85% of coils sourced from one supplier. A disruption in supply, changed terms or lower availability from JSWSCPL could affect production schedules, costs and margins.

Customer concentration is also material. The top 10 customers contributed 73.54% of revenue in the June 2026 quarter. Appliance demand has seasonal characteristics, with lower orders typically from June to September. The company also faces exposure to steel-price and availability volatility, logistics disruptions and power interruptions.

Competition from processors offering lower prices, different credit terms or greater technical and financial resources may affect customer relationships. Past filing errors and pending Registrar of Companies matters could result in penalties or regulatory scrutiny.

The proportion of steel-coil procurement sourced from JSWSCPL will remain a key measure of supplier concentration.

Revenue contribution from the top 10 customers will indicate whether customer concentration changes as end-market diversification progresses.

Debt levels, debt-to-equity and cash flows after the proposed repayment or prepayment will show the effect of fresh-issue deployment on the capital structure.

Capacity utilisation and demand across the Ghiloth, Wada, Bhiwandi and Sri City facilities will indicate use of the operating network.

Complete numeric snapshot

IPO terms and schedule

Key performance indicators and valuation

Category reservations and anchor allocation

Proposed use of fresh issue proceeds