Bombay Coated IPO
UpcomingMainboardOpens 29 October 2026Closes 2 November 2026
Bombay Coated and Special Steels Limited is a multi-location steel processing centre (SPC) engaged in converting steel coils into value-added processed steel products. Core competencies include precision slitting,…
Bombay Coated and Special Steels Limited is a multi-location steel processing centre (SPC) engaged in converting steel coils into value-added processed steel products. Core competencies include precision slitting, cut-to-length processing, shearing and embossing of steel coils into slit coils, embossed slit coils, blanks, embossed blanks and sheared blanks. The company serves OEMs and ODMs primarily in the Home & Commercial Appliances sector (air conditioners, refrigerators, washing machines, water heaters) and the General Engineering sector. It operates four facilities at Wada and Bhiwandi (Maharashtra), Ghiloth (Rajasthan) and Sri City (Andhra Pradesh), and has been an authorised service partner of JSW Steel Coated Products Limited since 2021.
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Key ratios
As per RHP / filingsTimeline
IPO Opens
29 Oct 2026
IPO Closes
2 Nov 2026
Allotment
3 Nov 2026
Listing
5 Nov 2026
IPO Timeline & Listing Details
| Event | Date |
|---|---|
| IPO Open Date | 29 October 2026 |
| IPO Close Date | 2 November 2026 |
| Allotment Date | 3 November 2026 |
| Listing Date | 5 November 2026 |
Investment Categories
| Category | Lots | Amount |
|---|---|---|
Retail (Min) | 1 | ₹14,924 |
Retail (Max)Just less than ₹2,00,000 | 13 | ₹1,94,012 |
SHNI (Min)Just above ₹2,00,000 | 14 | ₹2,08,936 |
SHNI (Max)Below ₹10,00,000 | 67 | ₹9,99,908 |
BHNIAbove ₹10,00,000 | 68 | ₹10,14,832 |
IPO Reservation Details
| Category | Reservation |
|---|---|
| QIB (Qualified Institutional Buyer) | 50.00% |
| NII (Non-Institutional Investor) | 15.00% |
| SHNI (Small Non-Institutional Investor) | 5.00% |
| BHNI (Big Non-Institutional Investor) | 10.00% |
| Retail | 35.00%) |
| Total | 100.00% |
IPO Objectives
- Repayment/pre-payment, in full or in part, of certain borrowings availed by the Company (₹125.00 Crore).
- Financing the cost towards acquisition of capital equipment under existing lease arrangements with Siemens Financial Services Private Limited (₹15.77 Crore).
- General Corporate Purposes.
Strengths
- Established supplier relationship as an authorised service partner of JSW Steel Coated Products Limited (JSWSCPL) since 2021, ensuring reliable access to quality steel coils.
- Long-standing relationships with a diversified base of OEM and ODM customers including Amber Enterprises, Western Refrigeration, Haier Appliances, PG Technoplast, Dixon Electro and EPack Durable.
- Strategically located manufacturing network across Western, Northern and Southern India enabling just-in-time supply and cost-efficient logistics, with aggregate installed capacity growing at ~23.83% CAGR between Fiscal 2024 and Fiscal 2026.
- Integrated and advanced steel processing infrastructure (slitting, cut-to-length, shearing, embossing) with all facilities ISO 9001:2015 certified and Ghiloth & Sri City holding GEM-4 green certification.
- High entry barriers driven by authorised supplier arrangements, capital intensity and stringent customer qualification/approval processes.
- Experienced Promoters and professional management team, with the Chairman having over 40 years and the Managing Director approximately 20 years of experience in the steel industry.
Weaknesses
- Substantial dependence on a single supplier, JSWSCPL, which accounted for ~85.13% of total steel coil purchases in Q1 FY27 and 86.65% / 90.61% / 84.58% in Fiscals 2026/2025/2024.
- High customer concentration; top 10 customers contributed 73.54%, 71.33%, 67.44% and 67.43% of revenue for Q1 FY27 and Fiscals 2026/2025/2024 respectively.
- Significant dependence on the Home & Commercial Appliances sector (89.93%, 86.54%, 81.80% and 77.41% of product revenue), exposing the business to seasonality and cyclicality.
- High debt-to-equity ratio of 2.00x as of June 30, 2026 (2.78x as of March 31, 2026), reflecting significant reliance on borrowings.
- Geographic revenue concentration, with more than 50% of revenue on average derived from Maharashtra, Gujarat and Haryana.
- Raw material cost volatility; cost of raw materials and components consumed accounted for 87.60%, 90.51%, 92.97% and 89.14% of total expenses across the reported periods.
- Working capital intensive operations with net working capital of 58 days (Q1 FY27) and 70 days (FY26), and existing borrowings currently unrated by any credit rating agency.
Financial Performance
| Period Ended | 30 Jun 2026 | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|---|
| Assets (₹ Cr.) | 526.11 | 571.47 | 458.21 | 350.21 |
| Revenue (₹ Cr.) | 397.55 | 1,269.83 | 1,058.65 | 765.41 |
| PAT (₹ Cr.) | 15.08 | 30.54 | 28.67 | 21.14 |
| Net Worth (₹ Cr.) | 136.62 | 121.58 | 83.05 | 54.36 |
Peer Comparison
| Company | P/B Ratio | P/E Ratio | RONW (%) | Net Worth (₹ Cr.) |
|---|---|---|---|---|
| Bombay Coated and Special Steels Limited | 2.7 | 16.87 | 25.12% | 121.58 |
| Shiv Aum Steels Ltd. | 6.21 | 79.11 | 5.98% | 115.98 |
| Manaksia Coated Metals & Industries Ltd. | 3.93 | 33.7 | 11.66% | 348.96 |
Subscription Details
No daily bids available.
No subscription statistics available.
Company Details
- Bombay Coated and Special Steels Limited
- Registered and Corporate Office: 2602, Parinee I, 7-A Shah Industrial Estate, Andheri (West), Mumbai - 400053, Maharashtra, India
- +91 22 4664 9193
- compliance@bcsspl.in
- https://www.bcsspl.in
Registrar Details
- KFin Technologies Limited
- +91 40 6716 2222 / 1800 309 4001
- bombaycoated.ipo@kfintech.com
- https://www.kfintech.com
Frequently Asked Questions
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Sources
We match Bombay Coated IPO IPO numbers with official sources. For final dates and allotment results, double-check the registrar or exchange.
- SEBIRules for IPO allotment and disclosures in India
- NSEExchange notices, bidding data, and listing updates
- BSEExchange notices and IPO allotment check tools
- RHP / Offer DocumentCheck the company RHP on NSE/BSE or the IPO detail page
- KFin Technologies LimitedOfficial site to check allotment status for this IPO
Also read our Editorial Policy, How GMP is calculated, How allotment chances work, and IPO fund allocation.
Reviewed by
Dinesh Agrawal · Lead IPO Analyst
15+ years in Indian markets and IPO research. He reviews IPO dates and key details before they go live.