Bombay Coated and Special Steels IPO

Bombay Coated and Special Steels IPO: Overview

Bombay Coated and Special Steels Limited, a steel processing company serving appliance, automotive and electrical manufacturers, has launched its mainboard IPO. The issue opens on 29 October 2026 and closes on 2 November 2026, at a price band of ₹78 to ₹82 per share.

The IPO is a 100% fresh issue of up to ₹183.06 crore, with no offer for sale. Most of the proceeds are meant for repaying borrowings, so the issue is mainly about deleveraging.

Bombay Coated and Special Steels IPO: Key Details

Particulars	Details
Company	Bombay Coated and Special Steels Limited
Issue type	Book-built issue, 100% fresh issue
Issue size	Up to ₹183.06 crore (about 2.23 crore shares)
Offer for sale	None
Face value	₹10 per share
Price band	₹78 – ₹82 per share
Anchor bidding	28 October 2026
Issue opens	29 October 2026
Issue closes	2 November 2026
Basis of allotment (tentative)	3 November 2026
Refunds and credit of shares (tentative)	4 November 2026
Listing (tentative)	5 November 2026 on BSE and NSE
Lot size	182 shares

Allotment and listing dates are tentative and can change.

Lot Size and Investment Amount

Category	Lots	Shares	Amount at upper band
Retail (minimum)	1	182	₹14,924
Retail (maximum)	13	2,366	₹1,94,012
Small NII (minimum)	14	2,548	₹2,08,936
Big NII (minimum)	68	12,376	₹10,14,832

At the lower end of the band (₹78), one lot costs ₹14,196.

Reservation

Category	Allocation of net issue
Qualified Institutional Buyers (QIB)	Not more than 50%
Non-Institutional Investors (NII)	Not less than 15%
Retail Individual Investors	Not less than 35%

Objects of the Issue

The company plans to use the proceeds for:

Object	Approximate amount
Repayment or prepayment of certain borrowings	₹125 crore
Capital equipment under existing lease arrangements with Siemens Financial Services Private Limited	About ₹15.77 crore
General corporate purposes	Balance of the eligible proceeds

About 68% of the issue size is earmarked for debt repayment. Confirm the final amounts in the RHP.

About Bombay Coated and Special Steels

Incorporated in 2019, the company is a steel processing centre. It converts steel coils into processed products through slitting, cut-to-length processing, shearing and embossing. Its products include slit coils, sheets, blanks and sheared steel.

• End uses: home appliances, automotive components, electrical equipment, heating and cooling systems, general engineering and infrastructure
• Facilities: four manufacturing facilities across Maharashtra, Rajasthan and Andhra Pradesh
• Capacity: installed processing capacity of 1,23,153 metric tonnes per annum as of 30 June 2026
• Services: inventory management and logistics support for customers
• Partnership: authorised service partner of JSW Steel Coated Products Limited since 2021

Financial Performance

(₹ crore)	FY24	FY25	FY26	Q1 FY27 (3 months to 30 Jun 2026)
Revenue from operations	755.26	1,055.71	1,266.82	397.08
EBITDA	n/a	74.09	86.09	32.17
EBITDA margin	n/a	~7.0%	~6.8%	~8.1%
Profit after tax (PAT)	21.14	28.67	30.54	15.08
PAT margin	~2.8%	~2.7%	~2.4%	~3.8%

Balance sheet and returns (earlier filing, FY24 and FY25):

(₹ crore)	FY24	FY25
Net worth	54.36	83.05
Total borrowings	234.16	276.96
Return on equity	38.89%	34.53%

Strengths

• Strong revenue growth. Revenue rose about 40% in FY25 and about 20% in FY26.
• Improving recent margins. Q1 FY27 EBITDA and PAT margins were higher than FY26.
• Debt reduction. About ₹125 crore of the fresh issue repays borrowings, which should cut interest costs.
• Multiple facilities. Four plants in three states, with 1.23 lakh tonnes of capacity.
• Established partnership. Authorised service partner of JSW Steel Coated Products since 2021.
• Diverse end industries. Appliances, automotive, electrical equipment and infrastructure.
• Fresh issue only. All the money goes to the company, and promoters are not selling.
• High return on equity in the earlier filing, above 34%.

Risks

• Thin margins. Steel processing is a low-margin business, and small cost changes affect profits.
• Raw material dependence. Steel coil prices and supply drive costs, and raw materials make up the bulk of expenses.
• High leverage. Borrowings were about 3.3 times net worth in FY25.
• Customer concentration. One source says the top ten customers accounted for about two-thirds of revenue.
• Sector concentration. A large share of revenue comes from home and commercial appliances.
• Regional concentration. Most revenue comes from a few states.
• Slowing profit growth. FY26 PAT grew only about 6.5% on 20% higher revenue.
• First public issue. There is no trading history, and the listing price can differ from the band.
• Cyclicality. Steel and appliance demand are cyclical.
• Small lead manager. Check the lead manager's track record on past issues.

How to Apply for the IPO ?

• Login or Open demat account with JM Financial Services / JM PRO app: Open the JM PRO app or JM Financial Services website and log in with your credentials. 
• Locate the IPO Section: Navigate to the 'IPO' section on the platform. 
• Select IPO: Find and select the IPO from the list of open IPOs. 
• Enter the Lot Size: Specify the number of lots you want to bid for. 
• Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application. 
• Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN. 

How to Check the Allotment Status of the IPO?

Steps to check IPO allotment status on JM Pro app: 

• Log in to the JM Pro app. 
• Go to the IPO Section and then to IPO Orders. 
• Select the individual IPO that you had applied for and check the allotment status. 

JM Financial Services will notify you of your IPO allotment status via push notification and email