Bombay Coated & Special Steels Limited
Bookbuilding IPO · NSE, BSE
- Price band
- ₹78 - ₹82
- Lot size
- 182 shares
- Issue amount
- ₹183.05 cr
- Total subscription
- 63.89×
- Opens
- 29 Oct 2026
- Closes
- 2 Nov 2026
- Allotment
- 3 Nov 2026
- Listing
- 5 Nov 2026
Offer at a glance
Issue overview
- Issue size
- 2,23,24,024 shares
- Face value
- ₹10 per share
- Minimum investment
- ₹14,196
- Fresh issue
- ₹183.05 cr
- Offer for sale
- ₹0 cr
- Registrar
- Kfin Technologies Limited
- Listing exchange
- NSE, BSE
- Maximum investment
- ₹14,924
- Issue type
- Bookbuilding IPO
- Shares before issue
- 4,05,00,091
- Shares after issue
- 6,28,24,115
Lot sizes
| Category | Lots | Shares | Amount |
|---|---|---|---|
| RETAIL | 1 | 182 | ₹14,924 |
| sHNI | 14 | 2,548 | ₹2,08,936 |
| bHNI | 68 | 12,376 | ₹10,14,832 |
Share reservation
Subscription & GMP
Subscription by category
Reported 2 Nov 2026
GMP history
Day-wise demand
Application-wise demand
| Category | Reserved applications | Applied applications |
|---|---|---|
| RETAIL | 42,931 | 12,83,923 |
| HNIs(10L +) | 876 | 34,577 |
| HNIs (2-10L) | 438 | 48,191 |
Subscription demand
Amounts in ₹ crore. HNI subcategories are included in the NII total.
| Category | Offered | Demand |
|---|---|---|
| QIBs | 37.43 | 1,396.71 |
| RETAIL | 64.07 | 2,272.09 |
| NIB | 27.46 | 4,570.16 |
| HNIs 2+ | 9.15 | 1,038.34 |
| HNIs 10+ | 18.31 | 3,531.82 |
Financial performance
Company financials
In Crores · Reported periods may include interim results.
Key performance indicators
| Metric | Jun-26 | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|---|
| EPS | 3.72 | 7.64 | 7.24 | 5.34 |
| ROE | 0 | 0 | 0 | 0 |
| ROCE | 0 | 0 | 0 | 0 |
| RONW | 11.03 | 25.12 | 34.54 | 38.84 |
| PRE IPO(PE) | 0 | 0 | 0 | 0 |
| POST IPO(PE) | 0 | 0 | 0 | 0 |
Values and labels as reported in the issue data.
Peer comparison
| Company | P/E(X) | CMP* (₹) | Face value (₹) | NAV/Share (₹) | RONW(%) | EPS (Basic) (₹) |
|---|---|---|---|---|---|---|
| Bombay Coated and Special Steels Limited | 0 | 0 | 10.00 | 30.41 | 25.12 | 7.64 |
| BMW Industries Limited | 14.98 | 0 | 1.00 | 35.85 | 10.15 | 3.63 |
| Manaksia Coated Metals & Industries Limited | 31.03 | 0 | 1.00 | 32.46 | 11.96 | 4.25 |
| Shiv Aum Steels Limited | 98.54 | 0 | 10.00 | 88.86 | 4.73 | 5.47 |
Company information
Company profile
Bombay Coated and Special Steels Limited, incorporated in 2019, operates as a steel processing centre that converts steel coils into value-added products through precision slitting, cut-to-length processing, shearing and embossing. The company acts as an intermediary between primary steel producers and end-users, supplying Original Equipment Manufacturers (OEMs) and Original Design Manufacturers (ODMs) in the home appliances, commercial appliances and general engineering sectors. Since 2021, it has served as an authorised service partner of JSW Steel Coated Products Limited, supporting a reliable supply of steel coils for its processing operations. The company operates four manufacturing facilities in Wada and Bhiwandi in Maharashtra, Ghiloth in Rajasthan, and Sri City in Andhra Pradesh, with a combined installed processing capacity exceeding 1,23,000 metric tonnes per annum (MTPA) as of June 30, 2026. Its facilities are ISO 9001:2015 certified, with selected plants also holding green certifications. Bombay Coated and Special Steels serves a diversified customer base that includes Amber Enterprises India Limited, Western Refrigeration Private Limited, Haier Appliances India Private Limited and PG Technoplast Private Limited, among others. Its growth strategy includes diversifying into additional end-user industries, expanding its Ghiloth facility and strengthening its presence in domestic and international markets.
Strengths
- Established Partnership with JSWSCPL: The company has been an authorised service partner of JSW Steel Coated Products Limited since 2021, sourcing most of its steel coils from JSWSCPL and receiving technical and quality control support.
- Strong Customer Relationships: The company has built long-term relationships with OEMs and ODMs. Its top 10 customers contributed 73.54% of operating revenue in the three months ended June 30, 2026, supported by product quality, competitive pricing and timely delivery.
- Strategically Located Manufacturing Facilities: The company operates four manufacturing facilities near major OEM and ODM hubs across Western, Northern and Southern India, helping reduce transportation costs, enable timely deliveries and improve operational flexibility.
Risk factors
- High Dependence on a Single Supplier: The company sourced 85.13%, 86.65%, 90.61% and 84.58% of its steel coil requirements from JSWSCPL for the periods ended June 30, 2026, FY2026, FY2025 and FY2024, respectively. Any disruption in this relationship could affect business operations.
- Statutory Filing Issues: The company has faced errors and delays in statutory filings with the Registrar of Companies (RoC), including incorrect allotment details and late submissions, which could lead to regulatory scrutiny or penalties.
- Negative Cash Flows from Investing and Financing Activities: The company has recorded negative cash flows from investing and financing activities, including ₹733.88 million used in financing activities in the three months ended June 30, 2026. This could put pressure on liquidity and future growth plans.
Promoters
Vijaykumar Himatrai Gupta
Nitin Vijaykumar Gupta
Bhawna Nitin Gupta
Registrar & documents
Lead manager
Smart Horizon Capital Advisors Private Limited
Registrar & contacts
Kfin Technologies Limited
[email protected]Official registrar portal ↗IPO allotment status guide →Registered office
2602, Parinee I, 7-A Shah Industrial Estate, Andheri (West), Mumbai, Maharashtra, 400053
+912246649193
[email protected]Company website ↗Understanding BCSSL IPO data
Compare the price band and required investment with the company profile, financial results and offer documents. Subscription figures show reported demand by category; they do not establish the value of the business. GMP is an unofficial indication and can change before listing.