IPO · Metals & Mining · Proposed listing on NSE and BSE
Bombay Coated IPO: how the business works
Bombay Coated and Special Steels cuts and shapes coated steel coils for appliance makers, with revenue of ₹1,266.8 crore in FY26.
Bombay Coated and Special Steels Ltd · Mumbai, Maharashtra · Founded 2019
Based on the red herring prospectus (RHP) dated .
The company has filed its red herring prospectus (RHP), the near-final offer document.
Last updated · Reviewed by Cityfort Research on
- Revenue, FY26 (restated)
- ₹1,266.8 cr
- Profit, FY26 (restated)
- ₹30.5 cr
- Fresh issue (as stated)
- ₹183.06 cr
- Processing plants
- 4
- Promoter family before the IPO
- 97.78%
01 · The business in one line
What does Bombay Coated do?
Appliance makers pay Bombay Coated to cut steel coils into the strips and sheets they need; most of the money goes on buying the steel, and what is left is profit.
- Steel for air conditioners, refrigerators and other appliances gave 86.5% of FY26 revenue.
- Of every ₹100 that came in during FY26, ₹88.2 paid for steel and ₹2.4 was left as profit.
02 · The offer
What is the Bombay Coated IPO?
- Fresh issue (new shares)
- ₹183 cr
- To list on
- NSE and BSE
- Offer period (as stated)
- 29 Oct 2026 – 2 Nov 2026
- Fresh issue: the company creates new shares of face value ₹10; the money goes to Bombay Coated.
- Offer for sale: none. The promoter family is not selling any shares in this offer.
- Because only new shares are added, the three promoters' 97.78% falls to 63.03% after the offer at either end of the price band, according to the price band advertisement, if the offer is fully taken up.
- The RHP sets aside not more than 50% of the offer for qualified institutions, at least 15% for non-institutional investors and at least 35% for retail individuals.
- Price terms: the price band advertisement dated 22 Oct 2026 sets a range of ₹78 to ₹82 a share. Bids are made in lots of 182 shares, and the final price within the range is fixed after bidding closes.
What a DRHP, RHP and prospectus are, and fresh issue vs offer for sale
Price terms (as of 22 Oct 2026)
Prices are as of 22 Oct 2026, from the offer documents. They are facts about the offer, not a view on the price.
- Price band
- ₹78–₹82 per share
- Face value
- ₹10.00 per shareThe nominal value printed on each share, not its price.
- Lot size
- 182 sharesBids are made in multiples of one lot.
- Minimum application
- ₹14,9241 lot of 182 shares × ₹82 (top of the price band). At ₹78 (bottom of the band) one lot costs ₹14,196.
- Issue size
- ₹183 crFresh issue of up to ₹183.06 crore at ₹82 (top of the band); no shares are offered for sale. The price band advertisement gives ₹174.13 crore at ₹78 (bottom of the band).
- Market value at this price
- ₹515 cr₹82 (top of the band) × about 6.28 crore shares after the issue ÷ 1 crore: 4.05 crore shares today + about 2.23 crore new shares (₹183.06 crore ÷ ₹82). The price band advertisement states ₹515.13 crore at ₹82 and ₹490.03 crore at ₹78.
What the company says about its price (Basis for Offer Price)
Grey market premium (unofficial, not an exchange price)
₹9.00 per share
As of 26 Oct 2026, 5:37 pm IST, reported by InvestorGain.
Grey market deals happen outside the exchanges and are unregulated. The figure is not an exchange price and changes often.
- Lead managers
- Smart Horizon Capital Advisors Pvt Ltd
- Registrar
- KFin Technologies Ltd
Source: Bombay Coated and Special Steels Limited Red Herring Prospectus, dated 21 Oct 2026; Bombay Coated and Special Steels Limited price band advertisement (pre-issue advertisement), dated 22 Oct 2026, published in Financial Express and Jansatta on 23 Oct 2026
03 · Where the new money goes
What will Bombay Coated do with the money it raises?
- Repay or prepay some of the company's bank loans₹125 cr
- Buy machines at the Ghiloth plant (Rajasthan) that the company now leases from Siemens Financial Services₹15.8 cr
- Repay or prepay some of the company's bank loansChosen from term, working-capital and channel-finance loans with Kotak Mahindra, DBS, IndusInd, Standard Chartered and HSBC, which had ₹181.1 crore outstanding on 31 Aug 2026. The RHP says the money is to be used in FY27.₹125 cr
- Buy machines at the Ghiloth plant (Rajasthan) that the company now leases from Siemens Financial Services₹157.70 million in the RHP. The company says owning them will cut its lease and rental costs by ₹4.69 crore.₹15.8 cr
- General corporate purposesCapped at 25% of the money raised; the amount is set after the offer. The RHP says this part cannot repay loans from promoters or directors.Amount not fixed
The two fixed uses add to ₹140.8 crore, 76.9% of the fresh issue (computed). Loan repayment alone is ₹125 crore, 41.3% of the ₹302.4 crore the company owed on 31 Aug 2026 (computed). Care Ratings Ltd is the monitoring agency that will report on how the money is used.
Only the fresh issue raises money for the company; money from the offer for sale goes to the sellers.
Source: Bombay Coated and Special Steels Limited Red Herring Prospectus, dated 21 Oct 2026
04 · What it sells
What does Bombay Coated sell?
Slitting
Cutting a wide coil lengthwise into narrower coils. The largest line: 238,020 tonnes of capacity in FY26.
Cut-to-length
Unrolling a coil and cutting it into flat sheets of a set length. 184,324 tonnes of capacity in FY26.
Embossing
Pressing a raised pattern into steel sheet. 34,200 tonnes of capacity in FY26.
Shearing
Cutting sheets into smaller pieces. The smallest line: 5,867 tonnes of capacity in FY26.
Think of it like this
Like a tailor who buys cloth by the bolt and cuts it to each customer's measurements, but with steel.
What it does
- Does: Processes steel at four plants: Wada and Bhiwandi (Maharashtra), Ghiloth (Rajasthan) and Sri City (Andhra Pradesh)
- Does: Buys most of its coils from JSW Steel Coated Products
- Does: Sells to contract manufacturers and brand-owning appliance makers
What it does not do
- Does not: Make steel: it buys coils from steelmakers
- Does not: Make or sell appliances itself
- Does not: Export: it had no export sales in FY25, FY26 or Q1 FY27
Source: Bombay Coated and Special Steels Limited Red Herring Prospectus, dated 21 Oct 2026
05 · Who pays it
Who pays Bombay Coated?
Contract manufacturers (ODMs)
56%
of revenue
Factories that build appliances for brands.
Brand-owning manufacturers (OEMs)
43%
of revenue
Companies that make products under their own name.
Others, including scrap sales
1%
of revenue
Other buyers and the sale of leftover steel.
- Contract manufacturers (ODMs)56%
- Brand-owning manufacturers (OEMs)43%
- Others, including scrap sales1%
Customer concentration
The largest customer gave 20.40% of FY26 revenue and the top 10 gave 71.33%. The company served 261 customers in FY26; customers named in the RHP include Haier Appliances India, IFB Refrigeration, Dixon Electro Manufacturing and Amber Enterprises India.
- Largest customer
- 20%
- Top 5 customers
- 55%
- Top 10 customers
- 71%
Source: Bombay Coated and Special Steels Limited Red Herring Prospectus, dated 21 Oct 2026
06 · How the money flows · FY26
How does money flow through Bombay Coated?
Money in
- Revenue from operations₹1,267 cr
- Other income₹3 cr
The company
Bombay Coated
₹1,270 cr came in
Money out
- Steel coils and other materials₹1,120 cr
- Employees₹12.5 cr
- Other running costs₹48.3 cr
- Depreciation₹12.6 cr
- Interest₹35.7 cr
- Tax₹10.2 cr
- Net profit₹30.5 cr
- Appliance makers order steel strips and sheets cut to their sizes.
- Bombay Coated buys coated steel coils, mostly from JSW Steel Coated Products.
- Its four plants slit, cut, shear or emboss the coils and send out the pieces.
- Steel took ₹1,120 crore of FY26 money; interest on loans took ₹35.7 crore.
- What was left after all costs and tax, ₹30.5 crore in FY26, is profit.
Source: Bombay Coated and Special Steels Limited Red Herring Prospectus, dated 21 Oct 2026
07 · Where the money goes · FY26
Where does ₹100 of Bombay Coated's money go?
Bombay Coated · FY26
Receipt for every ₹100
| Steel coils and other materials | ₹88.2 |
|---|---|
| Employees | ₹1.0 |
| Other running costs | ₹3.8 |
| Depreciation | ₹1.0 |
| Interest | ₹2.8 |
| Tax | ₹0.8 |
| Kept as profit | ₹2.4 |
| Total | ₹100 |
Each line = amount ÷ total money in × 100. Lines may not add to exactly ₹100 because of rounding.
Source: Bombay Coated and Special Steels Limited Red Herring Prospectus, dated 21 Oct 2026
08 · What it needs to run
What does Bombay Coated need to run?
Steel coils from one main supplier
JSW Steel Coated Products and its holding company supplied 86.65% of FY26 coil purchases (₹1,034.2 crore of ₹1,193.6 crore). The current arrangements run from 1 Apr 2025 to 31 Mar 2027.
Four processing plants
Capacity was 462,411 tonnes a year in FY26, up from 301,541 tonnes in FY24. The two main lines ran at 60.61% (slitting) and 58.74% (cut-to-length) of capacity in FY26.
Bank loans
Loans pay for steel stock and for waiting on customer payments. Borrowings were ₹302.4 crore on 31 Aug 2026, and none of them carries a credit rating.
People
160 permanent employees and 4 retainers on 30 Jun 2026, plus 310 contract workers.
Source: Bombay Coated and Special Steels Limited Red Herring Prospectus, dated 21 Oct 2026
09 · Why it makes money
Why does Bombay Coated make money?
A thin margin on a large volume of steel.
Bombay Coated buys steel, processes it and sells it on, so most of each sale pays for the steel. EBITDA (profit before interest, tax and depreciation) was ₹6.8 per ₹100 of revenue in FY26. The tonnes its plants process, and the interest on its loans, decide what is left.
EBITDA per ₹100 of revenue
₹6.5₹6.8
FY24 to FY26
- Buy coated steel coils, mostly from JSW Steel Coated Products
- Cut and shape them to each customer's order
- Sell the pieces for the steel cost plus a processing margin
- Borrow to carry steel stock and wait for customer payments
- Add machines and plants to process more tonnes
↺ Step 5 feeds back into step 1.
Source: Bombay Coated and Special Steels Limited Red Herring Prospectus, dated 21 Oct 2026
10 · Business segments · FY26
Which businesses make up Bombay Coated?
Home and commercial appliances
87%Steel for air conditioners (46.9% of FY26 revenue), commercial refrigeration (22.3%), home refrigerators (15.7%) and water heaters and other appliances (1.7%).
Revenue ₹1,096 cr
General engineering
14%Steel for vehicles (4.1%), electrical equipment (4.0%) and other engineering uses (5.4%). Revenue is total revenue minus appliances (computed); the share fell from 22.6% in FY24.
Revenue ₹171 cr
Source: Bombay Coated and Special Steels Limited Red Herring Prospectus, dated 21 Oct 2026
11 · Where it sells · FY26
Where does Bombay Coated sell?
- Maharashtra29%
- Gujarat18%
- Haryana12%
- Uttarakhand9%
- Rajasthan6%
- Other states (computed)27%
Source: Bombay Coated and Special Steels Limited Red Herring Prospectus, dated 21 Oct 2026
12 · Competitors and what protects it
Who does Bombay Coated compete with?
Manaksia Coated Metals & Industries Ltd
Named as a listed peer in the RHP. FY26 revenue ₹884.5 crore, per an industry report commissioned by the company from CARE Analytics and Advisory, quoted in the RHP.
BMW Industries Ltd
Named as a listed peer in the RHP. FY26 revenue ₹664.1 crore, per an industry report commissioned by the company, quoted in the RHP.
Shiv Aum Steels Ltd
Named as a listed peer in the RHP. FY26 revenue ₹532.5 crore, per an industry report commissioned by the company, quoted in the RHP.
What protects the business
Each strength is scored 1 (weak) to 5 (strong) for the business, with the reason. It is not a rating of the share.
- Supplier partnership3 of 5
The RHP calls the company an "exclusive service partner" of JSW Steel Coated Products, but says JSW may appoint others; current arrangements end 31 Mar 2027.
- Repeat customers3 of 5
Existing customers gave 96.08% of FY26 revenue. The RHP says bringing on a new customer usually takes 3 to 6 months.
- Scale2 of 5
FY26 revenue of ₹1,266.8 crore was higher than each of the three listed peers in the RHP, per an industry report commissioned by the company, quoted in the RHP. EBITDA was ₹6.8 per ₹100 of revenue.
Weak spot
Thin margin, high debt
Profit was ₹2.4 per ₹100 of FY26 revenue, and interest of ₹35.7 crore was more than the ₹30.5 crore profit. Borrowings were 2.78 times net worth on 31 Mar 2026.
Source: Bombay Coated and Special Steels Limited Red Herring Prospectus, dated 21 Oct 2026
13 · Where growth could come from
Where could Bombay Coated's growth come from?
The company says in its RHP dated 21 Oct 2026 that it plans to add customers in uses that are less seasonal (water heaters, washing machines, vehicles, engineering), add one cut-to-length line at Ghiloth, cut debt with IPO money, and sell in more states and abroad.
Sri City plant (Andhra Pradesh)
WorkingRevenue ₹6.6 crore (FY24) → ₹110.1 crore (FY26)
Began operations in April 2023, says the RHP (its milestones table lists 2024); it gave 8.7% of FY26 revenue.
Status: Working, on track against what the company said.
Less seasonal customers
EarlyGeneral engineering share of revenue: 22.6% (FY24) → 13.5% (FY26)
Appliance demand is lower from June to September, says the RHP. So far the appliance share has risen, not fallen.
Status: Early, too early to judge.
New cut-to-length line at Ghiloth
NewAdjoining 11,250 sq m plot bought on 29 Sep 2025 for ₹11.7 crore
The line is not one of the uses of the IPO money listed in the RHP.
Status: New, recently announced.
Exports
NewExport sales: nil in FY25, FY26 and Q1 FY27
The only export in the RHP's records is ₹1.0 crore to Bangladesh in FY24.
Status: New, recently announced.
Status compares progress with what the company itself said it would do: Working = on track against what the company said; Mixed = partly on track; Behind = behind the company's own plan; New = recently announced; Early = too early to judge.
Source: Bombay Coated and Special Steels Limited Red Herring Prospectus, dated 21 Oct 2026
14 · The numbers · Standalone (no material subsidiaries) · ₹ crore
How has Bombay Coated done?
Revenue
₹1,267 crFY26
Revenue rose from ₹755.3 crore in FY24 to ₹1,266.8 crore in FY26; Q1 FY27 is a peak-season quarter with no earlier quarter to compare.
₹ crore · Source: Bombay Coated and Special Steels Limited Red Herring Prospectus, dated 21 Oct 2026
See the numbers
Net profit
₹30.5 crFY26
Profit rose from ₹21.1 crore in FY24 to ₹30.5 crore in FY26, up 6.5% in FY26 while revenue grew 20.0%.
₹ crore · Source: Bombay Coated and Special Steels Limited Red Herring Prospectus, dated 21 Oct 2026
See the numbers
Profit kept per ₹100 of revenue
₹2.4FY26
Profit kept per ₹100 of revenue was between ₹2.4 and ₹2.8 in each year from FY24 to FY26.
₹ of profit per ₹100 of revenue (net margin) · Source: Bombay Coated and Special Steels Limited Red Herring Prospectus, dated 21 Oct 2026
See the numbers
Free cash flow
−₹44.6 crFY26
Free cash flow was negative in FY24, FY25 and FY26 (₹84.9 crore in total) because plant spending was larger than cash from operations.
₹ crore · cash from operations minus spending on plants and equipment · Source: Bombay Coated and Special Steels Limited Red Herring Prospectus, dated 21 Oct 2026
See the numbers
See all yearly numbers
EBITDA = profit before interest, tax and wear-and-tear of assets. Financial year runs April to March (March year end). Net profit is the share belonging to the company's owners.
Latest part-year · Q1 FY27 (3 months to 30 Jun 2026)
- Revenue
- ₹397 cr
- EBITDA
- ₹32.2 cr
- Net profit
- ₹15.1 cr
- EPS (not annualised)
- ₹3.72
A part-year can't be compared with a full year. Numbers are restated by the company in the offer document and converted from ₹ million to ₹ crore.
15 · Financial strength · 30 Jun 2026
How much debt does Bombay Coated have?
- Total debt₹274 cr
- Cash and investments₹12.1 cr
- Net debt (debt minus cash)₹262 cr
- Net worth (shareholders' money)₹137 cr
- Debt to equity
- 2×
- ₹ of debt for every ₹1 of shareholders' money
- Contingent liabilities
- ₹0 cr
- possible future payments, e.g. disputed claims
- Debt swings with the season: ₹338.5 crore on 31 Mar 2026, ₹273.7 crore on 30 Jun 2026 and ₹302.4 crore on 31 Aug 2026.
- Net debt is computed as borrowings minus cash and other bank balances; some bank deposits are pledged as security for loans.
- The promoters have given personal guarantees and their homes and offices as security for bank loans.
- No borrowing carries a credit rating, according to the RHP.
Source: Bombay Coated and Special Steels Limited Red Herring Prospectus, dated 21 Oct 2026
16 · Who owns it before the IPO · 16 Oct 2026
Who owns Bombay Coated before the IPO?
- Promoter group (founders or parent company)97.8%
- Other shareholders2.2%
Largest shareholders before the IPO
The promoter group's share falls after the IPO when new shares are added or promoters sell. The offer document shows the expected holding after the offer.
Source: Bombay Coated and Special Steels Limited Red Herring Prospectus, dated 21 Oct 2026
17 · Who runs it
Who runs Bombay Coated, and did they deliver?
Nitin Vijaykumar Gupta
Managing Director and promoter
About 20 years in steel; owns 78.22% before the IPO.
Vijaykumar Himatrai Gupta
Chairman, whole-time director and promoter
Started the family steel business, M/s Bombay Steels, in 1983. Father of Nitin Gupta.
Bhawna Nitin Gupta
Whole-time director and promoter
About 6 years in steel. Wife of Nitin Gupta.
Shashi Mohan Singh Rawat
Chief Executive Officer · since 2025
With the company since 1 Jun 2022; CEO from 24 Feb 2025.
Ashish O Sonthalia
Chief Financial Officer · since 2025
CFO since 3 Sep 2025; a chartered accountant. His predecessor was re-designated as VP-Finance.
Neelam Tater, Mihen Halani and Hemant Ostwal
Independent directors · since 2025
All three joined the board on 21 Mar 2025. The board has six members: three from the promoter family and three independent.
Source: Bombay Coated and Special Steels Limited Red Herring Prospectus, dated 21 Oct 2026
18 · Governance signals
What do Bombay Coated's governance filings show?
- Auditor
- Shah, Shah & Shah
- Auditor changes
- None in the period covered
- Audit qualifications
- None reported
- Related-party dealings
- Related-party transactions were ₹32.9 crore in FY26 (2.60% of revenue). They include loans from the promoters and their relatives (₹22.2 crore owed on 31 Mar 2026) and rent for an office and a godown owned by promoters.
- Credit rating
- No public credit rating found
Flags to know about
delayed filing · 6 Jan 2026
Late filings with the Registrar of Companies
The RHP says 26 statutory forms were filed late with additional fees. An adjudication application on errors in 2021 share-allotment filings, filed on 6 Jan 2026, is pending, as disclosed.
delayed filing
Past delays in paying statutory dues
The RHP says the company has delayed payments of ESIC, provident fund, labour welfare fund, TDS, TCS and GST dues in the past.
disclosure
No credit rating
None of the company's borrowings is rated by a credit rating agency, according to the RHP.
related party · 25 Sep 2026
Higher pay limits for promoter directors
Shareholders approved pay of up to ₹6 crore a year for the Managing Director and up to ₹2 crore each for two whole-time directors from 26 Sep 2026. The three were paid ₹0.66 crore in total in FY26.
disclosure
Some degree certificates not traced
The RHP says the degree certificates of the independent directors and the CEO could not be traced.
Source: Bombay Coated and Special Steels Limited Red Herring Prospectus, dated 21 Oct 2026
19 · Group and related parties
How much does Bombay Coated rely on its promoter group?
- JSW Steel Coated Products and its holding company supplied 86.65% of FY26 coil purchases. The current arrangements run to 31 Mar 2027.
- Loans from the promoters and their relatives were ₹20.6 crore on 30 Jun 2026, and the RHP says they are repayable on demand.
- The promoters have given personal guarantees and their homes and offices as security for the company's bank loans.
- The company rents its Juhu office from Vijaykumar and Sunita Gupta (₹50,000 a month) and a Bhiwandi godown from Nitin Gupta (₹80,000 a month).
- Related-party transactions were ₹32.9 crore in FY26, 2.60% of revenue.
Source: Bombay Coated and Special Steels Limited Red Herring Prospectus, dated 21 Oct 2026
20 · Legal cases · as of 21 Oct 2026
What legal cases does the Bombay Coated offer document list?
Outstanding cases
Cases are listed as the offer document describes them. A pending case is an allegation until a court or regulator decides it.
Source: Bombay Coated and Special Steels Limited Red Herring Prospectus, dated 21 Oct 2026
21 · What could go wrong
What could go wrong for Bombay Coated?
- Concentration
One supplier gives most of the steel
JSW Steel Coated Products and its holding company supplied 86.65% of FY26 coil purchases. The RHP says JSW may appoint other service partners.
Watch Whether the JSW arrangements are renewed beyond 31 Mar 2027.
- Concentration
A few customers give most of the revenue
The top 10 customers gave 71.33% of FY26 revenue, and the largest gave 20.40%.
Watch Top-10 customer share in the first annual report after listing.
- Demand
Tied to air conditioners and fridges
Appliances gave 86.5% of FY26 revenue, and air conditioners alone 46.9%. The RHP says orders are lower from June to September.
Watch General engineering share of revenue.
- Debt
High debt and interest costs
Borrowings were ₹302.4 crore on 31 Aug 2026, with restrictive loan conditions. FY26 interest of ₹35.7 crore was more than FY26 profit of ₹30.5 crore.
Watch Borrowings after the ₹125 crore repayment planned in FY27.
- Raw-material prices
Steel price swings
Raw materials were 90.51% of total expenses in FY26, so changes in steel prices move costs directly.
Watch EBITDA per ₹100 of revenue each year.
- Cash and liquidity
Cash goes out faster than it comes in
Free cash flow was negative in FY24, FY25 and FY26, by ₹84.9 crore in total (computed). Steel stock rose from ₹115.7 crore to ₹189.3 crore in FY26.
Watch Cash from operations compared with plant spending.
Source: Bombay Coated and Special Steels Limited Red Herring Prospectus, dated 21 Oct 2026
22 · Risks of the offer
What risks does the Bombay Coated offer document flag?
Most of the money repays loans
₹125 crore of the ₹183.06 crore fresh issue (68.3%, computed) is for repaying bank loans, not for new capacity.
Part of the money has no fixed use yet
Up to 25% of the money raised can go to general corporate purposes, decided later by the board.
Higher pay limits for promoter directors
Shareholders approved pay limits for the three promoter directors that add to ₹10 crore a year from 26 Sep 2026, against ₹0.66 crore paid to them in FY26.
A board new to listed companies
The RHP's risk factors say most directors have no earlier board experience at a listed company.
Source: Bombay Coated and Special Steels Limited Red Herring Prospectus, dated 21 Oct 2026
23 · How it got here
How did Bombay Coated get here?
1983
Milestone
Family steel trading begins
Vijaykumar Gupta starts trading steel as M/s Bombay Steels.
2012
Business-model change
Starts processing steel
The family business opens a steel processing plant at Bhiwandi, Maharashtra.
2019
Milestone
Company set up
Bombay Coated and Special Steels is incorporated in Mumbai on 26 Dec 2019.
2021
Business-model change
Takes over the family business and partners JSW
Buys the Bombay Steels business (agreement dated 29 Jan 2021), adds the Wada plant, and becomes a service partner of JSW Steel Coated Products (the company's milestones list says 2018).
2022
Milestone
Ghiloth plant
Opens a plant at Ghiloth, Rajasthan, which gave 42.9% of FY26 revenue.
2023
Milestone
Sri City plant starts
Starts operations at Sri City, Andhra Pradesh, in April 2023, says the RHP (its milestones table lists 2024).
2024
Milestone
Adds capacity at Ghiloth and Wada
Adds capacity at its Ghiloth (Rajasthan) and Wada (Maharashtra) plants.
2026
Milestone
Files its RHP
Files its red herring prospectus dated 21 Oct 2026 for a fresh issue of up to ₹183.06 crore.
Source: Bombay Coated and Special Steels Limited Red Herring Prospectus, dated 21 Oct 2026
24 · Both sides
What do supporters and critics point to?
What supporters point to
- Revenue rose from ₹755.3 crore in FY24 to ₹1,266.8 crore in FY26.
- Existing customers gave 96.08% of FY26 revenue.
- Debt was 4.31 times net worth in FY24 and 2.00 times on 30 Jun 2026; ₹125 crore of the IPO money is for repaying loans.
- Capacity rose from 301,541 tonnes in FY24 to 462,411 tonnes in FY26.
What critics point to
- One supplier group gave 86.65% of FY26 steel coil purchases, under arrangements that end 31 Mar 2027.
- Profit was ₹2.4 per ₹100 of FY26 revenue, and interest cost more than the year's profit.
- Free cash flow was negative in each year from FY24 to FY26.
- The top 10 customers gave 71.33% of FY26 revenue, and appliances 86.5%.
- The RHP discloses 26 late filings with the Registrar of Companies and past delays in paying statutory dues.
25 · What changed · Price band advertisement
What changed on this page?
Updated 26 Oct 2026
- Added the price band of ₹78 to ₹82 a share and the lot of 182 shares, from the advertisement dated 22 Oct 2026.
- Added the minimum application, issue size and market value at the band, each with its formula.
- Added the company's Basis for Offer Price figures, quoted as its own statement.
26 · What to watch next
What should you watch next for Bombay Coated?
Next event
Offer opens (anchor bidding the day before)
29 Oct 2026
Date stated in the offer document
Offer period and allotment
The RHP gives anchor bidding on 28 Oct 2026, the offer from 29 Oct to 2 Nov 2026 and the basis of allotment on or about 3 Nov 2026.
Listing date
The RHP's timetable prints the refund and listing dates as 4 and 5 Nov 2025. The price band advertisement of 22 Oct 2026 gives trading from on or about 5 Nov 2026.
Final issue price
The company and its lead manager fix the final price within ₹78 to ₹82 after bidding closes on 2 Nov 2026; the prospectus will state it.
JSW arrangements after March 2027
Most of the company's steel comes from JSW Steel Coated Products under arrangements that run to 31 Mar 2027.
Debt after the repayment
The RHP says ₹125 crore of loans will be repaid in FY27; borrowings were ₹302.4 crore on 31 Aug 2026.
27 · Key facts
Key facts about Bombay Coated
- What does Bombay Coated and Special Steels do?
- Bombay Coated and Special Steels Ltd runs steel processing centres: it buys coated steel coils and slits, cuts, shears and embosses them for manufacturers at four plants, according to its RHP dated 21 Oct 2026.
- How does Bombay Coated and Special Steels make money?
- Bombay Coated and Special Steels sells processed steel to manufacturers. Revenue from operations was ₹1,266.8 crore in FY26 (restated), and steel took ₹88.2 of every ₹100 that came in.
- Who are Bombay Coated and Special Steels' customers?
- In FY26, contract manufacturers (ODMs) gave 55.9% of Bombay Coated and Special Steels' revenue and brand-owning manufacturers (OEMs) gave 43.3%. Its top 10 customers gave 71.33% of FY26 revenue.
- How big is Bombay Coated and Special Steels?
- Bombay Coated and Special Steels reported revenue of ₹1,266.8 crore and profit of ₹30.5 crore in FY26, up from ₹1,055.7 crore and ₹28.7 crore in FY25 (restated, standalone).
- Who owns Bombay Coated and Special Steels before the IPO?
- On 16 Oct 2026, the Gupta promoter family owned 97.78% of Bombay Coated and Special Steels and 18 public shareholders owned 2.22%, according to the RHP dated 21 Oct 2026.
- Who supplies Bombay Coated and Special Steels with steel?
- JSW Steel Coated Products and its holding company supplied 86.65% of Bombay Coated and Special Steels' steel coil purchases in FY26, according to the RHP dated 21 Oct 2026.
- What is the Bombay Coated and Special Steels IPO?
- The Bombay Coated and Special Steels IPO, per its RHP dated 21 Oct 2026, is a fresh issue of new shares worth up to ₹183.06 crore with no offer for sale, to list on NSE and BSE. The RHP gives the offer period as 29 Oct to 2 Nov 2026.
Source: Bombay Coated and Special Steels Limited Red Herring Prospectus, dated 21 Oct 2026
28 · Sources and changes
Where every number on this page comes from
Sources (1 document)
- S1Bombay Coated and Special Steels Limited Red Herring Prospectus, dated 21 Oct 2026 · Bombay Coated and Special Steels Limited (offer document filed with RoC; company IPO-documents page) · Tier 1: company or exchange filing · 21 Oct 2026
Changes to this page (v2 · 26 Oct 2026)
- v2 · 26 Oct 2026Added the price terms from the price band advertisement dated 22 Oct 2026 (S4) and the unofficial grey market premium as of 26 Oct 2026 17:37 IST (S5). (updated for the RHP)
- v1 · 26 Oct 2026First version, based on the RHP dated 21 Oct 2026. (first version, based on the RHP)
Numbers come only from tier 1 and tier 2 sources. Read how we research.
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