Bombay Coated and Special Steels IPO

About Bombay Coated & Special Steels IPO

The public issue of the Bombay Coated & Special Steels IPO, opens on TBA and closes on TBA. The allotment of shares will take place on TBA. The credit of shares to the demat account will take place on TBA. The initiation of refunds will take place on TBA. The listing of shares will take place on TBA.

The offer consists of both a fresh issue component. The fresh issue will include [TBA] shares aggregating up to ₹191 crores. The total number of shares is TBA and the aggregate amount is up to ₹191 crores.

Bombay Coated & Special Steels IPO’s price band is set at TBA to TBA per share. The lot size for an application is TBA. The minimum amount of investment required by a retail investor is ₹TBA (TBA shares) (based on upper price). The minimum lot size investment for HNI is TBA.

Bombay Coated & Special Steels is a steel processing centre engaged in the business of converting steel coils into value-added processed steel products. Their core competencies include precision slitting, cut-to-length processing, shearing, and embossing of steel coils into slit coils and blanks/sheets (collectively referred to as Processed Steel Products). They cater to a diversified customer base comprising Original Equipment Manufacturers (OEMs) and Original Design Manufacturers (ODMs).

Objectives of Bombay Coated & Special Steels IPO

• Repayment/pre-payment, in full or in part, of certain borrowings availed by the company.
  
• Financing the cost towards acquisition of capital equipment under existing lease arrangements with Siemens Financial Services Private Limited.
  
• General corporate purposes.
  

Industry Outlook

The Indian steel sector growth over the years has been attributed to the domestic availability of raw materials such as iron ore and cost-effective labour. Additionally, the industry has benefitted from domestic demand in sectors such as construction, consumer durables, capital goods, railways, real estate, and automobiles. The vast coastline has enabled exports and imports, making India one of the leading countries in the global steel industry. Additionally, initiatives such as joint ventures and 100% foreign direct investment (FDI) have propelled substantial investments into India's steel sector.

About Bombay Coated & Special Steels

Bombay Coated & Special Steels is a steel processing centre engaged in the business of converting steel coils into value added processed steel products. Their core competencies include precision slitting, cut-to-length processing, shearing, and embossing of steel coils into slit coils and blanks/sheets (collectively referred to as Processed Steel Products). They cater to a diversified customer base comprising Original Equipment Manufacturers (OEMs) and Original Design Manufacturers (ODMs).

The company, being a Steel Processing Centre (SPC), operates as an intermediary between primary steel producers and end users by providing value added processing services. For the home and commercial appliances sector, they process coated steel coils and hot rolled steel coils into Processed Steel Products used in the manufacture of various appliances. For the general engineering sector, they undertake specialized processing of non-coated and galvanised plain coils into blanks, used in automotive manufacturing, pharmaceutical cleanroom infrastructure, electrical equipment, and ventilation systems. In addition to manufacturing Processed Steel Products, they also perform logistics and inventory management functions. By maintaining adequate inventory levels and offering just-in-time delivery solutions, they ensure timely and efficient supply of processed steel products to customers across urban as well as remote locations, and enhance supply chain efficiency and cost optimization.

Strengths of Bombay Coated & Special Steels

• Established relationship with JSWSCPL Steel for supply of Steel Coils.
• Long-standing relationships with customers, including OEMs and ODMs.
• Strategically located manufacturing network enabling just-in-time supply and cost-efficient operations.
• Integrated and Advanced Steel Processing Infrastructure.
• High entry barriers driven by authorised supplier arrangements, capital intensity and customer approvals.
• Experienced promoters and professional management team.

Risks of Bombay Coated & Special Steels

• The loss of any of their top 10 customers or reduction in business from them will have a material adverse effect on their business, etc.
• Any volatility in prices, unavailability, or disruption in the timely and adequate supply of steel coils may materially and adversely affect their business, and more.
• Their business is significantly dependent on the performance of certain end-use sectors, particularly the Home & Commercial Appliances sector.
• They derive their revenue from operations from customers located across fourteen (14) states and two (2) union territories in India.
• They are substantially dependent on a single supplier, JSW Steel Coated Products Limited and/or its holding Company (JSWSCPL), for the supply of steel coils.
• Under-utilisation of their manufacturing capacities over extended periods, or significant under-utilisation in the short term.
• Any disruption to the operations of their manufacturing facilities that are geographically dispersed across specific regions in India.
• They have experienced certain discrepancies in their statutory filings with the Registrar of Companies (RoC) and other non-compliances under the Companies Act, 2013 in the past.

To be computed after finalization of price band. The above information for listed industry peers is standalone basis and is sourced from the financial statements of the respective company for the year ended March 31, 2025, submitted to stock exchanges. Industry Peer are as identified by management of the company.

Notes for peer group: (1) The basic and diluted EPS refers to the basic and diluted EPS sourced from the financial statements of the peer group entities respectively for the year ended March 31, 2025.

(2) The P/E ratio of the listed industry peers has been computed based on the closing market price of their equity shares on BSE Limited (“BSE”) or the National Stock Exchange of India Limited (“NSE”) as of January 23, 2026. In the case of Shiv Aum Steels Limited, the closing market price of equity shares as of January 22, 2026 has been considered. The aforesaid market prices have been divided by the diluted earnings per share for the financial year ended March 31, 2025.

(3) RoNW (%) = Profit for the year ended March 31, 2025, attributable to the shareholders of the holding Company of the respective peer company, divided by total net worth (excluding non-controlling interest) of the peer group entity as at March 31, 2025.

(4) NAV is computed as the net worth of the peer group entity as at March 31, 2025 divided by the outstanding weighted average number of equity shares considered for diluted earnings per share as at March 31, 2025.

(5) Net worth means the aggregate value of the paid-up share capital and all reserves excluding capital reserves, capital redemption reserve, revaluation reserve, foreign currency translation reserve, amalgamation adjustment reserve, share application money pending allotment and non controlling interest.

(6) The peer group companies are not entirely comparable to the company in terms of their business operations and services.

Anchor Investor Bidding Date: TBA

Registrar Details
KFin Technologies Limited
Email: bombaycoated.ipo@kfintech.com
Phone: +91 40 6716 2222/ 1800 309 400

Book Running Lead Manager
Smart Horizon Capital Advisors Private Limited (Formerly Known as Shreni Capital Advisors Private Limited)

Bombay Coated & Special Steels Contact Details
2602, Parinee I, 7-A Shah Industrial Estate, Andheri (West), Mumbai, Maharashtra, 400053
Email: compliance@bcsspl.in
Phone: +91 22 4664 9193

Bombay Coated & Special Steels Business Model

The company earns its revenue through as a steel processing centre engaged in the business of converting steel coils into value-added processed steel products.

Bombay Coated & Special Steels Growth Trajectory

Bombay Coated & Special Steels’s Total Income for FY25 was ₹1058.645 crores, whereas in FY24 and FY23 it was ₹765.412 crores and ₹591.890 crores, respectively.

The Profit After Tax for FY25 was ₹28.672 crores, whereas in FY24 and FY23 it was ₹21.138 crores and ₹15.666 crores, respectively.

Their Adjusted EBITDA for FY25 was ₹74.092 crores, whereas in FY24 and FY23 it was ₹49.165 crores and ₹37.650 crores, respectively.

Bombay Coated & Special Steels Market Position

In Fiscal Years 2025, 2024 and 2023, as well as for the six months period that ended September 30, 2025, they served 252, 225, 188 and 209 customers, respectively. These customers span multiple industries, including consumer durables and home appliances, electrical equipment and components, automotive and auto components, HVAC and refrigeration, electronics and electrical manufacturing services, industrial engineering and capital goods, steel processing and metal fabrication, infrastructure, renewable energy and power equipment, FMCG and packaging, as well as general manufacturing and industrial trading enterprises.

As of 31 March 2025, the company’s Total Income, Profit After Tax, and Adjusted EBITDA were ₹1058.645 crores, ₹28.672 crores, and ₹74.092 crores, respectively.

How to apply for Bombay Coated & Special Steels IPO?

• Step 1: Log in to your Kotak Neo Demat account - Log in to your Demat account to access IPO investments. Next, select the current IPO section.
• Step 2: Specify IPO details - Enter the number of lots and the price you wish to apply for.
• Step 3: Enter UPI ID - After entering your UPI ID, click submit. This will place your bid with the exchange.
• Step 4: Mandate Notification - Your UPI app will receive a mandate notification to block funds.
• Step 5: Approve Request - Your funds will be blocked once you approve the mandate request on your UPI.