Bombay Coated & Special Steels IPO
Bombay Coated & Special Steels IPO is a mainboard IPO raising ₹183 Cr at ₹78 – ₹82 a share. The smallest application you can make is 182 shares, costing ₹14,924 at the top of the band. Bidding opens on 29 Oct 2026.
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What happens when
Next: bidding opens on 29 Oct 2026.
What this company actually does
Read out of the prospectus’s business section, stripped of its marketing language.
Bombay Coated and Special Steels Limited is a steel processing centre in India: it buys steel coils and slits, cuts to length, shears and embosses them into slit coils, blanks and sheets that appliance and engineering manufacturers use in their products (p245). For home and commercial appliances it processes coated and hot-rolled coils, and for general engineering it processes non-coated and galvanised plain coils into blanks used in automobiles, electrical equipment, pharmaceutical cleanrooms and ventilation systems (p245). It also holds inventory and delivers processed steel to customers on a just-in-time basis from plants at Wada, Bhiwandi, Ghiloth and Sri City (p245-p246).
How it earns
It earns revenue by selling processed steel products to OEMs and ODMs after performing the processing, and it also carries out logistics and inventory-management functions; FY2026 revenue from operations was ₹1,266.82 crore, converted from the ₹12,668.18 million stated in the text using 1 crore = ₹10 million (p245, p248).
Who buys
Sells to OEMs and ODMs including Haier Appliances India, IFB Refrigeration, Dixon Electro Manufacturing, Amber Enterprises India, Western Refrigeration, PG Technoplast, EPack Durable, Kruger Ventilation Industries (India), Elegant Coatings and Magnum MI Steel (p246, p250). It served 261 customers in FY2026 and 178 in the three months ended June 30, 2026 (p251-p252). The top 10 customers contributed 71.33% of FY2026 revenue (₹903.60 crore) and 73.54% in the three months ended June 30, 2026 (₹292.01 crore) (p251); existing customers generated 96.08% of FY2026 revenue (p252). No single-customer concentration figure is stated in this section.
Scale
4 manufacturing plants (Wada and Bhiwandi in Maharashtra, Ghiloth in Rajasthan, Sri City in Andhra Pradesh) on 42,209 sq m; installed capacity 462,411 MTPA in FY2026 and 123,153 MTPA computed on a quarterly basis as of June 30, 2026; 160 permanent and 4 retainership employees as of June 30, 2026 (p246-p247, p249, p256).
What it says sets it apart
- Authorised service partner of JSW Steel Coated Products Limited (JSWSCPL) since 2021, giving regular supply of galvanised plain, colour-coated and galvalume coils plus technical assistance and jointly established quality-control procedures; JSWSCPL supplied ₹1,034.21 crore, or 86.65%, of FY2026 purchases of ₹1,193.57 crore (p249-p250).
- Four plants sited next to customer manufacturing hubs in western, northern and southern India, with dedicated bulk storage of coils and processed steel at each site, enabling just-in-time delivery, shorter transit times and lower freight (p246, p252-p253).
- Integrated in-house processing of slitting, cut-to-length, shearing and embossing across the network: slitting widths 22-1,850 mm and thickness 0.25-3.20 mm, cut-to-length widths 150-1,320 mm and thickness 0.25-5.50 mm; all plants are ISO 9001:2015 certified and the Ghiloth and Sri City plants hold GEM-4 green-facility certification (p246, p254-p255).
- Repeat business from approved OEM/ODM vendors: 96.08% of FY2026 revenue came from existing customers, and relationships with several top-10 customers ranged from over three years to about one-and-a-half years as of June 30, 2026 (p252).
- Capacity scale-up: aggregate installed processing capacity rose from 301,541 MTPA in FY2024 to 462,411 MTPA in FY2026, a cumulative increase of 53.30% (CAGR about 23.83%) (p256).
Revenue mix
The prospectus gives overlapping breakdowns here, so the shares are not shown.
The numbers at a glance
The price they’re asking →derived: cut-off price Rs82 / stated EPS Rs7.64 (FY ended March 31, 2026; diluted EPS, restated and adjusted for the 3:1 bonus issue). Stated figures are as printed in the prospectus; margins, growth and the borrowing ratio are computed from its own summary table. A multiple is one lens, not a verdict.
The last few years in numbers
From the prospectus’s own summary financial table (restated standalone). Margins and growth are computed from the stated figures; everything else is as printed.
| Period | Revenue | Profit after tax | PAT margin | Net worth | Borrowings |
|---|---|---|---|---|---|
| March 31, 2026 | ₹1,267 Cr | ₹31 Cr | 2.4% | ₹122 Cr | ₹338 Cr |
| March 31, 2025 | ₹1,056 Cr | ₹29 Cr | 2.7% | ₹83 Cr | ₹277 Cr |
| March 31, 2024 | ₹755 Cr | ₹21 Cr | 2.8% | ₹54 Cr | ₹234 Cr |
| June 30, 2026 | ₹397 Cr | ₹15 Cr | 3.8% | ₹137 Cr | ₹274 Cr |
Where the money goes
The offer →Most of this issue is new shares — the money raised goes to the company, not to exiting shareholders.
What could go wrong
All 14 risks & documents →From the register read out of the issuer’s own prospectus — each item is quoted verbatim with its page on the risks tab.
What we hold for this issue
Stated up front on every issue, so a sparse page reads as a fact about the source rather than a broken one.
How this cohort has done
101 mainboard issues listed in 2026 that we can price today. This is the group it is about to join.
Neither figure is a forecast for this issue — they describe what happened to comparable issues. Full cohort analytics →
What to watch
- Priced at 10.7× earnings — 66% below the median of the peers the issuer itself names.
- The register's top risk: JSW concentration threatens steel coil supply (prospectus page 36).
- Its cohort's record: median +9.4% since issue price, 36.6% now below it — a base rate, not a forecast.
Each line restates a disclosure from the prospectus or the exchanges — nothing here is a recommendation to apply to this issue.
Track this company once it lists
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Figures are as published by the exchanges and the issuer’s prospectus. MarketPing publishes facts, comparisons and history only — nothing here is a recommendation to apply to this issue, and we do not publish grey market premium.