Bombay Coated and Special Steels IPO

Lot size and investment

Reservation

QIB

1,11,62,012 shares (50.00% of the Offer)

NII

33,48,603 shares (15.00% of the Offer)

Retail

78,13,409 shares (35.00% of the Offer)

Current GMP

₹8.5

▲+10.37%

Estimated listing price

₹90.5

Issue price ₹82

Highest

₹9

26 Oct

Lowest

₹8

23 Oct

GMP by day (₹ per share)

Subject to sauda

₹1,200 retail · ₹16,800 HNI

GMP is an unofficial indicator from an unregulated market. It is shown for information only and is not a prediction of the listing price or a recommendation to apply.

P/E (pre-issue)

5.5

P/E (post-issue)

8.54

EPS (₹)

9.60

RoE

11.65%

RoCE

7.01%

RoNW

11.03%

PAT Margin

3.80%

EBITDA Margin

8.10%

Debt / Equity

2.00

NAV (₹)

33.73

Pre-issue P/E uses the shares outstanding before the IPO; post-issue P/E includes the new shares. Calculated by Be IPO Ready at the issue price on profit for the period ended 30 Jun 2026, annualised.

Peers are other recent IPOs from the same industry, closest in issue size. Ratios are as disclosed at the time of each issue. This is not the listed-peer table from the offer document.

How Bombay Coated and Special Steels plans to use the money raised, as stated in the offer document.

1. Repay or pre-pay, in full or in part, certain borrowings of the company₹125 Cr
2. Finance the cost of acquiring capital equipment held under existing lease arrangements with Siemens Financial Services Private Limited₹18 Cr
3. General corporate purposes

Bombay Coated and Special Steels Limited is a steel processing centre. It buys steel coils from primary steel producers and converts them into value-added products. The main processes are slitting, cut-to-length, shearing and embossing. The outputs are slit coils, embossed slit coils, blanks and sheets, which the company calls Processed Steel Products. It sits between the steel mill and the end user. The company sells to original equipment manufacturers (OEMs) and original design manufacturers (ODMs). In FY2025, ODMs gave 60.56% of revenue from operations and OEMs gave 39.42%. The Home and Commercial Appliances sector bought 81.80% of product sales in FY2025. Named customers include Amber Enterprises India Limited, Western Refrigeration Private Limited, Haier Appliances India Private Limited, PG Technoplast Private Limited, EPack Durable Limited and Dixon Electro Manufacturing Private Limited. The company served 252 customers in FY2025. It runs four manufacturing facilities. Wada (Palghar district) and Bhiwandi (Thane district) are in Maharashtra, Ghiloth is in Rajasthan and Sri City is in Andhra Pradesh. The Sri City plant began operations in April 2023 and the embossing line began on 1 April 2023. In FY2025 the Ghiloth plant gave 46.34% of revenue and Wada gave 39.50%. Installed slitting capacity was 1,87,020 MT in FY2025, against 1,44,120 MT in FY2023. Steel coils are the main raw material. JSW Steel Coated Products Limited supplied about 90.61% of the company's steel coil requirement in FY2025. The company had 153 full-time employees, 4 retainership employees and 350 contract labourers as of 30 September 2025. The company was converted into a public limited company in January 2025 and carries its present name from February 2025. It is promoted by Vijaykumar Himatrai Gupta, Nitin Vijaykumar Gupta and Bhawna Nitin Gupta. Its registered and corporate office is in Andheri (West), Mumbai. The offer is a fresh issue of Rs 183.06 crore at the upper band of Rs 82, and there is no offer for sale.

Promoters and shareholding

Vijaykumar Himatrai Gupta, Nitin Vijaykumar Gupta and Bhawna Nitin Gupta

Promoter holding, pre-issue

97.78%

Promoter holding, post-issue

63.03%