Bombay Coated IPO
Bombay Coated and Special Steels Limitedbcsspl.in
- Price band
- ₹78 – ₹82
- Issue size
- ₹183 Cr
- Lot size
- 182 sh
- Bidding
- 29 Oct – 2 Nov
- Grey market
- ₹7
Face value ₹10.00
100% fresh capital
₹14,924 minimum
Listing date to be set
Unofficial quote · 30 Oct
Market data to 31 Oct 2026. Company figures are as filed, sourced 26 Oct 2026. Every figure’s origin is listed under Sources.
The question this issue poses
In one sentence
Bombay Coated turns JSW-supplied steel coil into blanks and slit coil for appliance makers at a disclosed 6.80% adjusted EBITDA margin while carrying ₹338.45 Cr of borrowings against ₹121.58 Cr of equity at March 2026, so the question this ₹183.06 Cr fresh issue puts at 10.73 times FY26 earnings at the ₹82 cap is whether ₹125 Cr of debt repayment turns a thin-margin, heavily geared processor into one whose profit keeps pace with its revenue.
IPOVista score
How this issue scores, and why
Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.
IPOVista score
Growing and reasonably priced
90% of the scoring model was backed by disclosed data for Bombay Coated, giving high confidence. Weights for anything missing were redistributed rather than scored as zero.
How this score is builtBelow the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.
Read this before the number
Leveraged balance sheet
Debt-to-equity of 2.8× leaves limited headroom if demand softens or rates rise.
Grey market data is unofficial
GMP is an unregulated, unverifiable over-the-counter quote. It is shown as a sentiment indicator and carries no settlement guarantee.
The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.
To apply
Closes today
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The company
What the business actually does
Mumbai, Maharashtra · 160 employees
Bombay Coated and Special Steels is a steel processing centre: it buys steel coil, mostly coated coil from JSW Steel Coated Products and its holding company, and cuts it to each customer's specification - slitting it into narrower slit coils, cutting it to length into blanks, shearing blanks, and embossing coil and blanks. For appliance makers it processes coated and hot-rolled coil into the panels and parts that go into refrigerators, air conditioners and other appliances; for general engineering it processes non-coated and galvanised plain coil into blanks used in automotive manufacturing, pharmaceutical cleanroom infrastructure, electrical equipment and ventilation systems. It also holds inventory and delivers just in time. It has been an authorised service partner of JSW Steel Coated Products and/or its holding company since 2021. Processing runs from four ISO 9001:2015 certified facilities at Wada and Bhiwandi in Maharashtra, Ghiloth in Rajasthan and Sri City in Andhra Pradesh, aggregating 42,209 square metres, sited near customer plants including those of Western Refrigeration, Amber Enterprises, PG Technoplast, EPack Durable and Kruger Ventilation. The business traces to 1983, when promoter Vijaykumar Himatrai Gupta began trading steel as the proprietorship M/s. Bombay Steels; processing began at Bhiwandi in 2012, and the company, incorporated on 26 December 2019, acquired the proprietorship's running business under a business transfer agreement dated 29 January 2021. It had 160 permanent employees and 4 on retainership at 30 June 2026.
A converter's margin on a commodity it does not make. Revenue from operations rose from ₹755.26 Cr in FY24 to ₹1,055.71 Cr in FY25 and ₹1,266.82 Cr in FY26, and was ₹397.08 Cr in the June 2026 quarter, but almost all of it passes straight through: cost of materials consumed was ₹1,112.38 Cr of FY26's ₹1,266.82 Cr. The issuer's adjusted EBITDA, which excludes other income, was ₹86.09 Cr in FY26, a disclosed 6.80% margin, against 7.02% in FY25 and 6.51% in FY24, and profit after tax was ₹30.54 Cr, a 2.41% PAT margin. Supply is concentrated in one mill group: JSW Steel Coated Products and/or its holding company supplied 86.65% of FY26 steel coil purchases by value, under a non-exclusive service partner agreement that carries minimum purchase commitments, restricts buying the same coated products elsewhere and can be ended on three months' notice. Demand is concentrated too: the top ten customers took 71.33% of FY26 revenue, with Amber Enterprises alone at 20.40%. The model runs on working capital and borrowed money - inventories of ₹189.33 Cr and receivables of ₹128.92 Cr at 31 March 2026 against total borrowings of ₹338.45 Cr and equity of ₹121.58 Cr - and finance costs of ₹35.71 Cr in FY26 took most of an EBIT of ₹76.50 Cr.
What makes it hard to copy
Position in the supply chain rather than technology: the company is an authorised service partner of JSW Steel Coated Products and/or its holding company, its plants sit beside the appliance makers it supplies, and it argues that authorised-supplier status, capital intensity and customer approvals keep new processors out.
Who buys from it
Customers named in the prospectus or by the company. A short list is not automatically a risk, but concentration is — check the customer-concentration risk factor before assuming a marquee name means stability.
Where it operates
- Steel processing facilities4
Wada, Maharashtra · Bhiwandi, Maharashtra · Ghiloth, Rajasthan · Sri City, Andhra Pradesh
- Registered and corporate office1
Andheri (West), Mumbai
Markets served
Who runs it
- Vijaykumar Himatrai GuptaChairman and Whole-time Director · since 2019Promoter. Began steel trading as the proprietorship M/s. Bombay Steels in 1983, the business the company acquired in 2021; over 40 years in the steel industry. Director since incorporation on 26 December 2019.
- Nitin Vijaykumar GuptaManaging Director · since 2019Promoter and the largest shareholder, with 3,16,79,840 shares or 78.22% of pre-issue capital. About 20 years in the steel industry; runs day-to-day operations.
- Bhawna Nitin GuptaWhole-time Director · since 2019Promoter; holds 39,60,000 shares, 9.78% of pre-issue capital.
- Shashi Mohan Singh RawatChief Executive Officer
- Ashish O SonthaliaChief Financial Officer · since 2025Appointed with effect from 3 September 2025, after the previous chief financial officer, Lokesh Chandra Lavti, ceased office on 31 August 2025.
- Sonam Dilipkumar GuptaCompany Secretary and Compliance Officer
The company on paper
- Legal name
- Bombay Coated and Special Steels Limited
- IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first
- 26 Dec 2019
- CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA
- U27209MH2019PLC335077
- Sector
- Materials · Steel processing centre - slitting, cut-to-length, shearing and embossing of steel coils
- Employees
- 160
- Registered office
- 2602, Parinee I, 7-A Shah Industrial Estate, Andheri (West), Mumbai 400053, Maharashtra
- Statutory auditorWho signed the restated financial information
- Shah, Shah & Shah, Chartered Accountants
- Promoters
- Vijaykumar Himatrai Gupta, Nitin Vijaykumar Gupta, Bhawna Nitin Gupta
- Promoter holding, pre-issue
- 97.8%
- Website
- bcsspl.in
The numbers
Financial performance
Revenue has compounded at 29.5% a year across the 3 reported financial years.
Revenue and profit
Figures in ₹ crore, as reported in the prospectus. Interim quarters are not annualised.
- Revenue
- Profit after tax
Margin trend
Profit and operating margin as a percentage of revenue
- Net margin
- EBITDA margin
Net worth and borrowings
At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.
- Net worth
- Total borrowings
Profit against cash generated
Profit after tax and net cash from operating activities, in ₹ crore. The figure under each period is cash generated per ₹100 of profit.
- Profit after tax
- Operating cash flow
Above 100% the business collects more cash than it books as profit. Persistently below it, growth is being funded out of working capital.
The price
Valuation
At the upper band this issue asks a 65.0% discount to the median P/E of the listed peers its own prospectus names.
Always post-issue, so issues stay comparable with each other
3 listed companies the prospectus names itself
What you pay
Earnings and sales behind one share, and the multiple the band asks for them.
- EPS, pre-issue (FY26)
- ₹7.64
- EPS, post-issueNot disclosed, so computed from FY26 profit after tax and the disclosed share count — this is the figure the multiple above is built on
- ₹7.54
- Price / sales
- —
- Net asset value per shareBook value behind one share — a floor, not a target
- ₹30.41
What it earns on what it has
Returns and margins on FY26. These are the figures that say whether the multiple above is deserved.
- Return on net worthAs disclosed in the prospectus, on its own formula — Indian issuers define RoNW on average net worth, not closing.
- 25.1%
- Return on capital employed
- 16.4%
- EBITDA margin
- 6.8%
- Net margin
- 2.4%
What it owes
Gearing at the latest balance-sheet date.
- Debt to equityAs disclosed in the prospectus. Issuers divide by total equity, which includes non-controlling interests — a wider base than the net worth used for RoNW.
- 2.78×
Valuation against listed peers
Asking P/E against operating margin. All marks are the same size — market capitalisation is not disclosed for every company here, and sizing only some of them would read as a measurement.
- Bombay Coated
- Listed peers
Peer companies are those named in the issuer’s own prospectus. A higher position means better margins; further right means a more expensive multiple. Market capitalisation, where disclosed, is in the tooltip and the table. These figures are the prospectus’s, not today’s. A P/E is a price divided by earnings and the price half moves every day, so this comparison is as it stood on 21 Oct 2026 and is not refreshed. It is dated rather than chased on purpose: no reachable source publishes a current earnings figure per scrip, and putting a live price over a stale one would be a worse number than an openly old one.
The terms
How the issue is structured
100% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.
- Fresh issueNew shares — proceeds go to the company
- ₹183 Cr
- Offer for saleExisting shares — proceeds go to the selling shareholders
- —
- Total issue size
- ₹183 Cr
- Shares offered in the OFS
- —
- Pre-issue shares outstanding
- 4,05,00,091
- Employee discount
- —
Who the shares are reserved for
Share of the net offer set aside for each investor category
Select a category to see who bids in it and how allotment works there.
Percentages are of the net offer, which excludes any employee or shareholder reservation.
Use of proceeds
Stated objects of the fresh issue, largest first
- Repairs the balance sheet
- Invested in growth
- General corporate purposes, capped at 25% of the gross proceeds — amount not quantified in the prospectus
Hover or focus an object to see whether that spending grows the business or repairs the balance sheet.
11% of the quantified proceeds is earmarked for growth; the rest repairs the balance sheet or is unallocated.
Demand
What the market is bidding
Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.
Subscription by category
Cumulative bid multiples at the end of day 2. Anchor allocations are excluded.
Hover or focus a category to see who bids in it.
A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.
What issues at this level of demand have done
This issue’s book stands at 3.78×, which puts it in the 3–10× band of 2026's 39 settled issues.
- Median listing day
- +2.6%
- Opened below issue
- 31%
- Median today
- +2.8%
That is what those 39 issues did, not a forecast of what this one will do — and the book is not final until bidding closes. How every band finished →
Anchor book
Anchor investors commit one working day before the issue opens and are locked in for 30 and 90 days. Who turns up here is the first real signal of institutional appetite.
- Raised from anchors
- ₹54.10 Cr
- Anchor investors
- 6
- 50% lock-in ends
- 3 Dec 2026
- Remaining lock-in ends
- 1 Feb 2027
Lock-in dates are counted from the allotment date under SEBI’s 30- and 90-day anchor rule, not quoted from a filing.
Notable participants
Grey market premium
Premium quoted over the ₹82 cut-off price. Unofficial and unregulated — sentiment, not a forecast.
The grey market is an informal, unregulated market with no clearing house and no obligation to settle. A premium here does not guarantee a listing gain, and quotes can move sharply — this one ranged ₹7 to ₹9, a spread of ₹2, across the period shown.
Work it out
What this means for one application
Three calculations, each stating the assumption it rests on.
What one application costs
Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.
- Shares applied for
- 182
- At cut-off price
- ₹82.00
- Amount blocked
- ₹14,924
One lot is 182 shares at ₹14,924. Retail applications are capped at ₹2,00,000, which allows up to 13 lots here — apply for more and you are bidding as a non-institutional investor instead.
Applying needs a demat account with a linked UPI ID, and the ₹14,924 is blocked rather than debited.
Partner link — IPOVista earns a commission if you open an account. It costs you nothing and never changes what we publish.
Odds of getting an allotment
When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.
3.02×
retail demand so far, to 30 Oct
Bidding is still open, so there are no odds to quote yet. Most of a retail book arrives on the final day, and the figure above is the exchange’s last settled total — not where this issue will end. Odds appear here once the book closes.
What the grey market implies
Arithmetic on an unofficial quote. The grey market has no clearing house and no obligation to settle — this is sentiment made numeric, not a forecast.
₹89.00
implied listing price, 8.5% over the cut-off
- Cut-off price
- ₹82.00
- Grey market premium
- ₹7.00
- If allotted 182 shares
- ₹1,274
Grey-market premiums have historically moved sharply in the days before listing and have been wrong in both directions. Treat this figure as a measure of current enthusiasm, nothing more.
If you decide to
How to apply to this issue
Nothing on this page is a recommendation to apply. If you have decided to, this is what the process needs.
Applying to Bombay Coated
You need a demat account to apply
Every IPO application in India goes through a demat account with a linked UPI ID. If you do not have one yet, opening it is free and usually done the same day.
- An IPO application needs a demat account and a UPI ID linked to it.
- The money is blocked under ASBA, not debited — only an allotment is charged.
- Applications close at 5pm IST on the final day, and most brokers stop accepting UPI mandates earlier in the afternoon.
- One application per PAN per category. Separate family members need their own PAN, demat and bank account.
Partner link — IPOVista earns a commission if you open an account. It costs you nothing and never changes what we publish.
Our read
The case for and against
Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.
What works
- Scale has grown quickly: revenue from operations went from ₹755.26 Cr in FY24 to ₹1,055.71 Cr in FY25 and ₹1,266.82 Cr in FY26, and was ₹397.08 Cr in the June 2026 quarter alone.
- The price-band advertisement prices the issue at 10.21 times FY26 basic EPS of ₹7.64 at ₹78 and 10.73 times at ₹82, against an average of 48.18 times for the three listed peers the company chose; the RHP's peer P/Es run from 14.98 at BMW Industries to 98.54 at Shiv Aum Steels.
- It is an authorised service partner of JSW Steel Coated Products and/or its holding company, and its four processing sites at Wada, Bhiwandi, Ghiloth and Sri City sit close to the plants of customers including Amber Enterprises, Western Refrigeration, PG Technoplast, EPack Durable and Kruger Ventilation.
- The whole issue is fresh capital, and ₹125 Cr of it - the largest object - repays borrowings that stood at ₹302.43 Cr in aggregate at 31 August 2026.
- Gearing is already falling: the disclosed debt to equity ratio went from 4.31 at FY24 to 3.33 at FY25, 2.78 at FY26 and 2.00 at 30 June 2026.
- The June 2026 quarter carried the highest margin of any period in the filing: a disclosed 8.10% adjusted EBITDA margin, profit after tax of ₹15.08 Cr, and operating cash flow of ₹72.31 Cr as inventories were run down from ₹189.33 Cr to ₹125.46 Cr.
- Installed processing capacity grew at a disclosed CAGR of about 23.83% between FY24 and FY26, to an aggregate of 1,23,153 MTPA computed on a quarterly basis for FY27.
What to weigh against it
- One supplier group dominates: JSW Steel Coated Products and/or its holding company supplied 84.58% of steel coil purchases by value in FY24, 90.61% in FY25, 86.65% in FY26 and 85.13% in the June 2026 quarter. The service partner agreement is non-exclusive, carries minimum purchase commitments, bars buying the same coated products from other suppliers, and can be terminated by JSW on three months' notice without reason.
- Customer concentration is rising: the top ten customers supplied 67.43% of revenue in FY24, 67.44% in FY25, 71.33% in FY26 and 73.54% in the June 2026 quarter, and the largest - Amber Enterprises in FY25, FY26 and the June 2026 quarter - took 20.40% of FY26 revenue.
- Margins are thin and net margins have narrowed: PAT margin was a disclosed 2.80% in FY24, 2.72% in FY25 and 2.41% in FY26, and FY26 finance costs of ₹35.71 Cr compare with profit before tax of ₹40.79 Cr.
- Leverage is high even after the deleveraging so far: total borrowings were ₹338.45 Cr at 31 March 2026 against equity of ₹121.58 Cr, and the disclosed current ratio was 1.02.
- FY26 operating cash flow was ₹10.22 Cr against profit after tax of ₹30.54 Cr, because inventories rose by ₹73.60 Cr in the year; FY24 operating cash flow was likewise ₹11.49 Cr on profit of ₹21.14 Cr.
- Returns have fallen every year on the issuer's own KPIs: return on equity on average net worth was 48.20% in FY24, 41.76% in FY25 and 29.92% in FY26, and return on capital employed 18.60%, 18.78% and 16.40%.
- The RHP lists 26 statutory forms filed late with the Registrar of Companies over five years, and records that Form MGT-14 was never filed for the 2021 allotment of 24,50,000 shares to Vijaykumar Himatrai Gupta under the business transfer agreement, while Form PAS-3 misdescribed it as a rights issue. An adjudication application on the delay is pending before the RoC.
- Part of the debt is owed to the promoter family: unsecured borrowings from promoters, promoter-group members and their HUFs stood at seven separate balances at 31 March 2026, including ₹5.55 Cr from Vijaykumar Himatrai Gupta and ₹4.89 Cr from Nitin Vijaykumar Gupta, all of them interest-bearing.
- Capacity is not the constraint: FY26 utilisation was 60.61% in slitting, 58.74% in cut-to-length, 46.68% in embossing and 59.86% in shearing.
Easy to miss in the prospectus
- The RoNW of 25.12% in the RHP's basis for issue price divides FY26 profit by CLOSING net worth, as its own note states. The same section's KPI table reports return on equity of 29.92% for FY26 on AVERAGE net worth. Both are the issuer's figures; this record carries the 25.12%.
- EBITDA throughout is the issuer's 'Adjusted EBITDA', which strips out other income. Other income was ₹10.15 Cr in FY24 - nearly half of that year's profit after tax of ₹21.14 Cr - against ₹2.94 Cr in FY25 and ₹3.01 Cr in FY26.
- The price-band advertisement first printed the issue at ₹1,741.28 million at the floor and post-issue market capitalisation of ₹4,900.29 million and ₹5,151.29 million. A corrigendum restated the issue at ₹1,830.57 million at both ends of the band and market capitalisation at ₹4,989.58 million at ₹78 and ₹5,151.58 million at ₹82. This record uses the corrigendum.
- The RHP's indicative timetable dates the basis of allotment to on or about 3 November 2026 but prints the refund, demat credit and listing dates as November 2025, a year before the issue opens. Those three dates are left blank here rather than corrected by assumption.
- Post-issue share count and post-issue promoter holding are blank because the RHP leaves both as placeholders until the price is fixed; neither is derived here from the rupee issue size.
- Total borrowings in the financials table are the sum of current and non-current borrowings on the restated balance sheet, excluding lease liabilities, which is the definition behind the disclosed debt to equity ratios of 4.31, 3.33, 2.78 and 2.00.
- EPS for all years is adjusted for a 3:1 bonus issue of 2,97,00,000 shares allotted on 8 July 2025, and the company also received ₹7.92 Cr, net of issue expenses, from an issue of equity shares in FY26.
- Customer counts differ by sentence within the RHP: one passage reads as 178 customers in FY26, while the customer-concentration risk factor gives 178 for the June 2026 quarter and 261, 252 and 225 for FY26, FY25 and FY24. The risk-factor reading is the one that matches its own periods.
- The industry data and market descriptions come from a CareEdge report that the company commissioned and paid for exclusively for this issue.
- The chief financial officer changed in September 2025, between the FY25 and FY26 accounts.
Straight from the filing
Read it yourself
Every figure on this page comes out of these. Go and check them.
Served by the issuer, the exchange or the regulator — never a copy hosted here, so what you open is the filing itself.
The paperwork
Who is running the issue
- Lead managers
- Smart Horizon Capital Advisors Private Limited
- RegistrarAllotment status is checked on the registrar's own site
- KFin Technologies Limited
How these figures were checked
Reconciled to Bombay Coated's own prospectus and to exchange disclosures. Where a stated ratio disagreed with the line items it should come from, the disagreement was settled against the prospectus itself.
- Bombay Coated and Special Steels Limited — Red Herring Prospectus dated 21 October 2026 (cover, the issue, summary and restated financial information, related party transactions, capital structure, objects of the issue, basis for issue price, KPIs and peer comparison, our business, risk factors, indicative timetable), linked from the company's IPO documents page · read 26 Oct 2026
- NSE — BCSSL public issue details: issue period, ₹78-₹82 price range, face value, bid lot of 182 shares, issue size, lead manager and registrar · read 26 Oct 2026
- NSE — Ratios / Basis of Issue Price archive: pre-issue and price band advertisement (P/E of 10.21 and 10.73 times, peer average 48.18 times, bid lot) and the corrigendum restating issue size and post-issue market capitalisation · read 26 Oct 2026
- NSE — Red Herring Prospectus archive for BCSSL (byte-identical to the issuer's copy) · read 26 Oct 2026
The prospectus is the authoritative document. Check anything that matters against it before you act.
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