Bombay Coated and Special Steels IPO
Bombay Coated and Special Steels LtdMainboard
This IPO closed on 2 Nov 2026.
- Open date
- 29 Oct 2026
- Close date
- 2 Nov 2026
- Min. Investment
- ₹14,924
- Lot Size
- -
- Fresh Issue
- ₹183.06 Cr
- Price Range
- -
- Face Value
- -
- IPO Document
- DRHP - PDF(opens in a new tab)
Subscription rate
- Qualified Institutional Buyers35.50x
- Non-Institutional Investors158.32x
- Retail-Individual Investors33.73x
- Total60.77x
Schedule
- Completed: IPO open date29 Oct 2026
- Completed: IPO close date2 Nov 2026
- Current step: Allotment date3 Nov 2026
- Upcoming: Funds unblock or debit4 Nov 2026
- Upcoming: Tentative listing date5 Nov 2026
About
Promoter shareholding in Bombay Coated and Special Steels Ltd, before and after the issue.
| Promoter | Pre-issue shares | Pre-issue % | Post-issue shares | Post-issue % |
|---|---|---|---|---|
| Vijaykumar Himatrai Gupta | 39,60,000 | 9.78% | 39,60,000 | 6.30% |
| Nitin Vijaykumar Gupta | 3,16,79,840 | 78.22% | 3,16,79,840 | 50.43% |
| Bhawna Nitin Gupta | 39,60,000 | 9.78% | 39,60,000 | 6.30% |
| Sunita Vijaykumar Gupta | 40 | 0.00% | 40 | 0.00% |
| Ruchi Vijaykumar Gupta | 40 | 0.00% | 40 | 0.00% |
Bombay Coated and Special Steels IPO Strengths & Risks
- 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 Relating to the Business: The company is substantially dependent on a single supplier, JSW Steel Coated Products Limited and/or its holding the Company ("JSWSCPL"), for the supply of steel coils, which constitute a key raw material for its operations. For the three months period ended June 30, 2026, and for the Fiscal 2026, Fiscal 2025 and Fiscal 2024, the company sourced approximately 85.13%, 86.65%, 90.61% and 84.58%, respectively, of its total steel coil requirements from JSWSCPL. This high level of supplier concentration exposes it to significant risks, and any disruption in the supply of steel coils from JSWSCPL could materially and adversely affect the company's business, results of operations and financial condition.
- Risks Relating to the Business: The company has experienced certain discrepancies in its statutory filings with the Registrar of Companies ("RoC") and other non-compliances under the Companies Act, 2013 in the past. The company cannot assure that regulatory authorities will not initiate inquiries, proceedings or other actions against it in the future. Any such proceedings or actions, if initiated, may result in the imposition of penalties, fines or other regulatory measures, which could adversely affect the company's business, financial condition, results of operations and reputation.
- Risks Relating to the Business: The company has experienced negative cash flows from investing and financing activities in the past and may continue to experience negative cash flows in the future, which could adversely affect its liquidity, financial condition and ability to operates the company's business and implement its growth plans.
- Risks Relating to the Business: The company derived 73.54% and 71.33%, 67.44% and 67.43% of its revenue from the company's top ten customers for three months period ended June 30, 2026, and for the Fiscals 2026, 2025 and 2024, respectively. The loss of any of these customers or reduction in business from such will have a material adverse effect on its business, financial condition, results of operations and cash flows.
- Risks Relating to the Business: The cost of raw materials and components consumed accounted for 87.60%, 90.51%, 92.97% and 89.14% of the company's total expenses for the three months period ended June 30, 2026 and for Fiscals 2026, 2025 and 2024, respectively. Any volatility in prices, unavailability, or disruption in the timely and adequate supply of steel coils may materially and adversely affect the company's business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: The company's business is significantly dependent on the performance of certain end-use sectors, particularly the Home & Commercial Appliances sector, which contributed 89.93%, 86.54%, 81.80% and 77.41% of its revenue from sale of products for the three months period ended June 30, 2026, and for Fiscals 2026, 2025 and 2024, respectively. Any adverse developments, slowdown, reduced demand, or cyclicality affecting this sector could have a material adverse effect on the company's business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: The company derives its revenue from operations from customers located across fourteen (14) states and two (2) union territories in India, on average more than 50% of the company's revenue from operations for the three months period ended June 30, 2026 and last three Fiscals was derived from Maharashtra, Gujarat and Haryana. Any disruption in its operations in these states, whether due to internal or external factors, could restrict the company operations and have an adverse effect on its business, results of operations and financial condition.
- Risks Relating to the Business: The company's high debt-to-equity ratio could adversely affect its financial condition, results of operations, and business prospects.
- Risks Relating to the Business: Under-utilisation of the company's manufacturing capacities over extended periods, or significant under-utilisation in the short term, could increase its cost of production and operating costs, which could adversely affect the company operating leverage, margins and financial performance.
- Risks Relating to the Business: The Company, Promoters, Directors and certain members of its Promoter Group are involved in legal and regulatory proceedings, and any adverse outcome in such proceedings could have a material adverse effect on the company's business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: The company's manufacturing facilities are geographically dispersed across specific regions in India, and any disruption to the operations of these facilities or adverse developments affecting such regions could materially and adversely affect the company's business, financial condition and results of operations.
- Risks Relating to the Business: The company does not have long-term purchase commitments from its customers, and any reduction or cancellation of orders could adversely affect the company's business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: The company's success depends upon knowledge and experience of its Directors, Key Managerial Personnel, Senior Management and other key employees as well as the company's ability to attract and retain personnel with technical expertise. In the three months period ended June 30, 2026, Fiscal 2026, Fiscal 2025 and Fiscal 2024, the Company's attrition rate for permanent employees was 4.30%, 26.10%, 32.13% and 44.21%, respectively. The loss of or the company's inability to attract or retain such persons could adversely affect its business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: The company funding requirements and proposed deployment of the Net Proceeds of the Issue have not been appraised by any bank or financial institution, and any delays, cost overruns or changes in the proposed utilisation may adversely affect its business, financial condition, results of operations and cash flows.
- Risks Relating to the Business: The company's business requires significant working capital, and any inability to arrange or maintain adequate working capital may adversely affect its business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: The company's business is capital intensive, and its significant capital expenditure requirements may constrain the company's ability to expand into new product lines or business segments and adversely affect its business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: As of August 31, 2026, the Company has significant outstanding borrowings of Rs. 3,024.28 million and is subject to restrictive covenants under its financing arrangements, which may limit the company operational and financial flexibility and adversely affect its business and liquidity.
- Risks Relating to the Business: Any delay by the company's customers in taking delivery of its Processed Steel Products, due to internal or external factors, may result in an increase in the company's inventory levels and a corresponding delay in receipt of payments. Such delays may also constrain the company's ability to process further orders, which could adversely affect its business, results of operations and financial performance.
- Risks Relating to the Business: The company has experienced delays in payment of certain statutory dues including employee state insurance corporation contributions, provident fund contributions, income tax Labour Welfare Fund, Tax deductions at source and Tax collected at source and GST payments in the past. Any delay in payment of statutory dues by the Company in future, may result in the imposition of penalties and in turn may have an adverse effect on the Company's business, financial condition, results of operation and cash flows.
- Risks Relating to the Business: The company's insurance coverage may not be adequate to protect it against all potential losses, which could have a material adverse effect on the company's business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: Some of the company's manufacturing facilities and offices are located on leasehold land or premises taken on a leave and licence basis from third parties including its Promoters and Promoter Group members. Any failures to comply with the terms of such arrangements, or the company's inability to renew or extend these arrangements on acceptable terms, could adversely affect its business and operations.
- Risks Relating to the Business: The Company's logo is not registered as on date of this Red Herring Prospectus. However, application for registration of the company's trademark has been filed. Its may be unable to adequately protect the company's intellectual property and/ or be subject to claims alleging breach of third-party intellectual property rights.
- Risks Relating to the Business: Obsolescence, breakdown, or failures to maintain the company's equipment could adversely affect its business, financial condition, cash flows, and results of operations.
- Risks Relating to the Business: Information relating to the installed capacity, utilised capacity and capacity utilisation of the company's manufacturing facilities included in this Red Herring Prospectus is based on assumptions and estimates, and actual production and capacity utilisation may vary.
- Risks Relating to the Business: The company relies on third-party transport service providers for the transportation of its products to customers. The company's freight and handling expenses were Rs.64.86 million for the three months period ended June 30, 2026, and Rs.170.83 million, Rs.156.24 million and Rs.118.84 million for Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively, representing between 1.72%, 1.39%, 1.53% and 1.61% of the company's total expenses during such periods respectively. Any failures by, disruption in operations of, or loss of its third-party transport service providers could result in delays in delivery and increased transportation costs, which may adversely affect the company's business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: The company is subject to counterparty credit risk and any delay in receiving payments, or non-receipt of payments, from its customers could have an adverse effect on the company's business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: The company has power and fuel requirements, and its power and fuel charges amounted to Rs.3.98 million for the three months period ended June 30, 2026, and Rs.29.05, Rs.28.64 million and Rs.24.89 million for Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively; any disruption to power or fuel sources could increase the company's production costs and adversely affect its business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: The company is required to comply with precise technical specifications, quality standards and performance requirements prescribed by its customers. Any failures to meet such specifications or standards could result in cancellation of orders, rejection or return of the company Processed Steel Products, loss of customers and damage to its reputation, which could adversely affect the company's business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: As on June 30, 2026, the Company had outstanding dues aggregating to Rs. 859.66 million. The company has outstanding dues payable to its creditors, and any failures or delay in payment of such dues may adversely affect the company's reputation, business and financial condition.
- Risks Relating to the Business: As on June 30, 2026, the Company had outstanding dues aggregating to Rs. 859.66 million. The company has outstanding dues payable to its creditors, and any failures or delay in payment of such dues may adversely affect the company's reputation, business and financial condition.
- Risks Relating to the Business: The company has not obtained any credit ratings for its borrowing facilities, and any adverse credit rating or inability to obtain a credit rating in the future may adversely affect the company access to financing and the terms on which such financing is available.
- Risks Relating to the Business: The company faces competition from domestic steel processing companies as well as steel producers that operates steel processing units, and any inability on the company's part to compete effectively may have a material adverse effect on its business, results of operations and financial condition.
- Risks Relating to the Business: Peer companies presented for comparison may not be fully comparable with the Company due to differences in scale, business model, geographical presence, and other factors. Accordingly, investors should not base their investment decisions solely on peer comparison.
- Risks Relating to the Business: The company is in the process of expanding its existing Ghiloth Facility and may also seek to expand the company operations into new geographic regions. Any delays in obtaining approvals, inability to arrange financing, or challenges associated with such expansions could adversely affect the company's business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: The company operations are labour intensive and depends significantly on the availability of skilled and contract labour. Any shortage of labour, increase in labour costs, labour unrest or adverse regulatory action could adversely affect the company's business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: The company is subject to environmental, health and safety laws and regulations, and any failures to comply with such laws or to obtain, renew or maintain the required statutory permits and approvals could have a material adverse effect on the company's business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: The Company has in the past entered into related party transactions with its Promoters, Directors and Promoter Group members/ entities and may continue to do so in the future. There can be no assurance that such transactions, individually or in the aggregate, will not have an adverse effect on the company's financial condition and results of operations.
- Risks Relating to the Business: The company has certain capital commitments, and any failures to meet such commitments or the occurrence of future contingent liabilities could adversely affect its business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: As on August 31, 2026, the Company has availed unsecured loans amounting to Rs. 204.07 million that are repayable on demand and may be recalled by the lenders including the company's Promoters and members of its Promoter Group at any time, which could adversely affect the company's liquidity, business and financial condition.
- Risks Relating to the Business: The company's Promoters, Nitin Vijaykumar Gupta, Vijaykumar Himatrai Gupta and Bhawna Nitin Gupta, have provided personal guarantees for loan facilities obtained by the company, and any failures or default by it to repay such loans could trigger repayment obligations on the company's Promoters, which may impact its Promoters ability to effectively service his obligations as the company's Promoter and thereby, adversely impact its business, results of operations, financial conditions and cash flows.
- Risks Relating to the Business: The company's Promoters may have interests other than reimbursement of expenses incurred and remuneration or benefits, which may result in a conflict of interest.
- Risks Relating to the Business: The company's Promoters and member of Promoter Group will continue to retain significant control in the Company after the Issue which will allow them to influence the outcome of matters submitted to shareholders for approval. Such a concentration of ownership may also have the effect of delaying, preventing or deterring a change in control.
- Risks Relating to the Business: Certain educational qualification documents of the company's Independent Directors and its Chief Executive Officer are not traceable, and disclosures in this Red Herring Prospectus are based on confirmations provided by them.
- Risks Relating to the Business: Most of the company's Directors does not have prior experience of serving as directors of listed companies, which may affect its ability to comply with the regulatory, governance and disclosure requirements applicable to listed companies and could adversely affect the company's business and operations.
- Risks Relating to the Business: If the company is unable to continue investing in new technologies and upgrading its equipment, the company's existing technologies and machinery may become obsolete, which could increase its processing costs, reduce operational efficiency and adversely affect the company's business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: The company's growth strategy may place significant demands on its management and operational resources, and the company's inability to effectively execute such strategy could adversely affect its business, results of operations, cash flows and financial condition.
- Risks Relating to the Business: The industry related disclosure in this Red Herring Prospectus has been derived from the CareEdge Report which the company has commissioned and purchased and any reliance on such information for making an investment decision in the Issue is subject to inherent risks.
- Risks Relating to the Business: Any variation in the utilization of the Net Proceeds as disclosed in this Red Herring Prospectus shall be subject to certain compliance requirements, including prior approval of the shareholders of the Company.
- Risks Relating to the Business: Certain non-GAAP financial measures and certain other statistical information relating to the company operations and financial performance like Gross Profit, Gross Margin, EBITDA, EBITDA Margin, PAT Margin, Return on Net Worth, Return on Capital Employed, Net Debt to Equity Ratio and Fixed Asset Turnover Ratio have been included in this Red Herring Prospectus. These non-GAAP financial measures are not measures of operating performance or liquidity defined by Ind AS and may not be comparable.
- Risks Relating to the Business: Any failures, disruption or inadequacy of the company's information technology systems could adversely affect its business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: If the company is unable to establish and maintain effective internal control measures and a robust compliance system, its business, financial condition and reputation could be adversely affected.
- Risks Relating to the Business: The company is exposed to operational risks, including cyber-attacks, cyber frauds, fraud, theft and embezzlement, which may adversely affect its reputation, business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: The requirements associated with being a publicly listed company may place significant demands on the company's management and financial resources.
- Risks Relating to the Business: The Company may not be able to pay dividends in the future. The company's ability to pay dividends in the future will depends upon its future earnings, financial condition, profit after tax available for distribution, cash flows, working capital requirements and capital expenditure and the terms of the company's financing arrangements.
- Risks Relating to the Business: We rely on third-party transport service providers for the transportation of our products to customers. Our freight and handling expenses were Rs.64.86 million for the three months period ended June 30, 2026, and Rs.170.83 million, Rs.156.24 million and Rs.118.84 million for Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively, representing between 1.72%, 1.39%, 1.53% and 1.61% of our total expenses during such periods respectively. Any failure by, disruption in operations of, or loss of our third-party transport service providers could result in delays in delivery and increased transportation costs, which may adversely affect our business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: We are subject to counterparty credit risk and any delay in receiving payments, or non-receipt of payments, from our customers could have an adverse effect on our business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: We have power and fuel requirements, and our power and fuel charges amounted to .3.98 million for the three months period ended June 30, 2026, and .29.05, .28.64 million and .24.89 million for Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively; any disruption to power or fuel sources could increase our production costs and adversely affect our business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: We are required to comply with precise technical specifications, quality standards and performance requirements prescribed by our customers. Any failure to meet such specifications or standards could result in cancellation of orders, rejection or return of our Processed Steel Products, loss of customers and damage to our reputation, which could adversely affect our business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: As on June 30, 2026, our Company had outstanding dues aggregating to ?859.66 million. We have outstanding dues payable to our creditors, and any failure or delay in payment of such dues may adversely affect our reputation, business and financial condition.
- Risks Relating to the Business: We require various statutory and regulatory permits and approvals in the ordinary course of our business, and our failure to obtain, renew or maintain them in a timely manner may adversely affect our operations.
- Risks Relating to the Business: We have not obtained any credit ratings for our borrowing facilities, and any adverse credit rating or inability to obtain a credit rating in the future may adversely affect our access to financing and the terms on which such financing is available.
- Risks Relating to the Business: We face competition from domestic steel processing companies as well as steel producers that operate steel processing units, and any inability on our part to compete effectively may have a material adverse effect on our business, results of operations and financial condition.
- Risks Relating to the Business: Peer companies presented for comparison may not be fully comparable with our Company due to differences in scale, business model, geographical presence, and other factors. Accordingly, investors should not base their investment decisions solely on peer comparison.
- Risks Relating to the Business: We are in the process of expanding our existing Ghiloth Facility and may also seek to expand our operations into new geographic regions. Any delays in obtaining approvals, inability to arrange financing, or challenges associated with such expansions could adversely affect our business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: Our operations are labour intensive and depend significantly on the availability of skilled and contract labour. Any shortage of labour, increase in labour costs, labour unrest or adverse regulatory action could adversely affect our business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: We are subject to environmental, health and safety laws and regulations, and any failure to comply with such laws or to obtain, renew or maintain the required statutory permits and approvals could have a material adverse effect on our business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: Our Company has in the past entered into related party transactions with our Promoters, Directors and Promoter Group members/ entities and may continue to do so in the future. There can be no assurance that such transactions, individually or in the aggregate, will not have an adverse effect on our financial condition and results of operations.
- Risks Relating to the Business: We have certain capital commitments, and any failure to meet such commitments or the occurrence of future contingent liabilities could adversely affect our business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: As on August 31, 2026, our Company has availed unsecured loans amounting to Rs. 204.07 million that are repayable on demand and may be recalled by the lenders including our Promoters and members of our Promoter Group at any time, which could adversely affect our liquidity, business and financial condition.
- Risks Relating to the Business: Our Promoters, Nitin Vijaykumar Gupta, Vijaykumar Himatrai Gupta and Bhawna Nitin Gupta, have provided personal guarantees for loan facilities obtained by us, and any failure or default by us to repay such loans could trigger repayment obligations on our Promoters, which may impact our Promoters' ability to effectively service his obligations as our Promoter and thereby, adversely impact our business, results of operations, financial conditions and cash flows.
- Risks Relating to the Business: Our Promoters may have interests other than reimbursement of expenses incurred and remuneration or benefits, which may result in a conflict of interest.
- Risks Relating to the Business: Our Promoters and member of Promoter Group will continue to retain significant control in our Company after the Issue which will allow them to influence the outcome of matters submitted to shareholders for approval. Such a concentration of ownership may also have the effect of delaying, preventing or deterring a change in control.
- Risks Relating to the Business: Certain educational qualification documents of our Independent Directors and our Chief Executive Officer are not traceable, and disclosures in this Red Herring Prospectus are based on confirmations provided by them.
- Risks Relating to the Business: Most of our Directors do not have prior experience of serving as directors of listed companies, which may affect our ability to comply with the regulatory, governance and disclosure requirements applicable to listed companies and could adversely affect our business and operations.
- Risks Relating to the Business: If we are unable to continue investing in new technologies and upgrading our equipment, our existing technologies and machinery may become obsolete, which could increase our processing costs, reduce operational efficiency and adversely affect our business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: Our growth strategy may place significant demands on our management and operational resources, and our inability to effectively execute such strategy could adversely affect our business, results of operations, cash flows and financial condition.
- Risks Relating to the Business: The industry related disclosure in this Red Herring Prospectus has been derived from the CareEdge Report which we have commissioned and purchased and any reliance on such information for making an investment decision in the Issue is subject to inherent risks.
- Risks Relating to the Business: Any variation in the utilization of the Net Proceeds as disclosed in this Red Herring Prospectus shall be subject to certain compliance requirements, including prior approval of the shareholders of our Company.
- Risks Relating to the Business: Certain non-GAAP financial measures and certain other statistical information relating to our operations and financial performance like Gross Profit, Gross Margin, EBITDA, EBITDA Margin, PAT Margin, Return on Net Worth, Return on Capital Employed, Net Debt to Equity Ratio and Fixed Asset Turnover Ratio have been included in this Red Herring Prospectus. These non-GAAP financial measures are not measures of operating performance or liquidity defined by Ind AS and may not be comparable.
- Risks Relating to the Business: Any failure, disruption or inadequacy of our information technology systems could adversely affect our business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: If we are unable to establish and maintain effective internal control measures and a robust compliance system, our business, financial condition and reputation could be adversely affected.
- Risks Relating to the Business: We are exposed to operational risks, including cyber-attacks, cyber frauds, fraud, theft and embezzlement, which may adversely affect our reputation, business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: The requirements associated with being a publicly listed company may place significant demands on our management and financial resources.
- Risks Relating to the Business: Our Company may not be able to pay dividends in the future. Our ability to pay dividends in the future will depend upon our future earnings, financial condition, profit after tax available for distribution, cash flows, working capital requirements and capital expenditure and the terms of our financing arrangements.
