Bombay Coated & Special Steels Limited
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Bombay Coated & Special Steels Limited's completed its IPO journey with a successful listing on NSE, BSE on Nov 05, 2026. The public offering mobilized 2,23,24,024 Shares in total capital, comprising 2,23,24,024 Shares in fresh equity.
The offering was conducted within the price band of ₹78 to ₹82, with minimum application lots of 182 shares. Investor participation during the Oct 29, 2026 to Nov 02, 2026 subscription window determined the final allocation pattern.
The basis of allotment was announced on Nov 03, 2026, finalizing share distribution to successful applicants. The listing represents a significant corporate development, providing the company with enhanced visibility and access to public capital markets.
Investors can bid starting from the minimum lot size specified for this IPO, and only in multiples of that lot size. The table below shows the minimum and maximum investment for retail investors and HNIs in terms of lots, quantity, and amount.
Bombay Coated and Special Steels Limited, incorporated in 2019, operates as a steel processing centre that converts steel coils into value-added products through precision slitting, cut-to-length processing, shearing and embossing. The company acts as an intermediary between primary steel producers and end-users, supplying Original Equipment Manufacturers (OEMs) and Original Design Manufacturers (ODMs) in the home appliances, commercial appliances and general engineering sectors. Since 2021, it has served as an authorised service partner of JSW Steel Coated Products Limited, supporting a reliable supply of steel coils for its processing operations. The company operates four manufacturing facilities in Wada and Bhiwandi in Maharashtra, Ghiloth in Rajasthan, and Sri City in Andhra Pradesh, with a combined installed processing capacity exceeding 1,23,000 metric tonnes per annum (MTPA) as of June 30, 2026. Its facilities are ISO 9001:2015 certified, with selected plants also holding green certifications. Bombay Coated and Special Steels serves a diversified customer base that includes Amber Enterprises India Limited, Western Refrigeration Private Limited, Haier Appliances India Private Limited and PG Technoplast Private Limited, among others. Its growth strategy includes diversifying into additional end-user industries, expanding its Ghiloth facility and strengthening its presence in domestic and international markets.
Note : "Calculations for ‘Shares Offered’ and ‘Total Amount’ are based on the highest price in the issue price band."
- Established Partnership with JSWSCPL: The company has been an authorised service partner of JSW Steel Coated Products Limited since 2021, sourcing most of its steel coils from JSWSCPL and receiving technical and quality control support.
- Strong Customer Relationships: The company has built long-term relationships with OEMs and ODMs. Its top 10 customers contributed 73.54% of operating revenue in the three months ended June 30, 2026, supported by product quality, competitive pricing and timely delivery.
- Strategically Located Manufacturing Facilities: The company operates four manufacturing facilities near major OEM and ODM hubs across Western, Northern and Southern India, helping reduce transportation costs, enable timely deliveries and improve operational flexibility.
- High Dependence on a Single Supplier: The company sourced 85.13%, 86.65%, 90.61% and 84.58% of its steel coil requirements from JSWSCPL for the periods ended June 30, 2026, FY2026, FY2025 and FY2024, respectively. Any disruption in this relationship could affect business operations.
- Statutory Filing Issues: The company has faced errors and delays in statutory filings with the Registrar of Companies (RoC), including incorrect allotment details and late submissions, which could lead to regulatory scrutiny or penalties.
- Negative Cash Flows from Investing and Financing Activities: The company has recorded negative cash flows from investing and financing activities, including ₹733.88 million used in financing activities in the three months ended June 30, 2026. This could put pressure on liquidity and future growth plans.
- Vijaykumar Himatrai Gupta
- Nitin Vijaykumar Gupta
- Bhawna Nitin Gupta
Bombay Coated & Special Steels Limited
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