Bombay Coated and Special Steels is launching a ₹183.06 crore mainboard IPO through a 100% fresh issue. The Bombay Coated IPO opens on 29 October 2026 and closes on 2 November 2026, with a price band of ₹78 to ₹82 per share and a lot size of 182 shares.
The steel processing company reported FY26 revenue from operations of ₹1,266.82 crore, adjusted EBITDA of ₹86.09 crore and profit after tax (PAT) of ₹30.54 crore. Revenue growth has been strong, but profit growth slowed in FY26, margins remain thin, borrowings are sizeable and the business has significant supplier, customer and end-industry concentration.
This Bombay Coated & Special Steels IPO analysis 2026 examines the company's business model, financial performance, debt, cash flows, manufacturing capacity, IPO proceeds, valuation, GMP and the key risks investors should assess before taking a view on the issue.
Table of Contents
- Bombay Coated & Special Steels IPO Details
- About Bombay Coated and Special Steels
- Bombay Coated Business Model
- Revenue Mix and Appliance Industry Exposure
- Customer Concentration
- Dependence on JSW Steel Coated Products
- Manufacturing Capacity and Utilisation
- Bombay Coated Financial Performance
- Q1 FY27 Performance
- Debt, Working Capital and Cash Flow
- Bombay Coated IPO Objects and Use of Proceeds
- Bombay Coated IPO Strengths
- Key Risks in Bombay Coated IPO
- Bombay Coated IPO Valuation
- Bombay Coated IPO GMP Today
- Bombay Coated IPO Subscription Status
- What Investors Should Track Next
- Bombay Coated & Special Steels IPO Review
Bombay Coated and Special Steels is coming to the primary market with an entirely fresh issue. Since there is no offer for sale, the company will receive the IPO proceeds after deducting issue-related expenses.
| Particular |
Details |
| IPO type |
Mainboard IPO |
| Issue type |
100% fresh issue |
| Total issue size |
Up to ₹183.06 crore |
| Offer for Sale |
Nil |
| Face value |
₹10 per share |
| Price band |
₹78 to ₹82 |
| Lot size |
182 shares |
| Listing exchanges |
BSE and NSE |
| Designated exchange |
BSE |
| BRLM |
Smart Horizon Capital Advisors |
| Registrar |
KFin Technologies |
Bombay Coated IPO Dates
| Event |
Date |
| Anchor investor bidding |
28 October 2026 |
| IPO opens |
29 October 2026 |
| IPO closes |
2 November 2026 |
| Tentative allotment |
3 November 2026 |
| Refunds/UPI unblock |
4 November 2026 |
| Credit to demat |
4 November 2026 |
| Tentative listing |
5 November 2026 |
The issue reserves not more than 50% for Qualified Institutional Buyers, not less than 15% for Non-Institutional Investors and at least 35% for retail investors.
At the upper price band of ₹82:
-
One retail lot of 182 shares costs ₹14,924.
-
At the floor price of ₹78, one lot costs ₹14,196.
-
The retail maximum is 13 lots, or 2,366 shares, requiring ₹1,94,012 at the upper band.
-
The minimum small-HNI application starts at 14 lots, requiring ₹2,08,936 at ₹82 per share.
Promoters held 97.78% before the issue, while their holding is expected to decline to approximately 63.03% after the IPO at the upper price band.
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Get the latest updates on the Bombay Coated & Special Steels IPO, including the issue size, price band, subscription details and key dates.
Bombay Coated and Special Steels was incorporated in December 2019, although its operating history traces back several decades. Promoter Vijaykumar Himatrai Gupta started the Bombay Steels trading business in 1983. The company later acquired the running business of M/s Bombay Steels through a business transfer arrangement in 2021.
Bombay Coated is not a primary steel manufacturer. It operates as a steel processing centre, buying steel coils and converting them into products designed to meet customers' dimensional and processing requirements.
Its principal capabilities include:
- Precision slitting
- Cut-to-length processing
- Shearing
- Embossing
- Slit coils and embossed slit coils
- Blanks, embossed blanks and sheared blanks
The company's customers are primarily original equipment manufacturers, or OEMs, and original design manufacturers, or ODMs.
Bombay Coated currently operates four manufacturing facilities located in Bhiwandi and Wada in Maharashtra, Ghiloth in Rajasthan and Sri City in Andhra Pradesh. This network gives the company access to customers across several major industrial regions.
Bombay Coated operates between large primary steel producers and industrial manufacturers.
Many OEMs and ODMs require steel in specific widths, dimensions and formats rather than in large raw coils. Bombay Coated procures these coils, processes them according to customer specifications and supplies finished processed material.
The company also supports inventory management and just-in-time supply requirements.
Its business model therefore depends heavily on three factors:
-
Reliable and competitively priced steel sourcing
-
Maintaining processing standards approved by customers
-
Operating facilities close enough to customers for efficient delivery
OEM and ODM Revenue Mix
The company serves both OEMs and ODMs, with ODM customers contributing the larger share in recent periods.
| Period |
Customer category |
Revenue share |
| FY24 |
ODMs |
52.55% |
| FY24 |
OEMs |
44.34% |
| FY24 |
Others |
3.11% |
| FY25 |
ODMs |
60.56% |
| FY25 |
OEMs |
39.42% |
| FY25 |
Others |
0.03% |
| FY26 |
ODMs |
55.92% |
| FY26 |
OEMs |
43.28% |
| FY26 |
Others |
0.80% |
| Q1 FY27 |
ODMs |
58.52% |
| Q1 FY27 |
OEMs |
41.04% |
| Q1 FY27 |
Others |
0.45% |
The mix indicates that the business is not dependent solely on either OEMs or ODMs. However, this diversification at the customer-type level does not eliminate concentration in individual customers or end-use industries.
The more significant concentration is in the industries to which Bombay Coated supplies processed steel.
Home and Commercial Appliances have steadily increased their contribution to total revenue.
Home and Commercial Appliances Revenue Share
| Period |
Revenue Share |
| Q1 FY27 |
89.93% |
| FY26 |
86.54% |
| FY25 |
81.80% |
| FY24 |
77.41% |
General Engineering Revenue Share
| Period |
Revenue Share |
| Q1 FY27 |
10.07% |
| FY26 |
13.46% |
| FY25 |
18.20% |
| FY24 |
22.59% |
The appliance industry's contribution increased from 77.41% in FY24 to 86.54% in FY26, before moving close to 90% in Q1 FY27.
Within the Home and Commercial Appliances segment, FY26 revenue was particularly concentrated in:
-
Air conditioners: 46.85% of total revenue
-
Commercial refrigeration: 22.32%
-
Home refrigeration: 15.69%
This creates both an opportunity and a risk.
Higher manufacturing activity among appliance companies can support Bombay Coated's processing volumes. At the same time, any meaningful slowdown in air-conditioner, refrigerator or commercial refrigeration production could have an outsized impact on the company because these categories account for most of its revenue.
Bombay Coated supplies processed steel to companies including Amber Enterprises India, Haier Appliances India, Dixon Electro Manufacturing, Western Refrigeration, PG Technoplast and EPack Durable.
While association with established customers can support business visibility, a significant portion of revenue comes from a relatively small customer base.
Largest Customer Revenue Share
The following table highlights the contribution of Bombay Coated's largest customer across different financial periods.
| Period |
Revenue Share |
| Q1 FY27 |
19.97% |
| FY26 |
20.40% |
| FY25 |
15.53% |
| FY24 |
21.36% |
Top 5 Customers Revenue Share
The following table shows the proportion of revenue generated from Bombay Coated's five largest customers.
| Period |
Revenue Share |
| Q1 FY27 |
52.81% |
| FY26 |
55.41% |
| FY25 |
51.34% |
| FY24 |
48.47% |
Top 10 Customers Revenue Share
The following table highlights the revenue concentration among the company's ten largest customers.
| Period |
Revenue Share |
| Q1 FY27 |
73.54% |
| FY26 |
71.33% |
| FY25 |
67.44% |
| FY24 |
67.43% |
Top-10 customer concentration rose from 67.43% in FY24 to 71.33% in FY26 and 73.54% in Q1 FY27.
Amber Enterprises was the company's largest customer in Q1 FY27, FY26 and FY25, while Western Refrigeration was the largest customer in FY24.
This concentration means the loss of a major customer, reduced orders or pressure on pricing terms could materially affect both revenue and profitability.
Supplier concentration is one of the most important structural factors in the Bombay Coated IPO analysis.
The company sources the large majority of its steel coil requirements from JSW Steel Coated Products and/or its holding company.
| Period |
JSW-related sourcing share |
| FY24 |
84.58% |
| FY25 |
90.61% |
| FY26 |
86.65% |
| Q1 FY27 |
85.13% |
Around 86.65% of FY26 steel coil requirements came from this supplier relationship.
The association gives Bombay Coated access to an established steel producer and is presented by the company as a competitive strength. However, such high sourcing concentration also creates dependency.
The authorised service partner arrangement contains sourcing restrictions for certain steel products, which limits Bombay Coated's flexibility to freely switch suppliers.
As a result, the JSW relationship represents both a competitive advantage and a key IPO risk.
Bombay Coated has expanded its processing capabilities across four facilities, but current utilisation indicates that there is still meaningful spare capacity.
FY26 Capacity Utilisation
FY26 Installed Manufacturing Capacity
| Processing line |
FY26 Installed Capacity |
| Slitting |
2,38,020 MT |
| Cut-to-Length |
1,84,324 MT |
| Embossing |
34,200 MT |
| Shearing |
5,867 MT |
FY26 Capacity Utilisation Rate
| Processing line |
FY26 Utilisation |
| Slitting |
60.61% |
| Cut-to-Length |
58.74% |
| Embossing |
46.68% |
| Shearing |
59.86% |
FY26 Production and Q1 FY27 Utilisation
FY26 Production Volumes
| Processing line |
FY26 Production |
| Slitting |
1,44,258 MT |
| Cut-to-Length |
1,08,276 MT |
| Embossing |
15,965 MT |
| Shearing |
3,512 MT |
Q1 FY27 Capacity Utilisation
| Processing line |
Q1 FY27 Utilisation |
| Slitting |
63.84% |
| Cut-to-Length |
59.66% |
| Embossing |
30.49% |
| Shearing |
48.06% |
The company therefore has operating headroom that could support higher volumes without requiring a proportionate increase in installed capacity, particularly in slitting and cut-to-length processing.
However, spare capacity only creates operating leverage when customer demand rises sufficiently.
Embossing utilisation declined further to 30.49% in Q1 FY27, while shearing utilisation stood at 48.06%. Investors should therefore monitor whether increasing revenue translates into better utilisation of existing assets.
The SEBI abridged RHP separately discloses June-quarter operational capacity for the three-month period. Those quarterly figures should not be interpreted as annual MTPA capacity without adjustment.
Bombay Coated has delivered strong revenue growth between FY24 and FY26, but profitability and cash conversion have not improved at the same pace.
Bombay Coated FY26 Financial Performance
| Financial Metric |
FY26 |
| Revenue from operations |
₹1,266.82 cr |
| Adjusted EBITDA |
₹86.09 cr |
| PAT |
₹30.54 cr |
Bombay Coated FY25 Financial Performance
| Financial Metric |
FY25 |
| Revenue from operations |
₹1,055.71 cr |
| Adjusted EBITDA |
₹74.09 cr |
| PAT |
₹28.67 cr |
Bombay Coated FY24 Financial Performance
| Financial Metric |
FY24 |
| Revenue from operations |
₹755.26 cr |
| Adjusted EBITDA |
₹49.17 cr |
| PAT |
₹21.14 cr |
Margins and Return Ratios
Bombay Coated FY26 Margins and Return Ratios
| Financial Metric |
FY26 |
| EBITDA margin |
6.80% |
| PAT margin |
2.41% |
| RoE |
29.92% |
| RoCE |
16.40% |
Bombay Coated FY25 Margins and Return Ratios
| Financial Metric |
FY25 |
| EBITDA margin |
7.02% |
| PAT margin |
2.72% |
| RoE |
41.76% |
| RoCE |
18.78% |
Bombay Coated FY24 Margins and Return Ratios
| Financial Metric |
FY24 |
| EBITDA margin |
6.51% |
| PAT margin |
2.80% |
| RoE |
48.20% |
| RoCE |
18.60% |
Balance Sheet and Cash Flow
Bombay Coated FY26 Balance Sheet and Cash Flow
| Financial Metric |
FY26 |
| Net worth |
₹121.58 cr |
| Total borrowings |
₹338.45 cr |
| Debt-to-equity |
2.78x |
| Operating cash flow |
₹10.22 cr |
| Net working capital |
70 days |
Bombay Coated FY25 Balance Sheet and Cash Flow
| Financial Metric |
FY25 |
| Net worth |
₹83.05 cr |
| Total borrowings |
₹276.96 cr |
| Debt-to-equity |
3.33x |
| Operating cash flow |
₹32.09 cr |
| Net working capital |
63 days |
Bombay Coated FY24 Balance Sheet and Cash Flow
| Financial Metric |
FY24 |
| Net worth |
₹54.36 cr |
| Total borrowings |
₹234.16 cr |
| Debt-to-equity |
4.31x |
| Operating cash flow |
₹11.49 cr |
| Net working capital |
66 days |
Revenue Growth Has Been Strong
Revenue from operations increased by 39.78% in FY25 and another 20% in FY26.
Between FY24 and FY26, revenue grew at an approximate CAGR of 29.5%.
Adjusted EBITDA increased from ₹49.17 crore in FY24 to ₹86.09 crore in FY26, representing an approximate two-year CAGR of 32%.
FY26 Profit Growth Slowed
The FY26 numbers reveal a clear gap between revenue growth and bottom-line growth.
Revenue increased approximately 20% year-on-year, while PAT rose only around 6.5%, from ₹28.67 crore to ₹30.54 crore. Adjusted EBITDA increased approximately 16.2%.
The PAT margin consequently declined:
-
FY24: 2.80%
-
FY25: 2.72%
-
FY26: 2.41%
The EBIT margin also declined from 7.17% in FY24 to 6.04% in FY26.
Bombay Coated has therefore demonstrated strong scale growth, but it remains a low-net-margin steel processing business. Relatively small changes in steel spreads, customer pricing, operating costs or finance expenses can have a much larger percentage effect on PAT.
The quarter ended 30 June 2026 showed a stronger profitability profile than FY26.
| Q1 FY27 metric |
Value |
| Revenue from operations |
₹397.08 cr |
| Adjusted EBITDA |
₹32.17 cr |
| EBITDA margin |
8.10% |
| PAT |
₹15.08 cr |
| PAT margin |
3.80% |
| Total borrowings |
₹273.69 cr |
| Debt-to-equity |
2.00x |
| Operating cash flow |
₹72.31 cr |
| Net working capital |
58 days |
Both EBITDA and PAT margins improved substantially during Q1 FY27. Borrowings also declined from ₹338.45 crore at March 2026 to ₹273.69 crore at June 2026.
Cash flow improved sharply, while working-capital days fell to 58.
However, investors should not multiply the Q1 FY27 profit by four to estimate full-year FY27 earnings.
The RHP explicitly states that June-quarter financial and KPI data are not annualised. Bombay Coated's high exposure to air conditioners and refrigeration can also create seasonality, making straight-line annualisation potentially misleading.
Leverage remains one of the central issues in the Bombay Coated IPO.
Although the debt-to-equity ratio fell from 4.31x in FY24 to 2.78x in FY26, absolute borrowings increased from ₹234.16 crore to ₹338.45 crore during the same period.
The lower ratio therefore reflects the increase in net worth as well as changes in debt, rather than an absolute reduction in borrowings over FY24-FY26.
Borrowings fell to ₹273.69 crore by June 2026 but subsequently stood at approximately ₹302.43 crore as of 31 August 2026, according to the IPO disclosures.
This makes the IPO partly a balance-sheet deleveraging exercise, rather than simply a fundraise for expansion.
Working Capital Needs Remain High
Steel processors need to procure and hold raw materials before collecting money from customers. This creates significant working-capital requirements.
Net working-capital days increased from 63 days in FY25 to 70 days in FY26.
At the same time, operating cash flow dropped from ₹32.09 crore in FY25 to only ₹10.22 crore in FY26, despite FY26 PAT of ₹30.54 crore.
This means FY26 operating cash flow was only around one-third of reported accounting profit.
Q1 FY27 improved sharply, with operating cash flow of ₹72.31 crore and working-capital days falling to 58. However, investors should evaluate cash conversion over multiple quarters rather than extrapolating one quarter.
Because the Bombay Coated IPO is a 100% fresh issue, there is no promoter or shareholder OFS.
The company plans to deploy a large proportion of the issue proceeds towards debt reduction.
| Use of IPO proceeds |
Amount |
| Repayment/pre-payment of certain borrowings |
₹125.00 cr |
| Acquisition of leased capital equipment |
₹15.77 cr |
| General corporate purposes |
Balance after issue expenses |
The ₹15.77 crore equipment allocation will be used to acquire capital equipment currently held under lease arrangements with Siemens Financial Services.
The RHP does not specify a fixed amount for general corporate purposes because the final issue price and issue expenses were yet to be determined. It states that general corporate-purpose expenditure will not exceed 25% of gross proceeds.
Debt Repayment Is the Main IPO Object
The ₹125 crore earmarked for repayment or pre-payment of borrowings represents approximately 68% of the ₹183.06 crore gross issue size.
Compared with borrowings of approximately ₹302.43 crore as of 31 August 2026, the planned repayment is equivalent to roughly 41% of outstanding borrowings.
If deployed as intended, the proceeds should materially lower interest-bearing debt.
This could improve:
- Finance costs
- Interest coverage
- Cash generation
- Net profitability
- Overall leverage
Actual post-IPO debt, however, will depend on repayments and fresh borrowing undertaken between the reference date and utilisation of IPO proceeds.
IPO Funds Are Not Mainly Funding New Capacity
Bombay Coated's strategy includes expanding its Ghiloth facility, entering additional end-user industries and increasing geographical reach.
However, the stated IPO objects do not allocate a major amount of fresh proceeds directly to new manufacturing-capacity expansion.
The ₹15.77 crore equipment object concerns equipment already operated under lease arrangements.
Investors should therefore separate the company's broader growth plans from the specific purposes for which this IPO is raising money.
Bombay Coated has several factors that support its business profile.
-
Strong revenue growth: Revenue increased from ₹755.26 crore in FY24 to ₹1,266.82 crore in FY26.
-
Established customer relationships: The company supplies large OEM and ODM customers in the appliance ecosystem.
-
Four manufacturing locations: Facilities in Maharashtra, Rajasthan and Andhra Pradesh provide access to multiple industrial clusters.
-
Existing spare capacity: Current utilisation leaves room for higher production if customer demand expands.
-
Established sourcing relationship: Its relationship with JSW Steel Coated Products provides access to an established steel supplier.
-
Potential post-IPO deleveraging: ₹125 crore of IPO proceeds is earmarked for debt repayment or pre-payment.
The CareEdge industry report included in the RHP estimates that the relevant steel processing centre market reached approximately USD 8.2 billion in CY25 and could reach around USD 12.4 billion by CY30, implying an estimated CAGR of 8.6% over CY26-CY30.
Industrialisation, manufacturing growth, infrastructure spending and the increasing adoption of just-in-time inventory practices are cited as industry drivers in the report.
The Bombay Coated & Special Steels IPO carries several concentration, balance-sheet and profitability risks that investors should evaluate alongside its growth record.
1. Very High Supplier Concentration
Around 86.65% of FY26 steel coil requirements were sourced from JSW Steel Coated Products and/or its holding company.
A supply disruption, adverse change in commercial terms or modification of the authorised partner arrangement could affect Bombay Coated's operations.
2. Customer Concentration Is Increasing
The company's top ten customers generated 71.33% of FY26 revenue, rising to 73.54% in Q1 FY27.
Its largest customer alone contributed approximately 20% of FY26 revenue.
3. Heavy Dependence on the Appliance Industry
Home and Commercial Appliances contributed 86.54% of FY26 revenue and 89.93% in Q1 FY27.
Air-conditioner customers alone accounted for 46.85% of FY26 revenue.
4. Profit Margins Are Thin
The FY26 PAT margin was only 2.41%.
When net margins are this low, relatively small movements in raw-material costs, selling prices, finance costs or operating expenses can materially affect net profit.
5. Raw Materials Dominate the Cost Structure
Raw materials and components represented 90.51% of total expenses in FY26 and 87.60% in Q1 FY27.
Steel price movements and Bombay Coated's ability to pass price changes on to customers are therefore important profitability variables.
6. Borrowings Remain Significant
FY26 borrowings stood at ₹338.45 crore, with a debt-to-equity ratio of 2.78x.
The planned IPO repayment should reduce leverage, but investors should track actual post-listing debt rather than assume the balance sheet becomes debt-light immediately.
7. FY26 Cash Conversion Was Weak
Operating cash flow was only ₹10.22 crore compared with PAT of ₹30.54 crore in FY26.
Working-capital days also increased to 70.
8. Manufacturing Capacity Is Not Fully Utilised
FY26 utilisation was approximately 59-61% for slitting, cut-to-length and shearing.
Embossing utilisation was only 46.68% in FY26 and declined further to 30.49% in Q1 FY27.
9. Geographic Concentration
In FY26:
-
Maharashtra contributed 28.83% of revenue
-
Gujarat contributed 17.53%
-
Haryana contributed 12.12%
Together, these three states contributed approximately 58.5% of FY26 revenue.
10. Past Compliance Issues
The RHP discloses past discrepancies in statutory filings with the Registrar of Companies and certain other Companies Act non-compliances.
Regulatory authorities could potentially initiate further proceedings or impose penalties in relation to these matters.
The abridged prospectus also states that there were no audit qualifications in the auditor's reports for FY24, FY25, FY26 or the three months ended June 2026.
Its litigation summary shows no quantified proceedings against the company or promoters. It disclosed one tax proceeding against an independent director involving approximately ₹0.58 million.
The Bombay Coated IPO valuation requires careful interpretation because different methods can produce materially different P/E ratios.
P/E at the ₹82 Upper Price Band
Bombay Coated's FY26 diluted EPS disclosed in the RHP is ₹7.64.
Using this EPS:
₹82 ÷ ₹7.64 = approximately 10.73x P/E
However, this calculation uses earnings per share based on the pre-IPO equity base.
Because the Bombay Coated IPO is a sizeable fresh issue, the number of shares outstanding increases after the IPO.
At ₹82 per share, the expected post-issue market capitalisation is approximately ₹515.16 crore.
Against FY26 PAT of ₹30.54 crore:
₹515.16 crore ÷ ₹30.54 crore = approximately 16.9x post-money FY26 P/E
For assessing dilution from a large fresh issue, the post-money P/E of approximately 16.9x provides the more conservative valuation reference.
Why Some IPO Websites May Show a Lower P/E
Q1 FY27 PAT was ₹15.08 crore.
Simply multiplying this by four would imply more than ₹60 crore of annual profit and produce a much lower valuation multiple.
That approach should be treated cautiously.
The RHP specifically states that the June-quarter figures are not annualised, while Bombay Coated's exposure to air conditioners and refrigeration means quarterly performance can be affected by seasonality.
Investors should therefore avoid treating a four-times-Q1 calculation as FY27 earnings guidance.
Bombay Coated IPO Peer Comparison
The RHP identifies listed companies that can provide a broad valuation reference, although direct comparisons have limitations because leverage, scale and business mix differ.
| Company |
P/E |
| Bombay Coated, post-money FY26 |
~16.9x |
| BMW Industries |
14.98x |
| Manaksia Coated Metals & Industries |
31.03x |
| Shiv Aum Steels |
98.54x |
Return on Net Worth Comparison
| Company |
RoNW |
| Bombay Coated |
25.12% |
| BMW Industries |
10.15% |
| Manaksia Coated Metals & Industries |
11.96% |
| Shiv Aum Steels |
4.73% |
At ₹82, Bombay Coated's post-money P/E is slightly higher than BMW Industries but substantially below Manaksia Coated Metals and Shiv Aum Steels.
However, the peer valuation range is extremely wide. Shiv Aum's multiple of nearly 100x can significantly inflate a simple peer average and make the IPO appear cheaper than it would on a more comparable basis.
Investors should therefore consider peer valuation alongside leverage, margins, profitability, liquidity, business mix and scale rather than relying only on average P/E.
As of 28 October 2026, grey-market trackers were indicating a Bombay Coated IPO GMP of approximately ₹9 per share.
Against the upper price band of ₹82, this implies an unofficial grey-market price of around:
₹82 + ₹9 = ₹91 per share
That represents an indicative premium of roughly 11%.
The Bombay Coated IPO GMP today is unofficial and can change rapidly. It is not an exchange-traded price and does not guarantee either the listing price or subsequent share performance.
GMP should therefore not be the primary basis for evaluating the IPO.
Public bidding for the Bombay Coated & Special Steels IPO begins on 29 October 2026.
Therefore, as of 28 October 2026, there was no public retail, NII or QIB subscription data available.
Anchor investor bidding was scheduled for 28 October 2026. The anchor allocation had not yet been announced in the sources checked at the time of writing.
Investors tracking the Bombay Coated IPO subscription status should focus on category-wise demand once public bidding begins rather than relying only on headline subscription multiples.
The quality of Bombay Coated's post-listing performance will depend on whether strong revenue growth translates into stronger cash generation, lower leverage and improved margins.
| Factor |
What investors should monitor |
| Post-IPO debt |
Actual borrowings after the proposed ₹125 crore repayment |
| Profitability |
EBITDA and PAT margins after listing |
| JSW dependence |
Share of steel sourced from JSW Steel Coated Products |
| Customer concentration |
Revenue contribution from top 5 and top 10 customers |
| Appliance exposure |
Contribution from AC and refrigeration customers |
| Capacity utilisation |
Slitting, CTL, embossing and shearing utilisation |
| Working capital |
Receivables and net working-capital days |
| Cash conversion |
Operating cash flow compared with PAT |
| Ghiloth expansion |
Timing, funding and incremental capacity |
| Diversification |
Growth in general engineering and other industries |
| Q1 margin sustainability |
Whether stronger Q1 FY27 profitability continues |
| Capital allocation |
Deployment of remaining IPO proceeds |
The most important post-IPO financial test will be whether debt reduction leads to lower finance costs and better cash generation without sacrificing growth.
Interested in applying for the Bombay Coated & Special Steels IPO? Apply online through Zerodha.
Bombay Coated and Special Steels enters the IPO market with a rapidly growing revenue base. Revenue from operations increased from ₹755.26 crore in FY24 to ₹1,266.82 crore in FY26, while adjusted EBITDA increased from ₹49.17 crore to ₹86.09 crore.
The company also has relationships with established appliance OEMs and ODMs, a four-location manufacturing network and spare processing capacity that could support higher volumes.
The structure of the IPO is another relevant positive. There is no OFS, and ₹125 crore of the fresh issue proceeds is earmarked for debt repayment or pre-payment. If executed as planned, this should reduce leverage and finance costs.
The financial profile, however, remains sensitive.
FY26 revenue grew around 20%, but PAT increased only 6.5%. PAT margin fell to 2.41%, operating cash flow declined to ₹10.22 crore, working-capital days increased to 70 and borrowings remained high.
More importantly, several concentration risks exist simultaneously:
-
Around 86.65% of FY26 steel requirements came from JSW Steel Coated Products and/or its holding company.
-
The top ten customers contributed 71.33% of FY26 revenue.
-
Home and Commercial Appliances generated 86.54% of FY26 revenue.
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Air-conditioner customers alone contributed 46.85% of FY26 revenue.
Valuation also needs to be viewed carefully. A simple calculation using FY26 pre-issue diluted EPS produces a P/E of approximately 10.73x at ₹82, but this does not reflect the substantial fresh-issue dilution.
Using the expected post-issue market capitalisation of approximately ₹515.16 crore and FY26 PAT of ₹30.54 crore produces a more conservative post-money FY26 P/E of approximately 16.9x.
Q1 FY27 showed stronger margins, cash flow and lower debt. However, the prospectus itself states that the quarter should not be annualised, making subsequent FY27 performance important for determining whether the improvement is sustainable.
For investors analysing the Bombay Coated & Special Steels IPO, the central issue is therefore not just whether revenue continues growing. The more important questions are whether debt reduction improves net profitability, whether operating cash flow becomes more consistent, whether existing capacity is utilised more efficiently and whether the company gradually reduces its dependence on a small group of suppliers, customers and appliance categories.
These factors are likely to matter more to the quality of long-term post-listing performance than short-term movements in Bombay Coated IPO GMP.
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Frequently Asked Questions
1. What are the Bombay Coated IPO date, price band and lot size?
The Bombay Coated IPO opens on 29 October 2026 and closes on 2 November 2026. The price band is ₹78 to ₹82 per share, while the minimum lot size is 182 shares. At the upper price band, one retail lot requires ₹14,924.
2. What is the Bombay Coated IPO GMP today?
As of 28 October 2026, grey-market trackers indicated a Bombay Coated IPO GMP of around ₹9 per share. Against the ₹82 upper price band, this implied an unofficial price of about ₹91, or an 11% premium. GMP is unofficial and can change quickly.
3. What are Bombay Coated and Special Steels' FY26 financials?
Bombay Coated reported FY26 revenue from operations of ₹1,266.82 crore, adjusted EBITDA of ₹86.09 crore and PAT of ₹30.54 crore. Its EBITDA margin was 6.80% and PAT margin was 2.41%. FY26 borrowings stood at ₹338.45 crore.
4. What is the Bombay Coated IPO valuation at ₹82?
Using FY26 diluted EPS of ₹7.64 gives a pre-issue P/E of approximately 10.73x. However, after accounting for fresh-issue dilution, the expected post-issue market capitalisation of around ₹515.16 crore implies a post-money FY26 P/E of approximately 16.9x.
5. What are the main risks and how will Bombay Coated use the IPO proceeds?
Major risks include high dependence on JSW Steel Coated Products, customer concentration, heavy exposure to the appliance industry, thin profit margins, working-capital requirements and sizeable debt. The company plans to use ₹125 crore for repayment or pre-payment of borrowings, ₹15.77 crore to acquire equipment currently under Siemens Financial Services lease arrangements and the balance for general corporate purposes after issue expenses.