The steel processing centre aims to raise Rs 183.1 crore through a fresh issue of about 2.23 crore equity shares. There is no offer-for-sale component, meaning the entire issue proceeds will go to the company. The IPO price band has been fixed at Rs 78 to Rs 82 per equity share, with a face value of Rs 10 each. Investors can bid for a minimum of 182 shares and in multiples thereafter.
NDTV Profit's special research section collates quality and in-depth equity and economy research reports from across India's top brokerages, asset managers and research agencies. These reports offer NDTV Profit's subscribers an opportunity to expand their understanding of companies, sectors and the economy.
-
Indian Markets Turning Corner After Two Tough Years, Says Sandeep Tandon -
NDTV Profit Ignite 2026: Experts See Opportunity In Equities, Stay Bullish For Long-Term -
Buy Right, Sit Tight Does Not Work for Individual Stocks, Says Dinshaw Irani -
'Worst Is Behind': Quant MF Sees Market Bottom, Flags 'Extreme Euphoria' In Midcaps -
India's Mutual Fund Industry Could Become A $1 Trillion Opportunity, Say Fund Managers -
'Foreign Investors Are Baraatis': Raamdeo Agrawal's Take On LTCG Tax -
Stay Invested Through Market Cycles: Raamdeo Agrawal at NDTV Profit Ignite -
Ramesh Damani Remains Bullish On India For Next 20-30 Years, Sees Bargains Amid Market Weakness -
CAS Came After A Long Consultation Process: SEBI Chairman Tuhin Kanta Pandey AT NDTV PROFIT IGNITE -
Aim To Cut FPI Onboarding Time From Mth To Five Days: SEBI Chairman Tuhin Kanta Pandey AT NDTV PROFI
Anand Rathi Report
1. IPO dates
Bombay Coated and Special Steels IPO opens for subscription today, October 29, 2026, and closes on November 2, 2026.
Also Read | Layoffs Are Rising In Tech, But These Skills Are Helping People Unlock Better Pay
2. IPO size
The steel processing centre company aims to raise Rs 183.1 crore through a fresh issue of about 2.23 crore equity shares. There is no offer-for-sale component, meaning the entire issue proceeds will go to the company.
3. Price Band
The IPO price band has been fixed at Rs 78 to Rs 82 per equity share, with a face value of Rs 10 each.
4. Bid lot and minimum investment
Investors can bid for a minimum of 182 shares and in multiples thereafter. At the upper price band of Rs 82, the minimum investment for one lot stands at Rs 14,924, before any applicable charges.
ALSO READ | Cholamandalam, Info Edge, SAIL Among 15 Stocks In HDFC Securities' Q2 Review; Check New Target Prices
5. Book-Running Lead Manager And Registrar:
Smart Horizon Capital Advisors Private Limited is the book-running lead manager to the IPO, while KFin Technologies Ltd. is the registrar to the issue.
6. Objectives of the issue
The company plans to use the IPO proceeds for repayment or prepayment of certain borrowings, acquisition of capital equipment currently held under lease arrangements with Siemens Financial Services Private Limited, and general corporate purposes. It proposes to utilise approximately Rs 125 crore towards debt repayment.
7. Company financial
Bombay Coated and Special Steels reported
- revenue from operations of Rs 1,266.8 crore in FY26, compared with Rs 1,055.7 crore in FY25 and Rs 755.3 crore in FY24.
- Net profit stood at Rs 30.5 crore in FY26, against Rs 28.7 crore in FY25.
- Ebitda increased to Rs 86.1 crore from Rs 74.1 crore during the same period.
- For the quarter ended June 30, 2026, the company reported revenue of Rs 397.1 crore and net profit of Rs 15.1 crore.
8. About the company
Bombay Coated and Special Steels is a steel processing centre engaged in converting steel coils into value-added processed steel products such as slit coils, embossed slit coils, blanks, embossed blanks and sheared blanks. The company operates as an intermediary between primary steel producers and end-users by providing precision slitting, cut-to-length, shearing and embossing services.
The company has built long-standing relationships with customers such as Haier Appliances India, IFB Refrigeration, Dixon Electro Manufacturing, Amber Enterprises, Western Refrigeration, PG Technoplast, EPack Durable and Kruger Ventilation Industries. The company traces its roots to 1983 when its promoter, Mr. Vijaykumar Himatrai Gupta, commenced operations as a steel trader under M/s. Bombay Steels.
As of June 30, 2026, the company had an aggregate installed steel processing capacity of 1,23,153 MTPA on a quarterly basis, with installed capacity growing at a CAGR of approximately 23.8% between Fiscal 2024 and Fiscal 2026.
9. Peer comparison
The company's listed peers include BMW Industries, Manaksia Coated Metals and Industries and Shiv Aum Steels.
10. IPO valuation
At the upper price band of Rs 82 per share, Bombay Coated and Special Steels is valued at 16.9 times FY26 earnings and 9.8 times FY26 EV/EBITDA. Its post-issue market capitalisation is estimated at approximately Rs 515.2 crore.
Anand Rathi considers the issue reasonably priced, supported by the company's revenue growth, expanding steel processing capacities and return on net worth of 25.1%.
Key risks and brokerage recommendation
The company faces risks from dependence on JSW Steel Coated Products for raw materials, customer concentration, steel price volatility and its exposure to the home and commercial appliances sector.
JSW accounted for approximately 86.7% of steel coil purchases in FY26, while the top 10 customers contributed around 71.3% of revenue.
Despite these risks, Anand Rathi has recommended 'Subscribe – Long Term', citing the company's established customer relationships, capacity expansion and growth prospects in steel processing.
Click on the attachment to read the full IPO report:
DISCLAIMER
This report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit.
Users have no license to copy, modify, or distribute the content without permission of the Original Owner.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.
