Bombay Coated and Special Steels IPO 2026: GMP, Price Band, Dates, Financials & Review

Bombay Coated and Special Steels IPO is a book-built public issue worth ₹183.06 crore, comprising entirely of a fresh issue of equity shares. The IPO is scheduled to open on October 29, 2026, and close on November 2, 2026. The company operates in the iron and steel products industry, processing steel coils into slit coils, sheets, blanks and other customised products for industrial customers.

The IPO price band is ₹78–₹82 per share, with a lot size of 182 shares. At the upper price band, retail investors need a minimum investment of ₹14,924. The company plans to use a significant portion of the net proceeds to repay or prepay borrowings and finance the acquisition of capital equipment under existing lease arrangements.

As of October 26, 2026, the reported grey market premium (GMP) is ₹8, indicating an estimated listing price of ₹90 based on the upper price band. However, GMP is unofficial and does not guarantee listing gains.

Bombay Coated and Special Steels IPO Details

Bombay Coated and Special Steels IPO Timeline

These dates are tentative and should be confirmed against the final offer documents and exchange announcements.

Bombay Coated and Special Steels IPO GMP Today

The reported GMP for Bombay Coated and Special Steels IPO is ₹8 as of October 26, 2026. Based on the upper price band of ₹82, this suggests an estimated listing price of ₹90.

Estimated listing gain: ₹8 per share, or approximately 9.76% over the upper price band.

For one lot of 182 shares, the indicative gain would be ₹1,456 if the shares list at ₹90. This is only a mathematical estimate based on the reported GMP, not a prediction or assured return. It excludes applicable charges and taxes.

GMP disclaimer: Grey market transactions are unofficial and unregulated. GMP can change before listing and may not accurately reflect the actual listing price. Investors should not make investment decisions based solely on GMP.

Bombay Coated and Special Steels IPO Subscription Status

Subscription Status

Subscription figures are not available yet because bidding is scheduled to begin on October 29, 2026. Live subscription data should be checked once the IPO opens.

Day-wise Subscription Trend

The day-wise subscription trend will be updated after bidding begins. Figures may vary across investor categories, including Qualified Institutional Buyers (QIBs), Non-Institutional Investors (NIIs) and Retail Individual Investors.

Subscription figures should be verified against the latest BSE and NSE disclosures.

Bombay Coated and Special Steels IPO Current Subscription Data

Live subscription information has not yet been provided. After the IPO opens, investors can review the category-wise subscription multiples and overall demand.

High subscription can indicate strong investor interest, but it does not guarantee listing gains or long-term share-price performance.

Bombay Coated and Special Steels IPO Lot Size

The minimum application size is 182 shares, and applications must be placed in multiples of the lot size. The investment amounts below are calculated using the upper price band of ₹82 per share.

The final amount payable may vary if the final price or applicable rules differ from the information provided.

Bombay Coated and Special Steels IPO Reservation

The final allocation will be governed by the offer documents and applicable SEBI regulations.

Bombay Coated and Special Steels Financial Performance

The company's financial information shows growth in total income and profit after tax in FY2026 compared with FY2025. The figures below are reported consolidated financial highlights, in ₹ crore.

Note: The June 2026 figures are for the period ended June 30, 2026, and should not be directly compared with full-year figures without accounting for the different reporting periods. Adjusted EBITDA is referenced in the supplied financial information.

Financial Performance Analysis

• Revenue growth: Total income increased from ₹1,058.65 crore in FY2025 to ₹1,269.83 crore in FY2026, an increase of approximately 20%.
• Profitability: PAT increased from ₹28.67 crore to ₹30.54 crore, or around 6.5%, consistent with the reported description of approximately 7% growth.
• Borrowings: Total borrowings rose from ₹276.96 crore in FY2025 to ₹338.45 crore in FY2026. Investors should evaluate this increase alongside the proposed debt repayment and the company's ability to generate cash flow.
• Net worth: Net worth increased from ₹83.05 crore in FY2025 to ₹121.58 crore in FY2026, providing context for the company's capital position.

Bombay Coated and Special Steels IPO Key Performance Indicators

*The supplied source labels the debt-to-equity figures as percentages. These values may represent ratios rather than percentages and should be verified against the RHP.

Bombay Coated and Special Steels IPO Valuation

The supplied valuation figures indicate a pre-IPO P/E of 10.88x and a post-IPO P/E of 8.54x. These figures should be reviewed against the final offer documents, particularly because the supplied EPS figures differ from the basic and diluted EPS shown in the peer-comparison section.

About Bombay Coated and Special Steels Ltd.

Bombay Coated and Special Steels Ltd. was incorporated in 2019 and operates as a steel processing centre in India. The company processes steel coils into finished and semi-finished products such as slit coils, blanks and sheets. Its capabilities include slitting, cut-to-length processing, shearing and embossing, allowing it to supply steel products according to customer specifications.

The company's products serve Original Equipment Manufacturers (OEMs) and Original Design Manufacturers (ODMs) across several industries. Applications include air conditioners, refrigerators, washing machines, water heaters, automotive components, electrical parts, cleanrooms and ventilation systems.

Since 2021, the company has served as an authorised service partner of JSW Steel Coated Products Limited (JSWCPL), one of its steel coil suppliers. It also procures raw materials from other suppliers and processes them using its manufacturing equipment.

Manufacturing Facilities and Capacity

Bombay Coated and Special Steels operates processing facilities in Wada, Bhiwandi, Ghiloth and Sricity. The combined area of these facilities is approximately 42,209 square metres.

Its installed annual processing capacity for slitting, cut-to-length operations, shearing and embossing was reported at 350,411 metric tonnes per annum (MTPA). The company's Rajasthan facility holds GEM 4 certification for green manufacturing.

As of July 31, 2025, the company employed 153 permanent employees across its operations.

Bombay Coated and Special Steels IPO Objectives

The company intends to use the net proceeds from the IPO for debt repayment, capital equipment-related expenditure and general corporate purposes.

Bombay Coated and Special Steels Promoter Holding

The company's promoters are:

• Vijaykumar Himatrai Gupta
• Nitin Vijaykumar Gupta
• Bhawna Nitin Gupta

According to the supplied information, promoter shareholding is expected to decrease from 97.78% before the IPO to 63.03% after the IPO.

The IPO is described as entirely a fresh issue, with no offer for sale. The final post-issue shareholding and capital structure should be verified against the RHP.

Bombay Coated and Special Steels IPO Peer Comparison

The following comparison uses the peer figures provided in the source information.

The peer data shows differences in earnings, net asset value, P/E multiples and return on net worth. However, comparisons should account for differences in business models, scale, financial reporting periods and valuation methods. The company's own IPO valuation metrics are presented separately above and should be confirmed from the final offer documents before publication.

Competitive Strengths of Bombay Coated and Special Steels

1. Association with JSW Steel Coated Products

The company's authorised service-partner relationship with JSW Steel Coated Products Limited, established in 2021, supports its steel coil sourcing and processing operations. Investors should still consider supplier concentration and the terms of this relationship.

2. Multiple Processing Facilities

Facilities across Wada, Bhiwandi, Ghiloth and Sricity provide a multi-location operating footprint that may help the company serve customers across industrial markets.

3. Processing Infrastructure

The company offers slitting, cut-to-length, shearing and embossing services. These capabilities allow it to supply steel products in different dimensions and formats based on customer requirements.

4. Diverse End-Use Industries

Its products are used in appliances, automotive components, electrical parts, cleanrooms and ventilation systems. Serving several industrial applications may help diversify customer demand, although actual revenue concentration should be assessed from the offer documents.

5. Established Customer Relationships

The company reports long-standing relationships with OEMs and ODMs. Repeat business and customer retention may support operating continuity, but customer concentration and contract terms remain important factors to review.

6. Experienced Management

The promoters and professional management team bring industry experience to the business. Investors should evaluate this alongside governance disclosures, related-party transactions and the company's historical financial performance.

Risks Investors Should Consider

• High borrowings: Total borrowings stood at ₹338.45 crore as of March 31, 2026, according to the supplied figures. Debt repayment is a key IPO objective, but investors should assess the remaining debt and interest burden after the issue.
• Supplier dependence: The relationship with JSW Steel Coated Products Limited is a stated business strength, but dependence on major suppliers could expose the company to changes in pricing, supply availability or commercial terms.
• Industrial demand: Demand for processed steel is linked to sectors such as appliances, automotive components and engineering. A slowdown in these industries could affect order volumes and capacity utilisation.
• Profit margins: The company operates in a processing business where input costs, pricing pressure, operating expenses and customer negotiations can affect profitability.
• Capital expenditure and leases: The proposed use of proceeds includes capital equipment under existing lease arrangements. Investors should review the terms, obligations and expected benefits of these arrangements.
• Valuation and financial disclosures: The supplied financial information includes EPS figures that differ between sections, and the debt-to-equity labels require clarification. Investors should rely on the final RHP and audited disclosures for an accurate assessment.
• GMP uncertainty: The reported GMP of ₹8 is unofficial. Actual listing performance may differ significantly from the implied listing price.
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Should You Invest in Bombay Coated and Special Steels IPO?

Bombay Coated and Special Steels operates in the steel-processing segment and serves several industrial applications. Its multi-location facilities, processing capabilities and established customer and supplier relationships are relevant factors to examine. The company also reported growth in total income and PAT in FY2026 compared with FY2025.

However, the company has substantial borrowings, and the proposed debt repayment is an important part of the IPO's stated objectives. Investors should also assess profitability, cash flow, customer and supplier concentration, capital expenditure commitments and the final issue valuation.

Before applying, review the final RHP, audited financial statements, risk factors, use-of-proceeds disclosures and the company's post-issue capital structure. The reported GMP should not be treated as a reliable predictor of listing gains.

Whether the IPO is suitable depends on an investor's risk tolerance, investment horizon and assessment of the company's fundamentals. This article is for informational purposes and does not constitute a recommendation to apply.

Bombay Coated and Special Steels IPO Allotment Status

The tentative basis-of-allotment date is November 3, 2026. After the allotment process is completed, investors can check their application status through the registrar's official IPO status portal.

• Registrar: KFin Technologies Ltd.
• IPO allotment status: Check through KFin Technologies

Investors may need their PAN, application number or demat details to check the status. The allotment result will be available only after it is officially published.

Bombay Coated and Special Steels IPO Registrar

• KFin Technologies Ltd. is the registrar for the Bombay Coated and Special Steels IPO.
• Address: Plot No. 31 & 32, Financial District, Nanakramguda, Serilingampally
• Website: https://ipostatus.kfintech.com/
• Phone: 040-79615565
• Email: einward.ris@kfintech.com

Bombay Coated and Special Steels IPO Lead Manager

Smart Horizon Capital Advisors Pvt. Ltd. is the book-running lead manager for the issue. 

The lead manager is responsible for coordinating key aspects of the public issue, subject to the applicable regulatory framework and offer documents.

Bombay Coated and Special Steels Ltd. Company Details

• Registered Office:
  Bombay Coated & Special Steels Ltd.
  2602, Parinee I,
  7-A Shah Industrial Estate,
  Andheri West, Mumbai, Maharashtra – 400053
• Website: https://www.bcsspl.in/
• Phone: +91 22 4664 9193
• Email: compliance@bcsspl.in

Bombay Coated and Special Steels IPO Summary

Bombay Coated and Special Steels IPO is a ₹183.06 crore book-built issue comprising an entirely fresh issue of shares. The IPO is scheduled to open on October 29, 2026, and close on November 2, 2026, with a price band of ₹78–₹82 per share and a lot size of 182 shares.

At the upper price band, the minimum retail investment is ₹14,924. The company processes steel coils into customised products for appliance, automotive, electrical and engineering applications, operating facilities across four locations. Its stated IPO objectives include ₹125 crore for repayment or prepayment of borrowings and ₹15.77 crore for capital equipment-related expenditure.

The reported GMP is ₹8 as of October 26, 2026, but GMP is unofficial and cannot guarantee listing gains. Investors should review the final offer documents, debt position, financial disclosures and valuation before making an investment decision.

Frequently Asked Questions (FAQs)

1. When will Bombay Coated and Special Steels IPO open?

The IPO is scheduled to open on October 29, 2026, and close on November 2, 2026.

2. What is the price band of Bombay Coated and Special Steels IPO?

The price band is ₹78–₹82 per equity share, with a face value of ₹10 per share.

3. What is the minimum investment for retail investors?

The minimum lot is 182 shares. At the upper price band of ₹82, the minimum investment is ₹14,924.

4. What is the total issue size?

The total issue size is ₹183.06 crore, comprising a fresh issue of ₹183.06 crore. No OFS is specified in the supplied details.

5. What is the latest GMP of Bombay Coated and Special Steels IPO?

The reported GMP is ₹8 as of October 26, 2026. Based on the upper price band, this implies an estimated listing price of ₹90. This is unofficial market information and does not guarantee listing performance.

6. What is the tentative allotment date?

The tentative basis-of-allotment date is November 3, 2026.

7. Who is the registrar of the IPO?

KFin Technologies Ltd. is the registrar. Investors can check allotment status through its official IPO status portal.

8. What are the main objectives of the IPO?

The specified objectives include ₹125 crore for repayment or prepayment of borrowings and ₹15.77 crore for capital equipment under existing lease arrangements, along with general corporate purposes. The complete allocation should be verified from the final RHP.

9. When is the expected listing date?

The tentative listing date on BSE and NSE is November 5, 2026, subject to official confirmation.

10. Is Bombay Coated and Special Steels IPO suitable for every investor?

No IPO is suitable for every investor. Applicants should consider the company's debt, financial performance, industry risks, valuation and their own risk tolerance before deciding whether to invest.

Disclaimer

This article is for informational and educational purposes only and should not be treated as investment advice or a recommendation to apply for the IPO. IPO dates, financial figures, issue terms and GMP information may change or require verification. Grey market premium is unofficial and does not guarantee listing gains. Investors should read the final offer documents and consult a qualified financial adviser if needed before making investment decisions.

Author: Komal Bhatt

Komal Bhatt is a finance content writer at InvestKraft, specialising in well-researched articles on financial products, stock markets, and investment opportunities, with a particular focus on unlisted shares.

She holds a Master’s degree in Commerce from the University of Delhi, which gives her a solid academic foundation in finance and business. With over three years of hands-on experience in creating digital finance content, Komal has developed a clear understanding of investor needs through her work on wealth management, NISM certification programs, and market education materials.

Komal is passionate when it comes to breaking down complex financial concepts into simple, accurate and actionable insights. Her goal is to help everyday investors understand markets better and make more informed decisions based on reliable, research-backed information.