{"id":53817,"date":"2026-10-27T17:53:58","date_gmt":"2026-10-27T12:23:58","guid":{"rendered":"https:\/\/flattrade.in\/kosh\/?p=53817"},"modified":"2026-10-27T17:53:58","modified_gmt":"2026-10-27T12:23:58","slug":"bombay-coated-special-steels-ipo","status":"publish","type":"post","link":"https:\/\/flattrade.in\/kosh\/bombay-coated-special-steels-ipo\/","title":{"rendered":"Bombay Coated &#038; Special Steels IPO"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"53817\" class=\"elementor elementor-53817\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-186c8ab elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"186c8ab\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column 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16px;\n    }\n\n    .cmr-article-wrapper .objects-list li {\n      flex-direction: column;\n      align-items: flex-start;\n      gap: 6px;\n      padding: 10px 12px;\n    }\n\n    .cmr-article-wrapper .objects-list li .obj-label {\n      padding-right: 0;\n    }\n\n    .cmr-article-wrapper .cta-btn {\n      width: 100%;\n      padding: 13px 16px;\n      font-size: 14px;\n    }\n  }\n\n  @media (max-width: 380px) {\n    .cmr-article-wrapper .cmr-glance-grid {\n      grid-template-columns: 1fr;\n    }\n    .cmr-article-wrapper .kpi-grid {\n      grid-template-columns: 1fr;\n    }\n  }\n<\/style>\n\n<div class=\"cmr-article-wrapper\">\n\n\n  <!-- \u2500\u2500 IPO AT A GLANCE \u2500\u2500 -->\n  <div class=\"cmr-glance-title\">IPO Summary<\/div>\n  \n  <div class=\"cmr-glance-grid\">\n    <div class=\"cmr-glance-item cmr-highlight\">\n      <div class=\"cmr-g-label\">Price Band<\/div>\n      <div class=\"cmr-g-value\">\u20b978 \u2013 \u20b982<\/div>\n      <div class=\"cmr-g-sub\">FV: \u20b910 \/ share<\/div>\n    <\/div>\n\n    <div class=\"cmr-glance-item cmr-highlight\">\n      <div class=\"cmr-g-label\">Issue Dates<\/div>\n      <div class=\"cmr-g-value\">Oct 29 \u2013 Nov 2<\/div>\n      <div class=\"cmr-g-sub\">Year: 2026<\/div>\n    <\/div>\n\n    <div class=\"cmr-glance-item\">\n      <div class=\"cmr-g-label\">Lot Size<\/div>\n      <div class=\"cmr-g-value\">182 Shares<\/div>\n      <div class=\"cmr-g-sub\">Min: \u20b914,924<\/div>\n    <\/div>\n\n    <div class=\"cmr-glance-item\">\n      <div class=\"cmr-g-label\">Total Issue Size<\/div>\n      <div class=\"cmr-g-value\">\u20b9183.06 Cr<\/div>\n      <div class=\"cmr-g-sub\">100% Fresh Issue<\/div>\n    <\/div>\n\n    <div class=\"cmr-glance-item\">\n      <div class=\"cmr-g-label\">Listing At<\/div>\n      <div class=\"cmr-g-value\">BSE &amp; NSE<\/div>\n      <div class=\"cmr-g-sub\">Tentative: Nov 5<\/div>\n    <\/div>\n\n    <div class=\"cmr-glance-item\">\n      <div class=\"cmr-g-label\">Lead Manager<\/div>\n      <div class=\"cmr-g-value\" style=\"font-size: 12px;\">Smart Horizon Capital<\/div>\n      <div class=\"cmr-g-sub\">Reg: KFin Technologies<\/div>\n    <\/div>\n  <\/div>\n\n  <div class=\"glance-badge\">\n    Bookbuilt Issue &nbsp;|&nbsp; 100% Fresh Issue: \u20b9183.06 Cr (2,23,24,024 Shares) &nbsp;|&nbsp; Offer for Sale: Nil\n  <\/div>\n\n  <!-- \u2500\u2500 ABOUT THE COMPANY \u2500\u2500 -->\n  <h2 class=\"section-heading\">About the Business<\/h2>\n  <p>\n    Incorporated in <strong>December 2019<\/strong>, <strong>Bombay Coated and Special Steels Limited<\/strong> is a specialised downstream steel processing centre engaged in converting raw steel coils into high-precision, value-added processed steel products for Original Equipment Manufacturers (OEMs) and Original Design Manufacturers (ODMs). The company provides custom processing solutions &#8211; including precision slitting, cut-to-length processing, shearing, and embossing &#8211; to produce slit coils, embossed slit coils, blanks, and sheared components. Its finished products serve major end-use sectors including consumer durables, home and commercial refrigeration appliances, automotive and auto ancillaries, electrical equipment, cleanroom infrastructure, ventilation systems, and precision engineering.\n  <\/p>\n  <p>\n    The company operates four strategically located processing facilities spanning 42,209 square metres across industrial manufacturing hubs in Wada and Bhiwandi (Maharashtra), Ghiloth (Rajasthan), and Sri City (Andhra Pradesh). Since 2021, Bombay Coated has maintained an authorised service partnership with <strong>JSW Steel Coated Products Limited (JSWSCPL)<\/strong>, granting continuous, priority access to prime galvanized and color-coated steel coils. As of June 30, 2026, the company commanded an aggregate installed steel processing capacity of 1,23,153 metric tonnes per annum (MTPA). Its client roster includes tier-1 manufacturers such as Haier Appliances India, IFB Refrigeration, Dixon Electro Manufacturing, Amber Enterprises India, and Western Refrigeration.\n  <\/p>\n\n  <ul class=\"cmr-feature-list\">\n    <li><strong>Strategic Multi-Location Processing Hubs:<\/strong> Network of 4 processing plants across Western, Northern, and Southern India situated near major OEM manufacturing clusters.<\/li>\n    <li><strong>Long-Term JSW Service Partnership:<\/strong> Official authorised service partnership with JSWSCPL securing consistent raw material procurement and supply reliability.<\/li>\n    <li><strong>Tier-1 OEM &amp; ODM Client Roster:<\/strong> Deep relationships with market leaders in consumer durables and electronics like Haier, IFB, Dixon, and Amber Enterprises.<\/li>\n    <li><strong>Integrated Value-Added Capabilities:<\/strong> Comprehensive slitting, embossing, and blanking lines enabling higher realization compared to commodity traders.<\/li>\n    <li><strong>Substantial Capacity Headroom:<\/strong> 1,23,153 MTPA annual processing capacity with significant unutilized headroom in high-margin embossing lines.<\/li>\n    <li><strong>Logistics &amp; JIT Advantage:<\/strong> Integrated inventory management and just-in-time delivery network mitigating OEM storage costs and freight delays.<\/li>\n  <\/ul>\n\n  <p>\n    The company&#8217;s promoters are <strong>Vijaykumar Himatrai Gupta, Nitin Vijaykumar Gupta, and Bhawna Nitin Gupta<\/strong>.\n  <\/p>\n\n  <hr class=\"divider\" \/>\n\n  <!-- \u2500\u2500 FINANCIAL OVERVIEW \u2500\u2500 -->\n  <h2 class=\"section-heading\">Company Financials (Restated)<\/h2>\n \n\n  <div class=\"table-container\">\n    <table class=\"fin-table\">\n      <thead>\n        <tr>\n          <th>Period Ended<\/th>\n          <th>30 Jun 2026<\/th>\n          <th>31 Mar 2026<\/th>\n          <th>31 Mar 2025<\/th>\n          <th>31 Mar 2024<\/th>\n        <\/tr>\n      <\/thead>\n      <tbody>\n        <tr>\n          <td>Assets<\/td>\n          <td>526.11<\/td>\n          <td>571.47<\/td>\n          <td>458.21<\/td>\n          <td>350.21<\/td>\n        <\/tr>\n        <tr>\n          <td>Total Income<\/td>\n          <td>397.55<\/td>\n          <td>1,269.83<\/td>\n          <td>1,058.65<\/td>\n          <td>765.41<\/td>\n        <\/tr>\n        <tr>\n          <td>Profit After Tax<\/td>\n          <td>15.08<\/td>\n          <td>30.54<\/td>\n          <td>28.67<\/td>\n          <td>21.14<\/td>\n        <\/tr>\n        <tr>\n          <td>EBITDA<\/td>\n          <td>32.17<\/td>\n          <td>86.09<\/td>\n          <td>74.09<\/td>\n          <td>49.17<\/td>\n        <\/tr>\n        <tr>\n          <td>NET Worth<\/td>\n          <td>136.62<\/td>\n          <td>121.58<\/td>\n          <td>83.05<\/td>\n          <td>54.36<\/td>\n        <\/tr>\n        <tr>\n          <td>Reserves and Surplus<\/td>\n          <td>96.12<\/td>\n          <td>81.08<\/td>\n          <td>73.15<\/td>\n          <td>44.46<\/td>\n        <\/tr>\n        <tr>\n          <td>Total Borrowing<\/td>\n          <td>273.69<\/td>\n          <td>338.45<\/td>\n          <td>276.96<\/td>\n          <td>234.16<\/td>\n        <\/tr>\n      <\/tbody>\n    <\/table>\n  <\/div>\n  <p class=\"fin-note\">Amount in \u20b9 Crore (EBITDA represents Adjusted EBITDA as per restated statements)<\/p>\n\n  <!-- \u2500\u2500 KPIS (MOST RECENT: JUNE 30, 2026) \u2500\u2500 -->\n  <h2 class=\"section-heading\">Key Performance Indicators (KPI)<\/h2>\n\n  \n  <div class=\"kpi-grid\">\n    <div class=\"kpi-card\">\n      <div class=\"kpi-value\">8.10%<\/div>\n      <div class=\"kpi-label\">EBITDA Margin (Jun 30, 2026)<\/div>\n    <\/div>\n    <div class=\"kpi-card\">\n      <div class=\"kpi-value\">3.80%<\/div>\n      <div class=\"kpi-label\">PAT Margin (Jun 30, 2026)<\/div>\n    <\/div>\n    <div class=\"kpi-card\">\n      <div class=\"kpi-value\">29.92%<\/div>\n      <div class=\"kpi-label\">ROE (FY26)<\/div>\n    <\/div>\n    <div class=\"kpi-card\">\n      <div class=\"kpi-value\">2.00x<\/div>\n      <div class=\"kpi-label\">Debt \/ Equity (Jun 30, 2026)<\/div>\n    <\/div>\n    <div class=\"kpi-card\">\n      <div class=\"kpi-value\">\u20b933.73<\/div>\n      <div class=\"kpi-label\">NAV (Jun 30, 2026)<\/div>\n    <\/div>\n    <div class=\"kpi-card\">\n      <div class=\"kpi-value\">2.43x<\/div>\n      <div class=\"kpi-label\">P\/B Ratio<\/div>\n    <\/div>\n  <\/div>\n\n  <hr class=\"divider\" \/>\n\n  <!-- \u2500\u2500 IPO VALUATION \u2500\u2500 -->\n  <h2 class=\"section-heading\">IPO Valuation<\/h2>\n  <div class=\"table-container\">\n    <table class=\"fin-table\">\n      <thead>\n        <tr>\n          <th>Valuation Metric<\/th>\n          <th>Pre IPO<\/th>\n          <th>Post IPO<\/th>\n        <\/tr>\n      <\/thead>\n      <tbody>\n        <tr>\n          <td>EPS (\u20b9)<\/td>\n          <td>7.54<\/td>\n          <td>9.60<\/td>\n        <\/tr>\n        <tr>\n          <td>P\/E ratio (x)<\/td>\n          <td>10.88<\/td>\n          <td>8.54<\/td>\n        <\/tr>\n        <tr>\n          <td>Price to Book Value (P\/B)<\/td>\n          <td>2.70<\/td>\n          <td>2.43<\/td>\n        <\/tr>\n        <tr>\n          <td>Market Cap at Offer Price<\/td>\n          <td>\u20b9332.10 Cr<\/td>\n          <td>\u20b9515.16 Cr<\/td>\n        <\/tr>\n      <\/tbody>\n    <\/table>\n  <\/div>\n  <p class=\"fin-note\">Calculated at the upper price band of \u20b982 (Post-IPO annualized based on Q1 FY27 earnings)<\/p>\n\n  <hr class=\"divider\" \/>\n\n  <!-- \u2500\u2500 LOT SIZE TABLE \u2500\u2500 -->\n  <h2 class=\"section-heading\">IPO Lot Size<\/h2>\n  <p>Investors can bid for a minimum of 182 shares and in multiples thereof:<\/p>\n  <div class=\"table-container\">\n    <table class=\"res-table\">\n      <thead>\n        <tr>\n          <th>Application<\/th>\n          <th>Lots<\/th>\n          <th>Shares<\/th>\n          <th>Amount<\/th>\n        <\/tr>\n      <\/thead>\n      <tbody>\n        <tr>\n          <td>Retail (Min)<\/td>\n          <td>1<\/td>\n          <td>182<\/td>\n          <td>\u20b914,924<\/td>\n        <\/tr>\n        <tr>\n          <td>Retail (Max)<\/td>\n          <td>13<\/td>\n          <td>2,366<\/td>\n          <td>\u20b91,94,012<\/td>\n        <\/tr>\n        <tr>\n          <td>S-HNI (Min)<\/td>\n          <td>14<\/td>\n          <td>2,548<\/td>\n          <td>\u20b92,08,936<\/td>\n        <\/tr>\n        <tr>\n          <td>S-HNI (Max)<\/td>\n          <td>67<\/td>\n          <td>12,194<\/td>\n          <td>\u20b99,99,908<\/td>\n        <\/tr>\n        <tr>\n          <td>B-HNI (Min)<\/td>\n          <td>68<\/td>\n          <td>12,376<\/td>\n          <td>\u20b910,14,832<\/td>\n        <\/tr>\n      <\/tbody>\n    <\/table>\n  <\/div>\n\n  <hr class=\"divider\" \/>\n\n  <!-- \u2500\u2500 ISSUE RESERVATION \u2500\u2500 -->\n  <h2 class=\"section-heading\">Issue Reservation<\/h2>\n  <div class=\"table-container\">\n    <table class=\"res-table\">\n      <thead>\n        <tr>\n          <th>Investor Category<\/th>\n          <th>Allocation Share<\/th>\n        <\/tr>\n      <\/thead>\n      <tbody>\n        <tr><td>QIB Shares Offered<\/td><td>Not more than 50% of the Issue<\/td><\/tr>\n        <tr><td>Retail Shares Offered<\/td><td>Not more than 35% of the Issue<\/td><\/tr>\n        <tr><td>NII (HNI) Shares Offered<\/td><td>Not less than 15% of the Issue<\/td><\/tr>\n      <\/tbody>\n    <\/table>\n  <\/div>\n\n  <hr class=\"divider\" \/>\n\n  <!-- \u2500\u2500 SHAREHOLDING STRUCTURE \u2500\u2500 -->\n  <h2 class=\"section-heading\">Shareholding Structure<\/h2>\n  <div class=\"table-container\">\n    <table class=\"res-table\">\n      <thead>\n        <tr>\n          <th>Category<\/th>\n          <th>Pre IPO<\/th>\n          <th>Post IPO<\/th>\n        <\/tr>\n      <\/thead>\n      <tbody>\n        <tr>\n          <td>Promoter and Promoter Group<\/td>\n          <td>97.78%<\/td>\n          <td>63.03%<\/td>\n        <\/tr>\n        <tr>\n          <td>Public &amp; Other Investors<\/td>\n          <td>2.22%<\/td>\n          <td>36.97%<\/td>\n        <\/tr>\n        <tr>\n          <td><strong>Total<\/strong><\/td>\n          <td><strong>100%<\/strong><\/td>\n          <td><strong>100%<\/strong><\/td>\n        <\/tr>\n      <\/tbody>\n    <\/table>\n  <\/div>\n\n  <hr class=\"divider\" \/>\n\n  <!-- \u2500\u2500 OBJECTS OF ISSUE \u2500\u2500 -->\n  <h2 class=\"section-heading\">IPO Objects of the Issue<\/h2>\n  <p>The Company proposes to utilise the Net Proceeds from the 100% Fresh Issue towards the following objects:<\/p>\n  <ul class=\"objects-list\">\n    <li>\n      <span class=\"obj-label\">Repayment and\/or pre-payment, in full or in part, of certain borrowings availed by the Company<\/span>\n      <span class=\"obj-amt\">\u20b9125.00 Cr<\/span>\n    <\/li>\n    <li>\n      <span class=\"obj-label\">Financing the cost towards acquisition of capital equipment under existing lease arrangements with Siemens Financial Services Pvt. Ltd.<\/span>\n      <span class=\"obj-amt\">\u20b915.77 Cr<\/span>\n    <\/li>\n    <li>\n      <span class=\"obj-label\">General Corporate Purposes<\/span>\n      <span class=\"obj-amt\">Balance<\/span>\n    <\/li>\n  <\/ul>\n  <p class=\"fin-note\">Total Fresh Issue aggregates to \u20b9183.06 Cr (Nil Offer for Sale)<\/p>\n\n  <!-- \u2500\u2500 VERDICT CARD \u2500\u2500 -->\n  <div class=\"cmr-verdict-card\">\n    <div class=\"cmr-verdict-title\">The Final Verdict<\/div>\n    <p>\n      Bombay Coated &amp; Special Steels Limited operates an established downstream processing network conversion model, linking primary steel producers like JSW Steel with high-growth consumer durable and automotive OEMs such as Haier, IFB, Dixon, and Amber Enterprises. Its four geographically distributed processing centres across Wada, Bhiwandi, Rajasthan, and Sri City provide a logistical moat in an industry where freight sensitivity and just-in-time delivery dictate supplier selection.\n    <\/p>\n    <p style=\"margin-top: 10px;\">\n      Financially, revenue expanded 20% in FY26 to \u20b91,269.83 Cr, while Q1 FY27 posted strong annualized momentum with \u20b9397.55 Cr in revenue and \u20b915.08 Cr in PAT, reflecting widening EBITDA (8.10%) and PAT margins (3.80%). While the balance sheet carried \u20b9273.69 Cr in total borrowings as of June 30, 2026 (Debt\/Equity of 2.00x), the issue is structured entirely as a 100% Fresh Issue (\u20b9183.06 Cr), directing \u20b9125 Cr straight toward retiring bank debt and \u20b915.77 Cr toward buying out leased equipment. This will eliminate substantial interest costs and directly expand net profit margins post-listing. At the upper price band of \u20b982, the stock is valued at an undemanding trailing FY26 P\/E of 10.88x and a post-issue annualized P\/E of just 8.54x against a market capitalisation of \u20b9515.16 Cr. This represents a significant valuation discount to listed peers like Jindal Supreme (16.64x), Behari Lal Engineering (17.21x), and Rajputana Stainless (21.10x). Although downstream steel processors operate on thin gross margins and face raw material price cyclicality, the sizable margin of safety in pricing, absence of promoter OFS, and direct debt de-leveraging make this an attractive value proposition for medium-to-long-term investors.\n    <\/p>\n  <\/div>\n\n  <!-- \u2500\u2500 CTA BUTTON \u2500\u2500 -->\n  <div class=\"cta-wrap\">\n    <a class=\"cta-btn\" href=\"https:\/\/emerge.flattrade.in\/ipo\/\" target=\"_blank\" rel=\"noopener\">\n      Apply for Bombay Coated &amp; Special Steels IPO on Flattrade &rarr;\n    <\/a>\n  <\/div>\n\n  <div class=\"source-note\">Source: Chittorgarh IPO Filings<\/div>\n\n<\/div>\n\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-8a79a59 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" 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