Bombay Coated and Special Steels Limited IPO
BCSSL · BSE, NSE · Mainboard · Steel & Iron Products
Overview
Updated 2 hr agoBombay Coated and Special Steels Limited is a steel processing company that converts steel coils into value-added products like slit coils, blanks, and embossed sheets. The company operates four manufacturing facilities across India and serves customers in the home appliance and general engineering sectors.
The red bar is the price band. GMP-implied price is an unofficial grey-market number, not a forecast.
How much to apply
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 182 | ₹14,924 |
| Retail (max) | 13 | 2,366 | ₹1,94,012 |
| sNII (min) | 14 | 2,548 | ₹2,08,936 |
| bNII (min) | 68 | 12,376 | ₹10,14,832 |
At the upper band. The amount is blocked in your bank account through UPI, not paid, until allotment.
Final subscription
As of 12 Nov, 18:33 ISTTimes the shares on offer were bid for, by investor category. Above 1x means the category is fully booked.
Day-wise demand
close of each bidding day| Day | Date | QIB | NII | bNII | sNII | Retail | Employee | Total |
|---|---|---|---|---|---|---|---|---|
| Day 2 | 30 Oct | 6.56x | 1.80x | 1.23x | 2.94x | 3.02x | -- | 3.78x |
| Day 3 | 2 Nov | 35.50x | 158.32x | 183.52x | 107.91x | 33.73x | -- | 60.77x |
bNII = NII bids above ₹10 lakh, sNII = NII bids from ₹2 lakh to ₹10 lakh. Each day shows the last reading we recorded that day.
Grey market premium
Unofficial| Date | GMP | GMP % | Implied price |
|---|---|---|---|
| 06-Nov-2026 | +₹9 | +11.0% | ₹91 |
| 05-Nov-2026 | +₹9 | +11.0% | ₹91 |
| 04-Nov-2026 | +₹9 | +10.4% | ₹91 |
| 03-Nov-2026 | +₹9 | +10.4% | ₹91 |
| 02-Nov-2026 | +₹8 | +9.8% | ₹90 |
| 01-Nov-2026 | +₹9 | +10.4% | ₹91 |
| 31-Oct-2026 | +₹7 | +8.5% | ₹89 |
GMP is an unofficial, unregulated, community-tracked quote. It is not an exchange price and not a forecast. See how often it has been right →
Listing performance
Latest price updated 5 hr ago.
Grey market vs reality: the last GMP before listing was +₹9 (+11.0%). It listed at +16.5%, off by 5.5 points.
Issue details
| Status | Listed |
| Exchange | BSE, NSE |
| Segment | Mainboard |
| Sector | Steel & Iron Products |
| Price band | ₹78–82 |
| Final issue price | ₹82.00 |
| Face value | ₹10 per share |
| Lot size | 182 shares |
| Minimum investment | ₹14,924 |
| Issue size | ₹183 Cr |
| Fresh issue | ₹183 Cr |
| P/E at upper band | 10.7x |
| Registrar | KFin Technologies Limited |
| Lead managers | Smart Horizon Capital Advisors Private Limited |
| NSE symbol | BCSSL |
| ISIN | INE0XFY01011 |
Fresh issue vs offer for sale
Shareholder quota and promoter holding
Company & business
Bombay Coated and Special Steels Limited is a steel processing centre that converts steel coils into value-added processed steel products such as slit coils, blanks, and embossed sheets. The company operates four manufacturing facilities located in Wada, Bhiwandi, Ghiloth, and Sri City. It serves a diversified customer base, primarily including Original Equipment Manufacturers (OEMs) and Original Design Manufacturers (ODMs) in the home and commercial appliances and general engineering sectors. The company's operations include precision slitting, cut-to-length processing, shearing, and embossing. It is an authorized service partner of JSW Steel Coated Products Limited.
Objects of the issue — how the money will be used
- Repayment/pre-payment, in full or in part, of certain borrowings availed by our Company (₹125 Cr)
- Financing the cost towards acquisition of capital equipment under existing lease arrangements with Siemens Financial Services Private Limited (₹15.77 Cr)
- General corporate purposes
Key strengths
- Established relationship with JSWSCPL for supply of Steel Coils
- Long-standing relationships with customers, including OEMs and ODMs
- Strategically located manufacturing network enabling Just-in-Time supply
- Integrated and advanced steel processing infrastructure
- High entry barriers driven by authorized supplier arrangements and capital intensity
- Experienced promoters and professional management team
Key risks
- Substantial dependence on a single supplier, JSWSCPL, for steel coils
- Experience of negative cash flows from investing and financing activities in the past
- High customer concentration, with top ten customers contributing significantly to revenue
- High debt-to-equity ratio and significant outstanding borrowings
- Under-utilisation of manufacturing capacities
- Involvement in legal and regulatory proceedings
- Geographical concentration of manufacturing facilities
- Dependence on performance of home and commercial appliances sector
Promoters
Vijaykumar Himatrai Gupta, Nitin Vijaykumar Gupta, Bhawna Nitin Gupta
Decoded from the RHP with AI on 31-Oct-2026. Check the offer document before you apply.
Financials (restated, ₹ crore)
| Period | Revenue | Expenses | Profit after tax | Assets | Net worth | Borrowings |
|---|---|---|---|---|---|---|
| FY24 | 755.26 | -- | 21.14 | 350.21 | 54.36 | 234.16 |
| FY25 | 1,055.71 | -- | 28.67 | 458.21 | 83.05 | 276.96 |
| FY26 | 1,266.82 | -- | 30.54 | 571.47 | 121.58 | 338.45 |
Key performance indicators · FY26
Peers & valuation
Listed peers as chosen by the issuer in the offer document (Basis for Issue Price).
| Company | Revenue (₹ Cr) | EPS (₹) | P/E | RoNW % | NAV (₹) |
|---|---|---|---|---|---|
| Bombay Coated and Special Steels Limited this issue | 1,266.8 | 7.64 | 10.7x | 25.12 | 30.41 |
| BMW Industries Limited | 664.1 | 3.35 | 15.0 | 10.15 | 35.85 |
| Manaksia Coated Metals & Industries Limited | 884.5 | 4.18 | 31.0 | 11.96 | 32.46 |
| Shiv Aum Steels Limited | 532.5 | 5.47 | 98.5 | 4.73 | 88.86 |
This issue is priced at 10.7x P/E against a peer median of 31.0x: a discount of 65%. A measurement, not a verdict.
Other Steel & Iron Products IPOs
Same sector, listed just before and after this one, with their listing-day change.
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Jindal Supreme (India)JSIPL · BSE, NSE · Mainboard · Steel & Iron Products+35.5%23 Sep
Behari Lal EngineeringBLEL · BSE, NSE · Mainboard · Steel & Iron Products+76.2%19 Aug Documents and resources
Offer documents and the issuer, exchange, registrar and SEBI pages for this issue.