Bombay Coated and Special Steels Ltd IPO

MainboardNSE

Schedule

Bidding open, closes 02 Nov 2026

Subscription rate
Category	Subscribed
Qualified Institutional Buyers	6.56x
Non-Institutional Investor	1.8x
Retail Individual Investor	3.02x
Total	3.78x

Updated 30 Oct 2026, 05:31 pm IST

*All values are in ₹ crore

Established relationship with JSWSCPL Steel for supply of Steel Coils.
Long-standing relationships with customers, including OEMs and ODMs.
Strategically Located Manufacturing Network Enabling Just-in-Time Supply and Cost-Efficient Operations.
Integrated and Advanced Steel Processing Infrastructure.
High Entry Barriers Driven by Authorised Supplier Arrangements, Capital Intensity and Customer Approvals.
Experienced Promoters and professional management team.

JSW Steel partnership: An authorised service partner of JSW Steel Coated Products since 2021, providing access to steel coils, technical support and quality control processes.
Established customer relationships: Serves manufacturers including Amber Enterprises India, Haier Appliances India and EPack Durable. Existing customers contributed 96.08% of FY26 revenue.
Geographical reach: Operates four manufacturing facilities across Maharashtra, Rajasthan and Andhra Pradesh, supporting customer access across multiple regions.

Supplier concentration: JSW Steel Coated Products accounted for 86.65% of steel coil purchases in FY26. Supply disruptions or changes in commercial terms could affect operations.
Customer concentration: The top 10 customers contributed 71.33% of FY26 revenue, while Amber Enterprises India alone contributed 20.40%. Losing major customers could hurt revenue and profitability.
Raw material price volatility: Raw materials and components accounted for 90.51% of total expenses in FY26. Higher steel costs that cannot be passed on to customers could pressure margins.
Sector concentration: Home and commercial appliances contributed 86.54% of FY26 revenue, making the company vulnerable to weaker appliance demand and lower customer orders.

Particulars	FY26	FY25	FY24
Revenue from operations (₹ Cr)	1,266.82	1,055.71	755.26
Total income (₹ Cr)	1,269.83	1,058.65	765.41
Adjusted EBITDA (₹ Cr)	86.09	74.09	49.17
Adjusted EBITDA margin (%)	6.80%	7.02%	6.51%
PAT (₹ Cr)	30.54	28.67	21.14
PAT margin (%)	2.41%	2.72%	2.80%
Diluted EPS (₹)	7.64	7.24	5.34
ROE (%)	29.92	41.76	48.20
ROCE (%)	16.40	18.78	18.60
Debt-to-equity ratio (x)	2.78	3.33	4.31

End-use industry	FY26 revenue (₹ Cr)	Contribution to revenue
Air conditioner	593.49	46.85%
Commercial refrigeration	282.71	22.32%
Home refrigeration	198.78	15.69%
Water heater	6.30	0.50%
Others – Home & Commercial Appliances	15.01	1.19%
Total – Home & Commercial Appliances	1,096.29	86.54%
Automotive	51.81	4.09%
Electrical equipment	50.79	4.01%
Consumer durables	31.12	2.46%
Air ventilation	14.89	1.18%
Furniture and fittings	4.17	0.33%
Others – General Engineering	17.76	1.40%
Total – General Engineering	170.53	13.46%
Total revenue from operations	1,266.82	100.00%

Customer category	Q1 FY27	FY26	FY25	FY24
ODMs	58.52%	55.92%	60.56%	52.55%
OEMs	41.04%	43.28%	39.42%	44.34%
Others, including sale of steel scrap	0.45%	0.80%	0.03%	3.11%
Total	100.00%	100.00%	100.00%	100.00%

Company	Diluted EPS (₹)	P/E
Bombay Coated and Special Steels	7.64	Not applicable
BMW Industries Limited	3.35	14.98
Manaksia Coated Metals & Industries Limited	4.18	31.03
Shiv Aum Steels Limited	5.47	98.54