Bombay Coated and Special Steels, a leading steel processing company, resubmits its draft papers to the market regulator SEBI with an aim raise ₹191 crore via an Initial Public Offering (IPO).
This IPO comprises solely a fresh issue of ₹191 crore with no Offer for Sale component. Meaning the fund raise from the fresh issue will be used towards the company’s growth.
The proceeds of ₹125 crore will be utilized for the repayment/prepayment of existing debt availed by the company. A fund of ₹18 crore will be used to purchase capital equipment under existing lease arrangements with Siemens Financial Services. Lastly, the remaining funds will be used towards the company’s general corporate purposes.
Moreover, as of Nov 2025, the company’s outstanding borrowings increased by ₹273.6 crore, which was ₹254 crore in July 2025.
Previously, the company submitted its draft papers to the SEBI in September 2025, intending to raise ₹1.5 crore equity shares through the IPO. And now, on January 28, 2026, the firm refiles its DRHP again with updated details.
Founded in 1992, Bombay Coated & Special Steels is one of the leading steel producers in India. Its business is focused on transforming steel coils into high-quality steel products like slit coils, blanks, and sheets. Its products are used by OEMs and ODMs across industries, like home and commercial appliances, and general engineering. Its processing unit is situated in Wada, Bhiwandi, Ghiloth, and Sricity, covering 42,209 sq. meters.
Some of the major clients of the company are Haier Appliances India, IFB Refrigeration, Dixon Electro Manufacturing, Amber Enterprises India, Western Refrigeration, PG Technoplast, EPack Durable, Kruger Ventilation Industries (India), and Elegant Coatings.
The book-running lead manager of the issue is Smart Horizon Capital Advisors. The equity shares of the IPO are proposed to be listed at NSE Limited and BSE Limited.
For six months period ending September 2025, the company reported a revenue of ₹491.5 crore with a profit of ₹11 crore. In FY25, the revenue rose by ₹1,055.7 crore from ₹755.3 crore, while the profit grew by ₹28.7 crore, up from ₹21.1 crore in the previous year.
Bombay Coated and Special Steels IPO Prospectus:
| DRHP Draft Prospectus: | Click Here |
| RHP Draft Prospectus: | To be Updated Soon |
Bombay Coated and Special Steels Company Financial Report
Amount ₹ in Crores
| Period Ended | Revenue | Expense | Profit After Tax |
| 2023 | ₹591.89 | ₹570.90 | ₹15.67 |
| 2024 | ₹765.41 | ₹737.21 | ₹21.14 |
| 2025 | ₹1,058.65 | ₹1,021.48 | ₹28.67 |
| Sep 2025 | ₹492.91 | ₹477.50 | ₹11.01 |
Bombay Coated and Special Steels IPO Valuation – FY2025
Bombay Coated and Special Steels IPO valuations detail like Earning Per Share (EPS), Price/Earning P/E Ratio, Return on Net Worth (RoNW), and Net Asset Value (NAV) details.
| Earning Per Share (EPS): | ₹7.24 (Basic) |
| Price/Earning P/E Ratio: | N/A |
| Return on Net Worth (RoNW): | 34.54% |
| Net Asset Value (NAV): | ₹20.97 |
Peer Group Comparison
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
| BMW Industries Limited | 2.83 | 13.34 | 9.16 | 30.84 | 557.08 Cr. |
| Manaksia Coated Metals & Industries Limited | 2.10 | 60.40 | 7.03 | 28.01 | 781.63 Cr. |
| Shiv Aum Steels Limited | 7.11 | 41.81 | 8.36 | 84.99 | 548.20 Cr. |
Objects of the Issue
- Repayment/pre-payment, in full or in part, of certain borrowings availed by our Company;
- Financing the cost towards acquisition of capital equipment under existing lease arrangements with Siemens Financial Services Private Limited; and
- General corporate purposes
IPO Lead Managers aka Merchant Bankers
- Smart Horizon Capital Advisors Private Limited
