Bombay Coated and Special Steels (BCSSL), a growing player in India’s value-added steel processing segment, has refiled its DRHP with the Securities and Exchange Board of India (SEBI) to raise INR 191 crore via an IPO.
Bombay Coated IPO refiling comes just a few months after its earlier submission in September 2025, when the company had proposed an IPO of 1.5 crore equity shares aggregating up to INR 132 crore. That offer was based on a pre-IPO placement price of INR 88 per share, following a INR 7.92-crore pre-IPO fundraise completed on 28 October 2025.
The revised DRHP reflects a larger issue size and a clear strategic pivot toward debt reduction and capacity enhancement. Bombay Coated IPO is being managed by Smart Horizon Capital Advisors, while KFin Technologies is the registrar of the issue.
Bombay Coated IPO Structure
| Particulars | Details |
|---|---|
| Issue Size | INR 191 crore |
| Type of Issue | 100% Fresh Issue |
| Book Running Lead Manager | Smart Horizon Capital Advisors |
| Registrar to the Issue | KFin Technologies |
Bombay Coated and Special Steels IPO: Business Overview
BCSSL operates as a Steel Processing Centre (SPC) — an intermediary between large primary steel producers and downstream manufacturers. It converts galvanised and coated steel coils into slit coils, blanks, and sheets, primarily for the home appliances, refrigeration, HVAC, automotive, and electrical equipment industries.
The company has four plants — located in Wada, Bhiwandi (Maharashtra), Ghiloth (Rajasthan), and Sri City (Andhra Pradesh) — together provide a processing capacity exceeding 2,20,000 MTPA.
Two facilities, at Ghiloth and Sri City, have achieved GEM4 green certification, reflecting BCSSL’s commitment to sustainable manufacturing.
Major Customers: Haier Appliances India, IFB Refrigeration, Dixon Electro Manufacturing, Amber Enterprises, Western Refrigeration, PG Technoplast, EPack Durable, Kruger Ventilation Industries, and Elegant Coatings.
Bombay Coated and Special Steels IPO: Financial Snapshot
| Metric | FY2023 | FY2024 | FY2025 | H1 FY2026 |
|---|---|---|---|---|
| Revenue from Operations | 590.88 | 755.26 | 105.57 | 491.51 |
| Profit After Tax (PAT) | 15.67 | 21.14 | 28.67 | 11.01 |
| EBITDA Margin (%) | 6.37 | 6.51 | 7.02 | 7.84 |
| PAT Margin (%) | 2.65 | 2.80 | 2.72 | 2.24 |
| Return on Equity (ROE %) | 67.90 | 48.20 | 41.76 | 12.45 |
| Debt-to-Equity (x) | 5.07 | 4.31 | 3.33 | 2.88 |
Operational Highlights
| Particulars | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| No. of Manufacturing Facilities | 3 | 4 | 4 |
| Installed Capacity (MTPA) | 2,14,060 | 3,01,541 | 3,50,411 |
| Customers Served | 188 | 225 | 252 |
| Top 10 Customers (% of Revenue) | 68.21% | 67.43% | 67.44% |
Strategic Alliance with JSW Steel Coated Products
BCSSL has been an authorised service partner of JSW Steel Coated Products (JSWSCPL) since 2021 — a key differentiator in its sourcing and operational ecosystem.
| Source | FY2023 | FY2024 | FY2025 | Sept 2025 |
|---|---|---|---|---|
| JSWSCPL (% of total purchase) | 444.51 (81.77%) | 557.94 (84.58%) | 869.18 (90.61%) | 345.0 (83.99%) |
| Other Suppliers (% of total purchase) | 99.07 (18.23%) | 101.73 (15.42%) | 90.09 (9.39%) | 65.77 (16.01%) |
This relationship ensures steady access to high-quality raw materials and aligns BCSSL with JSW’s downstream distribution strategy.
BCSSL IPO Objectives
The net proceeds from the Fresh Issue are proposed to be utilised for the following purposes:
- Repayment/prepayment, in full or in part, of certain borrowings – INR 125 crore
- Financing the cost towards the acquisition of equipment under existing lease arrangements with Siemens Financial Services – INR 18 crore
- General corporate purposes – Balance
Industry Landscape and Market Opportunity
As per CareEdge Research, India’s Steel Processing Centre (SPC) segment is expected to expand steadily through 2030:
- Slitting services projected CAGR (2025–2030): 7.0%
- Cut-to-length services projected CAGR (2025–2030): 6.6%
- Blanking and Splitting services projected CAGR: ~7%
Growth catalysts include:
- Rising domestic demand from automotives, appliances, and infrastructure sectors
- Shift toward outsourced processing and JIT logistics
- Increased localisation of manufacturing supply chains under “Make in India”
Final Words
Bombay Coated and Special Steels IPO signals a strategic consolidation phase — balancing growth with prudent financial management. Its revenue nearly doubled in three years, margins have expanded, and leverage has trended downward.
With strong OEM–ODM relationships, geographic diversification, and JSW-backed supply stability, the company is positioned to capitalize on the growing demand for precision-processed steel in India’s manufacturing renaissance.
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