Bombay Coated IPO review: business, financials and GMP
Bombay Coated and Special Steels is preparing a Mainboard IPO, with bidding scheduled for October 29–November 2, 2026. This Bombay Coated IPO review separates the offer terms, financial trends and an unofficial grey-market report. Revenue growth is encouraging, but margins, cash conversion and the effect of fresh-share dilution deserve closer reading before an application decision.
Research date: October 27, 2026. Not a live GMP feed or a buy/sell recommendation.
Issue dates, price band and application amount
| Item | Details |
| Subscription | October 29–November 2, 2026 |
| Price band | ₹78–₹82 per share |
| Bid lot | 182 shares |
| One lot at upper band | 182 × ₹82 = ₹14,924 |
| Issue size | Up to approximately ₹183.06 crore; fresh issue |
| Expected allotment / listing | November 3 / November 5, 2026; tentative |
| Registrar | KFin Technologies |
Cross-check the final offer documents and any amendments before applying. This issue is not an SME IPO. The quoted application amount uses the upper price band; at ₹78, the same 182 shares cost ₹14,196. The eventual issue price and allotment are separate from submitting a bid.
What does the company do?
The company’s website describes steel-processing services including slitting, cut-to-length, shearing and embossing, with facilities at Bhiwandi, Wada, Ghiloth and Sri City. Its role is to process material into formats required by customers rather than simply being a primary steel producer.
Our analysis: Processing can add value through precision, service and delivery reliability. However, investors still need to assess input-price exposure, customer demand, utilisation and the cash tied up in stock and receivables. A growing industrial market does not eliminate company-specific execution risk.
Financial review: revenue grew faster than profit
| ₹ crore | FY25 | FY26 | Q1 FY27 |
| Revenue from operations | 1,055.71 | 1,266.82 | 397.08 |
| EBITDA | 74.09 | 86.09 | 32.17 |
| Profit after tax | 28.67 | 30.54 | 15.08 |
Source: Groww’s October 23 financial summary. Q1 FY27 covers only the three months ended June 30, 2026; it should not be compared with an entire year as if the periods were equal.
Our calculations: FY26 revenue rose about 20.0%, while PAT increased about 6.5%. PAT divided by revenue gives a net margin of approximately 2.72% in FY25 and 2.41% in FY26. The company grew, but profit did not keep pace with sales. Q1’s roughly 3.80% net margin is worth monitoring; multiplying one quarter’s profit by four would be an unsupported full-year forecast.
Cash flow, use of proceeds and dilution
ICICI Direct’s financial summary reports operating cash flow of about ₹32.1 crore in FY25 and ₹10.2 crore in FY26, against PAT of ₹28.7 crore and ₹30.5 crore respectively. Our interpretation is that the weaker FY26 cash conversion merits a review of working-capital movements; accounting profit and cash received are different measures.
The stated uses of proceeds include repayment of borrowings, acquisition of equipment under existing lease arrangements and general corporate purposes. Debt repayment may reduce financing pressure, but investors should examine the remaining borrowings and the final allocation. Fresh shares also increase the share count, so valuation should use the appropriate post-issue denominator rather than an unadjusted historical EPS.
Bombay Coated and Special Steels IPO GMP: what is verified?
IPO Central’s dated table reported an unofficial GMP of ₹8 on October 26, 2026. This is an attributed secondary-market indication, not an exchange price. We have not independently verified a fresh dealer quote for October 27, so ₹8 must not be read as today’s confirmed live GMP.
Illustrative arithmetic only: ₹82 + ₹8 = ₹90, or around 9.76% above the upper band. For 182 shares, the difference would be ₹1,456 before charges and taxes, if those assumed prices actually applied. This is not an expected or guaranteed listing gain. An informal quote can change or disappear before listing.
Apply or avoid: questions that decide the review
A reasonable evaluation needs more than a positive GMP. Read the RHP’s customer and supplier concentration, litigation, working-capital requirements and risk factors. Compare valuation with genuinely comparable processors and account for differences in debt and margins. The retail application being relatively small does not make the business risk small.
Our assessment is that revenue expansion is a point to investigate alongside slower profit growth and weaker FY26 cash conversion. Whether the offer fits an investor depends on price, portfolio concentration and loss tolerance. This review does not issue an apply/avoid call. If the documents or risks are unclear, pausing an application is a valid decision.
For other dates, see our Hindi November IPO calendar. For the distinction between informal premiums and outcomes, read our IPO GMP explainer.
Frequently asked questions
Is Bombay Coated an SME IPO?
No. The issue information identifies it as Mainboard.
What is one lot at the upper band?
182 shares × ₹82 = ₹14,924, subject to current issue instructions.
Is ₹90 a confirmed listing price?
No. It is only arithmetic using the upper band and a dated unofficial ₹8 quote.
Does allotment guarantee a profit?
No. Shares can trade below the issue price.
Sources and investment note
Sources: Company business information; company offer documents; Upstox issue schedule; Groww financial summary, October 23; ICICI Direct cash-flow data; IPO Central dated unofficial GMP report.
Educational review only, not personalised investment advice. Financial summaries are attributed and rounded calculations are labelled. Verify the final RHP, amendments and current application details. Artwork is AI-generated and does not depict the company’s actual premises.
