Bombay Coated and Special SteelsIPO Review — Financials, Valuation & Peers
A data-only look at the Bombay Coated and Special Steels IPO: restated financials, valuation ratios, the RHP peer group and third-party analyst views. ipostation does not rate IPOs — nothing here is a recommendation.
Financials (₹ Cr)
| Period Ended | Revenue | PAT | EBITDA | Net Worth | Total Assets | Borrowings | EPS (₹) |
|---|---|---|---|---|---|---|---|
| FY 2024 | 765.41 | 21.14 | 49.17 | 54.36 | 350.21 | 234.16 | — |
| FY 2025 | 1,058.65 | 28.67 | 74.09 | 83.05 | 458.21 | 276.96 | — |
| FY 2026 | 1,269.83 | 30.54 | 86.09 | 121.58 | 571.47 | 338.45 | — |
| Jun 2026 (interim) | 397.55 | 15.08 | 32.17 | 136.62 | 526.11 | 273.69 | 7.54 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March. Interim periods cover part of a year and are not comparable to the full-year rows.
KPIs & Valuation
- RoNW
- 11.03%
- RoE
- 11.65%
- RoCE
- 7.01%
- Debt / Equity
- 2
- EPS (pre-issue)
- ₹7.54
- EBITDA Margin
- 8.1%
- PAT Margin
- 3.8%
- NAV / share
- ₹33.73
As of 30 Jun 2026 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Peer Comparison
| Company | EPS (₹) | NAV (₹) | P/E | RoNW | P/BV | Statements |
|---|---|---|---|---|---|---|
| Bombay Coated and Special Steels | 7.64 | 30.41 | — | 25.12% | — | Restated |
| Bmw Industries Ltd. | 3.63 | 35.85 | 14.98x | 10.15% | 1.46x | Standalone |
| Manaksia Coated Metals & Industries Ltd. | 4.25 | 32.46 | 31.03x | 11.96% | 4.03x | Standalone |
| Shiv Aum Steels Ltd. | 5.47 | 88.86 | 98.54x | 4.73% | 6.13x | Standalone |
Peer group as disclosed in the offer document, figures as of 31 Mar 2026. The issuer’s P/E is computed at the upper price band.
Promoters & Shareholding
Promoters: <p>Vijaykumar Himatrai Gupta, Nitin Vijaykumar Gupta, Bhawna Nitin Gupta</p>
- Holding (pre-issue)
- 97.78%
Analysis in brief
Margin and return profile
The offer document gives a read on the operating engine behind the issue. Bombay Coated and Special Steels operates at an EBITDA margin of 8.1% and a net (PAT) margin of 3.8% — the share of revenue retained at the operating and the net level respectively. Capital efficiency reads at a return on capital employed (RoCE) of 7.01% and a return on equity (RoE) of 11.65%. These are offer-document figures for the latest reported period (as of 30 Jun 2026); they describe the business as disclosed, not how the stock will trade.
Objects of the issue
Per the offer document, the company intends to deploy the net proceeds primarily toward repayment/pre-payment, in full or in part, of certain borrowings availed by company (₹125 crore), alongside financing the cost towards acquisition of capital equipment under existing lease arrangements with siemens financial services pvt.ltd. (₹15.77 crore). In all, 3 objects are disclosed.
Financials
In FY2026, Bombay Coated and Special Steels reported revenue of ₹397.55 crore and a net profit of ₹15.08 crore. Revenue declined from ₹765.41 crore in FY2024 to ₹397.55 crore in FY2026 (-48.0%). Net worth stood at ₹136.62 crore at the end of FY2026.
Peer comparison
The offer document names listed peers including Bmw Industries Ltd. and Manaksia Coated Metals & Industries Ltd., with a median peer P/E of about 31×.
Promoters
The promoters of the company are <p>Vijaykumar Himatrai Gupta, Nitin Vijaykumar Gupta, Bhawna Nitin Gupta</p>. Promoter holding is 97.78% before the issue.
Frequently asked questions
- Who are the promoters of Bombay Coated and Special Steels and what is their holding?
- The promoters are <p>Vijaykumar Himatrai Gupta, Nitin Vijaykumar Gupta, Bhawna Nitin Gupta</p>. Promoter holding is 97.78% before the issue.
- What are the objects of the Bombay Coated and Special Steels IPO?
- The net proceeds go primarily toward repayment/pre-payment, in full or in part, of certain borrowings availed by company, among 3 disclosed objects.