Bombay Coated and Special Steels IPO

GMP History

Financial Performance

As disclosed by Bombay Coated and Special Steels in its offer document.

Strengths and risks

Taken from Bombay Coated and Special Steels's own offer document — not Arthneeti's assessment.

• ✓The company has been an authorised service partner of JSW Steel Coated Products Limited (JSWSCPL) since 2021. JSWSCPL accounted for 85.13%, 86.65%, 90.61%, and 84.58% of the company’s total steel coil purchases in the three months ended June 30, 2026, and FY26, FY25, and FY24, respectively.
• !The company depends substantially on JSW Steel Coated Products Ltd (JSWSCPL) for its steel coil requirements. JSWSCPL accounted for Rs 239.77 crore (85.13%) of total steel coil purchases in the three months ended June 30, 2026; Rs 1,034.21 crore (86.65%) in FY26; Rs 869.18 crore (90.61%) in FY25; and Rs 557.94 crore (84.58%) in FY24. Any disruption in supplies, adverse changes in commercial terms, or termination of the authorised service partner arrangement could affect the company’s production, customer deliveries, and profitability.
• ✓The company serves original equipment manufacturers (OEMs) and original design manufacturers (ODMs), including Haier Appliances India, IFB Refrigeration, Amber Enterprises India, Dixon Electro Manufacturing and Western Refrigeration. Revenue from existing customers accounted for 98.05%, 96.08%, 93.76% and 87.88% of revenue from operations in the three months ended June 30, 2026, and FY26, FY25 and FY24, respectively.
• !The company reported negative cash flows from investing activities of Rs 0.68 crore in the three months ended June 30, 2026, Rs 35.03 crore in FY26, Rs 41.76 crore in FY25, and Rs 52.85 crore in FY24. These outflows were primarily due to purchases of capital assets and increases in other non-current financial assets and other non-current assets, partly offset by changes in fixed or restricted bank deposits, proceeds from the sale of capital assets, and interest income. The company also reported negative cash flows from financing activities of Rs 73.34 crore in the three months ended June 30, 2026, compared with positive cash flows of Rs 33.71 crore in FY26, Rs 11.57 crore in FY25 and Rs 39.56 crore in FY24. Any continued negative cash flows could affect the company’s ability to meet working capital requirements, service its debt, fund capital expenditure and implement expansion plans without raising additional funds, which may adversely affect its business and financial condition.

About Bombay Coated and Special Steels

Bombay Coated and Special Steels Limited is a steel processing company that converts steel coils into processed steel products for original equipment manufacturers (OEMs) and original design manufacturers (ODMs). Its products include slit coils, embossed slit coils, blanks, embossed blanks, and sheared blanks. The company processes coated, hot-rolled, non-coated, and galvanised steel coils for applications in home appliances, automotive manufacturing, electrical equipment, refrigeration, ventilation systems, and pharmaceutical cleanroom infrastructure. It also provides logistics and inventory management services to support the supply of processed steel products to customers. The company operates four manufacturing facilities located in Wada and Bhiwandi in Maharashtra, Ghiloth in Rajasthan, and Sri City in Andhra Pradesh. These facilities are equipped with slitting, cut-to-length, shearing, and embossing lines. As of June 30, 2026, the company had an aggregate installed processing capacity of 123,153 metric tonnes per annum (MTPA). Since 2021, it has been an authorised service partner of JSW Steel Coated Products Limited.