Pursuant to Regulation 30 of SEBI Listing Regulation, 2015, please find enclosed Investor/Result Presentation on the financial results of the Company for the quarter ended June 30, 2025.
BAJAJST · price
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Bajaj Steel Industries reported weak Q1FY26 results, with consolidated revenue falling to Rs 108 Cr from Rs 141 Cr YoY and EBITDA declining to Rs 14 Cr (margin compressing to 12.6% from 15.5%), hit by delays in its main Cotton Processing Machinery segment where client sites were not ready and advances were deferred. Excluding a one-time Rs 27 Cr dividend from its US subsidiary in Q1FY25, the PAT drop looks less severe (Rs 7 Cr vs Rs 35 Cr). Diversified segments showed strong growth: Heavy Engineering revenue jumped 74% to Rs 13 Cr, Infrastructure (PEBs) rose 44% to Rs 26 Cr, and Electrical Panels grew 36% to Rs 10 Cr. The order book stood healthy at Rs 563 Cr, with Cotton Processing making up Rs 440 Cr. Management unveiled a Rs 300-350 Cr capex plan over 2-3 years, with major allocation to Heavy Engineering (Rs 100-110 Cr) and Infrastructure (Rs 100-110 Cr), while Cotton Processing gets only Rs 10 Cr in maintenance capex, signalling a clear pivot toward diversification.
Near-term sentiment may be weak given the sharp sequential decline in core cotton machinery revenues and margin compression, but the strong Rs 563 Cr order book, net cash balance sheet (net D/E of -0.05x), CRISIL A/Stable rating, and visible multi-year capex roadmap into higher-growth segments like Heavy Engineering and PEBs provide comfort on the medium-term growth path.