An Investors Presentation on the Financial Results for the Quarter ended June 30, 2025, is enclosed herewith.
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BMW Industries reported Q1 FY26 operating income of ₹14,869 lakhs, down 14.4% year-on-year and 5.4% sequentially, primarily due to a one-time 45-day shutdown by a key customer that hit CRM and Rolling Mill volumes. Operating EBITDA fell 25.8% YoY to ₹3,145 lakhs with margins contracting 326 basis points to 21.2%, blamed on transitory fixed-cost absorption on a lower revenue base. Profit after tax declined 32% YoY to ₹1,520 lakhs (PAT margin 9.9%). Management highlighted that capacity expansion is on track, with two new Tube Mills and a 1.28 MW rooftop solar installation commissioned at Jamshedpur, raising Tube capacity to ~6,00,000 MT. The ₹803 crore Greenfield project in Bokaro is progressing, with the Colour-Coated Sheet segment expected to start generating revenue by Q4 FY26, and the company remains qualified under the PLI 1.1 specialty steel scheme.
Near-term numbers are weak due to a temporary customer shutdown, but management expects volume recovery in coming quarters as customer operations stabilize. The ongoing capacity expansion and PLI qualification could support longer-term growth, though near-term margin pressure and rising debt (Net Debt/EBITDA at 1.31) warrant close monitoring.