Earning Presentation on the unaudited standalone and consolidated financial results for the quarter and half year ended on September 30, 2025 is enclosed herewith
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BMW Industries reported Q2 FY26 operating income of ₹14,489 lakhs, down 3.6% YoY due to muted topline growth from temporary challenges in the TMT and Cold Rolling Mill (CRM) segments. TMT volumes were hit by raw material constraints and pending contract renewals with a key customer, while CRM volumes suffered from raw material shortages at the customer end. Despite the revenue dip, Operating EBITDA rose 4.8% YoY to ₹3,691 lakhs with margins expanding 203 bps to 25.5%, supported by a strategic shift toward proprietary GI product sales. Profit after tax fell 15.2% YoY to ₹1,515 lakhs (margin 10.3%) on higher depreciation and finance costs. For H1 FY26, operating income stood at ₹29,357 lakhs with PAT of ₹3,035 lakhs. The Bokaro Greenfield project (₹803 crore) remains on track with the first plant expected in early FY27, and the company is qualified under the PLI 1.1 specialty steel scheme.
Margin expansion to 25.5% despite revenue decline signals improving operational efficiency, though weak TMT and CRM volumes remain near-term concerns. The ₹803 crore Greenfield expansion, PLI qualification, and ₹365 crore order pipeline through H1 FY27 provide strong revenue visibility and a multi-year growth runway for shareholders.