Intimation regarding assignment and affirmation of Credit Rating by India Ratings and Research Private Limited
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India Ratings has assigned an IND A/Stable rating to BMW Industries' additional bank loans of ₹4,800 million and affirmed the existing rating of IND A/Stable/IND A1 on bank loan facilities of ₹2,566.80 million. The rating reflects the company's stable FY25 performance with consolidated revenue of ₹6,286 million and EBITDA margin of 23.4%, supported by its long-standing conversion business with key customer Tata Steel (contract renewed until March 2029). The company is undertaking a debt-funded greenfield capex of around ₹7,500 million in Bokaro, Jharkhand, which is expected to moderately pressure credit metrics during FY27-FY28 before improving. Existing ratings were upgraded from IND A-/Positive (April 2023) to the current IND A/Stable level, indicating strengthened credit profile.
This is a stable credit outcome for shareholders. The new ₹4,800 million facility rating enables the company's expansion plans without rating concerns, though debt-funded capex may temporarily pressure profitability metrics. Net leverage is expected to exceed 2.0x up to FY28 before normalizing.