Post Earnings Call - Transcript of the Post Earnings (Conference) Call held on November 10, 2025 at 3.30 P.M. (IST) are enclosed herewith.
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Awaiting price reaction for this filing.
BMW Industries reported Q2 FY'26 revenue of INR 144.9 crores with EBITDA of INR 36.9 crores (margin 25.5%, up 4.8% YoY) and PAT of INR 15.2 crores (margin 10.3%). Performance was hurt by temporary issues in TMT and CGL segments due to raw material shortages at customer end and pending contract renewals with a key TMT customer (negotiations reportedly in final stages). Management reaffirmed its 3-year guidance of ~75% revenue CAGR, ~45% EBITDA CAGR, and ~40% PAT CAGR, while guiding EBITDA margin to normalize to ~11% by FY'28 as the business model shifts toward integrated steel processing. The Bokaro Greenfield project remains on track with Phase 1 color-coated commercial operations slated for Q1 FY'27, backed by INR 800 crores total capex (INR 500 crores via debt). Credit rating was reaffirmed at A by India Ratings (Fitch Group), and dividend payout guidance of 13-15% was maintained.
Margin normalization to ~11% by FY'28 from today's ~25% looks like near-term pressure on profitability metrics, but the sharp 75% revenue CAGR target and Bokaro project ramp-up are the key upside catalysts for the stock over the next 2-3 years. Investors should track progress on TMT contract closure and Bokaro Phase 1 execution as these will validate the growth story.