Transcript for the Investor''s Conference Call held on January 30, 2026 for the Unaudited Standalone and Consolidated Financial Results for the Third Quarter and Nine Month ended December 31, 2025.
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BMW Industries reported Q3 FY26 operating income of Rs.162.16 crores, up 9.9% year-on-year and 11.9% quarter-on-quarter, with operating EBITDA of Rs.38.55 crores (margin 23.8%) and PAT of Rs.17.61 crores, up 16.3% QoQ. The company achieved financial closure for its Rs.803 crore Bokaro Greenfield downstream steel project, tying up Rs.500 crores in long-term debt from an SBI-led consortium (with HDFC and YES Bank) at sub-8% interest. Management reaffirmed ambitious medium-term targets: consolidated revenue CAGR of ~75%, operating EBITDA CAGR of 45%, and PAT CAGR of 35-40% over the next three years. CRM segment dispatches rose 18.1% sequentially and the TMT contract with Tata Steel was renewed for 12 months till November 2026. Phase-1 commissioning of the Bokaro plant is targeted for April 2026, with full ramp-up expected by FY28.
The aggressive 75% revenue CAGR guidance and confirmed Bokaro debt funding signal strong growth visibility, but investors should note that EBITDA margins are expected to compress significantly from ~23.8% currently to ~11% by FY28 as the business shifts to an input-intensive downstream model. Stock could see positive sentiment on growth visibility and debt closure, though margin normalization may temper valuation multiples.