Transcript of the Investor/Analyst Conference Call held on 7th May, 2026 for the Audited Standalone and Consolidated Financial Results for the Fourth Quarter and Financial Year ended 31st March, 2026
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BMW Industries Limited reported its highest ever quarterly and annual profits for Q4 and FY26. Q4 operating income was INR210 crores with EBITDA margin of 27.5%, while full year operating income reached INR665 crores with EBITDA of INR165 crores (24.8% margin) and PAT of INR81 crores (11.9% margin). The company declared a dividend of INR0.43 per share. The Bokaro greenfield project remains on track for phased commissioning starting Q1 FY27, with color coating first, followed by Galvalume. Management guided for 75% revenue CAGR from FY25-FY28, with EBITDA CAGR of ~45% and PAT CAGR of ~40%, expecting blended margins to stabilize at 12-13% EBITDA and 5-6% PAT by FY28. Peak debt is expected to reach INR700-800 crores by FY28 as the INR803 crore Bokaro capex is completed.
The strong results and multi-year growth guidance indicate solid execution capability. The shift from a conversion-only model to an integrated buy-and-sell model at Bokaro will substantially increase absolute revenue while initially diluting margin percentages. The company's existing facilities can generate INR800-900 crores at peak utilization, while the Bokaro project targets ROCE above 15%.