Transcript of the Post Earnings (Conference) Call held on Monday, 19th May, 2025 at 3.30 P.M. (IST) are enclosed herewith.
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BMW Industries reported Q4 FY25 operational revenue of INR 157 crores, up 14.4% YoY, with full-year FY25 revenue at INR 629 crores (+5.1% YoY). Full-year operating EBITDA was INR 147 crores at a 23.4% margin, and PAT stood at INR 75 crores (11.8% margin). The Board recommended a final dividend of INR 0.43 per share. The company announced a major greenfield investment of INR 803 crores in Bokaro for coated and plated steel processing, with Phase 1 expected operational by end of FY26, qualifying under the Government of India's PLI 1.1 Scheme. Long-term contracts with key customers were renewed through FY29. Management guided for consolidated revenue CAGR of ~75%, EBITDA CAGR of ~45%, operating EBITDA margin moderating to ~11% by FY28, PAT margin stabilizing at ~5%, and ROCE above 18% over the next 3 years.
Shareholders should note the significant capacity expansion funded partly by ~INR 500 crores of additional debt will dilute margins as the business pivots from a low-raw-material conversion model to a raw-material-intensive downstream steel processing model. While absolute revenue and PAT are expected to grow sharply (PAT CAGR ~40%), the structural margin compression from mid-20s% to ~11% EBITDA margin is a key shift to monitor.