Transcript of the Post Earnings (Conference) Call held on July 29, 2025 at 3.30 P.M. (IST) on the un-audited financial results of the Company for the quarter ended June 30, 2025 are enclosed herewith.

BMW Industries reported Q1 FY26 revenue of Rs. 148.7 crores, down 5.4% sequentially and 14.4% year-on-year, due to a temporary shutdown at a key customer that hit CRM, rolling mill, and partially Tubes volumes. Operating EBITDA margin fell to 21.2% from 24.4% a year ago, though management called this a one-off. Profit after tax stood at Rs. 15.2 crores (9.9% margin). During the quarter, the company commissioned two new tube mills and a 1.28 MW rooftop solar plant at Jamshedpur, raising tube capacity by 60,000 MTPA to ~600,000 MTPA. Management reiterated 3-year guidance of ~75% consolidated revenue CAGR and ~45% EBITDA CAGR, driven by the phased commissioning of the Rs. 803 crore Bokaro Greenfield project, with the color-coated sheet plant expected to begin revenue by Q4 FY26. Consolidated EBITDA margin is guided to moderate to ~11% by FY28 (from mid-20s today) as the business shifts to an integrated downstream steel model with raw materials forming 80% of revenue. PAT is expected to grow at 40% CAGR with ROCE over 18%. Order book stands at around Rs. 2,000 crores (Rs. 365 cr from Tata Steel Tubes, Rs. 1,700 cr for CGL-3). Peak debt-equity will not exceed 2:1, funded through debt and internal accruals.