BSE: 542669
BMW INDUSTRIES LIMITED
Operates as a downstream steel processor, converting semi-finished steel into cold-rolled coils, galvanized and galvalume coils and sheets, colour-coated coils, MS/GI pipes and tubes, and TMT rebars. Plants run from Jamshedpur, Howrah and Kolkata, with the legacy business moving from a conversion-only model to an integrated buy-and-sell model. FY26 CRM complex utilisation reached 70.9%, and pipes and tubes production rose to 201,000 MT from ~177,000 MT, with utilisation being lifted from 34% toward 60-65%. A greenfield downstream steel complex is being built at Bokaro spanning ~6 lakh tonnes per year across galvanizing, galvalume, ZAM and colour-coating lines, at a project cost of INR803 crore; phase-1 commissioning starts Q1 FY27 with the colour-coating line first, and full ramp-up is targeted by FY28. Materials, primarily raw steel, are the largest cost line at 41.5% of revenue, while FY26 revenue was INR665 crore at an EBITDA margin of 27.05%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Cold rolling and coating (CRM), Pipes and tubes, Bokaro greenfield (under construction). Asset-heavy downstream steel processing, transitioning from conversion-only to integrated buy-and-sell
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 447 | 562 | 598 | 629 | 665 |
| EBITDA (ex other income) | 105 | 130 | 146 | 147 | 165 |
| margin % | 23.6 | 23.1 | 24.5 | 23.4 | 24.8 |
| Owners' profit | 35 | 54 | 64 | 75 | 81 |
| EPS, as reported (₹) | 1.55 | 2.42 | 2.83 | 3.33 | 3.59 |
| ROE % · ROCE % | 6.3 · 9.9 | 9.0 · 13.2 | 9.6 · 13.6 | 10.2 · 12.6 | 10.0 · 11.6 |
| Debt / equity (x) | 0.43 | 0.36 | 0.13 | 0.19 | 0.43 |
| Cash from operations | 64 | 126 | 268 | 125 | 83 |
| Capex | 0 | (64) | (124) | (121) | (285) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 150 | 148 | 157 | 149 | 145 | 162 | 209 | 166 |
| Profit before tax | 25 | 22 | 23 | 20 | 21 | 21 | 47 | 25 |
| Net profit | 18 | 17 | 18 | 15 | 15 | 18 | 33 | 19 |
| EPS (₹) | 0.79 | 0.76 | 0.78 | 0.67 | 0.67 | 0.78 | 1.47 | 0.85 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| WELSPUN CORP LIMITED | 67,533 | 29.2 | 7.18 | 28.8 | 17.2 | 14.9 | 21.1 | 18.5 |
| APL APOLLO TUBES LTD | 60,250 | 49.0 | 11.38 | 31.4 | 22.7 | 26.1 | 22.1 | 8.0 |
| SHYAM METALICS AND ENGY L | 31,861 | 28.4 | 2.58 | 12.9 | 8.6 | 11.4 | 24.1 | 14.9 |
| RATNAMANI MET & TUB LTD. | 16,161 | 37.3 | 3.84 | 18.9 | 12.7 | 15.6 | 14.4 | 18.5 |
| JINDAL SAW LIMITED | 15,396 | 23.5 | 1.25 | 8.5 | 7.5 | 6.8 | 10.9 | 9.4 |
| USHA MARTIN LTD. | 14,152 | 27.9 | 4.29 | 18.6 | 14.1 | 17.7 | 12.0 | 21.0 |
| GALLANTT ISPAT LIMITED | 13,005 | 29.9 | 3.92 | 17.3 | 14.6 | 16.8 | 34.4 | 17.8 |
| GODAWARI POW & ISP LTD | 12,751 | 14.9 | 2.18 | 9.7 | 13.7 | 17.0 | 5.7 | 21.0 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 13.0 | 15.4 | 39 of 105 | 64% |
| P/B | 1.4 | 1.5 | 48 of 101 | 53% |
| ROCE | 9.9 | 9.1 | 53 of 115 | 54% |
| ROE | 10.1 | 8.6 | 43 of 103 | 59% |
| Debt / Equity | 0.4 | 0.2 | 75 of 101 | 26% |
| EBITDA margin | 26.7 | 11.0 | 15 of 100 | 86% |
| Revenue growth | 11.6 | 13.7 | 51 of 97 | 48% |
| Profit growth | 25.7 | 29.3 | 55 of 105 | 48% |
| Market cap | 1102 | 216 | 34 of 122 | 73% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 8 Oct 2026 · RTA compliance certificate for Q2 ended September 2026 filed with BSE | compliance | minimal | — | — |
| 5 Oct 2026 · BMW Industries commissions colour coating line at Bokaro greenfield project | capex operations | high | — | — |
| 5 Oct 2026 · BMW Industries commissions first phase of Greenfield Steel Complex at Bokaro | capex operations | high | — | — |
| 28 Sept 2026 · Trading window closed from Oct 1, 2026 for Q2 results | compliance | minimal | — | — |
| 21 Sept 2026 · BMW Industries to attend Bharat Connect investor conference on 29 September 2026 | board shareholder meetings | low | — | — |
| 14 Sept 2026 · 44th AGM completed: All 8 resolutions passed, Rs 0.43 dividend approved | board shareholder meetings | low | — | — |
| 12 Sept 2026 · 44th AGM held, 43% final dividend confirmed for FY26 | board shareholder meetings | low | — | — |
| 21 Aug 2026 · AGM notice and annual report dispatch confirmed via newspaper publication | compliance | minimal | — | — |
| 20 Aug 2026 · BMW Industries Q1 FY27 call: PAT up 26%, reiterates FY28 growth targets | investor communications | medium | — | — |
| 19 Aug 2026 · Notice of 44th AGM on September 12, 2026 with dividend and capital changes | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.