BMW Industries Q2 FY27 results: net profit up 43.5% to ₹21.57 crore, revenue up 25.3%

How did BMW Industries perform in Q2 FY27?

BMW Industries reported consolidated revenue of ₹181.50 crore for Q2 FY27, up 25.3% from ₹144.89 crore in Q2 FY26 and 9.3% from ₹166 crore in Q1 FY27. Operating EBITDA was ₹34.81 crore, down 5.7% year on year but up 3.3% sequentially, while the EBITDA margin fell to 19.2% from 25.5% and 20.3%, respectively. PAT was ₹21.57 crore, compared with ₹15.03 crore and ₹19.04 crore, and basic EPS was ₹0.96 against ₹0.67 and ₹0.85.

On the standalone basis, Q2 FY27 revenue was ₹181.23 crore, up 25.4%, and PAT was ₹21.7 crore against profit before tax of ₹15.32 crore. The consolidated PBT was ₹28.80 crore, up 39.3% year on year and 15.2% from the previous quarter. Consolidated total income was ₹195.42 crore, while PAT attributable to the owners was ₹21.62 crore, up 42.7% year on year.

What changed in BMW Industries' costs and profit?

Profit increased year on year as other income rose to ₹13.92 crore from ₹2.07 crore, a difference of ₹11.85 crore. This was partly offset by higher operating costs: total expenses increased by ₹40.34 crore to ₹166.62 crore, with cost of materials up ₹11.93 crore, employee cost up ₹2.03 crore, finance costs up ₹1.16 crore, depreciation up ₹0.47 crore and other expenses up ₹24.67 crore. There was no exceptional item in either quarter.

The cost increase exceeded the rise in other income, which was reflected in operating EBITDA falling by ₹2.10 crore to ₹34.81 crore and the EBITDA margin declining 6.3 percentage points to 19.2%. PBT nevertheless rose by ₹8.12 crore to ₹28.80 crore, and PAT rose by ₹6.54 crore to ₹21.57 crore after tax expense increased by ₹1.58 crore to ₹7.23 crore. The filing did not state why individual expense lines changed.

Against Q1 FY27, total expenses rose ₹14.94 crore to ₹166.62 crore. Cost of materials increased ₹13.46 crore and other expenses rose ₹4.81 crore, while employee cost fell ₹0.97 crore; finance costs increased ₹0.47 crore and depreciation increased ₹0.08 crore. Other income rose ₹3.24 crore to ₹13.92 crore, while tax expense increased ₹1.28 crore to ₹7.23 crore. There was no exceptional item.

How did the first half of FY27 go?

For H1 FY27, consolidated revenue was ₹347.5 crore, up 18.4% from ₹293.57 crore in H1 FY26. Total income rose 23.8% to ₹372.1 crore from ₹300.5 crore, while PBT increased 32.0% to ₹53.8 crore from ₹40.77 crore. PAT rose 34.6% to ₹40.61 crore from ₹30.18 crore, and basic EPS increased to ₹1.81 from ₹1.34.

What do the balance sheet and cash flow show?

At 30 September 2026, total assets were ₹1,565.5 crore, compared with ₹1,290.56 crore at 31 March 2026. Total equity was ₹835.03 crore against ₹804 crore, while borrowings increased to ₹535.72 crore from ₹341.98 crore. Cash declined to ₹1.23 crore from ₹4.58 crore; inventories rose to ₹95.76 crore from ₹67.3 crore, and trade receivables fell to ₹144.19 crore from ₹150.16 crore.

H1 FY27 operating cash flow was ₹11.99 crore, compared with ₹35.78 crore in H1 FY26. Investing cash flow was ₹-179.62 crore against ₹-52.34 crore, financing cash flow was ₹164.28 crore against ₹15.39 crore, and capital expenditure was ₹181.81 crore compared with ₹83.26 crore.

How has BMW Industries done over the last 8 quarters?

Revenue and PAT peaked in Q4 FY26, at ₹209.5 crore and ₹33.01 crore respectively, before falling to ₹166 crore and ₹19.04 crore in Q1 FY27. Both recovered in Q2 FY27 to ₹181.5 crore and ₹21.57 crore. The EBITDA margin also peaked at 27.5% in Q4 FY26 and fell to 19.2% in Q2 FY27, the lowest level in the reported series.

Revenue and profit each rose year on year in each of the last four quarters. The current quarter nevertheless remained below the Q4 FY26 peaks for revenue, PAT and EBITDA margin, indicating a recovery from Q1 FY27 alongside continued margin compression.

What else did the company announce?

The board approved the unaudited standalone and consolidated financial results for the second quarter and half year ended 30 September 2026 on 5 November 2026, following review by the audit committee and receipt of the limited review report from Lodha & Co. The company also filed its earnings presentation on the same day. The same-day filings did not announce a dividend, fund raise or appointment.

What did BMW Industries' management say?

Management said the legacy business continued to show operational resilience across HRPO, cold-rolled steel, pipes and tubes, and TMT, with headroom for improving utilisation. Chairman Ram Gopal Bansal said the focus would remain on improving capacity utilisation, ramping up the new Bokaro facilities, expanding proprietary operations and value-added products, and maintaining operational efficiencies and prudent capital deployment.

The first phase of the Greenfield Downstream Steel Complex at Bokaro was commissioned, with the colour-coating line receiving its Consent to Operate on 5 October 2026. Management said ₹516.4 crore had been deployed by 30 September 2026, comprising ₹208.9 crore from internal accruals and ₹307.5 crore through debt. Proposed Bokaro capacity includes 5,50,000 TPA for cold-rolled full hard coils, 5,40,000 TPA for GA/GI/ZAM coils and 2,00,000 TPA for colour-coated coils.

The presentation did not state revenue or margin guidance and excluded PLI and Jharkhand policy incentives from financial guidance. It also identified lower operating EBITDA and PAT margins, higher leverage, a longer cash conversion cycle and the remaining Bokaro capacity as risks. No analyst questions or management responses were included in the available filing excerpts.

How did BMW Industries shares react?

The stock initially rose 0.3% within five minutes of the filing appearing, then fell 0.9% after 15 minutes and 1.5% after 30 minutes. It closed the reaction day up 1.4% from the pre-results close of ₹50.4. The Iron & Steel Products sector median rose 0.5%, so BMW Industries outperformed the industry by 0.9 percentage points; no next-day or five-day reaction was available.

Earlier results-day moves were mixed: the shares rose 16.4% on 6 May 2026 and 3.1% on 19 August 2026, while they fell 3.3% on 29 January 2026 and 2.7% on 28 July 2025. The 6 May 2026 move was the largest among the listed past reactions.

How did other Iron & Steel Products companies do?

Among 46 other Iron & Steel Products companies compared for the quarter, the median revenue growth was 13.4%. Of the companies for which profit was compared, 29 reported higher profit. Of the peers with revenue growth figures, 27 grew more slowly than BMW Industries and 19 grew faster than the company.