BMW Industries FY26: Record Q4, Bokaro Phase 1 Nears Start

In Q4 FY26, operating income was INR 209.50 crore, operating EBITDA was INR 57.66 crore and PAT was INR 33.16 crore. The company reported operating EBITDA margin of 27.5 percent and PAT margin of 15.4 percent.

For FY26, operating income was INR 665.23 crore, operating EBITDA was INR 165.14 crore and PAT was INR 81.12 crore, with operating EBITDA margin of 24.8 percent and PAT margin of 11.9 percent.

The presentation states a total project cost of INR 803 crore for the greenfield downstream steel complex at Bokaro. As of 31 March 2026, capex deployed was INR 252.7 crore, funded by INR 109.2 crore internal accruals and INR 143.5 crore debt drawdown.

Management stated Phase 1 is expected to be commissioned in Q1 FY27. On the May 2026 call, management indicated cold trials before end-May 2026 and hot trials in June 2026, with meaningful sales expected from Q2 FY27 after stabilization.

Management reiterated a revenue CAGR of approximately 75 percent over FY25 to FY28, driven by the phased commissioning and ramp-up of the Bokaro project and organic growth in existing verticals.

Management guided blended EBITDA margins to stabilize around 12 to 13 percent and blended PAT margins around 5 to 6 percent by FY28 as integration benefits and operating leverage materialize.

The presentation states the company tied up INR 500 crore in debt from a consortium led by SBI, HDFC Bank and Yes Bank. As of 31 March 2026, debt drawdown for the project was INR 143.5 crore.