BMW Ventures Q1 FY27: Growth With Margin Pressure and a Fabrication Pivot

Revenue from operations was INR 608.9 crore (26 percent YoY). EBITDA was INR 20.7 crore (8 percent YoY) and PAT was INR 10.6 crore (32 percent YoY).

Gross margin declined to 9.3 percent from 10.8 percent, and EBITDA margin declined to 3.4 percent from 4.0 percent. PAT margin was 1.7 percent in both periods (as presented).

Management stated it is targeting 15 percent or higher YoY revenue growth and 20 to 25 percent or higher YoY net profit growth in upcoming quarters, with flexibility on margins due to commodity trading dynamics.

Installed fabrication capacity is 12,000 MT with indicative EBITDA margins of 9 to 11 percent. Management expects fabrication to reach 5 percent of revenue and 10 percent of total EBITDA by H1 FY28.

Land parcels disclosed include Dagarua, Purnea (16 acres), Belgachhi, Purnea (43 acres) and Hooghly near Calcutta (14 acres). Management indicated an estimated market value of about INR 80 to 90 crore (indicative).

Net debt to equity improved to 0.6x in FY26 from 2.0x in FY25, and finance cost reduced to INR 30.1 crore in FY26 from INR 37.8 crore in FY25.

The presentation attributes Q1 FY27 flat products volume decline to a temporary disruption in GP sheet shipments following the Strait of Hormuz closure.