BMW Ventures fabrication targets 10% of EBITDA by H1 FY28

BMW Ventures Limited is targeting fabrication to contribute 5% of revenue and 10% of total earnings before interest, taxes, depreciation and amortisation (EBITDA) by H1 FY28, after fabrication revenue increased to Rs 17.1 crore in H1 FY27 from Rs 8.5 crore in H1 FY26. The plan is based on its 24,000-metric-tonne installed fabrication capacity.

What is BMW Ventures targeting from fabrication by H1 FY28?

BMW Ventures is targeting fabrication to account for 5% of company revenue and 10% of total EBITDA by H1 FY28. Management said in its November 4, 2026 presentation that fabrication is expected to emerge as a significant EBITDA contributor in FY27 as order inflows and project execution improve. The presentation does not state a fabrication revenue or EBITDA target in rupees.

BMW Ventures gives fabrication an indicative EBITDA margin profile of 9% to 11%, compared with its company-wide EBITDA margin of 3.0% in Q2 FY27. This is an indicative profile rather than a disclosed segment margin, but it explains why management expects fabrication to have a greater share of EBITDA than revenue. Company-wide EBITDA was Rs 22.1 crore in Q2 FY27, up 11% year on year, while revenue from operations rose 46% to Rs 731.3 crore.

The business includes pre-engineered buildings (PEBs) and steel girders. PEB fabrication began in November 2022, while production of Railway Design and Standards Organisation (RDSO)-approved steel girders started in July 2023. BMW Ventures has launched BMW Prefab for fabrication and turnkey PEB solutions, completed its first in-house turnkey project, secured orders from MEIL and Royal Infracostru, and said the Kolkata airport hangar was nearing completion.

How much has BMW Ventures’ fabrication revenue grown?

BMW Ventures’ fabrication revenue rose to Rs 17.1 crore in H1 FY27 from Rs 8.5 crore in H1 FY26. PEB revenue increased by Rs 9.6 crore to Rs 16.5 crore, while steel-girder revenue declined by Rs 1.0 crore to Rs 0.6 crore. The reported increase in total fabrication revenue was therefore driven by PEBs.

PEBs represented Rs 16.5 crore of the Rs 17.1 crore fabrication total in H1 FY27, compared with Rs 6.9 crore of Rs 8.5 crore a year earlier. Steel girders made up the smaller part of the latest half-year revenue despite an RDSO-approved production facility. BMW Ventures did not disclose fabrication volumes, capacity utilisation, individual project profitability or segment EBITDA for either half year.

The wider business remains led by steel distribution. In Q2 FY27, long-product revenue was Rs 517.1 crore and flat-product revenue was Rs 184.5 crore, against total revenue from operations of Rs 731.3 crore. The company notes that the long and flat product figures do not fully reconcile with quarterly revenue because fabrication and other miscellaneous products make up the balance.

What fabrication order book has BMW Ventures disclosed?

BMW Ventures reported a fabrication order book of Rs 76.5 crore as of October 1, 2026, comprising Rs 50.8 crore of PEB orders and Rs 25.7 crore of steel-girder orders. The total was Rs 11.9 crore below the Rs 88.4 crore order book reported on April 1, 2026.

The change differed by product line. The PEB order book decreased by Rs 17.4 crore over the six-month period, while steel-girder orders increased by Rs 5.5 crore. BMW Ventures did not disclose order intake, cancellations, project completion dates or a revenue-conversion schedule, so the presentation does not establish how much of the October order book will convert into H2 FY27 revenue.

Management also cited a strong pipeline for bore-piling cages and ready-built steel under value-added distribution. The company said these activities could improve margins through volume-led value-added distribution, but did not disclose a pipeline value, order book, revenue target or margin for them. These products are separate from the disclosed PEB and steel-girder fabrication tables.

What fabrication capacity and facilities does BMW Ventures have?

BMW Ventures has 24,000 metric tonnes of installed fabrication capacity and 88,280 square feet of dedicated fabrication area. The presentation says the company can increase utilisation of existing capacity without major new capital expenditure, but it does not disclose current utilisation, maintenance expenditure or equipment expansion plans.

The Purnea facility in Bihar contains both the PEB fabrication operation and the RDSO-approved railway-girder fabrication plant. The 12-acre site has 20,000 metric tonnes of storage capacity and dispatch capacity of 1,200 metric tonnes a day, or 350,000 metric tonnes a year. Across its operating network, BMW Ventures reported 88,000 metric tonnes of storage capacity and 3,950 metric tonnes of daily dispatch capacity.

BMW Ventures links fabrication demand to industrial warehousing, logistics, railways, metro systems, airports, ports, highways, bridges and flyovers. These are listed as growth drivers rather than contracted projects. The company also reported 73 acres of available land parcels and six stockyards, while its Q2 FY27 workforce was 819, up 17% year on year.

How does fabrication fit with BMW Ventures’ distribution business?

BMW Ventures is adding fabrication alongside a larger distribution business weighted toward long and flat steel products. Long-product revenue increased 49% year on year to Rs 517.1 crore in Q2 FY27 from Rs 348.1 crore, while flat-product revenue rose 38% to Rs 184.5 crore from Rs 133.5 crore. Long-product volume rose 21% and flat-product volume increased 25%.

TMT bars represented 98% of long-product revenue mix and galvanised wires represented 2%. In flat products, galvanised corrugated sheets accounted for 28%, galvanised plain sheets 21%, hot-rolled sheets 15%, colour-coated sheets 11%, cold-rolled sheets 5% and structural products 20%. Fabrication therefore extends BMW Ventures’ offering from distribution into PEB and steel-girder project execution.

BMW Ventures sold 108,617 tonnes in Q2 FY27 and reported 1,400 dealers, up 7.7% year on year. Its five largest customers generated Rs 68.2 crore, or 9.3% of revenue, compared with Rs 35.9 crore, or 7.1%, in Q2 FY26. The company’s gross margin declined to 8.8% from 10.4% and its EBITDA margin declined to 3.0% from 4.0% over the same period.

Conclusion

BMW Ventures’ disclosed fabrication data shows that segment revenue rose from Rs 8.5 crore in H1 FY26 to Rs 17.1 crore in H1 FY27, led by PEBs, while its fabrication order book stood at Rs 76.5 crore on October 1, 2026. Management’s H1 FY28 objective is for fabrication to produce a 5% share of revenue and a 10% share of EBITDA, supported by a 24,000-metric-tonne platform.

The next disclosed milestones are fabrication’s expected emergence as a significant EBITDA contributor in FY27 and progress toward the H1 FY28 contribution target. BMW Ventures has also stated that it can raise use of existing fabrication capacity without major new capital expenditure, while execution of the October 2026 order book remains an unresolved factor in the presentation.