BMW Industries Limited delivered steady financial performance in FY26, reporting consolidated revenue from operations of ₹665.23 crore, a 5.8% increase over ₹628.62 crore in FY25. Profit after tax rose 7.9% to ₹80.77 crore from ₹74.84 crore, while earnings per share improved to ₹3.59 from ₹3.33. The year was also marked by the commencement of the company's largest-ever capital investment — a ₹803 crore greenfield integrated flat steel complex in Bokaro, Jharkhand — signalling a strategic shift from a conversion-led model towards a market-facing, value-added steel platform.

FY26 Financial Performance

The company's consolidated financials for FY26 reflected improving profitability across key metrics. EBITDA stood at ₹179.93 crore against ₹158.22 crore in FY25, with the EBITDA margin expanding to 27.05% from 25.17%. PAT margin improved to 12.14% from 11.91%.

Depreciation and amortisation rose to ₹522.65 lakhs (consolidated: ₹5,226.46 lakhs) from ₹4,409.87 lakhs in FY25, reflecting the initial impact of ongoing capital expansion. Finance costs increased to ₹1,888.15 lakhs from ₹1,432.91 lakhs, driven by higher borrowings for the Bokaro project.

Segment-wise Revenue

The CRM Complex remained the largest revenue contributor, accounting for 61% of consolidated revenues in FY26. The Pipes and Tubes segment grew 15.25% year-on-year, while the Rolling Mill (TMT Bars) segment declined 55.41% due to a strategic reduction in volumes.

Quarterly Performance in FY26

The fourth quarter of FY26 was the strongest quarter of the year, with revenues of ₹209.49 crore and profit after tax of ₹33.01 crore. EBITDA in Q4 stood at ₹6,390 lakhs, significantly higher than preceding quarters.

Post Balance Sheet: Q1 FY27 Performance

BMW Industries began FY27 with continued momentum. In Q1 FY27, revenue from operations stood at ₹166.00 crore, registering 11.6% year-on-year growth over ₹148.69 crore in Q1 FY26. Total income rose 15.1% year-on-year to ₹176.68 crore.

Profit before tax increased 24.4% year-on-year to ₹24.99 crore, while profit after tax rose 25.7% to ₹19.04 crore from ₹15.15 crore in Q1 FY26. EPS improved to ₹0.85 from ₹0.67, a 26.9% year-on-year improvement. EBITDA stood at approximately ₹44.37 crore, translating into an EBITDA margin of 25.1% versus 23.6% in Q1 FY26. Material costs moderated to 32.11% of revenue from 37.47% in the corresponding quarter of the previous year.

Capital Expenditure and Bokaro Project

Capital expenditure rose sharply to ₹285 crore in FY26 from ₹121 crore in FY25 and ₹124 crore in FY24, driven primarily by the Bokaro greenfield project. The integrated value-added flat steel facility carries a planned capital outlay of ₹803 crore, with core plant and machinery cost estimated at ₹433 crore.

The Bokaro facility is designed to add over 1 Million MTPA of coated steel capacity, spanning cold-rolled, galvanized, Galvalume/ZAM and colour-coated products. The project is supported by government incentives under the PLI 1.1 scheme. The debt portion of approximately ₹500 crore is being financed through long-term rupee-denominated debt at an interest cost of approximately 7.95% per annum, with a repayment period of 113 months and a moratorium of three years on principal repayment.

Capacity Utilisation

During FY26, the company operated with an installed capacity of 10,14,000 MTPA in its CRM Complex, 1,80,000 MTPA in the Rolling Mill (TMT), and 7,32,000 MTPA in Pipes and Tubes — expanded from 5,34,000 MTPA following additions in Q1 and Q4 FY26.

Balance Sheet and Debt Profile

Net worth strengthened 9.7% to ₹804.00 crore as on March 31, 2026, from ₹732.67 crore in the previous year. Total debt stood at ₹368.40 crore, of which approximately ₹140 crore relates to the Bokaro project. The debt-equity ratio rose to 0.46 from 0.25 in FY25, reflecting incremental borrowings for the expansion programme. Net debt increased to ₹363.82 crore from ₹142.11 crore in FY25.

Dividend and Credit Rating

The Board declared a final dividend of ₹0.43 per equity share of face value ₹1 each for FY26, with the record date set as September 5, 2026. India Ratings and Research Private Limited reaffirmed the company's long-term rating at IND A/Stable and short-term rating at IND A1 for FY26, unchanged from FY25.

Amalgamation and Corporate Developments

During FY26, the National Company Law Tribunal, Kolkata Bench approved the scheme of amalgamation of BMW Iron & Steel Industries Limited and Nippon Cryo Private Limited with BMW Industries Limited, with an appointed date of April 1, 2024. As on March 31, 2026, SAIL Bansal Service Centre Limited remains the sole subsidiary of BMW Industries Limited. The company's market capitalisation stood at ₹600 crore as on March 31, 2026, with promoter and promoter group holding 74.36% of the paid-up capital.

BMW Industries Ltd has scheduled its 44th Annual General Meeting (AGM) for September 12, 2026. The meeting will be conducted through Video Conferencing (VC) or Other Audio Visual Means (OAVM) at 11:30 am. The company disclosed this information in a filing to the BSE and Calcutta Stock Exchange, confirming that newspaper advertisements were published on August 18, 2026.

Key Agenda Items

The Board of Directors has proposed several ordinary and special resolutions for shareholder approval. Key highlights include:

• Final Dividend: A final dividend of ₹0.43 per equity share (face value ₹1) for FY26, representing a payout ratio of 43%.
• Director Reappointments: Reappointment of Mr. Vivek Kumar Bansal as Managing Director and continuation of Mr. Joginder Pal Dua as Independent Director beyond age 75.
• Capital Restructuring: Reclassification of the existing authorized share capital from multiple classes (Class A, B, and C) to a single class of 67,94,00,000 equity shares of ₹1 each. The total authorized capital remains unchanged at ₹67.94 crore.
• Constitutional Amendments: Adoption of new Memorandum of Association (MOA) and Articles of Association (AOA) aligned with the Companies Act, 2013.
• Cost Auditor Ratification: Ratification of remuneration for M/s. Sohan Lal Jalan & Associates for FY27.

E-Voting and Meeting Schedule

Shareholders can participate via remote e-voting or attend the virtual meeting. The schedule is as follows:

The register of members and share transfer books will remain closed from September 6 to September 12, 2026. Shareholders holding shares as of the cut-off date are eligible to vote. Remote e-voting is facilitated by CDSL.

Director Details

Mr. Vivek Kumar Bansal, who retires by rotation, seeks reappointment. He drew a remuneration of ₹1.2 crore in FY25-26. Mr. Joginder Pal Dua, an independent director with extensive banking experience, seeks approval to continue his tenure until August 28, 2030, despite attaining the age of 75 in August 2027. He received sitting fees of ₹5.53 lakh in FY25-26.