BMW Industries Limited released the transcript of its Investors'/Analyst Meet Conference Call held on May 07, 2026, covering audited standalone and consolidated financial results for the fourth quarter and financial year ended March 31, 2026. The filing was made pursuant to Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and submitted to BSE Limited and The Calcutta Stock Exchange Limited on May 11, 2026. The transcript and audio recording are available on the company's official website at www.bmwil.co.in . The filing was signed by Vikram Kapur, Company Secretary & Compliance Officer (M.No.: A9812).

Record Financial Performance in Q4 and Full Year FY26

Managing Director Harsh Bansal opened the call by highlighting the company's strongest-ever quarterly and annual results. The following table summarizes the key financial metrics reported:

The Board recommended a final dividend of INR0.43 per share, reflecting a payout ratio of 12%. Net debt for the year stood at INR364 crores with a net debt-to-equity ratio of 0.45x. This includes INR143 crores drawn down for the Bokaro greenfield project; excluding Bokaro-related borrowings, the net debt-to-equity ratio stood at 0.27x. The company deployed INR109 crores of internal accruals into the Bokaro expansion during the year.

Operational Highlights: Capacity Utilization and Production Growth

BMW Industries reported strong operating momentum across its downstream businesses during FY26. The CRM complex production increased to approximately 718,000 metric tons, with annualized utilization improving to 70.90% from 66.90% in the December quarter. The pipes and tubes segment also recorded healthy production growth, with output rising to 201,000 metric tons from approximately 177,000 metric tons in FY25. Installed capacity in the pipes and tubes segment increased from less than 6 lakh tons to approximately 7.32 lakh tons, though utilization currently stands at approximately 34.20%. Management indicated a target utilization of 60% to 65% for the pipes and tubes segment over the next two to three years.

Bokaro Greenfield Project: Commissioning Timeline and Capacity

The greenfield downstream steel complex at Bokaro remains a central focus of the company's growth strategy. Management confirmed that cold trials are expected before the end of May 2026, with hot trials planned for June 2026. Saleable production of the color coated segment is expected to commence in Q1 FY27, with meaningful sales anticipated from Q2 FY27 onwards. The following table outlines the Bokaro project's key capacity parameters:

Management noted that capitalization will occur on a phased basis as each section of the project is commissioned. Subsidies received under the Jharkhand Industrial and Investment Promotion Policy — including capital subsidy, SGST reimbursement, and power duty incentives — will be used to repay debt, as committed to the lending bank. The company has also partnered with Indian Oil Corporation for the supply of piped natural gas at Bokaro, enabling cleaner and more cost-efficient operations.

Strategic Guidance and Growth Outlook

Management reiterated its earlier guidance of approximately 75% revenue CAGR over the FY25 to FY28 period, driven primarily by the phased commissioning and ramp-up of the Bokaro greenfield project alongside continued organic growth in existing business verticals. EBITDA and PAT are expected to grow at CAGRs of approximately 45% and 40% respectively over the same period. Blended EBITDA and PAT margins are expected to stabilize at approximately 12% to 13% and 5% to 6% respectively by FY28. At peak utilization, the legacy business is expected to generate revenues in the range of INR800 crores to INR900 crores. On a blended basis, the company targets a return on capital employed (ROCE) of 15% or above. Peak long-term debt is expected to reach approximately INR700 crores to INR800 crores over the next 12 to 15 months. Management also highlighted the ZAM (Zinc-Aluminium-Magnesium) coated product opportunity, noting that ZAM provides approximately 5x to 6x the life of standard zinc coatings, with growing demand from sectors such as solar energy. The Bokaro facility will operate under the BMW brand on a B2B model, with working capital cycles targeted at 30 to 40 days.

Earnings Call Details

The following table summarizes the key details of the conference call and regulatory filing:

BMW Industries Limited's Board of Directors convened on May 6, 2026, and approved the audited standalone and consolidated financial results for the fourth quarter and financial year ended March 31, 2026. The board also recommended a final dividend and reappointed key auditors. The financial results were reviewed by the Audit Committee on May 5, 2026, and audited by M/s. Lodha & Co. Alongside the results, the company released its FY26 Investor Presentation, providing a comprehensive overview of its financial performance, operational highlights, and strategic growth plans. Subsequently, on May 7, 2026, the company submitted revised standalone financial results to the stock exchanges under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, to correct inadvertent typographical and rounding-off errors identified in the Audited Statement of Standalone Cash Flow for the financial year ended March 31, 2026. The company confirmed that except for these corrections, there is no other change in the figures reported in the audited standalone and consolidated financial results, and that the financial results filed with the stock exchanges do not contain any misleading information. Further, pursuant to Regulation 30 and 47 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, BMW Industries filed the newspaper advertisement of its audited standalone and consolidated financial results on May 7, 2026, published in Business Standard (English — All Edition) and Bartaman (Bengali Edition).

Board Meeting Outcomes

The Board addressed the following key matters at their meeting:

Consolidated Financial Performance

BMW Industries reported its highest-ever quarterly and annual Profit After Tax (PAT). For Q4 FY26, the company recorded a PAT of ₹3,316 lakhs, a significant increase from ₹1,762 lakhs in Q4 FY25. Total income for the quarter rose to ₹21,574 lakhs. For the full year FY26, PAT reached ₹8,112 lakhs compared to ₹7,505 lakhs in the previous year, with total income of ₹68,002 lakhs.

Standalone Financial Results

On a standalone basis, the company reported revenue from operations of ₹66,407.42 lakhs for FY26, with total income of ₹67,878.34 lakhs. Profit for the year stood at ₹8,163.37 lakhs, with basic and diluted EPS of ₹3.63. The revised standalone cash flow statement reflects net cash flow from operating activities of ₹8,359.84 lakhs, net cash used in investing activities of ₹(23,331.07) lakhs, and net cash from financing activities of ₹15,258.04 lakhs, resulting in a net increase in cash and cash equivalents of ₹286.81 lakhs for the year ended March 31, 2026. Cash and cash equivalents at the end of the year stood at ₹451.00 lakhs.

Multi-Year Financial Summary

The investor presentation provided a multi-year view of the company's financial performance, highlighting consistent growth in operating income and profitability. The following table summarises key Profit & Loss metrics across recent financial years (all figures in ₹ Lakhs):

Revenue Breakup

The company's revenue is diversified across multiple business segments. The segment-wise revenue breakdown (in ₹ Lakhs) is as follows:

Balance Sheet & Key Ratios

On a consolidated basis, total assets grew to ₹1,29,056 lakhs as at March 31, 2026, from ₹1,01,555 lakhs in the previous year. Total equity (Net Worth) stood at ₹80,400 lakhs. Net Debt stood at ₹36,382 lakhs as of March 31, 2026, with a Net Debt/Equity ratio of 0.45. The balance sheet summary and key financial ratios are presented below (all figures in ₹ Lakhs unless stated):

Operational Highlights

The investor presentation detailed the company's installed capacities and production volumes across its legacy business segments as of March 2026:

The Pipes & Tubes capacity was progressively expanded during the year — from 5,34,000 MT to 6,00,000 MT in Q1 FY26 (commissioned May 2025), and further to 7,32,000 MT in Q4 FY26 (commissioned March 2026), bringing total commissioned tube capacity to 7,32,000 TPA.

Strategic Developments & Bokaro Expansion

Commenting on the results, Mr. Ram Gopal Bansal, Chairman, highlighted the commencement of the Greenfield Downstream Steel Complex at Bokaro, with Phase 1 expected to be commissioned in Q1 FY27. The total project cost stands at ₹803 crore, with total capex of ₹252.7 crore deployed as of March 31, 2026 — comprising ₹109.2 crore of internal accruals and ₹143.5 crore of debt drawdown. The company has tied up ₹500 crore in debt from a consortium led by SBI, HDFC Bank, and Yes Bank to fund the expansion. The Bokaro facility is qualified under the PLI 1.1 Scheme for the Coated/Plated Steel category, enabling performance-linked incentives on sales up to FY29, and also benefits from Jharkhand's Industrial & Investment Promotion Policy, including capital subsidies, SGST reimbursements, and power-duty incentives.

The future installed capacities at the Bokaro facility are outlined below:

The company also entered a strategic partnership with Indian Oil Corporation Limited for the supply of Piped Natural Gas (PNG) at the Bokaro facility to support sustainable operations. On the ESG front, BMW Industries has installed solar panels across its facilities to reduce its carbon footprint, achieved zero liquid discharge at all plants, and has planted 5,000 out of a targeted 10,000 trees at its factory premises.