BMW Industries Limited announced its unaudited standalone and consolidated financial results for the third quarter and nine months ended December 31, 2025. The Board of Directors approved these results at their meeting held on January 29, 2026, following review and recommendation by the Audit Committee on January 28, 2026.

Standalone Financial Performance

The company's standalone operations showed mixed performance during the third quarter of FY26. Revenue from operations increased to ₹16,186.25 lakhs in Q3FY26 from ₹14,692.10 lakhs in Q3FY25, representing growth in the current quarter.

Consolidated Results

The consolidated financial results, which include the subsidiary Sail Bansal Service Centre Limited, showed similar trends. Consolidated revenue from operations for Q3FY26 was ₹16,215.92 lakhs compared to ₹14,758.68 lakhs in Q3FY25. Consolidated net profit attributable to owners stood at ₹1,761.17 lakhs for the quarter.

Key Operational Highlights

The company's cost structure reflected operational dynamics during the quarter. Cost of materials consumed increased significantly to ₹7,546.43 lakhs in Q3FY26 from ₹3,114.84 lakhs in Q3FY25. Employee benefits expense rose to ₹860.64 lakhs from ₹692.99 lakhs in the corresponding previous quarter. Depreciation and amortisation expense increased to ₹1,424.79 lakhs from ₹1,060.39 lakhs year-over-year.

Corporate Developments

The company completed several significant corporate actions during the period. The National Company Law Tribunal, Kolkata Bench approved the scheme of arrangement for amalgamation of two wholly owned subsidiaries - BMW Iron & Steel Industries Limited and Nippon Cryo Private Limited - with BMW Industries Limited, effective from April 1, 2024. Additionally, the company executed a Share Purchase Agreement for the sale of its entire shareholding in Bansal Nepal Private Limited during the quarter ended September 30, 2025, recognizing a gain of ₹107.19 lakhs.

Regulatory and Compliance Matters

The company continues to address various regulatory matters. Demand notices aggregating to ₹377.41 lakhs have been issued by Income Tax authorities for financial years 2015-2016 to 2021-2022, with appeals for the remaining amount of ₹293.53 lakhs pending before the Commissioner of Income Tax (Appeals). The company has also made a provision of ₹5.00 lakhs related to the newly notified Labour Codes, with detailed assessment currently under process.

The financial results were subject to limited review by statutory auditors M/s. Lodha & Co., who issued unqualified review reports for both standalone and consolidated results. The company maintains its focus on manufacturing, selling and processing of steel as its primary business segment.

BMW Industries Limited has successfully completed financial closure for its ambitious Greenfield Downstream Steel Complex project, securing ₹500 crore in debt funding from a consortium of leading banks. The financing arrangement, disclosed under Regulation 30 of SEBI regulations, represents a significant milestone in the company's expansion strategy for downstream steel processing capabilities.

Project Financing Details

The debt funding has been arranged through a consortium led by State Bank of India, with participation from HDFC Bank Limited and Yes Bank Limited. This structured financing approach provides the company with long-term capital deployment flexibility aligned with project execution timelines.

Production Capacity and Infrastructure

The Greenfield project at Bokaro will establish substantial downstream steel processing capabilities across multiple product categories. The facility is designed to serve the growing demand for value-added steel products in the domestic market while positioning the company for export opportunities.

The company already owns the industrial land required for the project, providing operational advantages and cost efficiencies in project execution. The facility's strategic location approximately 300 kilometres from Haldia and Kolkata ports offers significant logistical benefits for both raw material sourcing and finished product distribution.

Strategic Market Positioning

The Bokaro facility's proximity to major ports positions BMW Industries Limited to access global markets effectively, supporting both domestic supply commitments and export expansion opportunities. This geographic advantage aligns with the company's broader strategy to strengthen its position in the downstream steel value chain.

Managing Director Harsh Bansal emphasized the importance of structured financing for capital-intensive steel operations, stating that the consortium arrangement provides long-term project financing visibility while maintaining financial discipline. He highlighted the company's focus on regulatory compliance and transparency as a listed entity pursuing growth opportunities in downstream steel processing.

Company Background and Operations

BMW Industries Limited operates as a leading manufacturer in the steel services sector, with operations spanning multiple segments of the steel value chain. Incorporated in 1981, the company maintains its registered office in Kolkata, West Bengal, with manufacturing units across West Bengal and Jharkhand.

The company's product portfolio includes HRPO Coils, CR Coils, GP Coils, GC Sheets, MS and GI pipes, and TMT rebars, serving marquee steel players across India. BMW Industries Limited also maintains a joint venture with Steel Authority of India Limited (SAIL), with operations at Bokaro, further strengthening its presence in the region.

Project Timeline and Execution

The Greenfield Downstream Steel Complex is scheduled to commence phased operations in early FY27, with the funding structure designed to support calibrated capital deployment throughout the project execution phase. This approach ensures alignment between financing availability and operational milestones while maintaining balance sheet discipline.