BMW Ventures Limited has submitted its quarterly monitoring agency report for the period ended December 31, 2025, providing detailed insights into the utilization of proceeds from its Initial Public Offer (IPO). The report, prepared by Crisil Ratings Limited as the monitoring agency, confirms compliance with SEBI regulations and adherence to the disclosed objects of the issue.

IPO Details and Proceeds Structure

The company's IPO was conducted from September 24, 2025, to September 26, 2025, raising gross proceeds of Rs 23,166.00 lakhs. After deducting issue expenses, the net proceeds available for utilization stood at Rs 20,666.70 lakhs.

The issue expenses were revised upward by Rs 696.00 lakhs from the originally estimated Rs 1,803.30 lakhs to Rs 2,499.30 lakhs, resulting in a corresponding reduction in the amount allocated for general corporate purposes from Rs 3,987.70 lakhs to Rs 3,291.70 lakhs.

Utilization Progress During Q3 FY26

During the quarter ended December 31, 2025, BMW Ventures Limited utilized Rs 19,500.00 lakhs of the net proceeds across the stated objects of the issue.

Debt Repayment and Corporate Purposes

The company allocated Rs 17,375.00 lakhs for the repayment of outstanding borrowings, utilizing Rs 17,374.50 lakhs during the quarter. The borrowings targeted for repayment included various arrangements with banks, financial institutions, and other entities in the form of term loans and working capital facilities.

For general corporate purposes, the company utilized Rs 2,125.50 lakhs out of the allocated Rs 3,291.70 lakhs. The utilized amount was specifically deployed for working capital requirements, including the purchase of TMT Bars from Tata Steel Limited. The Board of Directors approved this utilization through a resolution dated February 04, 2026.

Deployment of Unutilized Proceeds

The remaining Rs 1,166.70 lakhs of unutilized proceeds are currently deployed in bank accounts for operational flexibility.

Monitoring Agency Assessment

Crisil Ratings Limited, serving as the monitoring agency under SEBI regulations, confirmed that all utilization was in accordance with the disclosures made in the offer document. The report indicated no deviations from the stated objects of the issue and no material changes in the means of finance for the disclosed objects.

The monitoring agency noted that during the quarter, the company transferred Rs 5,862.61 lakhs from its monitoring account to various cash credit accounts for operational ease, with these transferred proceeds being fully utilized for the intended purposes of debt repayment and general corporate activities.

BMW Ventures Limited has issued a revised press release for its Q3 FY26 quarterly results under Regulation 30, correcting a typographical error in EBITDA figures while maintaining strong financial performance driven by deleveraging initiatives and expansion in fabricated steel products business. The company has also announced an interim dividend, reflecting confidence in its operational strength.

EBITDA Correction and Regulatory Compliance

The company identified a typographical error in its original press release dated February 6, 2026, where EBITDA for Q3 FY25 was incorrectly stated as ₹21.56 crore instead of the correct figure of ₹20.11 crore. The corresponding EBITDA margin and growth figures for Q3 FY25 have been revised accordingly. The company clarified that there is no other change in financial performance, operational highlights, or any other information previously disclosed.

Revised Financial Performance Overview

The company's corrected Q3 FY26 results demonstrate robust growth across key financial metrics:

Strong Profit Growth and Dividend Declaration

BMW Ventures recorded a net profit of ₹11.49 crore in Q3 FY26, representing a substantial 44.71% increase from ₹7.94 crore in the corresponding quarter last year. This remarkable growth was primarily driven by significant reduction in finance costs following deleveraging through IPO proceeds utilization. The company has declared an interim dividend of ₹1.50 per equity share of face value ₹10 each for FY26, demonstrating strong cash generation capabilities.

Revenue Growth and Operational Performance

Revenue from operations reached ₹563.17 crore, marking a solid 16.14% year-on-year growth from ₹484.90 crore. The company also showed strong sequential performance with 12.22% quarter-on-quarter growth from ₹501.85 crore in Q2 FY26. EBITDA stood at ₹21.81 crore with 8.45% growth, while EBITDA margin compressed to 3.87% from 4.15% due to elevated steel prices, though operational resilience was maintained through better product mix and efficient inventory management.

Fabricated Steel Products Order Book Expansion

The company's order book position shows strong momentum in fabricated steel products:

Strategic Focus and Management Outlook

Managing Director Nitin Kishorepuria highlighted the company's operational discipline and efficient supply chain management across Eastern India. The strategic focus remains on expanding footprint through strong distribution network and scaling high-potential manufacturing segments including pre-engineered buildings and RDSO-approved steel girders. The company has revised its FY26 bottom-line growth guidance upward to 30-35% from the earlier 25-30% range, supported by improving margins and sustained revenue momentum.

Business Positioning and Future Prospects

BMW Ventures Limited operates as one of Eastern India's largest steel distributors and manufacturers with over three decades of experience. The company serves 29 districts through a network of 1,299 dealers and operates six stockyards with manufacturing capacity exceeding 27,800 MT per annum. With strengthened balance sheet from deleveraging and focus on higher-margin fabricated steel products, the company is well-positioned for sustainable earnings growth in the infrastructure and construction segments.