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Bokaro ramp-up execution risk
View Risks →BMW Ventures Limited — Q3 FY26
BMW Industries reported Q3 FY26 revenue of ₹162.16 crore, up 9.9% YoY, with EBITDA of ₹38.55 crore (margin 23.8%).
bullish
high
Financial stats pending filing verification
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BMW Industries reported Q3 FY26 revenue of ₹162.16 crore, up 9.9% YoY, with EBITDA of ₹38.55 crore (margin 23.8%). PAT stood at ₹17.61 crore, improving 16.3% QoQ. The CRM segment rebounded with dispatches up 18.1% sequentially. The key highlight was financial closure of ₹500 crore debt for the Bokaro greenfield downstream steel complex, which is on track for first-phase commissioning by early FY27. Management reaffirmed medium-term guidance of 75% revenue CAGR and 35-40% PAT CAGR over three fiscals, with EBITDA margin stabilizing at ~11% by FY28 as the business transitions from a conversion model to an integrated downstream model. Risks include execution delays in Bokaro ramp-up and potential volatility in steel input prices, though management downplayed price exposure.
बीएमडब्ल्यू इंडस्ट्रीज ने तीसरी तिमाही में 162.16 करोड़ रुपये का कारोबार किया, जो पिछले साल से 9.9% ज्यादा है। कंपनी ने 38.55 करोड़ रुपये का मुनाफा (EBITDA) कमाया, जो कारोबार का 23.8% है। शुद्ध मुनाफा (PAT) 17.61 करोड़ रुपये रहा, जो पिछली तिमाही से 16.3% बढ़ा। कंपनी का CRM (कोल्ड रोल्ड स्टील) कारोबार संभल गया है और डिस्पैच 18.1% बढ़े। सबसे बड़ी खबर यह है कि बोकारो में नए स्टील प्लांट के लिए 500 करोड़ रुपये का कर्ज मिल गया है, जो अगले साल की शुरुआत में चालू हो जाएगा। कंपनी का लक्ष्य अगले तीन सालों में कारोबार में 75% और मुनाफे में 35-40% की सालाना बढ़ोतरी करना है। हालांकि, प्लांट शुरू करने में देरी और स्टील की कीमतों में उतार-चढ़ाव का जोखिम है।
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Read Transcript →Quarter Snapshot
CRM dispatches sequential growth
18.1%
+18.1% QoQ
CRM segment dispatches increased 18.1% sequentially, driven by improved offtake and firm pricing.
Net debt to EBITDA
1.63x
1.63x
Net debt to operating EBITDA stood at 1.63x, indicating comfortable leverage.
ROCE
10.1%
10.1%
ROCE at 10.1% reflects ongoing capital deployment for the Bokaro project.
Bokaro project debt tied up
₹500 crore
₹500 crore
Financial closure achieved with ₹500 crore long-term debt from SBI, HDFC, and Yes Bank.
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Guidance and risk preview
Consolidated revenue expected to grow at a CAGR of approximately 75% driven by Bokaro commissioning and organic growth.
The greenfield project may face delays in commissioning or ramp-up, impacting revenue and margin targets.
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