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
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
50%Questions answered4Evaded / deflected12Questions auditedContradictedNumbers vs filing
Answered
High priority
Did current quarter include trading revenue and its margin profile?
Asked by Bhavesh, Individual Investor
Management gave a clear 'no' without hedging.
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Question
did the current quarter include any uh trading revenue and if yes so could you quantify the trading component and its margin profile versus the core manufacturing revenues?
Bansil (CEO)
No it does not include trading revenue.
Partial answer
High priority
Is full year revenue guidance achievable with Q4 revenue exceeding 200 cr?
Asked by Bhavesh, Individual Investor
Affirmed guidance but did not confirm the 200 cr Q4 figure.
no specific number givenvague affirmation
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Question
do you believe that the full year revenue guidance is still achievable? Like specifically if we expect Q4 revenues to exceed 200 crores uh so that your guidance will be met.
Bansil (CEO)
I think we are well on track to do that. Yeah.
Evasive
High priority
What is the current unexecuted order book and expected execution timeline?
Asked by Bhavesh, Individual Investor
Did not provide a specific order book number; instead described contracts.
no order book value givendeflected to contract durations
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Question
could you share the current unex uh unexecuted order book as of date and the expected execution timeline over the next three to four quarters.
Bansil (CEO)
the our order books uh are more time based than specifically value based. the values are more indicative than uh anything else.
Answered
High priority
Update on contract negotiations and volume stabilization?
Asked by Bhavesh, Individual Investor
Provided specific update: contract renewed, volumes stabilized.
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Question
in your FY26 Q3 press release you had mentioned the contract being in the final stage stages of the negotiations with a key customer with expectations of normalization in volumes. So could you update us on the current status of the contract and whether volumes have started stabilizing?
Bansil (CEO)
the TMT contract has been renewed and uh it's a 12- month uh contract for now. Uh we are discussing uh longerterm options and yes, the volumes have stabilized albeit a little lower but they have stabilized.
Partial answer
Medium priority
What comprises the 'other' segment with 95.6% YoY growth?
Asked by Bhavesh, Individual Investor
Explained segment but did not quantify components or sustainability.
no specific breakdown givenvague description
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Question
in this quarterly uh presentation in one of the segment other segment has grown about but 95.6% yearonear. So could you explain what this segment comprises and the reason for such a sharp increase in the quarter.
Bansil (CEO)
the others include some of the smaller plants and smaller revenue streams uh uh which and the reason why we don't put them into individual is because they were too small to put.
Answered
Medium priority
Why is capacity utilization low in pipes and tubes segment?
Asked by Rohan Baranwal, Deep Investments
Explained low utilization as normal before customer integration.
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Question
the overall uh like installed capacity utilization is underutilized and uh ignoring the incremental capacity you had in the pipes and tube seed segment uh the capacity like utilized 30%. So is there any uh like uh challenges you are facing on the demand side or uh like because of the steel prices?
Bansil (CEO)
typically in pipes and tubes uh uh and the kind of conversion business that we do the capacities will get created before they are integrated into the customer supply chain.
Evasive
Medium priority
When will pipes and tubes utilization reach 60-65%?
Asked by Rohan Baranwal, Deep Investments
Did not commit to a quarter or year for reaching target utilization.
no specific timelinevague 'over next two years'
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Question
as you said you would be like enhancing your capacity utilization to 60 to 65%. So when can we expect that and uh what would be the uh like the plan for uh increasing this utilization?
Bansil (CEO)
over the next two years we hope to achieve uh uh we hope to achieve it.
Answered
High priority
How will the Bokaro project be funded and PLI scheme details?
Asked by Rohan Baranwal, Deep Investments
Provided funding split and named banks; PLI not detailed but answered.
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Question
the total project cost would be close to 800 cr. Uh so how this like how this capacity would be funded through and uh can you also give some more uh like highlight on the PLI scheme side as well.
Bansil (CEO)
we have indicated that 70% is debt and 30% is equity internal uh generations uh of that so the 803 is actually split into two parts of 748 and I think 55 or something the 748 uh the debt has already been tied up with as I mentioned SBI HDFC and yes bank of 500 crores
Partial answer
Medium priority
What is the finance cost of the Bokaro debt?
Asked by Rohan Baranwal, Deep Investments
Gave a range but not a precise interest rate.
no exact number givenrange only
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Question
what would be the finance cost of these debts sir.
Bansil (CEO)
I'm not sure whether I can give you an exact number but it's very competitive uh below below 8%.
Evasive
High priority
What incremental margin from Bokaro's value-added products?
Asked by Rohan Baranwal, Deep Investments
Did not provide incremental margin; cited overall guidance.
refused product-level marginsreferred to blended guidance
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Question
this green field capacity is actually focused on on towards the value added product side like the high margin business. Uh so what could be what what is the incremental margin we can see from this color coding or g value or this galvanizing products.
Bansil (CEO)
I will not get into the specific individuals but uh as I've indicated the you know the topline growth and the bottom line growths have been broadly done. ... We've indicated 11% AIA and uh 5% uh PAT.
Partial answer
High priority
Is Bokaro phase 1 on track for April 2026 commissioning?
Asked by Bhavesh, Individual Investor
Confirmed timeline but avoided quantifying revenue expectations.
'meaningful' not quantifiedno revenue estimate
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Question
on the Greenfield Boaro plant, uh, are we still on track for commissioning of phase one by April uh, 2026 and should we expect meaningful revenues in the same quarter?
Bansil (CEO)
number one bi yes we are on track. Number two uh you know considering this is a completely new business and uh we will be sourcing some of our raw materials to begin with. There is a ramp up phase uh there will be meaningful revenues for me.
Evasive
Medium priority
When do you plan to list shares on NSE?
Asked by Bhavesh, Individual Investor
Did not provide any date or progress update.
no timeline givenvague 'working at it'
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Question
when do you plan to list the shares on NSE?
Bansil (CEO)
We are working at it. Uh hopefully you know we'll be able to give you good news.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Other segment grew 95.6% YoY | 95.6% | 9.9% | Overstated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.