Bmw Industries Ltd — Q4 FY26
BMW Industries delivered a record Q4 FY26 with operating income of 210 crores, EBITDA of 58 crores (27.5% margin), and PAT of 33 crores (15.4% margin).
bullish
high
✓ Verified against BSE filing
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.
71%Questions answered1Evaded / deflected12Questions auditedContradictedNumbers vs filing
Partial answer
High priority
EBITDA margin breakup and Bokaro performance over 2-3 years
Asked by Shlok Badir, Swan Investments
Management corrected margin but did not provide a detailed breakup, only general comments.
no breakup givenreferred to presentation
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Question
So can you give a breakup in terms of our existing business and how the Bokaro performance will play out over the next two to three years?
Management (unnamed)
the AIA will stabilize at 12 to 13 not 13 to 14... existing business... we don't see any meaningful investments... on the Bokaro side I think we've spoken about the capacities...
Partial answer
High priority
Revenue potential of existing business and integration benefits
Asked by Shlok Badir, Swan Investments
Confirmed revenue range but did not quantify integration benefits.
no quantification of integration benefits
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Question
So is it safe to assume that... revenue of 665 crores that we reported in FI26 can go match up to 800 or 900 crores... and what sorts of integration benefit...
Management (unnamed)
your assumption is fair in terms of the top line that can be derived from the existing businesses... we are looking at starting salable production of the colorcoded section in this quarter...
Answered
High priority
IRR and payback period for Bokaro project
Asked by Shlok Badir, Swan Investments
Provided a specific IRR estimate above 20%.
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Question
what sorts of IR are we working on I mean in terms of if one was to look at the pay period... what sort of IR one can look at it
Management (unnamed)
our base case for an investment is a 20%. So this in this case it's... above that almost five four and a half I guess.
Evasive
High priority
Ramp-up and revenue expectations from Phase 1 in FY27
Asked by Dash Javi, Crown Capital
Declined to provide any revenue estimates for Phase 1 in FY27.
no revenue guidancerefused to give breakdown
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Question
How would the ramp up be and what kind of revenues can we expect from you know phase one in FI27 sir?
Management (unnamed)
we have not gone into detailed economics and projections about what kind of revenues we can expect on a breakdown manner... we refrain from giving any kind of quarterly on quarter guidance
Answered
Medium priority
Revenue momentum continuation and Bokaro commissioning timeline
Asked by Bhavesh, Individual Investor
Clearly stated momentum will not continue and explained why.
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Question
should we expect this momentum to continue in the coming quarters particularly leading up to the commissioning of phase one of the Bokaro plant?
Management (unnamed)
I don't think the same momentum will continue... with the existing business other than certain capacity utilization variations we are not seeing any meaningful change.
Answered
Medium priority
Reason for increase in trade receivables
Asked by Bhavesh, Individual Investor
Provided specific reason for the increase.
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Question
trade receivers that has increased significantly from approximately 80 crores to in FI25 to around 150 crores in FI26. So could you elaborate on the key drivers behind this increase?
Management (unnamed)
this was all on account of one of our key customers holding back payments because of March quarter... We actually got the payments in early April.
Answered
Medium priority
Precise timeline for Phase 1 commissioning
Asked by Bhavesh, Individual Investor
Provided specific timeline for trials.
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Question
could you provide a more precise timeline for commissioning? are we looking at late May or June...
Management (unnamed)
we expect to start some form of cold trials before the end of this month and hot trials in June
Partial answer
Medium priority
Difference in EBITDA margins vs peer Manakia Color
Asked by Shankit, Individual Investor
Did not explain product mix difference, only cited blended guidance.
no product mix detailattributed to business model
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Question
they do a bita margins in the range of 5 to 9% and we are guiding somewhere around 12 to 13%... how is our product mix different from them?
Management (unnamed)
our business model on a blended basis is different... the 12 to 13% is not just for the... it is a blended guidance the company's guidance and not the Bokaro plant guidance.
Partial answer
High priority
Key growth drivers for 75% CAGR and order book visibility
Asked by Ajit Siti, Hiko Quantum Solutions
Clarified CAGR period but did not provide specific growth drivers or order book.
no order bookno customer visibility
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Question
So could you help us understand the key growth driver behind this guiding and also how confident are we in achieving this target? Do we currently have a order book or customer visibility?
Management (unnamed)
It's actually not a guidance of the next two years. It was a three-year guidance starting from FI25... 75% CAGR up to FYI 28... it's a little early for us to be accumulating an order book...
Partial answer
High priority
Internal consumption of Bokaro capacity and integration benefits
Asked by Priya, Value Money
Provided capacity breakdown but did not quantify internal consumption or cost savings.
no quantification of integration benefits
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Question
How much of the new bokaro capacity will be consumed internally across the value chain versus sold externally? and can you quantify the integration benefits?
Management (unnamed)
if you look at the product profile of Bokaro... the overall sales from the unit at peak will be about six lakhs... internal consumption... cost of procurement goes down... control on quality.
Answered
High priority
Confirmation of CAGR basis for revenue and PAT guidance
Asked by Kunal Bunal, Anandat Skyon Private Limited
Clearly confirmed it is CAGR over the period.
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Question
you guided a 75% CADR for revenue 45% sector and 40% CADR for PAD. So is it annual growth or combined growth till FI28.
Management (unnamed)
This is a compounded annual growth rate between FI25 and FI28.
Answered
Medium priority
Opportunity size for ZAM coated products in India
Asked by Rohan Banwar, ASK
Provided detailed explanation of market opportunity and dynamics.
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Question
can you please explain us the opportunity size for the ZAM codec production in in India?
Management (unnamed)
the industry is starting to move towards magnesium floated because of higher life expectancy... there is not adequate supply... we expect that market to also develop much faster.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| EBITDA margin to stabilize at 12-13% | 12% | 27.5% | Understated vs filing |
| Existing business revenue can reach 800-900 crores | ₹800 cr | ₹210 cr | Overstated vs filing |
| Existing business peak revenue 800-900 crores | ₹800 cr | ₹210 cr | Overstated vs filing |
| Blended EBITDA margin guidance 12-13% | 12% | 27.5% | Understated vs filing |
| Blended PAT margin guidance 5-6% | 5% | 33% | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.