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Revenue
₹210 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
₹58 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
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Quarter read
What the record says.
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). Full-year revenue stood at 665 crores with EBITDA of 165 crores (24.8% margin) and PAT of 81 crores. The strong performance was driven by improved capacity utilization: CRM complex production reached 718,000 MT (70.9% utilization) and pipes/tube production grew to 201,000 MT. The company reiterated its guidance of 75% revenue CAGR from FY25 to FY28, supported by the phased commissioning of the Bokaro greenfield project (phase 1 starting Q1 FY27). EBITDA and PAT margins are expected to stabilize at 12-13% and 5-6% respectively by FY28. Key risk: delays in Bokaro ramp-up or adverse steel spread movements could impact margin targets.
Colored figures show movement against the previous available record.
Guidance to track
- Company expects revenue to grow at a CAGR of approximately 75% from FY25 to FY28, driven by Bokaro commissioning and organic growth.
- Operating EBITDA and PAT are expected to grow at CAGRs of nearly 45% and 40% respectively over the same period.
- Blended EBITDA margin expected to stabilize at 12-13% by FY28 as integration benefits and scale materialize.
- Blended PAT margin expected to stabilize at 5-6% by FY28.
Risks flagged
- Phase 1 commissioning expected in Q1 FY27, but meaningful sales only from Q2; any delay could impact revenue guidance.
- Transition from conversion to buy-and-sell model will reduce EBITDA margins; management argues absolute EBITDA will grow.
- Receivables jumped from ~80 crores to ~150 crores due to a key customer delaying payment; though collected in April, it signals customer concentration risk.
- Zinc, aluminium, and magnesium price fluctuations could impact margins; management noted difficulty in taking long forward orders without hedging.
Key quotes
- We are delighted to report our highest ever quarterly and annual profits for the quarter gone by.
- We reiterate our earlier guidance of a CAGR of approximately 75% over FI25 to FYI28 period supported by the phase commissioning and ramp up of Bokaro green field project along with continued organic growth across the existing business verticles.
- It's not really a dilution if you consider the change in model.
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