542669
BMW Industries share price & financials
- Price
- ₹62.76
- Market cap
- ₹1.2k Cr
- Sector
- Capital Goods
- Calls analysed
- 7
BMW Industries Q1 FY27
What went well
- Operating income grew 11.6% YoY to INR 166.0 crores, reflecting healthy demand and stronger volume absorption.
- PAT increased 25.8% YoY to INR 19.1 crores, with PAT margin improving 92 bps to 10.8%.
- Gross profit margin expanded 536 bps YoY to 67.9% to reach INR 112.7 crores.
What to watch
- Operating EBITDA margin contracted to 20.3% from 21.2% in Q1 FY26, primarily due to a sharp increase in fuel prices.
- Pipes and tubes business operated at a lower utilization of 40.1% in Q1 FY27.
What BMW Industries does
BMW Industries Limited (BMWIL), incorporated in 1981, is a steel-processing company that value-adds semi-finished steel for primary steel producers, converting it into HRPO coils, CR coils, GP coils, GC sheets, MS & GI pipes and TMT rebars for marquee steel manufacturers. It operates one of the largest merchant cold-rolling and galvanizing (CRM) facilities in the country alongside a rolling mill, a pipes-and-tubes unit and an in-house logistics operation, largely on a conversion/tolling model for steel majors. The company is now building a proprietary greenfield downstream steel complex at Bokaro, Jharkhand, to produce cold-rolled, galvanized/Galvalume/ZAM and colour-coated coils and sheets, marking its shift from a conversion-based business toward integrated downstream steel processing.
Segments
- CRM Complex
- Rolling Mill (TMT Bars)
- Pipes and Tubes
- Logistics
- Market position
- One of the largest steel-processing companies in India; operates one of the largest merchant cold-rolling and galvanizing facilities in the country
- CRM Complex installed capacity
- 10,14,000 MT per annum
- Pipes & Tubes installed capacity
- 6,00,000 MT per annum (raised from 5,34,000 MT, commissioned 26 May 2025)
- Rolling Mill (TMT Bars) installed capacity
- 1,80,000 MT per annum
- Manufacturing footprint
- Plants in West Bengal (Kolkata) and Jamshedpur (Jharkhand), plus a new greenfield complex under construction at Bokaro, Jharkhand
- Bokaro greenfield planned capacity addition
- Over 1 million MT of coated steel capacity per annum on commissioning
Guidance record · Q1 FY27
what the last two calls moved 19 tracked 3 delivered 4 missed 12 open- GPGC sheets contract finalization delivered said Q3 FY25 Promised: Finalize long-term contract Q1 FY27: Historical promise, already achieved.
- Top line growth FY25 missed said Q3 FY25 Promised: 15-18% top-line growth Q1 FY27: Historical promise, no further updates required.
- Bokaro Project Phase 1 Start delayed said Q4 FY25 Promised: Phase 1 operational by end of FY '26 Q1 FY27: Management stated the color-coated line will be capitalized in Q2 FY27, a delay from the previously guided start in Q1 FY27.
All 19 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 12.2%, net profit up 26.7% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 150 | 147 | 157 | 148 | 145 −3% | 162 +10% | 209 +33% | 166 +12% |
| EBITDA | 35 | 36 | 34 | 32 | 37 +6% | 39 +8% | 58 +71% | 34 +6% |
| Net profit | 18 | 17 | 18 | 15 | 15 −17% | 18 +6% | 33 +83% | 19 +27% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +13.6% 1Y
1Y: ₹47.86 on 10 Sept 2025 → ₹54.38. High ₹63.3 (9 Jun 2026), low ₹26.7 (30 Mar 2026).
How the price took the results
close before → close after
- Q1 FY27
- +0.1%
- 17 Aug
- Q4 FY26
- +5.1%
- 7 May
- Q3 FY26
- +0.1%
- 30 Jan
- Q2 FY26
- −1.7%
- 10 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 9.3% a year over 3 years, FY23 to FY26. Operating margin widened to 25.0%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹508 Cr | ₹535 Cr | ₹606 Cr | ₹664 Cr |
| Operating profit | ₹110 Cr | ₹134 Cr | ₹139 Cr | ₹166 Cr |
| Operating margin | 21.7% | 25.0% | 22.9% | 25.0% |
| Interest | ₹23 Cr | ₹20 Cr | ₹14 Cr | ₹19 Cr |
| Depreciation | ₹33 Cr | ₹38 Cr | ₹41 Cr | ₹52 Cr |
| Net profit | ₹44 Cr | ₹59 Cr | ₹70 Cr | ₹81 Cr |
| Net margin | 8.7% | 11.0% | 11.6% | 12.2% |
| ROCE | 12.0% | 13.0% | 13.0% | 12.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹23 Cr | ₹23 Cr | ₹23 Cr | ₹23 Cr | ₹23 Cr | ₹23 Cr |
| Reserves | ₹497 Cr | ₹531 Cr | ₹580 Cr | ₹639 Cr | ₹733 Cr | ₹781 Cr |
| Borrowings | ₹263 Cr | ₹256 Cr | ₹238 Cr | ₹106 Cr | ₹194 Cr | ₹368 Cr |
| Other liabilities | ₹114 Cr | ₹91 Cr | ₹116 Cr | ₹109 Cr | ₹135 Cr | ₹119 Cr |
| Total liabilities | ₹895 Cr | ₹900 Cr | ₹956 Cr | ₹875 Cr | ₹1.1k Cr | ₹1.3k Cr |
| Fixed assets | ₹450 Cr | ₹432 Cr | ₹464 Cr | ₹502 Cr | ₹658 Cr | ₹648 Cr |
| Capital work in progress | ₹37 Cr | ₹35 Cr | ₹24 Cr | ₹92 Cr | ₹51 Cr | ₹196 Cr |
| Investments | ₹22 Cr | ₹15 Cr | ₹0 Cr | ₹0 Cr | ₹19 Cr | ₹0 Cr |
| Other assets | ₹386 Cr | ₹418 Cr | ₹467 Cr | ₹281 Cr | ₹356 Cr | ₹446 Cr |
| Total assets | ₹895 Cr | ₹900 Cr | ₹956 Cr | ₹875 Cr | ₹1.1k Cr | ₹1.3k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
The ownership split has held steady since Jun 2025. The shareholder count shrank 11% to 47,276.
- Promoters
- 74.4%
- Government
- 0.0%
- Public
- 25.6%
Since Jun 2025
- Public +0.01 pp
- Promoters 0.00 pp
- FIIs 0.00 pp
How it drifted, 12 quarters
Ownership split by quarter, oldest first. Sep '23: Promoters 74.0%, Public 26.0%.Dec '23: Promoters 74.0%, FIIs 0.0%, Public 26.0%.Mar '24: Promoters 74.0%, FIIs 0.0%, Public 26.0%.Jun '24: Promoters 74.0%, Public 26.0%.Sep '24: Promoters 74.3%, Public 25.7%.Dec '24: Promoters 74.4%, Public 25.6%.Mar '25: Promoters 74.4%, Public 25.6%.Jun '25: Promoters 74.4%, Government 0.0%, Public 25.6%.Sep '25: Promoters 74.4%, Government 0.0%, Public 25.6%.Dec '25: Promoters 74.4%, Government 0.0%, Public 25.6%.Mar '26: Promoters 74.4%, Government 0.0%, Public 25.6%.Jun '26: Promoters 74.4%, Government 0.0%, Public 25.6%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Shivarya Vikram Bansal newly disclosed 0.00% held
- Rg Bansal Family Trust newly disclosed 0.00% held
- Krishnarya Vikram Bansal newly disclosed 0.00% held
The same filing shows 0 holders trimming and 0 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of BMW Industries above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Gaungour Sales Private Limited | 18.30% | unchanged |
| Ram Gopal Bansal | 16.00% | unchanged |
| Harsh Kumar Bansal | 8.20% | unchanged |
| Tricom Investments Private Limited | 7.03% | unchanged |
| Vivek Kumar Bansal | 6.24% | unchanged |
| Jani Fincom Private Limited | 4.85% | unchanged |
| Bansal Business Private Limited | 4.38% | unchanged |
| Premlata Bansal | 4.18% | unchanged |
| Merrit Fintrade Pvt Ltd | 3.99% | unchanged |
| Tirupati Commosales Private Limited | 3.33% | unchanged |
| Rolex Trafin Private Limited | 1.99% | unchanged |
| Shalini Bansal | 1.24% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
What the price assumes
AttractiveTo justify its price of ₹54, this stock must grow earnings at 10% every year for 7 years. Our analysis caps realistic growth at ~22%. At that growth it is worth ₹105 — upside of 93%.
- Growth the price implies
- 9.9% a year
- for 7 years, fading to 4%
- It has actually compounded at
- 22.6% a year
- net profit, FY23–FY26 · EPS 22.5%
- The gap
- -0.1 pp
- 93% downside if it only repeats history
All earnings calls (7)
Read the Q1 FY27 call →Learn to analyse BMW Industries
Guides on how to read this kind of business and the numbers that matter.