One of India's largest steel processing companies, converting semi-finished steel into cold-rolled, galvanized, pipe and TMT products.
Reported
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 166 | +11.4% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 20.0 | −1.0 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 19.0 | +26.7% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
| Return on equity | 11.12 | +0.1 pts | Trailing twelve months | TTM to Jun 2026 | Adjusted profit attributable to owners ÷ average owners’ equity. |
| Free cash flow margin | -29.77 | −27.9 pts | Fiscal year | FY ending Mar 2026 | (Operating cash flow − fixed-asset purchases + disposals) ÷ revenue. |
| Revenue growth (YoY) | 13.08 | +0.5 pts | Trailing twelve months | TTM to Jun 2026 | Revenue change against the same period one year earlier. |
Guidance
3 of 7 judged targets kept · 12 open · verdicts reflect calls analysed to Q1 FY27.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| GPGC sheets contract finalization | Finalize long-term contract | Q3 FY25 | Historical promise, already achieved. | Achieved |
| Top line growth FY25 | 15-18% top-line growth | Q3 FY25 | Historical promise, no further updates required. | Missed |
| Bokaro Project Phase 1 Start | Phase 1 operational by end of FY '26 | Q4 FY25 | Management stated the color-coated line will be capitalized in Q2 FY27, a delay from the previously guided start in Q1 FY27. | Delayed |
4 of BMW INDUSTRIES LIMITED's 19 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 16 more targets are in the full ledger.
Claimed
Qualified
Price
1Y: ₹43.37 on 24 Oct 2025 → ₹48.84. High ₹63.3 (9 Jun 2026), low ₹26.7 (30 Mar 2026).
Overview
Based on the company's own presentations, annual report and earnings calls.
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
close before → close after
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.
Guidance
3 of 7 judged targets kept · 12 open · verdicts reflect calls analysed to Q1 FY27.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| GPGC sheets contract finalization | Finalize long-term contract | Q3 FY25 | Historical promise, already achieved. | Achieved |
| Top line growth FY25 | 15-18% top-line growth | Q3 FY25 | Historical promise, no further updates required. | Missed |
| Bokaro Project Phase 1 Start | Phase 1 operational by end of FY '26 | Q4 FY25 | Management stated the color-coated line will be capitalized in Q2 FY27, a delay from the previously guided start in Q1 FY27. | Delayed |
Claimed
Qualified
The full ledger
A free account opens 5 company ledgers a month. All 19 tracked commitments, with each call’s wording and source.
Call summaries
BMW Industries Q1 FY27
BMW Industries reported a strong Q1 FY27 with significant profit growth and margin expansion, driven by healthy demand and improved utilization in existing businesses. Despite a contraction in EBITDA margin due to higher fuel costs, the company is implementing mitigation strategies. The new Bokaro plant is progressing towards commissioning, and management maintains ambitious long-term growth targets.
Read the full callBMW Industries Q4 FY26
BMW Industries Ltd. reported its highest ever quarterly and annual profits for Q4 and full year FY26, driven by strong operating momentum and improved capacity utilization. The Bokaro greenfield project is progressing as planned, with phased commissioning expected to begin in Q1 FY27. The company provided robust growth guidance for revenue, EBITDA, and PAT through FY28, while also addressing concerns regarding working capital and raw material volatility.
Read the full callBMW Industries Q3 FY26
BMW Industries reported robust Q3 FY26 results with significant growth in operating income and PAT, alongside a healthy EBITDA margin. The company achieved financial closure for its major Bokaro greenfield project, signaling a strategic shift towards an integrated downstream steel processing model. Management provided strong medium-term growth guidance for both revenue and EBITDA, though anticipating a moderation in margins due to the new input-intensive business model. A notable discrepancy was observed in the reported YTD operating income and EBITDA figures, which were stated in lakhs and ap
Read the full callEvery analysed call
Fundamentals
Current values with the period they cover; the trend reads across the 6 fiscal years held (Mar 2021 to Mar 2026).
Financials
Net profit, year on year: +27% (quarter to jun 2026 against jun 2025).
| Line item | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 150 | 148 | 157 | 149 | 145 | 162 | 210 | 166 |
| Expenses | 115 | 111 | 124 | 117 | 108 | 123 | 152 | 132 |
| Operating profit | 35 | 36 | 34 | 31 | 37 | 39 | 58 | 34 |
| Operating margin | 23.0% | 24.0% | 21.0% | 21.0% | 25.0% | 24.0% | 28.0% | 20.0% |
| Other income | 3 | 1 | 4 | 5 | 2 | 2 | 6 | 11 |
| Interest | 4 | 4 | 2 | 4 | 5 | 5 | 5 | 6 |
| Depreciation | 9 | 11 | 13 | 13 | 13 | 14 | 12 | 14 |
| Profit before tax | 25 | 22 | 23 | 20 | 21 | 21 | 47 | 25 |
| Tax rate | 29.0% | 23.0% | 24.0% | 25.0% | 27.0% | 17.0% | 30.0% | 24.0% |
| Net profit | 18 | 17 | 18 | 15 | 15 | 18 | 33 | 19 |
| EPS (₹ per share) | 0.79 | 0.77 | 0.78 | 0.68 | 0.67 | 0.78 | 1.47 | 0.85 |
| Line item | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Sales | 508 | 598 | 629 | 666 |
| Expenses | 398 | 451 | 481 | 500 |
| Operating profit | 110 | 147 | 147 | 165 |
| Other income | 9 | 4 | 10 | 15 |
| Interest | 23 | 20 | 14 | 19 |
| Depreciation | 33 | 45 | 44 | 52 |
| Profit before tax | 62 | 87 | 99 | 109 |
| Net profit | 44 | 65 | 75 | 81 |
| Line item | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sept 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Equity capital | 23 | 23 | 23 | 23 | 23 | 23 |
| Reserves | 531 | 580 | 639 | 709 | 733 | 781 |
| Borrowings | 256 | 238 | 106 | 162 | 194 | 368 |
| Other liabilities | 91 | 116 | 109 | 122 | 135 | 119 |
| Total liabilities | 900 | 956 | 875 | 1,015 | 1,084 | 1,291 |
| Fixed assets | 432 | 464 | 502 | 629 | 658 | 648 |
| Capital work in progress | 35 | 24 | 92 | 55 | 51 | 196 |
| Investments | 15 | 0 | 0 | 39 | 19 | 0 |
| Other assets | 418 | 467 | 281 | 292 | 356 | 446 |
| Total assets | 900 | 956 | 875 | 1,015 | 1,084 | 1,291 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Cash from operations | 122 | 64 | 126 | 268 | 108 | 83 |
| Cash from investing | -64 | -20 | -57 | -112 | -149 | -233 |
| Cash from financing | -62 | -44 | -62 | -157 | 37 | 153 |
| Net cash flow | -4 | 0 | 7 | -1 | -4 | 2 |
| Free cash flow | 52 | 39 | 66 | 145 | -12 | -198 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Debtor days | 94 | 90 | 84 | 38 | 47 | 82 |
| Inventory days | 274 | 321 | 226 | 134 | 94 | 89 |
| Days payable | 99 | 36 | 41 | 35 | 32 | 29 |
| Cash conversion cycle | 270 | 375 | 268 | 136 | 110 | 142 |
| Working capital days | 60 | 95 | 89 | 57 | 61 | 56 |
| Return on capital employed | 6.0% | 8.0% | 12.0% | 13.0% | 13.0% | 12.0% |
| Dividend payout | 0.0% | 1.0% | 8.0% | 15.0% | 13.0% | 12.0% |
To justify its price of ₹49, this stock must grow earnings at 8% every year for 7 years. Our analysis caps realistic growth at ~22%. At that growth it is worth ₹104 — upside of 113%.
Ownership
Promoters hold 74.36% as of Sept 2026; institutions added 0.00 pts since Jun 2026.
since Jun 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
The same filing shows 0 holders trimming and 0 off the list — both are in the register beside this.
Named in the Sep 2026 filing
Every holder of BMW INDUSTRIES LIMITED above SEBI's 1% disclosure line, and what changed since Jun 2026.
| Holder | Stake | Change |
|---|---|---|
| 18.30% | unchanged | |
| 16.00% | unchanged | |
| 8.20% | unchanged | |
| 7.03% | unchanged | |
| 6.24% | unchanged | |
| 4.85% | unchanged | |
| 4.38% | unchanged | |
| 4.18% | unchanged | |
| 3.99% | unchanged | |
| 3.33% | unchanged | |
| 1.99% | unchanged | |
| 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.
Your own record
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