Bmw Industries Ltd

BSE: 542669

₹ 47.76-0.58%refreshed 26 Oct, 03:55 pm ISTMarket cap: ₹ 1,075 crWebsite: www.bmwil.co.inUpdated: 24 Oct 2026

About

BMW Industries Limited (BMWIL), incorporated in 1981, is one of the largest steel processing companies in India, having processed more than 50 million tonnes of steel over more than 30 years. The company converts steel for marquee producers, manufacturing HRPO coils, CR coils, GP coils, GC sheets, MS and GI pipes, and TMT rebars from seven plants in West Bengal and Jharkhand. In FY26 it reported revenue of ₹665 crore, and it is now building a ₹803 crore greenfield downstream complex at Bokaro that will add over 1 million MT of coated steel capacity annually.^[1][2][3]

Business segments

CRM (Cold Rolling Mill) complex is the primary segment; production reached ~718,000 MT in FY26 at 70.9% annualised utilisation, up from 66.9% in Q3 FY26.^[3]
Pipes & Tubes segment installed capacity grew to 7.32 lakh MT in FY26 (from under 6 lakh MT in FY25); tube manufacturing contract extended through H1 FY27, expected to generate ₹365 crore in revenue.^[3][1]
Rolling Mill (TMT) segment processes TMT rebars under a 12-month contract with Tata Steel renewed through November 2026; annualised utilisation was ~83.5% in Q1 FY27.^[4][5]
Others segment (slitting, cutting, flat product processing, proprietary galvanized product sales) grew 95.6% YoY to ₹2,705 lacs in Q3 FY26; management indicated it may be split into separate verticals as it scales.^[4]

Products and brands

Core processed products are HRPO coils, CR coils, GP coils, GC sheets, MS and GI pipes, and TMT rebars, manufactured for marquee steel producers.^[1]
BMWIL launched Bansal Super TMT as its B2C brand for TMT rebars.^[1]
ZAM (Zinc-Aluminium-Magnesium) coated steel - offering 5x - 6x the life of standard zinc coating - will be among the products at the Bokaro complex; the company expects to be one of India's first producers.^[3]
Company has a joint venture with SAIL - SAIL Bansal Service Centre Limited - alongside two wholly owned subsidiaries: BMW Iron & Steel Industries Limited and Nippon Cryo Private Limited.^[1]

Operations and capacity

Seven manufacturing units located in West Bengal and Jharkhand, positioned close to raw material sources and key customers.^[1]
Pipes & Tubes installed capacity at Kolkata and Jamshedpur plants reached 7.32 lakh MT by FY26; Phase 2 expansion was underway with ₹25 crore planned investment, of which ₹15 crore was already deployed.^[3][1]
Raw-material risk is minimal: key steel inputs are supplied free of cost by customers, and zinc cost is passed through, protecting BMWIL from commodity price swings.^[1]

Key operating numbers

CRM complex annualised utilisation: 70.9% in FY26, up from 66.9% in Q3 FY26.^[3]
Pipes & Tubes annualised utilisation: ~40.1% in Q1 FY27, up from 34.2% in FY26 and 30.5% in Q3 FY26.^[5][3][4]
Rolling mill annualised utilisation: ~83.5% in Q1 FY27.^[5]
Net debt: ₹468.9 Cr at Q1 FY27 (net D/E 0.57x), up from ₹364 Cr at FY26-end (net D/E 0.45x), reflecting Bokaro drawdowns.^[5][3]

Customers and distribution

Tata Steel is the key customer for both the Pipes & Tubes segment and the TMT rolling mill contract; a single large customer withheld payment at 31-Mar-26 quarter-end (received in early April 2026), causing a spike in trade receivables to ~₹150 Cr.^[3]
Conversion model means BMWIL processes customer-supplied steel; proprietary buy-and-sell sales of galvanized coils (initiated Q2 FY26 at ~2,000 - 3,000 MT) are being used to build a distribution network ahead of Bokaro operations.^[6]
BMWIL is qualified under PLI 1.1 Scheme for 'Coated/Plated Steel' with an MoU signed with the Ministry of Steel; scheme runs FY26 - FY30 with ~30% of disbursements expected FY27 - FY31.^[6]

Bokaro greenfield expansion

Total Bokaro capex: ₹803 crore, funded ~70% by debt (₹500 Cr tied up from SBI-led consortium with HDFC and YES Bank at sub-8%) and ~30% from internal accruals; total capital deployed was ₹341.6 Cr as of Q1 FY27.^[4][5]
At full commissioning, Bokaro will produce: 300,000 MT cold-rolled coils/sheets, 220,000 MT Galvalume/ZAM, 320,000 MT galvanized, and 200,000 MT colour-coated coils/sheets - over 1 million MT annually.^[1]
Colour-coated line (1.5 lakh MT): hot trials were underway in Q1 FY27; asset capitalisation expected in Q2 FY27 with ramp-up over 6 quarters through FY28.^[5]
Peak net debt guided at ₹700 - 800 Cr over the 12 - 15 months from May 2026 as remaining Bokaro lines (Galvalume, cold rolling, pickling) come online sequentially after colour-coated.^[3]
All government subsidies (Jharkhand JIIPP, PLI) when received are pre-agreed with lenders to be applied entirely to debt repayment.^[3]

Recent developments

Q1 FY27 operating income grew 11.6% YoY to ₹166 crore; EBITDA margin compressed to 20.3% from 21.2% in Q1 FY26 due to a sharp increase in fuel prices from the Middle East conflict.^[5]
Discussions were initiated with customers in Q1 FY27 to incorporate gas prices into price variation clauses, to mitigate future fuel cost volatility.^[5]
Financial closure for Bokaro achieved in Q3 FY26 with ₹500 crore long-term debt from an SBI-led consortium including HDFC and YES Bank.^[4]
TMT rolling mill contract with Tata Steel was renewed for 12 months in Q3 FY26 (through approximately November 2026); volumes stabilised at a level lower than prior periods.^[4]

Market Cap

₹1,075 Cr

High / Low

₹65 / 26

Stock P/E

12.8

Price / Book

1.4

Book Value

₹36

EPS

₹3.6

No. of Shares

22.51 Cr

ROCE

12.2%

ROE

10.6%

OPM

18.8%

Debt / Equity

0.43

Sales

₹665 Cr

Net Profit

₹81 Cr

Promoter holding

74.4%

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