BMW Industries: consolidated PAT +25.7% YoY to ₹19 Cr, revenue growth lags guidance
PAT +25.7% YoY · revenue +11.6% · margins flat
₹166 Cr
+11.6% YoY
₹19.04 Cr
+25.7% YoY
10.78%
+0.9pp YoY
₹0.85
BMW Industries posted consolidated revenue of ₹166.00 Cr for Q1 FY27 (quarter ended June 30, 2026), up 11.6% YoY from ₹148.69 Cr but down 20.8% QoQ from ₹209.50 Cr in Q4 FY26 — a quarter whose comparative base is itself a balancing figure (audited FY26 minus the published nine-month YTD), so the sequential drop overstates any underlying weakness. Consolidated profit for the period was ₹19.04 Cr, up 25.7% YoY from ₹15.15 Cr (down 42.3% QoQ from ₹33.01 Cr), with consolidated basic EPS of ₹0.85 versus ₹0.67 a year ago. Standalone PAT of ₹19.24 Cr and EPS of ₹0.86 track closely with the consolidated print, so there is no material standalone-versus-consolidated divergence to flag this quarter.
Q1 FY-2027 vs prior quarters
The profit growth, however, leans more on other income than on core operations: other income more than doubled YoY to ₹10.68 Cr from ₹4.86 Cr, while core operating profit (EBITDA, excluding other income) grew a slower 7.1% YoY to ~₹33.69 Cr. Operating margin eased to ~20.3% from ~21.2% a year ago even as net margin ticked up to ~10.8% from ~9.9% — the two margins moved in opposite directions, and the net-margin gain owes more to the other-income jump than to core cost efficiency. Finance costs rose 53.5% YoY to ₹5.50 Cr, consistent with capex-linked borrowing as the Bokaro greenfield project ramps up.
The stock went into the print at ₹50.44, down 5.2% over the past month of trading.
For context: this is the second-highest quarterly PAT of the last 6 quarters.
Management reiterates aggressive long-term guidance for the FY25-FY28 period, forecasting a revenue CAGR of approximately 75%, driven by the phased commissioning of the Bokaro greenfield project. EBITDA and PAT are expected to grow at a CAGR of 45% and 40% respectively, with blended EBITDA margins guided to stabilize a
— This quarter: missed
Management's FY25-28 guidance calls for a steep ~75% revenue CAGR and 45%/40% EBITDA/PAT CAGR, targeting 12-13% EBITDA and 5-6% PAT margins by FY28 as the company shifts to an integrated buy-and-sell model. This quarter's 11.6% YoY revenue growth runs well below that trajectory, though the first phase of the Bokaro color-coated steel line is only just beginning commissioning in Q1 FY27 — so the guided ramp has barely started executing and the shortfall is not yet a red flag on its own. No consensus or street preview for this print could be located (BMW Industries appears to carry no formal analyst coverage), so the result cannot be graded against Street expectations; the company has also not issued a separate management press release beyond the standard board-outcome filing for this result.
W1
Bokaro Phase 1 color-coated steel commissioning (started Q1 FY27) — whether it lifts core revenue growth toward the guided ~75% FY25-28 CAGR (only +11.6% YoY this quarter)
W2
Finance cost trajectory — ₹5.50 Cr this quarter (+53.5% YoY) — watch if it keeps outpacing EBITDA growth (+7.1% YoY)
W3
Sustainability of other income (₹10.68 Cr, +119.9% YoY) — a repeat at this level would keep flattering PAT growth without core operating leverage catching up
Source in ₹ Lakhs, converted to Cr (÷100). Consolidated includes subsidiary Sail Bansal Service Centre Ltd (unaudited, share of loss ₹(20.38) Lakhs, immaterial per auditor). Consolidated 'profit for the period' (₹19.04 Cr) used for PAT, not the owners-only split (₹19.12 Cr), to match prior-quarter comparison methodology. Standalone (₹19.24 Cr) and consolidated (₹19.04 Cr) PAT track closely (~1% apart) — no material basis divergence. Q4 FY26 comparative column is a balancing figure (audited FY26 minus published 9M YTD per filing note), so QoQ moves vs it are lumpy rather than purely seasonal.