BMW Industries Ltd

- The Bokaro Greenfield project’s total cost is approximately Rs. 800 crores. - Funding is planned with a mix of 70% debt and 30% internal equity generation. - Rs. 500 crores of long-term debt financing has been tied up with a consortium led by SBI, HDFC, and YES Bank. - The remaining debt portion is being worked on to be tied up soon. - No additional CAPEX plans or fundraising for expansion beyond FY’30 are currently planned. - Interest rates on the debt are competitive, below 8%. - Management does not provide specific guidance on short-term interest cost fluctuations or exact peak debt timing. - No concrete updates yet on equity fundraising; listing on NSE is in progress with hopeful news to come soon.

- BMW Industries is undertaking a significant Greenfield downstream steel complex project at Bokaro with a total project cost of approximately Rs. 800 crores. - The project is funded with around 70% debt (Rs. 500 crores tied up) and 30% internal equity generation. - The Bokaro plant covers about 40 acres for the primary plant and an additional 5 acres for pickling and acid regeneration facilities, all on a long-term renewable lease. - The plant is focused on producing value-added steel products including galvanized, galvalume, ZAM, and color-coated sheets. - No additional CAPEX plans are expected till FY’30 beyond the Bokaro project. - The Bokaro project is on track for Phase-1 commissioning by April 2026, with full ramp-up targeted by FY’28 and optimization by FY’30. - Management is focusing on ramp-up and optimization before considering further Brownfield expansions post-FY’30.

- BMW Industries projects consolidated revenue growth at a CAGR of approximately 75% over the next three fiscal years, driven by phased commissioning of the Bokaro Greenfield project and organic growth in existing verticals. - Operating EBITDA is expected to grow at a 45% CAGR over the same period, with margins stabilizing around 11% by FY28. - The transition to an integrated downstream processing model will increase raw material costs but drive top-line expansion and PAT growth in the range of 35%-40% CAGR. - FY28 is targeted for a complete ramp-up of the Bokaro plant, with further optimization, fine-tuning, and de-bottlenecking expected by FY30. - Capacity utilization in pipes and tubes segment is expected to increase from current ~30% to about 60%-65% within two years. - Meaningful revenues from Bokaro are anticipated starting early FY27, progressively contributing to overall growth.

- Revenue is expected to grow at a CAGR of approximately 75% over the next three fiscals, driven by phased commissioning of the Greenfield Bokaro project and organic growth in existing business verticals. - Operating EBITDA is projected to grow at a CAGR of 45% over the same period, with margins stabilizing around 11% by FY28. - PAT margins are expected to stabilize at approximately 5% by FY28, resulting in a return on capital employed (ROCE) of 15% or more. - Profit after tax is projected to grow at a CAGR of 35%-40% over the next three fiscals. - The transition to an integrated downstream steel processing model, though leading to lower EBITDA margins compared to the previous conversion-based model, will bring material top-line expansion and profit growth. - Earnings per share (EPS) growth aligns broadly with net profit growth, supported by scaling operations and capacity ramp-up at Bokaro by FY28.

- The company's order books are more time-based than value-based; values are indicative only. - CRM contract duration: 5 years. - Tube contract duration: 3 years. - TMT contract extension: 12 months, expiring November 2026, with discussions ongoing for longer-term renewal. - Previously indicated order values remain conservatively on track. - No specific current unexecuted order book value or exact pending orders number was provided. - The company expects order execution to be spread over the next 3-4 quarters as per contract timelines.