3.4 The finance costs on the specific borrowing capitalized during the year amounting to Rs. 218.90 Lakhs (Previous year : Rs. 286.84 lakhs) using the capitalisation rate of interest being 2.20% above Bank Rate (Refer Note No: 38)
3.5 During the year the Company has capitalised Rs. 19.28 lakhs (Previous Year : Nil) being the depreciation on assets used for construction.
3.6 Addition to Capital Work in Progress includes Rs. Nil (Previous year : Rs. 578.75) being inventories used in construction of assets (Refer Note No: 36)
3.7 Capital Work-In-Progress (CWIP) inlcludes Plants and equipments, other assets pertaining to tubemiH,and capital projects in bokaro under installation and construction and other expenditure incurred pending completion thereof.
4.2 The fair value of investment property is Rs. 2,040.75 Lakhs (Previous year: Rs. 1,550.00 Lakhs) as determined by an external independent registered valuer defined under rule 2 of Companies (Registered Valuers and Valuation) Rules, 2017. The fair value measurement for investment property has been categorised as Level 2 fair value based on the valuation technique used. The valuation technique used for determining the fair value of the property was based on the prevailing market price of similar property.
4.3 The title deed of the immovable property in respect of the following property which have been acquired pursuant to Scheme of merger with effect from April 01, 2021 is held in the name of transferor company and is pending registration in favour of the Company :
17.1 The Company entered into a Share Purchase Agreement (SPA) on 04th April, 2017 inter-alia with M/S Anand Itta Bhata Udyog Private Limited for sale of its entire shareholding in Bansal Nepal Private Limited, consisting of 5,08,693 equity shares of Rs. 60/- each subject to compliance and completion of the formalities under the Foreign Exchange Management Act and the conditions precedent in terms of the Share Purchase Agreement. Consequently, the said investments has been classified as held for sale at its realisable value. During the year the formalities under FEMA has been completed and the shares have been disposed off.
18.1 The company has issued only one class of equity shares having a par value of Re. 1 per share. Each shareholder is eligible for one vote per share held. The dividend, if any, proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the Equity Shareholders are eligible to receive the remaining assets of the Company, in proportion to their shareholding.
18.2 There has been no changes / movements in number of shares outstanding at the beginning and at the end of the reporting period and accordingly reconciliation is not required.
18.3 The Company does not have any Holding Company/Ultimate Holding Company.
19.2 Capital Reserve on Amalgamation
The reserve was created on following Business Combinations entered by the Company:
(a) Pursuant to the Scheme of Arrangement for Amalgamation of eight Wholly Owned Subsidiaries namely Confident Financial Consultancy Private Limited (CFCPL), Fairplan Vintrade Private Limited (FVPL), Nageshwar Trade-Link Private Limited (NTLPL), Narayan Dealcom Private Limited (NDPL), Perfect Investment Consultancy Private Limited (PICPL), Shri Hari Vincom Private Limited(SHVPL), Siddhi Vinayak Commosales Private Limited (SVCPL) and Sidhant Investment Advisory Private Limited (SIAPL) an amount of Rs. 104.79 lakhs was credited to Capital Reserve.
(b) Further The Hon'ble National Company Law Tribunal, Kolkata Bench (NCLT), vide its Order dated September 26, 2025, had approved the Scheme of Amalgamation ("the Scheme”) of BMW Iron & Steel Industries Limited (BMWISIL) and Nippon Cryo Private Limited (NCPL) (hereinafter collectively referred to as "Transferor Companies” or "Wholly Owned Subsidiaries”) with BMW Industries Limited (BMWIL) (hereinafter referred to as "Transferee Company” or "Holding Company”), with effect from April 1, 2024, i.e., the appointed date as defined in the Scheme. As th business combination was under Appendix C of INDS AS 103 " Business Combination” the excess of Investments in the books of the Company against the share capital of the transferred company amounting to Rs. 210.79 lakhs has been shown as negative Capital Reserve.
19.3 Securities Premium
Securities Premium represents the amount received in excess of par value of securities and is available for utilisation as specified under of Companies Act, 2013.
19.4 General Reserve
The General Reserve is created from time to time by appropriating profits from Retained Earnings. The General Reserve is created by a transfer from one component of equity to another and accordingly it is not reclassified to the Statement of Profit and Loss.
19.5 Retained Earnings
Retained Earnings generally represent the undistributed amount of accumulated earnings of the Company .This includes balance of remeasurement of defined benefit obligation routed through Other Comprehensive Income of Rs. 4.94 Lakhs (Previous year:(Rs. 18.58 lakhs)) relating to remeasurement of Defined Benefit Plans (net of tax) which cannot be reclassified to Statement of Profit and Loss.
19.6 Dividend
Subsequent to the Balance Sheet date, the Board of directors has recommended a final dividend of Re. 0.43 (43%) (Previous Year Re. 0.43) per share to be paid on fully paid equity shares of Face Value of Re. 1 each in respect of the financial year ended March 31, 2026. This equity dividend is subject to approval by the shareholders at the ensuing Annual General Meeting and has not been included as a liability in the Standalone financial statements.
The above numbers have been calculated on undiscounted basis
20.2 Details of security given for borrowing:
(a) Secured by second charge create on the Assets provided for Working Capital Loan along with personal guarantee of the three Promoter Directors of the Company.
(b) Secured by exclusive charge on the moveable assets of the project and second charge on the Immovable Properties of Howarh GT Road along with personal guarantees from two promotor directors of the Company.
(c) The General purpose Loan is secured by charge on all moveable assets of the Company except for located in Bokaro.
(d) Loan is secured by hypothecation of solar panels located at the manufacturing facilities at Jamshedpur and West Bengal.
(e) Secured by first charge on the Moveable and Immovable Property loacted at Adityapur Unit along with personal guarantee the two Promoter Directors of the Company.
(f) Loan is secured by hypothecation of property, plant and equipments (both moveable and immovable) of the Bokaro Project.
37.1 The Government of India, vide notification dated 21st November, 2025, has notified the Code on Wages, 2019, the industrial Relations Code, 2020, the Code on Social Security, 2020, and the Occupational Safety, Health and Working Conditions Code, 2020 (collectively referred to as ‘the Labour Code') consolidating and replacing the then existing multiple labour legislations in the country. In accordance with the requirements of Ind AS 19, ‘Employee Benefits', changes to employee benefits resulting from legislative amendments constitute a plan amendment, necessitating the immediate recognition of any variation in the costs upon such notification. Consequently, the potential impact on the employee benefit and expenses on account of past service costs amounting to Rs. 53.92 Lakhs pertaining to employee benefit obligations as evaluated and determined by an independent actuary or otherwise as estimated has been recognized and disclosed as employee benefit expenses in these Financial Statements. The developments and further clarifications in this respect will continue to be monitored and compensation and other arrangements as prevailing will be reviewed. Consequential further adjustments, the amount of which as per the management's estimate is not expected to be material, will be given effect to on determination in subsequent period.
41.1 Pursuant to the search conducted under section 132 of the Income Tax Act, 1961, during the financial year 2023-2024, the Company has received Assessment Orders for the financials years 2015-2016 to 2021-2022 and demand notices aggregating to T 394.55 lakhs have been issued to the Company. T 83.88 lakhs pertaining to the financial years 2015-2016, 2017-2018 and 2018-2019 to the extent agreed upon by the company, has been paid and recognized under current tax for the year ended March 31, 2024. Necessary appeals for remaining amount of demand of T 310.68 Lakhs have been filed before the Income Tax Appellate Tribunal and are pending as on this date and impact with respect to this are presently not ascertainable. In view of the management, the allegations and contentions made by Income Tax Authorities as such are not tenable and adjustments if any required will be given effect to on determination.
45. Segment Reporting
(i) The Company has one operating business segment viz, manufacturing, selling and processing of steel and all other activities are incidental to the same.
(ii) Information about Major Customer
Revenue from Conversion Income of steel and steel products include sale of service to one Public Company pertaining to the Steel Sector which account for more than 10% of the aggregate total revenue of the Company amounting to Rs. 41,223.01 lakhs (Previous year: Rs. 50,829.40 lakhs).
46 Disclosure as per Ind AS 116 "Leases”
Treatment of Leases as per Ind AS 116 :
The Company assesses whether a contract is or contains a [ease, at inception of the contract. The Company recognises a Right-of-Use Asset and a corresponding Lease Liability with respect to a[[ [ease arrangements in which it is the Lessee, except for short-term [eases (defined as [eases with a [ease term of 12 months or less) and [eases of low value assets . For these [eases, the Company recognises the [ease payments as an operating expense on a Straight-Line Basis over the term of the [ease un[ess another systematic basis is more representative of the time pattern in which economic benefits from the [eased assets are consumed.
The Lease Liability is initially measured at the Present Va[ue of the [ease payments that are not paid at the commencement date, discounted by using the rate imp[icit in the [ease. If this rate cannot be readi[y determined, the Company uses its Incrementa[ Borrowing Rate. The weighted average Incrementa[ Borrowing Rate app[ied to [eases recognised during the FY 2025-2026 is 9.50% p.a.
46.1 (i) Nature of [ease: The Company's significant [easing arrangements is in respect of Land and Premises for offices on [ease which are not non-cance[[ab[e and are usua[[y renewab[e on mutuaUy agreeab[e terms.
46.2(ii) The Company has incurred Rs 362.20 Lakhs and 316.94 Lakhs towards renta[ expenses re[ating to short term [eases and [eases of [ow va[ue assets for the year ended March 31, 2026 and March 31, 2026 respective[y. The tota[ cash outflow for [eases is Rs. 362.20 Lakhs and 316.94 Lakhs for the year ended March 31, 2026 and March 31, 2025 respective[y.
47. Employee Benefits
The Company has a Defined Benefit Gratuity Plan. Every employee who has completed five years or more of service is entitled to Gratuity on terms not less favourable than the provisions of The Payment of Gratuity Act, 1972. This is an unfunded plan.
The Company also has certain Defined Contribution Plans. Contributions are made to Provident Fund in India at the rate of 12% of salary of the employees covered as per the regulations. The contributions are made to registered provident fund administered by the Government. The obligation of the Company is limited to the amount contributed and it has no further contractual nor any constructive obligation.
As per Indian Accounting Standard 19 "Employee Benefits" (Ind AS - 19), the disclosures of Employee Benefits are given below:
47.2Defined Benefit Scheme
The Company has Defined Benefit Plan comprising of Gratuity. The Present Value of Obligation is determined based on Actuarial Valuation using the Projected Unit Credit (PUC) Actuarial Method, which recognizes each period of service as giving rise to additional unit of Employee Benefit entitlement and measures each unit separately to build up the final obligation.
E) Terms and conditions of transactions with related parties
The transactions with related parties are made on terms equivalent to those that prevail in arm's length transactions. Outstanding balances at the year end are unsecured and interest free and settlement occurs in cash. The above related parties information is as identified by the management and relied upon by the auditor.The Company has not provided any guarantee to related parties towards their borrowing facilities. For the year ended March 31, 2026, the Company has not recorded any impairment allowances in respect of receivables relating to amounts owed by related parties (March 31, 2025 Rs. NIL). This assessment is undertaken each financial year by examining the financial position of the related party and the market in which the related party operates.
The Company categorizes assets and liabilities measured at Fair Value into one of three levels depending on the ability to observe inputs employed for such measurement:
(a) Level 1: Inputs are quoted prices (unadjusted) in active markets for identical Assets or Liabilities.
(b) Level 2: Inputs other than quoted prices included within level 1 that are observable either directly or indirectly for the Asset or Liability.
(c ) Level 3: Inputs for the asset or liability which are not based on observable market data.
During the year ended March 31, 2026 , there were no transfers between Level 1, Level 2 and Level 3.
Fair Valuation Techniques
The Fair Values of the Financial Assets and Liabilities are included at the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the Measurement Date.
The following methods and assumptions were used to estimate the Fair Values :
The Fair Value of Cash and Cash Equivalents,Trade Receivables and Payables, Current Financial Liabilities and Assets and Borrowings approximate their carrying amount largely due to the short-term nature of these Instruments. The Management considers that the carrying amounts of Financial Assets and Financial Liabilities recognised at nominal cost / amortised cost in the Standalone Financial Statements approximate their Fair Values.
Fair Value of Long term debt approximates their carrying value subject to adjustments made for Transaction Cost.
The Non Current Financial Assets represent Security Deposits given to Government Authorities and for the purpose of day-to-day utilities of the Company and therefore the need of fair valuation does not arise in such a case.
A substantial portion of the Company's long-term debt has been contracted at floating rates of interest, which are reset at short intervals. Fair Value of variable interest rate Borrowings approximates their carrying value subject to adjustments made for Transaction Cost.
Fair Value of Security deposits and Unsecured Loans from Bodies Corporate have been determined on Effective interest Rate method(EIR) and differential thereof has been recognised as deferred loss/gain and to be recognised to profit and loss over the tenure of the instrument .
Risk Management Framework
The Company's Board of Directors has overall responsibility for the establishment and oversight of the Company's risk management policies are established to identify and analyse the risks faced by the Company, to set appropriate risk limits and controls and to monitor risks and adherence to limits. Risk Management Policies and Systems are reviewed regularly to reflect changes in market conditions and the Company's activities. The Company, through its training and procedures, aims to maintain discipline and constructive control environment in which all employees understand their roles and responsibilities. The Company is exposed to Market Risk, Credit Risk and Liquidity Risk. These risks are summarized below:
1 Market Risk
Market Risk is the risk of loss of future earnings, fair value or future cash flows that may result from adverse changes in market rates & prices (such as interest rates, exchange rates etc.) or in the price of market risk sensitive instruments as a result of such adverse market rates and prices. Market risk is attributable to all short term and long term debt. The Company is primarily exposed to interest rate risks and foreign exchange rate risk.
a. Interest Rate Risk
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company's exposure to market risk for change in interest rates primarily relates to the Company's borrowings with floating interest rates.
2 Credit Risk
Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the Company's receivables from customers, loans and advances to Body Corporates. Credit risk is managed through credit approvals, establishing credit limits and continuously monitoring the creditworthiness of customers to which the Company grants credit terms in the normal course of business. The Company establishes an allowance for doubtful debts and impairment that represents its estimate of incurred losses in respect of trade and other receivables and loans and advances.
The Company provides for an allowance for impairment that represents its estimate of incurred losses in respect of trade ad other receivables. Receivables from customers are reviewed/ evaluated periodically by the Management and appropriate impairment allowances for doubtful debts are made to the extent receiver thereagainst has been considered remote.
3 Liquidity Risk
Liquidity risk refers to the risk that the Company cannot meet its financial obligations. The objective of Liquidity Risk Management is to maintain sufficient liquidity and ensure that funds are available for use as per requirements. The Company has obtained fund and non-fund base working capital loan from banks. The Company relies on borrowings and internal accruals to meet its fund requirement. The current committed line of credit are sufficient to meet its short to medium term fund requirement.
51. Disclosure for Stuck off Companies
Based on the information to the extent available with the Company, there were no transactions with the companies struck off under section 248 of the Companies Act, 2013
52. Disclosure regarding borrowed funds have been considered part of other disclosures :
No funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other person(s) or entity(ies), including foreign entities ("Intermediaries”) with the understanding, whether recorded in writing or otherwise, that the Intermediary shall lend or invest in party identified by or on behalf of the Company (Ultimate Beneficiaries). The Company has not received any fund from any party(s) (Funding Party) with the understanding that the Company shall whether, directly or indirectly lend or invest in other persons or entities identified by or on behalf of the Funding Party ("Ultimate Beneficiaries”) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
53. Other disclosures required under schedule III of Companies Act, 2013 :
a. The Company does not hold any Benami Properties and there is no proceedings initiated or pending against the Company for holding any Benami Property under the Benami Transition (prohibition) Act, 1988 and rules made thereunder.
b. The Company has not been declared wilful defaulter by any Bank or Financial Institution or other lender.
c. The Company has not traded or invested in Crypto Currency or Virtual Currency during the Financial Year.
d. The Company has no any such transaction which is not recorded in the Books of Accounts that has been surrendered or disclosed as income during the year in the Tax Assessments under the Income Tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961).
e. The Company does not have any Charges or Satisfaction which is yet to be registered with ROC beyond the statutory period.
54. Business Combination
The Hon'bLe National Company Law Tribunal, KoLkata Bench (NCLT), vide its Order dated September 26, 2025, had approved the Scheme of Amalgamation ("the Scheme") of BMW Iron & Steel Industries Limited (BMWISIL) and Nippon Cryo Private Limited (NCPL) (hereinafter collectively referred to as "Transferor Companies" or "Wholly Owned Subsidiaries”) with BMW Industries Limited (BMWIL) (hereinafter referred to as "Transferee Company” or "Holding Company”), with effect from April 1, 2024, i.e., the Appointed Date as defined in the Scheme.
Pursuant to the Scheme, the Financial Statements of the Company for the Financial Year 2024-25 have been prepared after giving effect to the Amalgamation in the following manner:
(i) ALL Assets and Liabilities of the Transferor Companies appearing in the Financial Statements as on March 31, 2024 have been incorporated at their respective carrying values;
(ii) ALL Reserves and Surplus of the Transferor Companies as on March 31, 2024 have been incorporated in the same form and manner as appearing in Books of Accounts of the respective Transferor Companies;
(iii) ALL inter-se transactions and balances amongst the Transferor Companies and Transferee Company or between the Transferor Companies shaLL stand canceLLed as an integraL part of the Scheme and necessary consequentiaL adjustments have been made in the FinanciaL Statements;
(iv) As the AmaLgamation invoLves WhoLLy Owned Subsidiaries and their HoLding Company, the entire Issued, Subscribed and Paid-Up Share CapitaL of the Transferor Companies, incLuding Shares heLd by the Transferee Company, stands canceLLed pursuant to the Scheme. No Shares have been issued by the Transferee Company in consideration of the AmaLgamation.
(v) ALL transactions undertaken by the Transferor Companies on behaLf of the Company and the reLated baLances for the period from ApriL 1, 2024 to March 31, 2025 have been incorporated in the FinanciaL Statements of the Company for the respective reporting periods. AccordingLy, the figures for the Current Year are not comparabLe with those of the Previous Year.
55. Previous Year figures have been recasted/restated to confirm with current year presentation wherever considered necessary.
56. These Standalone financial statements have been approved by the Board of Directors of the Company on May 6, 2026 for issue to the shareholders for their adoption.
|