BMW Industries Ltd (Steel Service center)

Really good write up on BMW!

I have few questions and it would be great if you can help me with it.

1. Sales have been on a downward trajectory post 2018. It peaked out at 948 Crs and then it’s been going down. Is there a cyclicity to this business like th entire Steel industry ? If not then what is the reason for sales going down ?
2. Dependency on Tata steel for majority of their revenues is a big risk. There is almost 100% client concentration here. Does Tata steel have any other vendor for servicing ? Usually bigger companies tend to have multiple vendors to diversify the risk of depending on just one.
3. Are 23-24% EBITDA margins sustainable on a long term basis. If not then what are the sustainable margins.
4. Company still has some debt on the books. Why is it giving out dividends? Most of the dividends go to the promoters since they have 74% holding. Do they not have any plans of going debt free ?
5. What is the estimated topline for the next 3-5 years ?
6. Are they planning to reduce their dependency on Tata steel and add other clients ?

Thanks in advance !