Key Highlights

  • First-half FY26 revenue was broadly steady at AUD 71.1 million.
  • Statutory NPAT declined 3.2% to approximately AUD 8.5 million.
  • Bisalloy ended FY25 with about AUD 4.0 million in net cash and effectively zero gearing.
  • Defence demand may offset weakness across mining and heavy-haulage markets.

Bisalloy Steel Group (ASX:BIS) combines a specialised Australian manufacturing position with exposure to mining, defence and Asian markets. Revenue remained stable in the first half, although profit eased, leaving product mix, defence orders and mining activity central to the earnings outlook.

Speciality Steel for Demanding Uses

Bisalloy manufactures quenched and tempered high-tensile steel plate for wear resistance, structural strength and ballistic protection. Products are sold under the BISALLOY and BISPLATE brands.

Australian production is based near Wollongong, while Asian operations include plants in Shandong and distribution across Indonesia and Thailand.

Half-Year Profit Eases

For the half ended 31 December 2025, revenue increased 0.3% to about AUD 71.1 million. Statutory NPAT declined 3.2% to roughly AUD 8.5 million, while operating EBITDA excluding foreign exchange fell about 3.1% to AUD 14.2 million.

FY25 revenue was AUD 152.8 million, statutory NPAT increased 23.6% to AUD 20.0 million and EBITDA reached AUD 31.9 million. The improvement reflected pricing and product mix rather than volume growth.

Net Cash Supports Dividends

Bisalloy ended FY25 with approximately AUD 4.0 million in net cash and gearing near zero. FY25 fully franked dividends totalled 24.5 cents per share.

The company also paid a 16.4-cent special dividend in December 2025 and declared an 8.0-cent interim dividend for April 2026. Special distributions should not be assumed to recur.

Defence Provides a Counterweight

Mining demand weakened following the Nickel West suspension and softer iron ore conditions, partly offset by gold-sector activity. Bisalloy identified rising demand for armour and protection plate, supported by AUKUS and expansion into European defence markets.

What May Be Watched Next

Defence orders, a recovery in mining expenditure, Asian joint-venture profitability, pricing and dividend sustainability may shape the next earnings phase.

Key Risks

Steel prices, input costs, imports and cyclical mining demand can affect margins. Defence procurement is lumpy, while China operations introduce currency and geopolitical exposure. Thin share liquidity may increase volatility.

What does Bisalloy manufacture?

It produces quenched and tempered high-tensile steel plate.

What was first-half FY26 revenue?

Revenue was approximately AUD 71.1 million.

Was Bisalloy in net cash?

It ended FY25 with about AUD 4.0 million in net cash.

What markets drive demand?

Mining, heavy industry, defence and Asian industrial customers are key markets.