Specialty steel makers report results that reflect domestic resources demand, Import competition and defence orders. Bisalloy Steel Group Limited (ASX:BIS) reported FY26 results on 28 August 2026, with lower Revenue and Earnings and continued Investment in its Armour and Protection Business and OptiWear technology.

Company overview

Bisalloy Steel Group Limited (ASX:BIS) is based in Unanderra, New South Wales, and makes and distributes quenched and tempered steel plate under the BISPLATE brand, with wear, structural and armour products. Its strategy has four elements: defending the domestic Wear and Structural business, growing international Armour and Protection, strengthening its Chinese joint venture (CJV) and commercialising OptiWear digital wear monitoring.

FY26 results

Revenue was A$136.6 million, down 10.6%, operating EBITDA A$27.7 million, down 13.2%, and net profit after tax attributable to members A$16.8 million, down 14.4%. Earnings Per Share were 34.9 cents, and a fully franked final Dividend of 13.0 cents was declared. The company said the result was in line with guidance and reflected the absence of prior-year one-off items.

Defence, Armour and OptiWear

Armour and Protection plate volumes into global markets grew 229%. The company completed a contract with the Australian Submarine Agency to qualify its steel for the SSN-AUKUS program and in July 2026 secured its first order to Supply HY80 steel to the United States submarine industry.

The CJV contribution rose to A$3.0 million from A$2.8 million. In Indonesia, the workforce was reduced by 22% because of import licensing issues. OptiWear moved into commercialisation, and the company is pursuing partnerships with equipment manufacturers.

Domestic market

Domestic Demand was soft in parts of the resources sector, and imported Chinese plate increased competition. The group intends to apply to the Anti-Dumping Commission for a review of imported plate pricing.

Sector backdrop

Steel plate demand is tied to Mining and construction activity and to defence procurement. Import pricing and trade remedies influence domestic margins.

Risks shareholders should weigh

Revenue and earnings fell, and the company expects FY27 to be a year of continued investment before full benefits arrive. Domestic wear and structural sales declined.

Defence and OptiWear revenues are early stage, and the Indonesian operation’s future depends on licensing. The anti-dumping application is not yet lodged or decided.

The CJV operates in a difficult Chinese economy, and results depend on customer orders and approvals.

What’s next

The company expects FY27 to focus on execution against milestones, and plans to lodge the anti-dumping application. Shareholders may wish to watch for defence orders and OptiWear partnerships.