Bcl Industries Limited (BCLIND)
₹29.90 +0.37% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Bcl Industries' revenue was ₹623 Cr (-21.3% year on year, +7.1% on the previous quarter), and net profit ₹35.5 Cr (+7.6% year on year); the operating margin was 9.8%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹623 | -21.3% | +7.1% |
| Operating profit | ₹61.1 | +15.3% | +11.1% |
| Net profit | ₹35.5 | +7.6% | +36.6% |
| EPS (₹) | 1.09 | +4.8% | +38.0% |
| Operating margin | 9.8% | — | — |
BCLIND delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 51.6% of the BCLIND shares traded on NSE were taken to delivery, against the stock's own 20-session average of 51.47%. That is close to its usual level. Turnover was only ₹93 lakh, so a handful of trades can move this figure.
Delivery in the last 5 sessions: 60.2% · 45.0% · 44.3% · 58.5% · 51.6%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
BCL Industries Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate, issued by Registrar and Transfer Agent MUFG Intime India Private Limited, confirms that share certificates received for dematerialisation were duly processed, verified, cancelled, and listed on the stock exchanges. This is a purely procedural regulatory filing confirming adherence to depository processes. No business operations, capital structure changes, or financial figures were impacted.
- Compliance certificate submitted under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018
- Pertains to the quarter ended September 30, 2026
- Issued by RTA MUFG Intime India Private Limited on October 06, 2026
- Confirms mutilation, cancellation, and exchange listing of dematerialised securities within stipulated timelines
BCL Industries has scheduled a virtual group interaction with institutional investors at the 'GIA Alco Bev Day' on Friday, September 11, 2026. The company noted that no unpublished price-sensitive information (UPSI) will be shared during the meet. BCL Industries reported TTM revenue of ₹2,622 Cr and TTM PAT of ₹129 Cr with a current market cap of ₹1,187 Cr.
- Virtual group interaction scheduled for Friday, September 11, 2026
- Participation at the 'GIA Alco Bev Day' event
- Company confirmed that no unpublished price sensitive information (UPSI) will be shared
BCL Industries Limited has issued the notice for its 50th Annual General Meeting to be held on September 25, 2026. Key agenda items include approving a final dividend of ₹0.35 (35 paisa) per equity share for FY26 and passing an enabling special resolution to approve a borrowing limit of up to ₹800 Crores under Section 180(1)(c). The borrowing limit compares against the company's current net worth of ₹846 Crores and existing debt of ₹429 Crores. The cut-off date for voting eligibility is September 18, 2026, with remote e-voting open from September 22 to September 24, 2026.
- 50th AGM scheduled for September 25, 2026, via Video Conferencing.
- Proposed final dividend of ₹0.35 (35 paisa) per equity share for FY26.
- Special resolution seeking enabling borrowing powers up to ₹800.00 Crores (vs existing debt of ₹429 Cr).
- Voting cut-off date fixed as September 18, 2026; remote e-voting window is September 22–24, 2026.
BCL Industries Limited has resumed operations at its 200 KLPD ethanol production unit in Bathinda, Punjab, effective August 26, 2026, following the receipt of all required statutory approvals. The unit had experienced a temporary disruption following a fire incident in an ethanol tanker on June 19, 2026. Management indicated that commercial production is anticipated to fully commence within 3 to 4 days across its multi-stage process. The resumption restores key operating capacity supporting the company's ethanol blending supplies to Oil Marketing Companies.
- Resumption of operations at the 200 KLPD ethanol plant at Bathinda, Punjab on August 26, 2026
- Unit had been temporarily halted since a fire incident on June 19, 2026
- All statutory approvals received to restart the facility
- Commercial production expected to commence within 3–4 days
BCL Industries has announced a special window for the transfer and dematerialization of physical shares pursuant to a SEBI circular dated January 30, 2026. The 1-year window is active from February 05, 2026, to February 04, 2027. It allows investors who bought or sold physical shares prior to April 01, 2019—and whose transfers were delayed or rejected—to regularize and demat their holdings via the RTA, MUFG Intime India.
- Special demat and transfer window open for 1 year from February 05, 2026, to February 04, 2027
- Applies to physical shares purchased or sold prior to April 01, 2019, that remained pending or rejected
- Issued pursuant to SEBI Circular dated January 30, 2026
- Investors instructed to lodge documents with RTA MUFG Intime India Pvt. Limited
BCL Industries reported Q1 FY27 consolidated revenue of Rs 623 crore, down YoY due to a planned exit from the low-margin packaged edible oil business, but EBITDA grew 17% YoY to Rs 66 crore with margins expanding 370 bps to 10.5%. The company successfully commissioned its new 150 KLPD distillery unit at Bathinda in July 2026 and completed the acquisition of the remaining 25% stake in Svaksha Distillery (350 KLPD) on June 30, 2026. A fire incident on June 19 temporarily shut the 200 KLPD Bathinda plant, but restart is expected in ~15 days with full insurance coverage for stock and business interruption. Management also confirmed securing ~4.5 crore liters in ethanol allocation under the recent Supreme Court order for OMCs, keeping order books full for the next 2-3 months.
- Q1 FY27 EBITDA increased 17% YoY to Rs 66 crore with EBITDA margins expanding to 10.5% (distillery segment margin at 12.41%).
- Successfully commissioned 150 KLPD distillery unit at Bathinda in early July 2026 and finalized 100% buyout of Svaksha Distillery.
- Secured ~4.5 crore liters ethanol allocation for OMC delivery over the next 2-3 months.
- Bathinda 200 KLPD unit shut temporarily after a 90,000-liter storage tank fire; restart targeted within ~15 days with full insurance recovery expected.
BCL Industries Limited and its wholly owned subsidiary, Svaksha Distillery Limited, have received an additional allocation of 4.37 crore litres (43,700 KL) of ethanol from Oil Marketing Companies (OMCs) for Q4 of Ethanol Supply Year (ESY 25-26). BCL Industries was allocated 2.35 crore litres (23,500 KL), while Svaksha Distillery received 2.02 crore litres (20,200 KL). With this addition, the total ethanol order book for ESY 25-26 stands at 15.11 crore litres (151,109 KL), spanning supplies to OMCs and Reliance Industries.
- Additional Q4 OMC allocation of 2.35 cr litres (23,500 KL) awarded to BCL Industries
- Additional Q4 OMC allocation of 2.02 cr litres (20,200 KL) awarded to Svaksha Distillery
- Total ethanol allocation for ESY 25-26 expanded to 1,51,109 KL (15.11 cr litres)
- Includes existing 17,894 KL annual allocation to Reliance Industries from Svaksha Distillery
BCL Industries Limited has submitted the audio recording link for its Analyst and Investor Conference Call held on August 14, 2026. The call discussed the unaudited financial results for the quarter ended June 30, 2026. This filing is a routine statutory disclosure pursuant to Regulation 30 of the SEBI Listing Regulations.
- Audio recording link submitted for investor concall held on August 14, 2026
- Conference call covered unaudited financial results for the quarter ended June 30, 2026
- Submitted under Regulation 30(2) of SEBI Listing Regulations
BCL Industries reported a strong margin expansion in Q1 FY27, with EBITDA margins rising to 10.5% from 6.8% YoY, despite a 24% decline in total revenue to ₹628 Cr. The revenue drop reflects the strategic exit from the low-margin edible oil manufacturing segment, which is being replaced by higher-margin distillery operations. Net profit grew 6% YoY to ₹36 Cr, supported by a 46% volume growth in country liquor. A fire incident at the 200 KLPD ethanol plant in June 2026 was mitigated by the ramp-up of a new 150 KLPD unit, ensuring minimal operational disruption.
- EBITDA increased 17% YoY to ₹66 Cr despite a 24% drop in total revenue due to segment rationalization.
- Distillery segment now contributes ~75% of total revenue (₹466 Cr out of ₹623 Cr from operations).
- Country liquor volumes grew 46% YoY, driven by strong demand and new product launches in the PML category.
- Acquired the remaining stake in Svaksha Distillery Limited on June 30, 2026, making it a 100% subsidiary.
- Operating cash flow for FY26 surged to ₹325 Cr from ₹63 Cr in FY25, a 415% increase.
BCL Industries reported a 6.1% YoY increase in consolidated net profit to ₹35.52 crore for Q1 FY27, despite a 24% decline in revenue to ₹623.42 crore. The revenue contraction reflects the company's strategic exit from the low-margin edible oil business and a temporary shutdown of its 200 KLPD ethanol plant following a fire on June 19, 2026. The Board has fixed September 18, 2026, as the record date for the FY26 dividend. Management expects insurance to cover the fire-related losses, which are currently unquantified in the P&L.
- Consolidated Net Profit rose to ₹35.52 crore in Q1 FY27 from ₹33.48 crore in the previous year period.
- Revenue from operations fell 24% YoY to ₹623.42 crore, primarily due to segment closures and operational disruptions.
- A fire incident on June 19, 2026, has temporarily halted operations at the 200 KLPD Ethanol Plant.
- Recorded a profit of ₹1.99 crore from the sale of assets following the closure of the Oil and Vanaspati unit in Bathinda.
- Fixed September 18, 2026, as the record date for dividend payment for the financial year 2025-26.
BCL Industries reported a consolidated PAT of ₹32.25 Cr for Q1 FY27, a 5.3% increase YoY, despite a 24% decline in revenue to ₹623.42 Cr. The revenue drop reflects the company's strategic exit from the low-margin edible oil business and a fire incident on June 19, 2026, which halted operations at its 200 KLPD ethanol plant. Profitability improved as Profit Before Tax (PBT) rose 24% YoY to ₹46.82 Cr, driven by lower raw material costs and a shift toward higher-margin distillery products. The board also fixed September 18, 2026, as the record date for the FY26 dividend.
- Consolidated Revenue from Operations decreased 24% YoY to ₹623.42 Cr from ₹820.30 Cr.
- Consolidated PAT attributable to owners grew 5.3% YoY to ₹32.25 Cr compared to ₹30.63 Cr.
- A fire incident on June 19, 2026, resulted in the shutdown of the 200 KLPD Ethanol Plant; insurance recovery is considered virtually certain.
- Standalone other income includes ₹1.99 Cr profit from the sale of building materials and scrap from the closed Oil and Vanaspati Unit.
- Record date for the payment of dividend for FY 2025-26 is fixed as September 18, 2026.
BCL Industries has scheduled its earnings conference call for the quarter ended June 30, 2026, on August 14, 2026, at 3:00 PM IST. The call will feature the Joint Managing Director and CEO to discuss the company's performance. This follows a fiscal year (FY26) where the company reported a TTM revenue of ₹2,791 Cr and a PAT of ₹126 Cr. Investors will likely seek updates on the company's strategic pivot from edible oils to high-margin ethanol production.
- Earnings conference call scheduled for August 14, 2026, at 3:00 PM IST
- Management participants include Joint Managing Director Mr. Kushal Mittal and CEO Mr. Varun Gupta
- Discussion to focus on unaudited financial results for the quarter ended June 30, 2026
- Company reported TTM revenue of ₹2,791 Cr and TTM PAT of ₹126 Cr as of March 2026
- Current market capitalization stands at ₹1,191 Cr with a P/E ratio of 9.5
BCL Industries has successfully commissioned a 150 KLPD ethanol-dedicated brownfield expansion at its Bathinda facility as of July 13, 2026. This increases the total distillery capacity at the Bathinda site to 550 KLPD, representing a significant scale-up in its core growth segment. The expansion aligns with the company's strategic pivot from low-margin edible oils to high-margin ethanol and ENA production. With a TTM revenue of Rs 2,791 Cr and a P/E of 8.7, this capacity addition is a key driver for achieving the company's 15% expected growth rate.
- Commissioned 150 KLPD ethanol-dedicated brownfield expansion at the Bathinda plant
- Total distillery capacity at the Bathinda facility has increased to 550 KLPD
- Expansion supports the government's bio-fuel initiatives and ethanol blending targets
- The commissioning was officially completed and announced on July 13, 2026
BCL Industries has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The filing confirms that for the quarter ended June 30, 2026, all physical share certificates received for dematerialization were processed within the allowed timeframe. The Registrar and Transfer Agent (RTA), MUFG Intime India Private Limited, verified that these securities are listed on the stock exchanges and that physical certificates were mutilated and cancelled. This is a routine administrative procedure to maintain accurate electronic shareholding records.
- Compliance certificate issued for the quarter ended June 30, 2026
- Confirmation received from RTA MUFG Intime India Private Limited on July 8, 2026
- Securities received for dematerialization were processed and listed on exchanges within stipulated time
- Physical certificates were mutilated and cancelled after due verification
BCL Industries' Joint Managing Director, Kushal Mittal, has been recognized in the Avendus Wealth - Hurun India U30 List 2026. The list identifies 102 entrepreneurs under the age of 30 who have demonstrated significant leadership and economic impact. The company has clarified that this recognition is purely honorary and carries no material financial or operational impact. While it enhances the leadership profile, it does not alter the company's current financial standing or strategic direction.
- Joint MD Kushal Mittal included in the Avendus Wealth - Hurun India U30 List 2026
- The list recognizes 102 entrepreneurs aged 30 years and below for economic impact
- Company confirms the recognition has zero material financial or operational impact
- Recognition celebrates 'fearless first movers' and next-generation business leaders
Financial Performance
Revenue Growth by Segment
Standalone total operating income grew 21% YoY to INR 1,971.00 Cr in FY25 from INR 1,625.83 Cr in FY24. Segmental revenue for FY25 was led by Distillery at 51.52%, Edible Oil and Rice at 47.00%, and Real Estate at 1.48%. Q1 FY26 standalone revenue rose 24.34% to INR 587.93 Cr, while H1 FY26 consolidated revenue reached INR 1,544 Cr, a 9.6% increase YoY.
Geographic Revenue Split
Not disclosed in available documents; however, operations are centered in Bathinda, Punjab, and West Bengal (Svaksha Distillery).
Profitability Margins
FY25 standalone EBITDA margin stood at 6.47% (down from 7.85% in FY24) and PAT margin at 3.61% (down from 4.49% in FY24) due to high input costs. Q2 FY26 consolidated PAT margin improved to 4.4% from 4% YoY, while H1 FY26 PAT margin stood at 4.2% compared to 3.9% in H1 FY25.
EBITDA Margin
Consolidated EBITDA margin for Q2 FY26 was 9.5%, a 190 bps increase from 7.6% in Q2 FY25. H1 FY26 EBITDA margin was 8.1% (INR 125 Cr) compared to 8% (INR 113 Cr) in H1 FY25, reflecting improved operational efficiencies despite a 4% dip in Q2 revenue.
Capital Expenditure
The company is executing an ambitious CapEx plan of approximately INR 116.51 Cr for a new 150 KLPD distillery in Bathinda to enhance ethanol production, alongside a 75 KLPD biodiesel plant. CWIP stood at INR 80.5 Cr as of H1 FY26.
Credit Rating & Borrowing
Assigned IVR A+/Stable for Long Term and IVR A1+ for Short Term. Interest coverage ratio remained strong at 10.68x as of March 31, 2025, compared to 9.97x in the previous year.
Operational Drivers
Raw Materials
Key raw materials include rice and other grains for distillery operations, and crude/refined oils for the edible oil segment. Input costs rose in FY25, contributing to a margin compression of approximately 138 bps in standalone operations.
Import Sources
Not specifically disclosed, though the company operates units in Punjab and West Bengal, suggesting localized grain sourcing.
Capacity Expansion
Current expansion includes a 150 KLPD distillery in Bathinda and a 75 KLPD biodiesel plant. The company achieved peak utilization of existing distillery capacity in FY25 to meet ethanol blending demand.
Raw Material Costs
Raw material costs are a significant portion of total expenses, which were INR 1,419 Cr in H1 FY26 (91.9% of total revenue). Management noted that increased input costs were a primary driver for the decline in FY25 standalone operating margins to 6.47%.
Manufacturing Efficiency
The company achieved peak utilization of its distillery capacity in FY25. In-house ENA bottling currently utilizes 600 KL per month at the Bathinda unit.
Strategic Growth
Expected Growth Rate
15%
Growth Strategy
Growth is driven by a phased exit from the low-margin edible oil business by June 2025 and a pivot toward high-margin ethanol and ENA production. The company is expanding distillery capacity by 150 KLPD and increasing in-house bottling volumes, supported by new product launches and the national ethanol blending program.
Products & Services
Ethanol, Extra Neutral Alcohol (ENA), bottled liquor, refined edible oils, rice, and real estate developments.
Brand Portfolio
Not specifically named, though the company mentions launching new products in the bottling business.
New Products/Services
Recently launched a new bottling product with another launch planned; in-house bottling currently consumes 600 KL of ENA monthly.
Market Expansion
Focusing on increasing ENA sales and ethanol production to meet India's blending targets; expanding footprint through Svaksha Distillery in West Bengal.
Strategic Alliances
Svaksha Distillery Limited (75% stake) and Goyal Distillery Private Limited (100% stake).
External Factors
Industry Trends
The industry is shifting toward green energy with a strong government push for ethanol blending. BCL is positioning itself as a major distillery player, moving away from traditional edible oil processing which faces global price volatility.
Competitive Landscape
The distillery sector is becoming more competitive as OMCs tighten volumes, requiring BCL to focus on ENA sales and competitive pricing.
Competitive Moat
Competitive advantage stems from integrated operations (distillery and rice processing) and experienced management with over three decades of industry expertise. The shift to a policy-backed ethanol model provides a more stable demand outlook than edible oils.
Macro Economic Sensitivity
Highly sensitive to government policies on ethanol blending and agro-commodity price fluctuations.
Consumer Behavior
Not applicable for B2B ethanol sales; however, liquor bottling growth is driven by regional demand in Punjab.
Geopolitical Risks
Exposed to changes in regulatory and import/export duty structures for crude and refined oils, which influenced the decision to exit the edible oil unit by June 2025.
Regulatory & Governance
Industry Regulations
Operations are heavily influenced by the Ethanol Blending Program (EBP) and OMC procurement policies. The edible oil segment is subject to import/export duty structures.
Environmental Compliance
Investing in a 75 KLPD biodiesel plant and renewable energy to align with environmental mandates and ethanol blending targets.
Taxation Policy Impact
Effective tax rate was approximately 21.7% in H1 FY26 (INR 18 Cr tax on INR 83 Cr PBT).
Risk Analysis
Key Uncertainties
Primary risks include changes in government ethanol pricing, raw material price spikes (grains), and the successful execution of the phased exit from the edible oil business.
Geographic Concentration Risk
Concentrated in Punjab and West Bengal; the Bathinda unit is the primary hub for bottling and the new 150 KLPD expansion.
Third Party Dependencies
High dependency on OMCs for ethanol off-take and government policy for pricing.
Technology Obsolescence Risk
Low risk in manufacturing, but the company is upgrading to modern distillery and biodiesel technology to maintain efficiency.
Credit & Counterparty Risk
Receivables are efficient at 17-19 days, indicating high-quality counterparty collections, primarily from OMCs and established distributors.
