BCL Industries Ltd

Special Window details

• Window open from Feb 5, 2026 to Feb 4, 2027 for transfer and dematerialisation of pre-2019 physical securities.
• Applicable to pre-2019 trades rejected or not lodged due to document deficiencies.
• Investors should lodge/re-lodge transfer deeds with MUFG Intime India Pvt. Ltd (RTA).
• RTA contact: investor.helpdesk@in.mpms.mufg.com; Tel: 022-49186175.
• RTA address: MUFG Intime India Pvt. Ltd., Unit: BCL Industries, Distillery Unit, Dabwali Road, Sangat Kalan, Bathinda-151401.
• Intimation is hosted on the company website.
• Basis SEBI circular dated Jan 30, 2026 enabling the window.

Financial Performance

• Q1 FY27 revenue: INR 623 crores; Q1 FY26: INR 820 crores.
• EBITDA: INR 66 crores; margin 10.5% (vs 6.8% in Q1 FY26).
• PAT: INR 36 crores; margin 5.7% (vs 4.1% in Q1 FY26).
• Profit on sale of fixed assets: INR 199.47 lakhs.
• Distillery EBITDA margin: 12.41% in Q1 FY27.
• Country liquor: 6,37,993 boxes; +42% QoQ, +46% YoY.
• New 150 KLPD unit commissioned; 200 KLPD shutdown in Bathinda.
• Svaksha Distillery 350 KLPD wholly-owned after 25% stake acquisition.

Operational Highlights

• Fire at Bathinda 200 KLPD unit on 19 Jun 2026; no injuries.
• 150 KLPD unit commissioned end-June; commercially by July; output ramp-up.
• Maize oil extraction unit commissioned at Svaksha; backward integration.
• Exit from packaged oil business; asset-sale profit reflected in quarterly results.
• Svaksha acquisition complete; 350 KLPD distillery now wholly-owned.

Pricing and Market Mix

• Ethanol to private buyers ex-factory price: INR 58 per liter.
• Maize procurement cost: around INR 22–23 per kg.
• Average EBITDA margin across maize ethanol, ENA, and private ethanol: ~12%.
• Demand drivers: E20 policy debates; isobutanol policy under active testing; flex-fuel progress gradual.
• Punjab Raspberry launched in Q4; Jamun Vodka launched July 2026.

Balance Sheet and Cash Flow

• Total debt including working capital: ~INR 360 crores; working capital ~INR 60 crores.
• Finance cost declined; 75 lakh pledged shares unpledged.
• Working capital limit to be reduced by INR 50 crores in August.
• Land sale update not available; Bathinda real estate market slow.

Q&A Highlights

• Private ethanol price ex-factory INR 58 per liter; maize ENA margins ~12%.
• Fire: stock around 90,000 liters; restart targeted in ~15 days; P&L insured.
• Supreme Court order: ~4.5 crore liters incremental volume; 2–3 months visibility.
• 250 KLPD Fatehabad on hold; malt unit conceptualization; IMFL entry planned next year.
• CBG plan under evaluation; biodiesel not remunerative; focus on indigenous materials.
• Land sale timing unclear; no buyback planned; pledged shares released.

Outlook and Guidance

• Demand for grain ethanol expected to improve slightly next year.
• Isobutanol policy under testing; biodiesel margins unattractive; indigenous feedstocks favored.
• IMFL entry planned next year; requires substantial marketing spend; proper team and strategy required.
• Malt unit conceptualization; no fixed timelines; IMFL growth is priority.
• CBG project under review; policy environment unclear on timing.

Order book update ESY 25-26

• ESY 25-26 Q4 allocations increased for BCL and Svaksha.
• BCL: 2.35 crore litres; Svaksha: 2.02 crore litres.
• Q4 additions: BCL 23,500 KL; Svaksha 20,200 KL.
• Total ESY 25-26 allocations: 151,109 KL.
• BCL total ESY allocation: 83,683 KL.
• Svaksha total ESY allocation: 49,532 KL.
• Reliance total ESY allocation: 17,894 KL.
• Q4 (additional) total: 43,700 KL.

Meeting Details

• Date: 14 August 2026; time not disclosed; virtual audio conference call, Analyst and Investor Conference Call.

Participants

• Key company participant: Company Secretary & Compliance Officer.

Purpose

• Discuss unaudited financial results for the quarter ended 30 June 2026.

Additional Notes

• Audio recording of the concall available.

Transaction details

• Target: BCL Industries Limited; acquirer: SBICAP Trustee Company Limited (not promoter group).
• Mode: Release of encumbrance (pledge) on 11 August 2026.
• Pre-transaction holding: 75,36,340 shares (15.43%).
• Post-transaction holding: NIL encumbrances; no voting rights changes.
• Equity share capital before/after: 75,36,340 shares of Rs 36.55 (Rs 27,54,53,227).
• Total diluted capital after: 75,36,340 shares.
• Date of transaction: 11 August 2026.
• Stock exchanges: Listed on BSE and NSE.

Business overview

• Leading grain-based ethanol and ENA producer with integrated distillery and oil trading

Operational highlights

• Bathinda 150 KLPD ethanol unit commissioned, expanding capacity
• Svaksha Distillery stake acquired, now wholly owned
• Goyal Distillery acquisition completed in Fatehabad
• Paddy straw bio-CNG 20 MTPD evaluation planned
• June 19, 2026 fire at ethanol plant; insured losses expected to be recovered
• ENA and Ethanol realizations facing margin pressures; maintaining 100% capacity

Financial performance

• Q1FY27 revenue from operations Rs 623 Cr; total revenue Rs 628 Cr
• Q1FY27 EBITDA Rs 66 Cr; margin 10.5%
• Q1FY27 PAT Rs 36 Cr; margin 5.7%
• FY26 revenue from operations Rs 2,904 Cr; EBITDA Rs 251 Cr; PAT Rs 126 Cr
• FY26 EBITDA margin 8.6%; PAT margin 4.3%

Capital structure & liquidity

• FY26 total assets Rs 1,647.8 Cr; equity Rs 951.1 Cr
• Net debt/equity 0.43x; cash Rs 157.5 Cr
• Operating cash flow FY26 Rs 325 Cr

Strategic priorities & outlook

• Capex: Goyal Distillery 250 KLPD; Bathinda 150 KLPD expansion
• Total capacity expected to reach 1,150 KLPD post-Goyal addition
• 75 KLPD biodiesel; 20 MTPD bio-CNG project under consideration
• Bathinda expansion awaiting C2 tender; IMIL/IMFL premiumization in focus

Risks & mitigation

• Fire incident at 200 KLPD unit; losses insured with virtually certain recovery
• Margin pressures in ENA/Ethanol; competitive bids to maintain orders
• Regulatory shifts in ethanol blending and fuel policies

Governance & leadership

• Chairman: Major Gen. Parampal Singh Bal; MD: Rajinder Mittal; JMD: Kushal Mittal
• Independent Directors: Kahan Singh Pannu; Neerja Jain; Independent Woman Director

Financial results approved

• Unaudited standalone and consolidated quarterly results for quarter ended 30 June 2026 approved.
• Results prepared under Ind AS; reviewed by Audit Committee; limited review report issued.

AGM and approvals

• Notice and agenda for 50th AGM approved for 25 September 2026 via VC/AVM.

Dividend and cost audit

• Cost audit report for FY 2025-26 approved.
• Record date fixed on 18 September 2026 for dividend payout.

Subsidiary acquisition and ownership changes

• Remaining stake in Svaksha Distillery Limited, Kharagpur acquired; becomes wholly owned subsidiary.
• NCI in Svaksha eliminated post 30 June 2026; Svaksha now wholly owned.

Operational/regulatory disclosures

• Fire incident at the ethanol plant on 19 June 2026; insurance recovery virtually certain; no net impact.

Meeting Details

• Date and time: Friday, 14 August 2026, 3:00 PM IST.
• Type and mode: Earnings call; virtual conference.
• Event/organiser: Earnings Call Q1FY27; Analyst/Investor conference call.
• Availability: Dial-in and DiamondPass Express Join available.

Participants

• Key company participants: Joint Managing Director; Chief Executive Officer.

Purpose

• Purpose: Discuss unaudited Q1FY27 results for quarter ended June 30, 2026.

Meeting Details

• No meeting date, time, or location disclosed in the filing.

Other Notes

• Digital signature confirms filing; no agenda items or governance actions disclosed.

Capacity expansion at Bathinda

• Expansion completed; adds 150 KLPD to Bathinda ethanol distillery, bringing capacity to 550 KLPD.