Punjab-based grain-based ethanol and Extra Neutral Alcohol (ENA) producer with distilleries in Bathinda and Kharagpur, also making country liquor, maize oil and biodiesel.
Reported
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 388 | −30.7% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 9.0 | +4.0 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 23.0 | +4.5% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
| Return on equity | 13.68 | +0.5 pts | Trailing twelve months | TTM to Jun 2026 | Adjusted profit attributable to owners ÷ average owners’ equity. |
| Free cash flow margin | 6.91 | +9.4 pts | Fiscal year | FY ending Mar 2026 | (Operating cash flow − fixed-asset purchases + disposals) ÷ revenue. |
| Revenue growth (YoY) | -13.09 | −33.0 pts | Trailing twelve months | TTM to Jun 2026 | Revenue change against the same period one year earlier. |
Guidance
4 of 5 judged targets kept · 10 open · verdicts reflect calls analysed to Q1 FY27.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Business Exit Timeline | Exit expected to be completed by Q1 FY26 | Q3 FY25 | Completed its exit from the packaged oil business, including the formal closure of the Oil & Vanaspati Unit at Bathinda. | Achieved* |
| Asset Sale Proceeds | Realize close to about INR 30 crores from land parcel sale | Q4 FY26 | No update provided on the land parcel sale. | Ghosted |
| Capacity Commissioning | Commissioned in the next 3-4 months (May/June 2025) | Q3 FY25 | Project has been brought on hold for now because biodiesel rates are not as remunerative. | At Risk |
1 of Bcl Industries Limited's 15 targets was missed. See which ones, and which are quietly gone. The 3 above are the free sample; 12 more targets are in the full ledger.
Claimed
Qualified
Price
1Y: ₹39.66 on 24 Oct 2025 → ₹30.35. High ₹40.57 (29 Oct 2025), low ₹25.68 (23 Mar 2026).
Overview
Based on the company's own presentations, annual report and earnings calls.
BCL Industries operates grain-based distilleries at Sangat (Bathinda, Punjab) and Svaksha (Kharagpur, West Bengal) that convert maize, damaged grain and surplus rice into Ethanol, Extra Neutral Alcohol (ENA) and DDGS animal feed, using paddy straw and husk as boiler fuel. It sells ENA to bottlers such as Pernod Ricard, Amrut, ABD, Mohan Meakin and Diageo, and produces its own country liquor (IMIL) brands including Green Apple Vodka, Ranjha Saunfi, Asli Santra, Agni Rum and Punjab Raspberry. The company also runs a maize oil extraction and refinery unit, has exited its legacy edible oil/Vanaspati business, trades edible oils, and is expanding into biodiesel and evaluating a bio-CNG plant.
Segments
close before → close after
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Guidance
4 of 5 judged targets kept · 10 open · verdicts reflect calls analysed to Q1 FY27.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Business Exit Timeline | Exit expected to be completed by Q1 FY26 | Q3 FY25 | Completed its exit from the packaged oil business, including the formal closure of the Oil & Vanaspati Unit at Bathinda. | Achieved* |
| Asset Sale Proceeds | Realize close to about INR 30 crores from land parcel sale | Q4 FY26 | No update provided on the land parcel sale. | Ghosted |
| Capacity Commissioning | Commissioned in the next 3-4 months (May/June 2025) | Q3 FY25 | Project has been brought on hold for now because biodiesel rates are not as remunerative. | At Risk |
Claimed
Qualified
The full ledger
A free account opens 5 company ledgers a month. All 15 tracked commitments, with each call’s wording and source.
Call summaries
Bcl Industries Limited Q1 FY27
BCL Industries Limited reported a mixed Q1 FY27, marked by strong margin expansion and robust growth in its country liquor segment, alongside strategic capacity additions and acquisitions. However, the quarter was impacted by a fire incident at its Bathinda plant and continued pressure on ethanol realizations. The company's revenue declined year-on-year, primarily due to its strategic exit from the packaged oil business.
Read the full callBcl Industries Limited Q4 FY26
BCL Industries Limited reported a strong operational and financial performance for FY26, driven by capacity expansion and cost efficiencies. The company achieved an 18% YoY EBITDA growth and a 23% YoY PAT growth in Q4, despite competitive market conditions. Strategic initiatives include further distillery expansion, entry into the IMFL market, and a long-term goal of becoming debt-free.
Read the full callBCL Industries Q3 FY26
BCL Industries reported a strong Q3 FY26, with revenue of ₹758 crores, EBITDA up 41% to ₹68 crores, and PAT up 69% to ₹35 crores, driven by easing raw material costs and operational flexibility. The distillery segment saw significant ENA volume growth, and the company is acquiring the remaining stake in Svaksha Distillery. However, policy uncertainties in the ethanol sector and unviable biodiesel prices remain key challenges, leading to a strategic pause on further ethanol capacity expansion.
Read the full callEvery analysed call
Fundamentals
Current values with the period they cover; the trend reads across the 6 fiscal years held (Mar 2021 to Mar 2026).
Financials
Net profit, year on year: +5% (quarter to jun 2026 against jun 2025).
| Line item | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 506 | 498 | 517 | 560 | 448 | 482 | 405 | 388 |
| Expenses | 470 | 469 | 487 | 529 | 407 | 442 | 370 | 352 |
| Operating profit | 36 | 28 | 30 | 30 | 41 | 39 | 35 | 36 |
| Operating margin | 7.0% | 6.0% | 6.0% | 5.0% | 9.0% | 8.0% | 9.0% | 9.0% |
| Other income | 2 | 2 | 3 | 3 | 2 | 2 | 2 | 4 |
| Interest | 3 | 3 | 1 | 1 | 4 | 1 | 5 | 1 |
| Depreciation | 7 | 8 | 8 | 7 | 9 | 9 | 9 | 10 |
| Profit before tax | 28 | 20 | 24 | 25 | 29 | 31 | 22 | 30 |
| Tax rate | 24.0% | 27.0% | 19.0% | 9.0% | 28.0% | 26.0% | 30.0% | 24.0% |
| Net profit | 21 | 14 | 19 | 22 | 21 | 23 | 15 | 23 |
| EPS (₹ per share) | 0.71 | 0.48 | 0.65 | 0.76 | 0.72 | 0.78 | 0.52 | 0.77 |
| Line item | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Sales | 1,818 | 1,626 | 1,971 | 1,895 |
| Expenses | 1,694 | 1,497 | 1,843 | 1,748 |
| Operating profit | 123 | 127 | 127 | 145 |
| Other income | 8 | 8 | 9 | 9 |
| Interest | 19 | 13 | 12 | 11 |
| Depreciation | 25 | 23 | 30 | 34 |
| Profit before tax | 86 | 100 | 95 | 107 |
| Net profit | 65 | 73 | 71 | 81 |
| Line item | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sept 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Equity capital | 24 | 24 | 27 | 30 | 30 | 30 |
| Reserves | 346 | 465 | 617 | 741 | 824 | 816 |
| Borrowings | 210 | 338 | 336 | 373 | 662 | 429 |
| Other liabilities | 111 | 159 | 118 | 158 | 167 | 84 |
| Total liabilities | 691 | 986 | 1,097 | 1,301 | 1,683 | 1,358 |
| Fixed assets | 146 | 155 | 375 | 368 | 707 | 545 |
| Capital work in progress | 29 | 203 | 11 | 100 | 80 | 4 |
| Investments | 44 | 46 | 68 | 79 | 42 | 128 |
| Other assets | 473 | 581 | 644 | 754 | 853 | 681 |
| Total assets | 691 | 986 | 1,097 | 1,301 | 1,683 | 1,358 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Cash from operations | -3 | 106 | 71 | -36 | 45 | 199 |
| Cash from investing | -8 | -103 | -255 | -28 | -109 | -132 |
| Cash from financing | 9 | 7 | 169 | 65 | 81 | 37 |
| Net cash flow | -2 | 10 | -14 | 0 | 17 | 103 |
| Free cash flow | -11 | 70 | -128 | -86 | -65 | 83 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Debtor days | 34 | 19 | 15 | 21 | 17 | 9 |
| Inventory days | 75 | 43 | 82 | 101 | 87 | 60 |
| Days payable | 30 | 17 | 33 | 23 | 27 | 8 |
| Cash conversion cycle | 80 | 44 | 65 | 99 | 76 | 61 |
| Working capital days | 48 | 33 | 57 | 79 | 72 | 49 |
| Return on capital employed | 20.0% | 25.0% | 15.0% | 12.0% | 10.0% | 10.0% |
| Dividend payout | 27.0% | 14.0% | 17.0% | 9.0% | 11.0% | 13.0% |
The businesses behind the company’s reported revenue.
Distillery contributes 48.0% of reported segment revenue.
Quarter ended 30 Jun 2026 · Consolidated
₹329.76 crore
₹195.25 crore
₹148.41 crore
₹12.49 crore
₹0.69 crore
₹0.00 crore
₹0.00 crore
| Business segment | Revenue · ₹ crore | Share |
|---|---|---|
| Distillery | 329.76 | 48.0% |
| Svaksha Distillery Limited, Kharagpur (Subsidiary) | 195.25 | 28.4% |
| Maize Oil Extraction & Refinery | 148.41 | 21.6% |
| Oil Trading Unit | 12.49 | 1.8% |
| Real Estates | 0.69 | <0.1% |
| Goyal Distillery Pvt Ltd (Subsidiary) | 0.00 | 0.0% |
| Unallocated | 0.00 | 0.0% |
Share = segment revenue ÷ total segment revenue, before intersegment adjustments.
Intersegment transactions are between the company’s own businesses. Net segment revenue can differ from income-statement revenue because reporting definitions differ.
Source: FinEdge · Last checked 19 Sept 2026. Reported segment names are kept as supplied.
Each segment’s share of reported revenue, quarter by quarter.
| Segment | Jun 2024 | Sep 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Distillery | — | — | — | — | 45% | 40% | — | 48% | — |
| Svaksha Distillery Limited, Kharagpur (Subsidiary) | — | — | — | — | — | — | — | 28% | — |
| Maize Oil Extraction & Refinery | — | — | — | — | — | — | — | 22% | — |
| Oil Trading Unit | — | — | — | — | — | 11% | — | 2% | — |
| Real Estates | — | — | — | — | <1% | — | — | <1% | — |
| Goyal Distillery Pvt Ltd (Subsidiary) | — | — | — | — | — | — | — | 0% | — |
| Unallocated | — | — | — | — | — | — | — | 0% | — |
Share of reported segment revenue by quarter, consolidated basis, as filed. A quarter the company did not report is left blank, never carried forward.
See how segments are shifting across companies → Segment Shift
To justify its price of ₹30, this stock must grow earnings at 2% every year for 7 years. Our analysis caps realistic growth at ~8%. At that growth it is worth ₹41 — upside of 34%.
Ownership
Promoters hold 58.23% as of Sept 2026; institutions cut 0.12 pts since Jun 2026.
Named in the Sep 2026 filing
Every holder of Bcl Industries Limited above SEBI's 1% disclosure line, and what changed since Jun 2026.
| Holder | Stake | Change |
|---|---|---|
| 16.59% | unchanged | |
| 16.49% | unchanged | |
| 15.17% | unchanged | |
| 4.88% | unchanged | |
| 3.73% | unchanged | |
| 1.13% | unchanged | |
| 1.05% | unchanged | |
| 0.34% | unchanged | |
| 0.34% | unchanged | |
| 0.34% | unchanged | |
| 0.34% | unchanged | |
| 0.02% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Your own record
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