BCLIND

Bcl Industries share price & financials

Price
₹37.15
Market cap
₹1.1k Cr
Sector
Fast Moving Consumer Goods
Calls analysed
7
Latest concall · Q1 FY27 · call held 18 Aug 2026

Bcl Industries Limited Q1 FY27

Revenue from Operations ₹623 cr −24%EBITDA ₹66 cr +17%EBITDA Margin 10.5% PAT ₹36 cr +6%

What went well

  • EBITDA for Q1 FY27 stood at INR 66 crores, up 17% year-on-year.
  • EBITDA margin improved sharply by 370 basis points to 10.5% from 6.8% in Q1 FY26.
  • PAT for the quarter came at INR 36 crores, up 6% year-on-year.

What to watch

  • A fire incident occurred on June 19, 2026, at the Bathinda distillery, causing a temporary shutdown of the 200 KLPD ethanol plant.
  • ENA and ethanol supplies to private buyers remained under pressure due to oversupply, with ENA realizations declining to INR 58 per liter in Q1 FY27 from INR 70 in Q1 FY26.
Read the full call →

What Bcl Industries Limited does

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

  • Distillery (Ethanol, ENA, DDGS, IMIL/country liquor)
  • Maize oil extraction & refinery
  • Oil trading
  • Real estate
  • Biodiesel (under development)
Installed grain-based distillery capacity
900 KLPD (700 KLPD combined Bathinda + Kharagpur as of FY25, expanded to 900 KLPD after commissioning additional 150 KLPD at Bathinda)
Distillery plants
2 (Sangat Distillery, Bathinda, Punjab – 550 KLPD; Svaksha Distillery, Kharagpur, West Bengal – 350 KLPD)
Distillery capacity utilisation
100%
Planned distillery capacity (post Haryana expansion)
1,150 KLPD
Biodiesel plant capacity (registered with OMCs)
75 KLPD (Bathinda), plus another 75 KLPD unit consented at Kharagpur
Proposed Bio-CNG plant
20 MTPD, using ~200-250 MT of paddy straw per day
Founded 1975Headquarters Bathinda, PunjabEmployees 815 (FY25) Company website

Guidance record · Q1 FY27

what the last two calls moved 15 tracked 4 delivered 1 missed 10 open
  • Business Exit Timeline delivered, diluted said Q3 FY25 Promised: Exit expected to be completed by Q1 FY26 Q1 FY27: Completed its exit from the packaged oil business, including the formal closure of the Oil & Vanaspati Unit at Bathinda.
  • Asset Sale Proceeds went quiet said Q4 FY26 Promised: Realize close to about INR 30 crores from land parcel sale Q1 FY27: No update provided on the land parcel sale.
  • Capacity Commissioning at risk said Q3 FY25 Promised: Commissioned in the next 3-4 months (May/June 2025) Q1 FY27: Project has been brought on hold for now because biodiesel rates are not as remunerative.

All 15 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue down 26.4%, net profit up 9.1% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue721 735 723 792 691 −4%726 −1%582 −20%583 −26%
EBITDA55 46 49 53 67 +22%67 +46%55 +12%61 +15%
Net profit30 21 28 33 32 +7%35 +67%26 −7%36 +9%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −15.5% 1Y

₹25.0₹30.0₹35.0₹40.0Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 14 Nov 2025Q3 FY26 — 13 Feb 2026Q4 FY26 — 27 May 2026Q1 FY27 — 18 Aug 2026

1Y: ₹40.45 on 10 Sept 2025 → ₹34.18. High ₹43.16 (22 Sept 2025), low ₹25.68 (23 Mar 2026).

How the price took the results

close before → close after

Q1 FY27
−0.2%
18 Aug
Q4 FY26
+0.3%
27 May
Q3 FY26
−3.8%
13 Feb
Q2 FY26
−0.2%
14 Nov

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.

Financials, as filed

Revenue grew 15.4% a year over 3 years, FY23 to FY26. Operating margin widened to 8.7%.

Year endingFY23FY24FY25FY26
Revenue₹1.8k Cr₹2.1k Cr₹2.8k Cr₹2.8k Cr
Operating profit₹123 Cr₹191 Cr₹204 Cr₹242 Cr
Operating margin6.8%9.0%7.2%8.7%
Interest₹19 Cr₹33 Cr₹30 Cr₹32 Cr
Depreciation₹25 Cr₹36 Cr₹46 Cr₹50 Cr
Net profit₹65 Cr₹97 Cr₹104 Cr₹126 Cr
Net margin3.6%4.6%3.7%4.5%
Cash from operations₹29 Cr₹39 Cr₹63 Cr₹325 Cr
Free cash flow₹-228 Cr₹-98 Cr₹-71 Cr₹193 Cr
ROCE13.0%16.0%13.0%14.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹24 Cr₹24 Cr₹24 Cr₹27 Cr₹30 Cr₹30 Cr
Reserves₹261 Cr₹342 Cr₹456 Cr₹624 Cr₹824 Cr₹880 Cr
Borrowings₹183 Cr₹260 Cr₹438 Cr₹477 Cr₹662 Cr₹569 Cr
Other liabilities₹164 Cr₹130 Cr₹177 Cr₹172 Cr₹167 Cr₹169 Cr
Total liabilities₹632 Cr₹758 Cr₹1.1k Cr₹1.3k Cr₹1.7k Cr₹1.6k Cr
Fixed assets₹129 Cr₹153 Cr₹339 Cr₹641 Cr₹707 Cr₹818 Cr
Capital work in progress₹29 Cr₹166 Cr₹212 Cr₹13 Cr₹80 Cr₹7 Cr
Investments₹26 Cr₹5 Cr₹7 Cr₹10 Cr₹42 Cr₹82 Cr
Other assets₹448 Cr₹433 Cr₹537 Cr₹637 Cr₹853 Cr₹741 Cr
Total assets₹632 Cr₹758 Cr₹1.1k Cr₹1.3k Cr₹1.7k Cr₹1.6k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, FIIs trimmed −0.22 pp while promoters added +0.20 pp. The shareholder count shrank 6% to 1,31,345.

Promoters
58.2%
FIIs
0.2%
DIIs
0.0%
Government
0.9%
Public
40.6%

Since Jun 2025

  • FIIs −0.22 pp
  • Promoters +0.20 pp
  • Public +0.07 pp

How it drifted, 12 quarters

Over this window the public went from 37.9% to 40.6% — +2.7 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 60.4%, FIIs 1.7%, Public 37.9%.Dec '23: Promoters 56.9%, FIIs 5.9%, Public 37.2%.Mar '24: Promoters 56.1%, FIIs 6.4%, Public 37.5%.Jun '24: Promoters 59.5%, FIIs 4.8%, Public 35.7%.Sep '24: Promoters 57.8%, FIIs 1.8%, Public 40.4%.Dec '24: Promoters 57.8%, FIIs 0.8%, Government 0.9%, Public 40.5%.Mar '25: Promoters 58.0%, FIIs 0.9%, Government 0.9%, Public 40.2%.Jun '25: Promoters 58.0%, FIIs 0.5%, DIIs 0.1%, Government 0.9%, Public 40.5%.Sep '25: Promoters 58.0%, FIIs 0.4%, DIIs 0.0%, Government 0.9%, Public 40.6%.Dec '25: Promoters 58.0%, FIIs 0.4%, DIIs 0.0%, Government 0.9%, Public 40.7%.Mar '26: Promoters 58.2%, FIIs 0.4%, Government 0.9%, Public 40.4%.Jun '26: Promoters 58.2%, FIIs 0.2%, DIIs 0.0%, Government 0.9%, Public 40.6%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 0 holders trimming and 1 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of Bcl Industries Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Sunita Mittal 16.59%unchanged
Kushal Mittal 16.49%unchanged
Rajinder Mittal 15.17%unchanged
Rajinder Mittal & Sons Huf . 4.88%unchanged
Sara Garg 3.73%unchanged
Sangeetha S . 1.13%unchanged
Investor Education and Protection Fund 1.06%newly disclosed
Shweta Jhunjhunwala 0.34%unchanged
Shreiya Aggarwal 0.34%unchanged
Swati Mittal 0.34%unchanged
Garima Mittal 0.34%unchanged
Radhika Mittal 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.

What the price assumes

Attractive

To justify its price of ₹34, this stock must grow earnings at -4% every year for 7 years. Our analysis caps realistic growth at ~25%. At that growth it is worth ₹159 — upside of 364%.

Growth the price implies
-4.2% a year
for 7 years, fading to 4%
It has actually compounded at
24.7% a year
net profit, FY23–FY26
The gap
-0.3 pp
364% downside if it only repeats history
Price today ₹34.18 Value at the reference growth ₹158.71

Change the assumptions yourself →

All earnings calls (7)

Read the Q1 FY27 call →

Learn to analyse Bcl Industries Limited

Guides on how to read this kind of business and the numbers that matter.