Bcl Industries LimitedConsumer GoodsBCLIND
Q1 FY27 concall · earnings callBcl Industries Limited
The quarter saw steady performance despite a temporary plant shutdown from a fire, with EBITDA margin expanding due to operational efficiencies and vertical integration, while future demand drivers for ethanol are being evaluated.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Consolidated Revenue | ₹623 Cr | — | |
| EBITDA | ₹66 Cr | 17% YoY | |
| EBITDA Margin | 10.5% | +370 basis points improvement YoY | |
| PAT | INR 36 | 6% YoY | |
| PAT Margin | 5.7% | — | |
| Distillery Segment EBITDA Margin | 12.41% | — | |
| ENA Volumes | 19,376 KL | — | |
| Ethanol Volumes | 37,787 KL | — |
Financials
From filed quarterly results. YoY and QoQ compare each metric on the same accounting basis.
| Quarter | Revenue | Net profit (PAT) | Basic EPS |
|---|---|---|---|
| Q3 FY25 | ₹761.53 Cr+18.2% YoY+2.1% QoQ | ₹20.92 Cr-36.2% YoY-30% QoQ | ₹0.65-45.8% YoY-30.9% QoQ |
| Q2 FY25 | ₹746.12 Cr+55.2% YoY+13.3% QoQ | ₹29.87 Cr+51.9% YoY+21.9% QoQ | ₹0.94-87% YoY+16% QoQ |
| Q1 FY25 | ₹658.51 Cr+53.6% YoY+7.3% QoQ | ₹24.51 Cr+24% YoY+3.4% QoQ | ₹0.81-89.5% YoY-4.7% QoQ |
| Q4 FY24 | ₹613.65 Cr+34.3% YoY-4.7% QoQ | ₹23.71 Cr-3.6% YoY-27.7% QoQ | ₹0.85-91.6% YoY-29.2% QoQ |
| Q3 FY24 | ₹644.19 Cr+20.7% YoY+34% QoQ | ₹32.78 Cr+43.6% YoY+66.6% QoQ | ₹1.20-87.6% YoY-83.4% QoQ |
TL;DR
- A fire incident at the Bathinda ethanol storage tank caused a temporary shutdown of the 200 KLPD unit, with full recovery of losses expected through insurance.
- Completed acquisition of the remaining 25% stake in Svaksha Distillery, making it a wholly-owned subsidiary, and commissioned a new 150 KLPD unit.
- Consolidated revenue declined primarily due to the exit from the packaged oil business, but EBITDA and PAT grew year-on-year with margin expansion.
- Distillery segment margin improved to 12.4%, supported by operational efficiencies from vertical integration and a paddy straw boiler.
- Country liquor volumes grew 42% quarter-on-quarter and 46% year-on-year, with new product launches.
- Management is holding new capex projects like the 250 KLPD Fatehabad plant and biodiesel unit pending policy clarity and industry evolution.
Said on the call
“Against this backdrop, BCL Industries has commenced FY27 on a steady note.”
From the Q&A
| Topic | What management said |
|---|---|
| Fire Incident and Recovery | The fire caused a temporary shutdown of the 200 KLPD unit; full recovery of losses through insurance is considered virtually certain, and the unit is expected to restart in the next 15 days. |
| Ethanol Pricing and Economics | Ethanol to private players (primarily Reliance) is sold at an average of INR58 ex-factory. Maize procurement cost was around INR 22 to INR 23 a kg. Margins on maize-based ethanol and ENA are about the same, averaging around 12% EBITDA, translating to roughly INR9 to INR10 per liter on average. |
| Future Ethanol Demand | Management sees multiple future demand avenues including isobutanol policy, sustainable aviation fuel, and ethanol for cooking, but acknowledges that flex-fuel vehicle adoption will take time and the pace of demand creation may slow. |
| Capex and Project Plans | The 250 KLPD grain-based plant at Fatehabad and the biodiesel unit at Svaksha are on hold pending industry evolution and policy clarity. The company is actively evaluating a CBG plant. |
| Debt and Capital Allocation | Total debt including working capital is around INR360 crores; the company is reducing working capital limits and aims to bring working capital utilization down to zero, with no current plans for a share buyback. |
| IMFL Business Entry | The company plans to enter the IMFL business, hopefully next year, but the malt unit is still under consideration with no set timelines. |
| Supreme Court Order Impact | The company is a beneficiary of the Supreme Court order allowing additional ethanol procurement, expecting around 4.5 crores liters, which will fill the order book for the next 2-3 months. |
Guidance
- Expects demand for grain ethanol next year to improve slightly as ethanol from sugarcane will likely not be allowed.
- Aims to keep distillery operations at 100% capacity utilization.
- Plans to further reduce working capital limit by INR50 crores in August.
- Targets selling 30 lakh cases of country liquor in Punjab this year.
- Believes overall distillery margins will remain around 10% - 12%.
- Hopes to enter the IMFL business next year.
Source
Summary written from the transcript filed by Bcl Industries Limited for the call held on 14 Aug 2026; published 22 Aug 2026, 13:06 IST.
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