Bcl Industries Ltd · NSE:BCLIND
Bcl Industries — FY2026 Earnings Presentation
49 slides from Bcl Industries's earnings presentation, May 26, 2026
Slide 1: Submission of Investors Presentation to exchanges
Regd. Office: Distillery Unit, Dabwali Road, Sangat Kalan, Bathinda, Punjab, PIN- 151401 Ph.: 0164-2240163, 2240443, 2211628 Website: www.bcl.ind.in Email: bcl@mittalgroup.co.in May 26, 2026 The National Stock Exchange of India BSE Limited Limited Exchange Plaza, 5 th Floor Plot Corporate Relationsh
Slide 2: Excellence, Resilience, Growth – Investor Presentation May 2026
Excellence, Resilience, Growth Investor Presentation –May 2026
Slide 3: Disclaimer
Disclaimer No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained in this presentation. Such information and opinions are in all events not current after the d
Slide 4: Q4 & FY26 – May 2026
Q4 & FY26 –May 2026
Slide 5: Q4 & FY26 Strategic Highlights
Q4 & FY26 Strategic Highlights OIL TRADING DISTILLERY MAIZE OIL EXTRACTION & REFINERY • To source edible oils for the soft oil refinery • Commissioned additional 150 KLPD distillery capacity at • Commissioned maize oil extraction unit at the company continues to import crude oils Bathinda, enhancing
Slide 6: Q4 & FY26 – Financial Highlights
Q4 & FY26 – Financial Highlights Total Revenue (Rs Cr) EBITDA (Rs Cr) & EBITDA Margin % PAT (Rs Cr) & PAT Margin % 7% 9.5% 3.7% 4.3% 747 611 58 28 52 26 Q4FY25 Q4FY26 Q4FY25 Q4FY26 Q4FY25 Q4FY26 7.3% 8.6% 3.5% 4.3% 251 126 214 103 2,919 2,913 FY25 FY26 FY25 FY26 FY25 FY26 Nos are consolidated basis
Slide 7: Consolidated Quarterly Income Statement
Consolidated Quarterly Income Statement Particulars (Rs Cr) Q4FY26 Q4FY25 Y-o-Y Q3FY26 Q-o-Q Revenue from Operations 608 743 (18)% 756 (20)% Other Income 3 3 5% 2 86% Total Revenue 611 747 (18)% 758 (19)% Total Expenses 553 694 (20)% 689 (20)% EBITDA 58 52 11% 68 (15)% EBITDA Margin % 9.5% 7% 250 bp
Slide 8: Consolidated Yearly Income Statement
Consolidated Yearly Income Statement Particulars (Rs Cr) FY26 FY25 Y-o-Y Revenue from Operations 2,904 2,910 (0.2)% Other Income 9 9 0.4% Total Revenue 2,913 2,919 (0.2)% Total Expenses 2,662 2,705 (2)% EBITDA 251 214 18% EBITDA Margin % 8.6% 7.3% 130 bps Depreciation 51 46 10% Finance Cost 33 31 7%
Slide 9: Consolidated Balance Sheet
Consolidated Balance Sheet Particulars (Rs Cr) FY26 FY25 Particulars (Rs Cr) FY26 FY25 Assets Equity and Liabilities Non‐Current Assets Equity Plant Property and Equipment 795.6 609.9 Share Capital 29.5 29.5 CWIP 6.9 109.9 Other Equity 880.4 772.1 Right to use assets Non Controlling Interest 41.1 29
Slide 10: Distillery Operational Highlights
Distillery Operational Highlights Volume 55,461 51,750 48,845 47,420 1,95,685 45,921 1,89,121 34,490 17,413 15,330 12,129 52,832 9,567 9,313 7,960 30,086 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 FY25 FY26 ENA (In KL) Ethanol (In KL) ENA (In KL) Ethanol (In KL) 9
Slide 11: Distillery Financial Performance
Distillery Financial Performance Revenue (Rs Cr) EBITDA (Rs Cr) & EBITDA Margin % 10.3% 11.8% 323 50 228 107 48 68 Q4FY25 Q4FY26 Q4FY25 Q4FY26 ENA Ethanol 10% 11.03% 1,392 1,276 223 192 218 352 FY25 FY26 FY25 FY26 ENA Ethanol 10
Slide 12: Quarterly Distillery Segment Revenue Break Up
Quarterly Distillery Segment Revenue Break Up Q3FY26 Q4FY25 Q4FY26 4% 2% 2% 7% 8% 14% 9% 21% 25% 7% 8% 9% Rs 513 Cr Rs 469 Cr Rs 426 Cr 62% 69% 53% ENA Ethanol DDGS PML Others ENA Ethanol DDGS PML Others ENA Ethanol DDGS PML Others 11
Slide 13: Distillery Segment Revenue Break Up
Distillery Segment Revenue Break Up 9MFY26 FY25 FY26 3% 3% 4% 8% 11% 8% 15% 8% 17% 6% 8% 8% Rs 1,594 Cr Rs 1,929 Cr Rs 2020 Cr 66% 72% 63% ENA Ethanol DDGS PML Others ENA Ethanol DDGS PML Others ENA Ethanol DDGS PML Others 12
Slide 14: Maize Oil Extraction & Refinery Segment and Real Estate
Maize Oil Extraction & Refinery Segment and Real Estate Refinery Revenue (Rs Cr) Refinery EBITDA (Rs Cr) & EBITDA Margin % Real Estate Revenue (Rs Cr) 1.53% 5.61% 276 1.56 130 7 4.22 0.6 Q4FY25 Q4FY26 Q4FY25 Q4FY26 Q4FY25 Q4FY26 1.92% 3.74% 981 28 7 749 19 5 FY25 FY26 FY25 FY26 FY25 FY26 13
Slide 15: Leveraging Legacy Strengths to Build a Scalable Oil Trading Vertical
Leveraging Legacy Strengths to Build a Scalable Oil Trading Vertical Revenue EBITDA Volume Q4FY26 Q4FY26 Q4FY26 Rs 55 Cr Rs 0.55 Cr 4,435 MT EBITDA Margin: 1% Oil Trading Operations: Building on its legacy in the Competitive Procurement Advantage– Bulk edible oil business, BCL is highlighting its st
Slide 16: Business Overview
Business Overview
Slide 17: 4 Decades of Legacy
4 Decades of Legacy One of India’s largest Strong Legacy Prominent Leading As India undergoes Business model grain-based ethanol Entering the presence in ENA grain-based energy transition, supports GOIs and alco-bev players 50th Year and IMIL segment Ethanol producers BCL is strategically policy for
Slide 18: Entering 50th Year of Strength, Growth & Excellence
Entering 50th Year of Strength, Growth & Excellence Strong Foundation Promising Future Entering 50th Year of Incorporation : Distillery Expansion : Incorporated on 3rd February 1975, BCL has become Capacity set to grow from 900 KLPD to 1,150 KLPD with a leading grain-based ethanol producer in India.
Slide 19: Business Model built on Multiple USPs
Business Model built on Multiple USPs 01 02 03 Expertise in grain procurement ENA & Ethanol Twin Business Driver Low - Cost Producer Strategically transitioning from ENA : Difficult License; huge barrier Paddy Straw Fuel : Significant conversion business. to entry. Cost Saving. Moving beyond Surplus
Slide 20: Business Model: De-Risked and Diversified
Business Model : De-Risked and Diversified Flexible Raw Material Multi Location Flexible Product Mix Svaksha Sangat Distillery Distillery (West (Punjab) Bengal) Damaged Grain ENA Maize Fully Integrated Distillery Plant with State-of-the-Art Technology Ethanol Surplus Rice IMIL Husk Paddy Straw Flexi
Slide 21: ENA: Growing at a Healthy Pace
ENA : Growing at a Healthy Pace Global ENA Market Size USD Billion Indian ENA Market Size USD Mn CAGR 6.30% CAGR 7.51% 1,411 18 794 10 2024 2034 2024 2034 01 02 03 04 ENA, with a minimum alcohol content India’s alcohol beverage industry is Increasing population, Government policy measures, of 96%, i
Slide 22: Steady Growth in Indian IMIL Market
Steady Growth in Indian IMIL Market IMIL Market (Million Cases) 445 330 340 350 2015 2020 2023 2028 01 02 State-controlled liquor policies create significant barriers for new Increasing government policies and regulations emphasize the entrants, favouring established industry players. use of specifi
Slide 23: BCL: Country Liquor Portfolio and Marquee Clients
BCL : Country Liquor Portfolio and Marquee Clients Green Apple Vodka Ranjha Saunfi Asli Santra Agni Rum Punjab Raspberry 01 02 03 We supply ENA to large bottlers like BCL sold 4,49,383 Boxes of PML in Launched New country liquor brands Pernod Ricard, Amrut, ABD, Mohan Q4FY26. Punjab Raspberry, gaini
Slide 24: Elevating the IMIL Portfolio through Premiumisation
Elevating the IMIL Portfolio through Premiumisation 01 • Introduced Punjab Special Whiskey in glass bottles as a premium IMIL product • Elevates consumer perception & aligns with Portfolio premiumization trends Premiumization 02 • Serve as stepping-stone towards future IMFL launches in whiskey and v
Slide 25: Strategic Focus & Growth Roadmap
Strategic Focus & Growth Roadmap 01 02 03 04 Key Priorities : Key Priorities : Key Priorities : Key Priorities : Solidifying the presence Foray into the IMFL Capacity Expansion for Future Focus on green energy in IMIL Business. segment. Growth. initiatives. Action Plan : Action Plan : Action Plan :
Slide 26: Ethanol: Multi-Billion Dollar Opportunity and India needs to catch up
Ethanol : Multi-Billion Dollar Opportunity and India needs to catch up Global Ethanol Market Size USD Billion1 India Ethanol Market Size USD Billion2 CAGR 5.3% CAGR 14% 10 183 109 3 2024 2034 2024 2034 01 02 03 India, Brazil, and Indonesia to collectively India's oil demand is set to reach 6.6 mb/d
Slide 27: BCL: Distillery Plants
BCL : Distillery Plants Sangat Distillery Svaksha Distillery Capacity : 550 KLPD Capacity : 350 KLPD Location : Bhatinda (Punjab) Location : Kharagpur (West Bengal) 26
Slide 28: Expansion through Inorganic Acquisition
Expansion through Inorganic Acquisition Acquisition of Remaining 25% stake in Svaksha Distillery Ltd Ownership Impact: Post-transaction, Svaksha Distillery 01 Limited will become a wholly owned subsidiary of BCL Industries Limited Revenue (Rs Cr) CAGR 68% Business Operations: Operates a 350 KLPD gra
Slide 29: Acquisition of Goyal Distillery Pvt Ltd
Acquisition of Goyal Distillery Pvt Ltd Emerging Opportunities 01 03 05 BCL Industries Ltd 02 04 Positioning it 06 acquired Goyal The expected as one of Distillery Pvt Ltd, capex for Goyal India’s largest located in Goyal Distillery distillery ~ Post addition, grain - based Evaluating to set Fatehab
Slide 30: India's Grain Productivity will Surpass Population Growth
India’s Grain Productivity will Surpass Population Growth 10.00% 8.00% 6.00% 4.00% 2.00% 0.00% 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 -2.00% -4.00% -6.00% Population Growth Grain Production growth Source : PIB, Macrotrends, Industry Report 29
Slide 31: Grain Based Ethanol: Compelling Rationale
Grain Based Ethanol : Compelling Rationale
Slide 32: Grains create less Strain on Infrastructure
Grains create less Strain on Infrastructure Grain vis-à-vis molasses Land Requirement 45% Lower Feedstock and Land requirement for achieving E20 by 2025-26 Supply Ethanol Yield per tonne Feedstock Land Feedstock Water Requirement 2.3x Lower Target feedstock Required Requirement Sugarcane 290 Cr Ltr
Slide 33: Farmers Incentivised to Produce Maize
Famers Incentivised to Produce Maize Maize MSP Price Trend (Rs/Quintal) 2,400 2,410 2,225 2,090 1,870 1,962 1,760 1,850 1,700 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24 2024-25 2025-26 2026-2027 01 02 03 04 India plans to use about 156 lakh As Price of Maize based Ethanol Globally, maize is the
Slide 34: BCL's Distillery Business Positioning
BCL’s Distillery Business Positioning
Slide 35: Industry Update
Industry Update Significant Events Price Revision Maize based Ethanol Yield Highest Price Ethanol Price Rs/Ltr for ESY 2025-26 The government is evaluating FCI rice ethanol price higher ethanol-blended revised to ₹ 60.32 /L for petrol beyond E20. ESY 2025–26, reinforcing policy emphasis on surplus g
Slide 36: BCL: Strategically Placed; Large Multi Location Capacities
BCL : Strategically Placed; Large Multi Location Capacities BCL’s Capacity Augmentation (KLPD) Top 6 Players by FY26E FY25 : Top 8 Distillery* Players by Capacity (KLPD) 350 1,250 1,050 860 850 830 810 810 700 300 300 Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 BCL FY26 : Top 7 Distillery* Play
Slide 37: Running Operations Efficiently
Running Operations Efficiently Asset Optimisation and Low Cost of Production Resulting in Industry Leading Profitability High-Capacity Utilisation Distillery Business EBITDA (Rs Crore) 4 Year CAGR: 29% 100% 73% * 100% 100% 100% 223 178 192 81 96 FY22 FY23 FY24 FY25 FY26 191323 1,96,099 1,31,876 67,9
Slide 38: Strong Balance Sheet to Support Growth
Strong Balance Sheet to Support Growth Gross Block (Rs Cr) ROCE & ROE 1068 832 870 23% 17% 19% 17% 17% 474 16% 14% 14% 11% 11% 264 FY22 FY23 FY24 FY25 FY26 FY22 FY23 FY24 FY25 FY26 ROCE ROE Net Debt/ Equity & Interest Coverage Working Capital Days 8.2 6.0 7.6 6.6 6.9 58 51 51 40 45 21 19 19 25 25 18
Slide 39: Comfortable Debt Repayment Schedule
Comfortable Debt Repayment Schedule Term Debt Repayment Schedule (Rs Cr) Consolidated Debt Break Up as on 31st March 2026 (Rs Cr) 128 60 60 56 49 50 332 31 14 FY27 FY28 FY29 FY30 FY31 FY32 FY33 Consolidated Term Loans Outstanding Consolidated Working Capital Utilized The Average Cash Flow From Opera
Slide 40: BCL: Compelling Investment Thesis
BCL : Compelling Investment Thesis Sustainable Flexibility to Restructuring Strong Balance Energy Solution, produce ENA legacy sheet to support regulatory and Ethanol. business. growth. tailwinds. 01 03 05 07 02 04 06 08 4 Decades De - risked Cost Leadership BCL - Fastest of Grain business through g
Slide 41: Strategic Priorities and Outlook
Strategic Priorities and Outlook Biodiesel Plant Ethanol Expansion Exit from Edible Outlook Commissioning Oil Business 750 KLPD distillery operates 75 KLPD biodiesel plant The 150 KLPD ethanol Shifted from packaged at 100% capacity utilization registered with OMCs as an plant at Bathinda has oil to
Slide 42: Annexure – May 2026
Annexure –May 2026
Slide 43: Strong Legacy
Strong Legacy 1976 : 1988 : 1997 : 2007 : Capacity Doubled : 2026 : Commenced Installed and Overall capacity Expanded into the BCL Distillery - Exited the operations with a commissioned an across all product distillery business. Ethanol Unit packaged oil solvent extraction oil crushing unit. categor
Slide 44: Board of Directors
Board of Directors Major Gen. Parampal Singh Bal (Retd.) Mr. Rajinder Mittal Mr. Kushal Mittal Chairman & Independent Director Managing Director Joint Managing Director An independent Director since 2021. He holds an M.Phil. in A respected Punjab industrialist and philanthropist, has led BCL Industr
Slide 45: Consolidated Financial Highlights
Consolidated Financial Highlights Total Revenue (Rs Cr) EBITDA (Rs Cr) & EBITDA Margin % 9.02% 7.32% 7.3% 7.1% 8.60% 251 199 214 2,919 2,913 2,209 146 130 2,001 1,827 FY 22 FY 23 FY24 FY25 FY26 FY 22 FY 23 FY24 FY25 FY26 Profit After Tax (Rs Cr) & PAT Margin % Shareholder’s Equity (Rs Cr) 4.3% 4.4%
Slide 46: Consolidated Historical Income Statement
Consolidated Historical Income Statement Particulars (Rs Cr) FY24 FY25 FY26 Revenue from Operations 2,201 2,910 2,904 Other Income 8 9 9 Total Revenue 2,209 2,919 2,913 Total Expenses 2,009 2,705 2,662 EBITDA 199 214 251 EBITDA Margin % 9.02% 7.3% 8.6% Depreciation 36 46 51 Finance Cost 33 31 33 Pro
Slide 47: Consolidated Historical Balance Sheet
Consolidated Historical Balance Sheet Particulars (Rs Cr) FY24 FY25 FY26 Particulars (Rs Cr) FY24 FY25 FY26 Assets Equity and Liabilities Equity Non‐Current Assets Share Capital 27.2 29.5 29.5 Plant Property and Equipment 617.8 609.9 795.6 Other Equity 624.4 772.1 880.4 CWIP 12.7 109.9 6.9 Non Contr
Slide 48: Consolidated Cash Flow Statement
Consolidated Cash Flow Statement Particulars (Rs Cr) FY24 FY25 FY26 Operating cash flow Profit Before Tax 130 137 167 Interest Expense 33 31 33 Interest / Dividend Income 0 0 0 Depreciation 36 46 51 Other non cash items (6) (7) (4) Change in Working Capital Change in Inventory (64) (60) 171 Change i
Slide 49: Thank You
THANK YOU Together we go Beyond Company Contact Ajeet Kumar Thakur (Company Secretary) cs_bcl@mittalgroup.co.in M : +91 8427779357 Hazi Rattan Link Road, Bathinda-151005, Punjab, India Investor Relations Contact Priya Sen Riddhi Shah Go India Advisors Go India Advisors priya@GoIndiaAdvisors.com ridd