Bcl Industries Ltd · NSE:BCLIND
Bcl Industries — Q2 FY2026 Earnings Presentation
46 slides from Bcl Industries's earnings presentation, November 2025
Slide 1: Excellence, Resilience, Growth
Excellence, Resilience, Growth Investor Presentation - November 2025
Slide 2: 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 3: 4 Decades of Legacy
4 Decades of Legacy One of the largest Strong Legacy Prominent Leading As India undergoes Business model agro - processing Entering the presence in ENA grain-based energy transition, supports GOIs manufacturing 50th Year and IMIL segment Ethanol producers BCL is strategically policy for companies in
Slide 4: 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 700 KLPD to 1,100 KLPD with a leading grain-based ethanol producer in India.
Slide 5: 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 6: 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 7: 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 8: 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 9: BCL: Country Liquor Portfolio and Marquee Clients
BCL : Country Liquor Portfolio and Marquee Clients Green Apple Vodka Ranjha Saunfi Asli Santra Punjab Special Whisky 01 02 03 We supply ENA to large bottlers like BCL sold 8,90,637 Boxes of PML in Strong traction and growing brand value Pernod Ricard, Amrut, ABD, Mohan H1FY26. across its country liq
Slide 10: 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 Focus on green energy in IMIL Business. segment. Future Growth. initiatives. Action Plan : Action Plan : Action Plan :
Slide 11: 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 Molas
Slide 12: Uptick in Biodiesel Consumption in India
Uptick in Biodiesel Consumption in India Biodiesel Consumption in India 2015-2028 (Bn Litres)1 Indian Biodiesel Market Size (USD Million)2 CAGR 8.2% 4.5 865 3.3 2.7 2.1 418 0.1 2015 2025 2026 2027 2028 2024 2032 The government has set a 5% biodiesel target by 2030, 01 requiring about 4.5 billion lit
Slide 13: BCL: Distillery Plants
BCL : Distillery Plants Sangat Distillery Svaksha Distillery Capacity : 400 KLPD Capacity : 300 KLPD Location : Bhatinda (Punjab) Location : Kharagpur (West Bengal) 13
Slide 14: Acquisition of Goyal Distillery Pvt Ltd
Acquisition of Goyal Distillery Pvt Ltd Emerging Opportunities 01 03 05 BCL Industries Ltd 02 Project to 04 Positioning it 06 acquired Goyal begin post as one of Distillery Pvt Ltd, commissioning India’s largest located in Goyal Distillery of 150 KLPD in Post addition, grain - based Evaluating to se
Slide 15: 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 15
Slide 16: Grain Based Ethanol: Compelling Rationale
Grain Based Ethanol : Compelling Rationale
Slide 17: 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 18: Farmers Incentivised to Produce Maize
Famers Incentivised to Produce Maize Maize MSP Price Trend (Rs/Quintal) 2,400 2,225 2,090 1,870 1,962 1,760 1,850 1,700 1,425 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24 2024-25 2025-26 01 02 03 04 India plans to use about 156 lakh As Price of Maize based Ethanol Globally, maize is the p
Slide 19: BCL's Distillery Business Positioning
BCL’s Distillery Business Positioning
Slide 20: Industry Update
Industry Update Significant Events Price Revision Maize based Ethanol Yield Highest Price Ethanol Price Rs/Ltr for ESY 2025-26 Grain-based ethanol FCI rice ethanol price continues to gain ground. revised to ₹ 60.32 /L for The government has ESY 2025–26, reinforcing allocated 40% of grain based polic
Slide 21: 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) 300 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 FY26E : Top 7 Distillery* Pla
Slide 22: 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: 39% 100% 73% * 100% 100% 96% 178 192 81 96 51 FY21 FY22 FY23 FY24 FY25 1,96,099 1,31,876 67,914 40,346
Slide 23: Strong Balance Sheet to Support Growth
Strong Balance Sheet to Support Growth Gross Block (Rs Cr) ROCE & ROE 832 870 23% 474 19% 17% 15% 17% 16% 14% 10% 11% 11% 249 264 FY21 FY22 FY23 FY24 FY25 FY21 FY22 FY23 FY24 FY25 ROCE ROE Gross Block (Rs Cr) ROCE & ROE 8.2 6.0 6.9 6.6 3.7 73 58 51 51 40 40 21 21 19 19 25 18 25 18 16 0.59 0.64 0.88
Slide 24: Edible Oil Exit Complete
Edible Oil Exit Complete BCL’s LEGACY BRANDS • Edible oil operations, including oil mill, solvent, rice mill, vanaspati, 01 and packaged units, have been shut down as planned. • Soft oil refining has shifted to Sangat facility alongside the biodiesel unit. Strategic Restructuring • The company is fo
Slide 25: 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 26: Strategic Priorities and Outlook
Strategic Priorities and Outlook Biodiesel Plant Ethanol Expansion Exit from Edible Outlook Commissioning at Bathinda Oil Business 700 KLPD distillery operates 75 KLPD biodiesel plant The 150 KLPD Ethanol Shifted from packaged at 100% capacity utilization registered with OMCs as an expansion at Bath
Slide 27: Q2 & H1FY26 - November 2025
Q2 & H1FY26 - November 2025
Slide 28: Q2 & H1FY26 Strategic Highlights
Q2 & H1FY26 Strategic Highlights EDIBLE OIL DISTILLERY MAIZE OIL EXTRACTION & REFINERY • Oil mill, solvent extraction, rice • Ethanol is being produced from • The biodiesel unit is completed mill, vanaspati, and packaged maize and FCI rice, with both plants and registered with OMCs as units were shu
Slide 29: Comfortable Debt Repayment Schedule
Comfortable Debt Repayment Schedule Term Debt Repayment Schedule (Rs Cr) Consolidated Debt Break Up as on 30th September 2025 (Rs Cr) 242 40 38 38 38 261 35 26 18 FY26 FY27 FY28 FY29 FY30 FY31 FY32 Consolidated Term Loans Outstanding Consolidated Working Capital Utilized The Average Cash Flow From O
Slide 30: Q2 & H1FY26 – Financial Highlights
Q2 & H1FY26 – Financial Highlights Total Revenue (Rs Cr) EBITDA (Rs Cr) & EBITDA Margin % PAT (Rs Cr) & PAT Margin % 7.6% 9.5% 4% 4.4% 748 721 69 57 30 32 Q2FY25 Q2FY26 Q2FY25 Q2FY26 Q2FY25 Q2FY26 8% 8.1% 3.9% 4.2% 125 113 65 1,544 54 1,409 H1FY25 H1FY26 H1FY25 H1FY26 H1FY25 H1FY26 Nos are consolida
Slide 31: Consolidated Quarterly Income Statement
Consolidated Quarterly Income Statement Particulars (Rs Cr) Q2FY26 Q2FY25 Y-o-Y Q1FY26 Q-o-Q Revenue from Operations 719 746 (4)% 820 (12)% Other Income 1 2 (36)% 3 (45)% Total Revenue 721 748 (4)% 823 (12)% Total Expenses 652 691 (6)% 767 (15)% EBITDA 69 57 20% 56 22% EBITDA Margin % 9.5% 7.6% 190b
Slide 32: Consolidated Half Yearly Income Statement
Consolidated Half Yearly Income Statement Particulars (Rs Cr) H1FY26 H1FY25 Y-o-Y Revenue from Operations 1,540 1,405 9.6% Other Income 4 4 0.6% Total Revenue 1,544 1,409 9.6% Total Expenses 1,419 1,296 9.5% EBITDA 125 113 10.5% EBITDA Margin % 8.1% 8% Depreciation 25 23 9.1% Finance Cost 17 18 (1.3
Slide 33: Consolidated Balance Sheet
Consolidated Balance Sheet Particulars (Rs Cr) H1FY26 H1FY25 Particulars (Rs Cr) H1FY26 H1FY25 Assets Equity and Liabilities Non‐Current Assets Equity Plant Property and Equipment 684.7 604.7 Share Capital 29.5 29.5 CWIP 80.5 35.0 Other Equity 824.4 727.4 Right to use assets 1.0 Non Controlling Inte
Slide 34: Distillery Operational Highlights
Distillery Operational Highlights Volume 55,461 1,07,211 50,914 51,750 50,005 1,00,919 48,845 45,921 12,129 9,567 9,313 20,089 7,960 5,830 5,376 11,206 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 H1FY25 H1FY26 ENA (In KL) Ethanol (In KL) ENA (In KL) Ethanol (In KL) 34
Slide 35: Distillery Financial Performance
Distillery Financial Performance Revenue (Rs Cr) EBITDA (Rs Cr) & EBITDA Margin % 10.7% 11% 60 362 367 52 83 40 Q2FY25 Q2FY26 Q2FY25 Q2FY26 ENA Ethanol 10.7% 10.5% 113 102 719 727 80 139 H1FY25 H1FY26 H1FY25 H1FY26 ENA Ethanol 35
Slide 36: Quarterly Distillery Segment Revenue Break Up
Quarterly Distillery Segment Revenue Break Up Q1FY26 Q2FY25 Q2FY26 5% 3% 4% 11% 8% 15% 7% 8% 7% 8% 6% 8% Rs 526 Cr Rs 484 Cr Rs 555 Cr 70% 75% 65% ENA Ethanol DDGS PML Others ENA Ethanol DDGS PML Others ENA Ethanol DDGS PML Others 36
Slide 37: Distillery Segment Revenue Break Up
Distillery Segment Revenue Break Up FY25 H1FY25 H1FY26 2% 3% 8% 5% 8% 11% 8% 13% 7% 6% 6% 8% Rs 1,929 Cr Rs 952 Cr Rs 1,081 Cr 72% 76% 67% ENA Ethanol DDGS PML Others ENA Ethanol DDGS PML Others ENA Ethanol DDGS PML Others 37
Slide 38: 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) 1.9% 5.65% 263 10 1.73 171 5 1.5 Q2FY25 Q2FY26 Q2FY25 Q2FY26 Q2FY25 Q2FY26 2.07% 2.71% 13 5.1 452 486 9.3 3.6 H1FY25 H1FY26 H1FY25 H1FY26 H1FY25 H1FY
Slide 39: Annexure - November 2025
Annexure - November 2025
Slide 40: Strong Legacy
Strong Legacy 1976 : 1988 : 1997 : 2007 : Capacity Doubled : 2026 : Commenced Installed and Overall capacity Expanded into the BCL Distillery - Excited Edible operations with a commissioned an across all product distillery business. Ethanol Unit oil business & solvent extraction oil crushing unit. c
Slide 41: 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 42: Consolidated Financial Highlights
Consolidated Financial Highlights Total Revenue (Rs Cr) EBITDA (Rs Cr) & EBITDA Margin % 9.02% 7.32% 6.6% 7.3% 7.1% 199 214 2,919 2,209 146 130 2,001 1,827 97 1,459 FY 21 FY 22 FY 23 FY24 FY25 FY 21 FY 22 FY 23 FY24 FY25 Profit After Tax (Rs Cr) & PAT Margin % Shareholder’s Equity (Rs Cr) 4.3% 4.4%
Slide 43: Consolidated Historical Income Statement
Consolidated Historical Income Statement Particulars (Rs Cr) FY23 FY24 FY25 Revenue from Operations 1,820 2,201 2,910 Other Income 7 8 9 Total Revenue 1,827 2,209 2,919 Total Expenses 1,696 2,009 2,705 EBITDA 130 199 214 EBITDA Margin % 7.1% 9.02% 7.3% Depreciation 25 36 46 Finance Cost 20 33 31 Pro
Slide 44: Consolidated Historical Balance Sheet
Consolidated Historical Balance Sheet Particulars (Rs Cr) FY23 FY24 FY25 Particulars (Rs Cr) FY23 FY24 FY25 Assets Equity and Liabilities Equity Non‐Current Assets Share Capital 24.2 27.2 29.5 Plant Property and Equipment 316.0 617.8 609.9 Other Equity 456.3 624.4 772.1 CWIP 212.4 12.7 109.9 Non Con
Slide 45: Consolidated Cash Flow Statement
Consolidated Cash Flow Statement Particulars (Rs Cr) FY23 FY24 FY25 Operating cash flow Profit Before Tax 85 130 137 Interest Expense 20 33 31 Interest / Dividend Income 0 0 0 Depreciation 25 36 46 Other non cash items (6) (6) (7) Change in Working Capital Change in Inventory (125) (64) (60) Change
Slide 46: 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