Bcl Industries Ltd · NSE:BCLIND
Bcl Industries — Q1 FY2026 Earnings Presentation
47 slides from Bcl Industries's earnings presentation, Aug 13, 2025
Slide 1: Submission of Investors Presentation letter to exchanges
August 13, 2025 The National Stock Exchange of India BSE Limited Limited Exchange Plaza, 5 th Floor Plot Corporate Relationship Dept. 1 1st Floor, New No. C/1, G Block Bandra Kurla Complex Trading Ring Rotunda Building Phiroze Bandra (East) Mumbai – 400051 Jeejeebhoy Towers Dalal Street, Fort, Mumba
Slide 2: Investor Presentation August 2025
Investor Presentation AUGUST 2025 Excellence, Resilience, Growth 1
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: 4 Decades of Legacy
4 Decades of Legacy o One of the largest agro-processing manufacturing companies in India with strong grain procurement expertise o Strong Legacy – Entering the 50th Year of Incorporation o Prominent presence in ENA and IMIL segment 19%* 31%* 7% Revenue EBITDA EBITDA o Leading grain-based Ethanol pr
Slide 5: Entering 50th Year of Strength, Growth & Excellence
Entering 50th Year of Strength, Growth & Excellence Strong Foundation Promising Future Entering 50th Year of Incorporation: Incorporated Distillery Expansion – Capacity set to grow from 700 on 3rd February 1975, BCL has become a KLPD to 1,100 KLPD with Haryana & Bathinda leading grain-based ethanol
Slide 6: Business Model built on Multiple USPs
Business Model built on Multiple USPs o Strategically transitioning o ENA: Difficult License; o Paddy Straw Fuel: from conversion business huge barrier to entry Significant Cost Saving o Moving beyond Surplus o Ethanol: Strong Regulatory o Leading by example in rice-to-Ethanol Support Innovation 5
Slide 7: Business Model: De-Risked and Diversified
Business Model: De-Risked and Diversified Flexible Raw Material Multi Location Flexible Product Mix Svaksha Sangat You can edit this Distillery Distillery text (West (Punjab) Bengal) Damaged Grain ENA Maize Fully Integrated Distillery Plant with State-of-the-Art Technology Ethanol Surplus Rice IMIL
Slide 8: 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 o ENA, with a minimum alcohol content of 96%, is a key raw material for IMIL and IMFL ;also used in cosmetics, pharmaceuticals, and personal care
Slide 9: Steady Growth in Indian IMIL Market
Steady Growth in Indian IMIL Market IMIL Market (Million Cases) 445 330 340 350 2015 2020 2023 2028 o State-controlled liquor policies create significant barriers for new entrants, favouring established industry players. o Increasing government policies and regulations emphasize the use of specific
Slide 10: BCL: Country Liquor Portfolio and Marquee Clients
BCL: Country Liquor Portfolio and Marquee Clients o We supply ENA to large bottlers like Pernod Ricard, Amrut, ABD, Mohan Meakin and Diageo o BCL sold 4,36,480 Boxes of PML in Q1FY26 o Our Country liquor brands Green Apple Vodka Ranjha Saunfi Asli Santra Punjab Special Whisky 9
Slide 11: Ethanol: Strong Regulatory Tailwind
Ethanol: Strong Regulatory Tailwind Ethanol Requirement for Blending (Cr. Litres) Ethanol Requirement for other purposes (Cr. Litres) Target 1,016 Cr Ltr 20% 20% 15% 550 550 12% 10% 110 134 8.50% 110 110 490 100 110 110 5% 425 330 157 290 16 107 123 208 438 466 150 150 160 170 180 190 200 42 ESY 19-
Slide 12: Ethanol: Multi-Billion Dollar Opportunity
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% 183 10 109 3 2024 2034 2024 2034 o India, Brazil, and Indonesia to collectively drive nearly two-thirds of the global growth in biof
Slide 13: 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 o The government has set a 5% biodiesel target by 2030, requiring about 4.5 billion litr
Slide 14: BCL: Distillery Plants
BCL: Distillery Plants Sangat Distillery Capacity: 400 KLPD Location : Bhatinda (Punjab) Svaksha Distillery Capacity: 300 KLPD Location : Kharagpur (West Bengal) 13
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 14
Slide 16: Grain Based Ethanol: Compelling Rationale
Grain Based Ethanol: Compelling Rationale 15
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 Ethanol Yield per tonne Water Requirement 2.3x Lower Feedstock Supply Target Feedstock Required Land Requirement feedstock Sugarcane 550 Cr Ltr
Slide 18: Farmers Incentivised to Produce Maize
Famers Incentivised to Produce Maize Maize MSP Price Trend (Rs/Quintal) 2,400 2,090 2,225 1,850 1,870 1,962 1,700 1,760 1,425 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24 2024-25 2025-26 o India plans to use about 156 lakh tonnes of grains, mainly maize, to meet its 2025-26 ethanol produc
Slide 19: BCL's Distillery Business Positioning
BCL’s Distillery Business Positioning 18
Slide 20: Industry Update
Industry Update Ethanol Price Rs/Ltr for ESY 2024-25 The government lifted a 13- Ethanol from Maize month ban, allowing ethanol increased by Rs distilleries to buy 54 lakh 5.79/Litre to Rs tonnes of Surplus Rice. 71.86/Litre, effective Jan 2024 71.86 65.61 The government allowed 64 58.5 57.97 60.73
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 3.5x in 4 years FY25: Top 8 Distillery* Players by Capacity (KLPD) 300 300 1,250 1,050 860 850 830 810 810 700 Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 BCL 200 FY26E: Top 7 Di
Slide 22: Running Operations Efficiently
Running Operations Efficiently Asset Optimisation and Low Cost of Production Resulting in Industry Leading Profitability High-Capacity Utilisation BCL vs Industry EBITDA Margin ** 100% 73% 100% 100% 96% 1,96,099 10% 1,31,876 67,914 40,346 41,697 29,003 30,229 36,876 40,787 33,219 FY21 FY22 FY23 * FY
Slide 23: Strong Balance Sheet to Support Growth
Strong Balance Sheet to Support Growth Gross Block (Rs Cr) ROCE & ROE 870 832 23% 19% 474 17% 17% 15% 16% 14% 10% 11% 11% 249 264 FY21 FY22 FY23 FY24 FY25 FY21 FY22 FY23 FY24 FY25 ROCE ROE Net Debt/Equity & Interest Coverage Working Capital Days 73 8.2 6.0 58 6.6 6.9 51 51 40 40 3.7 25 25 21 21 19 1
Slide 24: Financial Impact
Financial Impact Reducing production by 20% and compensating with enhanced EBITDA margins Total Revenue * (Rs Cr) & Revenue Contribution % Total EBITDA * (Rs Cr) & EBITDA Contribution % 1,459 2,001 1,827 2,209 2,919 97 146 130 199 214 2% 0% 1% 0.3% 0.3% 8% 2% 3% 1% 38% 34% 11% 9% 23% 59% 43% 66% 34%
Slide 25: BCL: Edible Oil and Vanaspati Segment - Legacy Business
BCL: Edible Oil and Vanaspati Segment- Legacy Business Edible Oil Business Total Capacity MT/Day Edible Oil Business Production (In MT) 14,246 11,565 200 200 200 200 200 4,200 2,660 71,717 45,078 300 300 300 300 300 40,015 87,119 77,720 33,810 27,980 42,037 220 220 220 220 220 9,227 10,320 8,113 6,8
Slide 26: Edible Oil Exit Complete
Edible Oil Exit Complete Strategic Restructuring BCL’s LEGACY BRANDS o Edible oil operations, including oil mill, solvent, rice mill, vanaspati, and packaged units, have been shut down as planned. o Soft oil refining to shift to Sangat facility alongside the biodiesel unit. o The company is focused
Slide 27: BCL: Compelling Investment Thesis
BCL : Compelling Investment Thesis 4 Decades of Grain Procurement Business Sustainable Energy Solution, regulatory tailwinds De-risked business model-Flexible raw material, flexible product mix, multi location Flexibility to produce ENA and Ethanol Cost Leadership through technological Innovation Re
Slide 28: Strong Momentum Expected to Continue in FY26
Strong Momentum Expected to Continue in FY26 Outlook o The company has reached full capacity utilization of its 700 KLPD distillery in FY 24-25 o Distillery Revenue: Consolidated revenue, including the subsidiary, is expected to exceed Rs 1,900+ crore Biodiesel Plant Commissioning o Target to commis
Slide 29: Q1FY26 Earnings
Q1FY26 Earnings August 2025 28
Slide 30: Q1FY26 Strategic Highlights
Q1FY26 Strategic Highlights EDIBLE OIL oOil mill, solvent extraction, rice mill, vanaspati, and packaged units were shut down in July 2025 as part of the planned exit. oA portion of soft oil refining will shift to the Sangat facility alongside the biodiesel unit. oLiquidation of leftover edible oil
Slide 31: Comfortable Debt Repayment Schedule
Comfortable Debt Repayment Schedule Term Debt Repayment Schedule (Rs Cr) Consolidated Debt Break Up as on 31st March 2025 (Rs Cr) 40 38 38 38 35 98 26 18 309 FY26 FY27 FY28 FY29 FY30 FY31 FY32 Consolidated Term Loans Outstanding Consolidated Working Capital Utilized o The Average Cash Flow From Oper
Slide 32: Q1FY26 – Financial Highlights
Q1FY26 – Financial Highlights Total Revenue (Rs Cr) EBITDA (Rs Cr) & EBITDA Margin % PAT (Rs Cr) & PAT Margin % 8.5% 6.8% 3.8% 4.1% 0% 823 660 56 56 25 33 Q1FY25 Q1FY26 Q1FY25 Q1FY26 Q1FY25 Q1FY26 7.0% 6.8% 3.7% 4.1% 56 823 747 52 28 33 Q4FY25 Q1FY26 Q4FY25 Q1FY26 Q4FY25 Q1FY26 Nos are consolidated
Slide 33: Consolidated Quarterly Income Statement
Consolidated Quarterly Income Statement In Rs Cr Particulars Q1FY26 Q1FY25 Y-o-Y Q4FY25 Q-o-Q Revenue from Operations 820 658 25% 743 10% Other Income 3 2 50% 3 - Total Revenue 823 660 25% 747 10% Total Expenses 767 604 27% 694 11% EBITDA 56 56 - 52 8% EBITDA Margin % 6.8% 8.5% (170)bps 7.0% (3)% De
Slide 34: Consolidated FY25 Income Statement
Consolidated FY25 Income Statement In Rs Cr Particulars FY25 FY24 Y-o-Y Revenue from Operations 2,910 2,201 32.2% Other Income 9 8 14.7% Total Revenue 2,919 2,209 32.2% Total Expenses 2,705 2,009 34.6% EBITDA 214 199 7.2% EBITDA Margin % 7.3% 9.0% (170)bps Depreciation 46 36 28.1% Finance Cost 31 33
Slide 35: Consolidated Balance Sheet
Consolidated Balance Sheet In Rs Cr Particulars FY25 FY24 Particulars FY25 FY24 Assets Equity and Liabilities Non‐Current Assets Equity Plant Property and Equipment 609.9 617.8 Share Capital 29.5 27.2 Other Equity 772.1 624.4 CWIP 109.9 12.7 Non Controlling Interest 29.8 21.9 Right to use assets 1.0
Slide 36: Distillery Operational Highlights
Distillery Operational Highlights Volume 55,461 50,005 50,914 48,845 45,921 1,95,685 39,054 1,29,949 9,567 9,313 8,185 7,960 38,763 5,830 5,376 30,086 Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 FY24 FY25 ENA (In KL) Ethanol (In KL) ENA (In KL) Ethanol (In KL) 35
Slide 37: Distillery Financial Performance
Distillery Financial Performance Revenue (Rs Cr) EBITDA (Rs Cr) & EBITDA Margin % 10.7% 10% 53 357 365 50 40 56 Q1FY25 Q1FY26 Q1FY25 Q1FY26 ENA Ethanol 10.3% 10% 365 323 48 53 68 56 Q4FY25 Q1FY26 Q4FY25 Q1FY26 ENA Ethanol 36
Slide 38: Quarterly Distillery Segment Revenue Break Up
Quarterly Distillery Segment Revenue Break Up Q4FY25 Q1FY25 Q1FY26 7% 2% 14% 8% 2% 9% 4% 11% 7% 8% 5% 8% Rs 469 Cr Rs 468 Cr Rs 526 Cr 69% 76% 70% ENA Ethanol DDGS PML Others 37
Slide 39: Edible Oil Segment and Real Estate
Edible Oil Segment and Real Estate Edible Oil Revenue (Rs Cr) Edible Oil EBITDA (Rs Cr) & EBITDA Margin % Real Estate Revenue (Rs Cr) 2.29% 1.01% 295 188 3.4 4.3 3.0 2.1 Q1FY25 Q1FY26 Q1FY25 Q1FY26 Q1FY25 Q1FY26 1.53% 1.01% 2.1 276 295 4.2 3.0 1.6 Q4FY25 Q1FY26 Q4FY25 Q1FY26 Q4FY25 Q1FY26 38
Slide 40: Annexure
Annexure August 2025 39
Slide 41: Strong Legacy
Strong Legacy 1988: Installed and commissioned an oil 2007: Expanded into the distillery business. crushing unit. 2010: Installed a new grain-based distillery-ethanol 1990: Commenced the production of unit with a daily capacity of 100,000 litres (KLPD) Vanaspati by setting up a 100 MT Vanaspati Capa
Slide 42: Board of Directors
Board of Directors Major Gen. Parampal Singh Bal (Retd.) – Mr. Rajinder Mittal - Managing Director Mr. Kushal Mittal - Joint Managing Director Chairman & Independent Director A respected Punjab industrialist and philanthropist, has As Jt. Managing Director, Mr. Kushal Mittal is An independent Direct
Slide 43: Consolidated Financial Highlights
Consolidated Financial Highlights Total Revenue (Rs Cr) EBITDA (Rs Cr) & EBITDA Margin % 7.32% 2,919 9.02% 6.6% 7.3% 7.1% 2,209 2,001 1,827 1,459 214 199 146 130 97 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 44: Consolidated Historical Income Statement
Consolidated Historical Income Statement In Rs Cr Particulars 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 Pr
Slide 45: Consolidated Historical Balance Sheet
Consolidated Historical Balance Sheet In Rs Cr Particulars FY23 FY24 FY25 Particulars FY23 FY24 FY25 Assets Equity and Liabilities Non‐Current Assets Equity Plant Property and Equipment 316.0 617.8 609.9 Share Capital 24.2 27.2 29.5 Other Equity 456.3 624.4 772.1 CWIP 212.4 12.7 109.9 Non Controllin
Slide 46: Consolidated Cash Flow Statement
Consolidated Cash Flow Statement In Rs Cr Particulars 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 47: Together we go Beyond
Together we go Beyond Company Contact: Investor Relations Contact: Ajeet Kumar Thakur (Company Secretary) Priya Sen Sheetal Khanduja cs_bcl@mittalgroup.co.in Go India Advisors Go India Advisors Hazi Rattan Link Road, Bathinda-151005, priya@GoIndiaAdvisors.com sheetal@GoIndiaAdvisors.com Punjab, Indi