BCL Industries Ltd · NSE:BCLIND
BCL Industries — Q2 FY27 Earnings Presentation
48 slides from BCL Industries's earnings presentation, Nov 5, 2026
Slide 1: Submission of Investors Presentation cover letter
Regd. Office: Distillery Unit, Dabwali Road, Sangat Kalan, Bathinda- 151401 Ph.:0164-2220129, 2240163 Website: www.bcl.ind.in Email: [email protected] CIN: L24231PB1976PLC003624 The National Stock Exchange of India BSE Limited Limited Exchange Plaza, 5th Floor, Plot Corporate Relationship Dept.
Slide 2: Excellence, Resilience, Growth – Investor Presentation November 2026
Excellence, Resilience, Growth Investor Presentation –November 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: Q2 & H1FY27 – November 2026
Q2 & H1FY27 –November 2026
Slide 5: Q2 & H1FY27 Strategic Highlights
Q2 & H1FY27 Strategic Highlights OIL TRADING DISTILLERY MAIZE OIL EXTRACTION & REFINERY • To source edible oils for the soft oil refinery • A fire at an ethanol receiver tank on 19 June 2026 shut the 200 • H1FY27 EBITDA rose 17%YoY to Rs 14.8 Cr, the company continues to import crude oils KLPD ethan
Slide 6: Additional OMC Allocation
Additional OMC Allocation OMC Allocation – ESY 25-26 (KL) Additional Allocation split (In KL) 43,700 20,200 23,500 34,092 28,659 23,569 21,089 Q1 Q2 Q3 Q4 Svaksha Distillery BCL Industries Original allocation Additional allocation 1,51,109 KL 4.37 Cr Ltr Additional ethanol allocation for Q4 ESY 25-2
Slide 7: Q2 & H1FY27 – Financial Highlights
Q2 & H1FY27 – Financial Highlights Total Revenue (Rs Cr) EBITDA (Rs Cr) & EBITDA Margin % PAT (Rs Cr) & PAT Margin % 9.5% 9.5% 4.4% 4.2% 721 699 69 66 32 29 Q2FY26 Q2FY27 Q2FY26 Q2FY27 Q2FY26 Q2FY27 8.1% 10% 4.2% 4.9% 132 125 65 65 1,544 1,327 H1FY26 H1FY27 H1FY26 H1FY27 H1FY26 H1FY27 Nos are consol
Slide 8: Consolidated Quarterly Income Statement
Consolidated Quarterly Income Statement Particulars (Rs Cr) Q2FY27 Q2FY26 Y-o-Y Q1FY27 Q-o-Q Revenue from Operations 695 719 (3.4)% 623 11.5% Other Income 4 1 172.6% 5 (14.3)% Total Revenue 699 721 (3.0)% 628 11.3% Total Expenses 633 652 (3.0)% 562 12.6% EBITDA 66 69 (3.3)% 66 0.9% EBITDA Margin % 9
Slide 9: Consolidated Half Yearly Income Statement
Consolidated Half Yearly Income Statement Particulars (Rs Cr) H1FY27 H1FY26 Y-o-Y Revenue from Operations 1,319 1,540 (14.4)% Other Income 9 4 110.5% Total Revenue 1,327 1,544 (14.0)% Total Expenses 1,195 1,419 (15.8)% EBITDA 132 125 5.9% EBITDA Margin % 10% 8.1% 191 bps Depreciation 29 25 18.1% Fin
Slide 10: Consolidated Balance Sheet
Consolidated Balance Sheet Particulars (Rs Cr) H1FY27 FY26 Particulars (Rs Cr) H1FY27 FY26 Assets Equity and Liabilities Non‐Current Assets Equity Plant Property and Equipment 792.5 795.6 Share Capital 29.5 29.5 CWIP 15.2 6.9 Other Equity 920.3 880.4 Right to use assets 1.0 Non Controlling Interest
Slide 11: Distillery Operational Highlights
Distillery Operational Highlights Volume 55,461 1,07,211 51,750 47,420 39,501 77,288 37,787 34,490 22,514 41,890 19,376 17,413 15,330 12,129 20,089 7,960 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 H1FY26 H1FY27 ENA (In KL) Ethanol (In KL) ENA (In KL) Ethanol (In KL) 10
Slide 12: Distillery Financial Performance
Distillery Financial Performance Revenue (Rs Cr) EBITDA (Rs Cr) & EBITDA Margin % 11.0% 11.9% 59 367 60 265 132 83 Q2FY26 Q2FY27 Q2FY26 Q2FY27 ENA Ethanol 10.5% 12.1% 727 113 117 506 243 139 H1FY26 H1FY27 H1FY26 H1FY27 ENA Ethanol 11
Slide 13: Quarterly Distillery Segment Revenue Break Up
Quarterly Distillery Segment Revenue Break Up Q1FY27 Q2FY26 Q2FY27 5% 5% 1% 7% 15% 11% 13% 24% 26% 8% 9% 6% Rs 466 Cr Rs 555 Cr Rs 504 Cr 52% 65% 53% ENA Ethanol DDGS PML Others ENA Ethanol DDGS PML Others ENA Ethanol DDGS PML Others 12
Slide 14: Distillery Segment Revenue Break Up
Distillery Segment Revenue Break Up FY26 H1FY26 H1FY27 4% 5% 3% 7% 13% 8% 17% 12% 25% 8% 8% 8% Rs 2,020 Cr Rs 1,081 Cr Rs 970 Cr 63% 67% 52% ENA Ethanol DDGS PML Others ENA Ethanol DDGS PML Others ENA Ethanol DDGS PML Others 13
Slide 15: 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) 5.65% 3.72% 1.5 171 188 10 7 0.65 Q2FY26 Q2FY27 Q2FY26 Q2FY27 Q2FY26 Q2FY27 2.71% 4.45% 3.6 486 337 13 15 1.3 H1FY26 H1FY27 H1FY26 H1FY27 H1FY26 H1FY
Slide 16: Leveraging Legacy Strengths to Build a Scalable Oil Trading Vertical
Leveraging Legacy Strengths to Build a Scalable Oil Trading Vertical Revenue EBITDA Volume Q2FY27 Q2FY27 Q2FY27 Rs 7.16 Cr Rs 0.01 Cr 510 MT EBITDA Margin: 0.14% Oil Trading Operations: Building on its legacy in the Competitive Procurement Advantage– Bulk edible oil business, BCL is highlighting its
Slide 17: Business Overview
Business Overview
Slide 18: 5 Decades of Legacy
5 Decades of Legacy One of India’s largest 50 Years of a Prominent Leading As India undergoes Business model grain-based Strong and presence in ENA grain-based energy transition, supports GOIs ethanol/ENA and alco- Enduring and IMIL segment Ethanol producers BCL is strategically policy for bev playe
Slide 19: Oil Refinery & Maize Oil Extraction
Oil Refinery & Maize Oil Extraction Oil Extraction & Refinery Unit, Bathinda Units Bathinda Kharagpur Capacity Oil Extraction 400 TPD | Refining 100 TPD Maize oil Extraction 400 TPD Utilisation 100% 95% Operational Efficiency Backward Integration Margin Accretive Integrated operations enabling cost
Slide 20: 50 Years of Strength, Growth & Excellence
50 Years of Strength, Growth & Excellence Strong Foundation Promising Future 50 Years Since Incorporation : Distillery Expansion : Incorporated on 3rd February 1976, BCL has become Capacity set to grow from 900 KLPD to 1,150 KLPD with a leading grain-based ethanol producer in India Haryana projects
Slide 21: 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 Five decades of agri-com
Slide 22: 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 23: 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 24: BCL: Country Liquor Portfolio and Marquee Clients
BCL : Country Liquor Portfolio and Marquee Clients Our Country Liquor Portfolio Newly Added Brands JAMUN VODKA PUNJAB RASPBERRY GREEN APPLE VODKA RANJHA SAUNFI ASLI SANTRA AGNI RUM Key Highlights PML Volume (Mn Cases) PML volumes scaled up 48% in 2 years 01 02 03 We supply ENA to BCL sold 6,42,255 O
Slide 25: 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 26: 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 27: Expansion through Inorganic Acquisition
Expansion through Inorganic Acquisition Acquired Remaining 25% stake in Svaksha Distillery Ltd making it wholly owned subsidiary Ownership Impact:: As on 30th June 2026, Svaksha Distillery 01 is now a wholly owned subsidiary of BCL Industries Limited Revenue (Rs Cr) CAGR 68% Business Operations: Ope
Slide 28: Grain Based Ethanol: Compelling Rationale
Grain Based Ethanol : Compelling Rationale
Slide 29: Ethanol & ENA: Catering to Diverse and Evolving End-Markets
Ethanol & ENA: Catering to Diverse and Evolving End-Markets Current Applications Emerging Demand Drivers Fuel Blending Flex-Fuel Vehicles Blended with petrol for Oil Marketing Companies under Higher blends such as E85 and E100 for flex-fuel the Ethanol Blended Petrol (E20) Programme vehicles, with m
Slide 30: Industry Update
Industry Update Significant Events Significant Impacts Maize based Ethanol Yield Highest Price Ethanol Price Rs/Ltr for ESY 2026-27 ARAI is assessing E25 on ESY 2026-27 tender is limited to existing vehicles, and E85 grain-based feedstocks and C- and flex-fuel standards are in heavy molasses. Sugarc
Slide 31: Farmers Incentivised to Produce Maize
Farmers 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 th
Slide 32: BCL's Distillery Business Positioning
BCL’s Distillery Business Positioning
Slide 33: BCL: Distillery Plants
BCL : Distillery Plants Sangat Distillery Svaksha Distillery Capacity : 550 KLPD Capacity : 350 KLPD Location : Bhatinda (Punjab) Location : Kharagpur (West Bengal) BCL’s Capacity Augmentation (KLPD) 250 Capacity grew 4.5 x 350 350 in last 5 years 300 300 200 550 550 400 400 200 200 FY22 FY23 FY24 F
Slide 34: 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 35: Compressed Bio Gas (CBG) Plant under evaluation
Compressed Bio Gas (CBG) Plant under evaluation Building on BCL's Paddy Straw Expertise Proposed Project Under Evaluation Procurement Expertise – Existing experience in managing paddy straw procurement for 115 TPH of boiler capacity. Capacity 20 TPD Cleaner Air – Turns crop residue into clean fuel a
Slide 36: 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 37: 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 38: Comfortable Debt Repayment Schedule
Comfortable Debt Repayment Schedule Term Debt Repayment Schedule (Rs Cr) Consolidated Debt Break Up as on 30th September 2026 (Rs Cr) 180 60 60 56 49 50 278 31 14 FY27 FY28 FY29 FY30 FY31 FY32 FY33 Consolidated Term Loans Outstanding Consolidated Working Capital Utilized The Average Cash Flow From O
Slide 39: 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 40: Strategic Priorities and Outlook
Strategic Priorities and Outlook Biodiesel Plant Ethanol Expansion Exit from Edible Outlook Commissioning Oil Business 900 KLPD distillery operates 75 KLPD biodiesel plant The 150 KLPD ethanol Shifted from packaged at almost 100% capacity registered with OMCs as an plant at Bathinda has oil to soft
Slide 41: Annexure – November 2026
Annexure —-November 2026
Slide 42: Strong Legacy
Strong Legacy 1976 : 1988 : 1997 : 2007 : Capacity Doubled : 2026 : Commenced Installed and Overall capacity Expanded into the BCL Distillery - Exited the packaged operations with a commissioned an across all product distillery business. Ethanol Unit oil business while solvent extraction oil crushin
Slide 43: 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 44: Consolidated Financial Highlights
Consolidated Financial Highlights Total Revenue (Rs Cr) EBITDA (Rs Cr) & EBITDA Margin % 8.60% 9.02% 7.32% 7.3% 7.1% 251 2,919 2,913 199 214 2,001 2,209 146 1,827 130 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 45: 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 46: 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 47: 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 48: Thank You
THANK YOU Together we go Beyond Company Contact Ajeet Kumar Thakur (Company Secretary) [email protected] M : +91 8427779357 Unit No. A620, 6th Floor, Elante Office, Industrial & Business Park Phase-1, Chandigarh-160002 Investor Relations Contact Priya Sen Riddhi Shah Aadith V Go India Advisor