BCL Industries Ltd(BCLIND)

NSE: BCLINDBSE: 524332

₹ 28.2+2.99%refreshed 26 Oct, 03:51 pm ISTMarket cap: ₹ 832 crNext results: 2 Nov 2026Website: WWW.BCL.IND.INUpdated: 27 Oct 2026

About

BCL Industries makes grain-based ethanol and extra neutral alcohol (ENA), sells country liquor in Punjab, and runs a maize oil extraction and refinery business. It operates in Bathinda, Punjab and, through its subsidiary Svaksha Distillery, in Kharagpur, West Bengal. Its installed distillery capacity was 900 KLPD as of Q4 FY26. Revenue was Rs 2903.81 Cr in FY26.^[1][2][3]

Business segments

Distillery (Bathinda): 41.0% of revenue in FY26, at Rs 1252.57 Cr.^[4]
Svaksha Distillery, Kharagpur (subsidiary): 29.4% of revenue in FY26, at Rs 899.31 Cr.^[4]
Maize Oil Extraction & Refinery: 24.9% of revenue in FY26, at Rs 760.93 Cr.^[4]
Oil Trading Unit: 4.5% of revenue in FY26, at Rs 138.51 Cr. It has been reported as a separate segment since Q3 FY26.^[4][5]

Products and brands

Products are ethanol for oil marketing companies (OMCs), ENA, special denatured spirit and country liquor (PML) in PET and glass bottles.^[1][5]
Punjab Special Whiskey was launched in glass bottles as a premium IMIL product in Q3 FY26. Punjab Raspberry was launched in Q4 FY26.^[5][1]
Jamun Vodka was launched in July 2026.^[2]
The company plans to enter IMFL (vodka and whiskey) within the next 2 years, starting in North India. This needs about Rs 100 Cr upfront.^[1][2]

Operations and capacity

Total installed distillery capacity was 900 KLPD as of Q4 FY26. Capacity utilisation was 100% in Q1 FY27.^[1][2]
Svaksha Distillery in Kharagpur, West Bengal has 350 KLPD of capacity, up from 300 KLPD under approvals obtained in FY26.^[5][2]
Paddy straw boilers with 115 TPH of capacity meet 100% of distillery steam and power needs (Q1 FY27). A 55 TPH boiler was added in FY26.^[2][1]
Maize oil extraction units were commissioned at Bathinda in Q1 FY26 and at Svaksha in FY26.^[6][1]
A 75 KLPD biodiesel plant is on standby because OMC tender prices are not viable.^[1][5]

Key operating numbers

Country liquor (PML) volume was 6,37,993 boxes in Q1 FY27, up 46% YoY and 42% QoQ.^[2]
ENA volume was 19,376 KL in Q1 FY27, vs 7,960 KL in Q1 FY26.^[2]
Ethanol volume was 37,787 KL in Q1 FY27, vs 1,95,685 KL for full-year FY26.^[2][1]
ENA realisation was INR 58/litre in Q1 FY27, vs INR 70/litre in Q1 FY26.^[2]
Maize procurement cost was INR 22-23/kg in Q1 FY27, vs about INR 20-21/kg in Q3 FY26.^[2][5]
Maize-based DDGS realisation was INR 24-25/kg in Q1 FY27, vs about INR 21/kg in Q3 FY26.^[2][5]
ENA and SBF volumes rose nearly 74% YoY to 53,000 KL in FY26.^[1]

Customers and distribution

Ethanol goes to OMCs on a 21-day payment cycle. ENA and SBF are sold on a cash-and-carry basis.^[1]
Management estimates it will get about 4.5 crore litres of the Supreme Court-allowed extra OMC procurement, filling the order book for 2-3 months.^[2]
Country liquor target: 30 lakh cases in FY27, out of an estimated Punjab market of 1.25 crore cases.^[2]

Expansion and capex

A 150 KLPD grain-based unit at Bathinda was commissioned in the first half of July 2026.^[2]
A 250 KLPD Goyal Distillery expansion at Fatehabad (about Rs 250 Cr) is on hold pending ethanol policy clarity. Once commissioned, total capacity would be 1,150 KLPD.^[2][1]
A 20 MTPD Bio-CNG plant using paddy straw is under evaluation.^[2]

Recent developments

On 19 June 2026, a fire at a storage tank shut down the 200 KLPD Bathinda ethanol plant. Management expects full recovery through insurance.^[2]
On 30 June 2026, BCL completed buying the remaining 25% of Svaksha Distillery (about Rs 55 Cr), making it wholly owned.^[2][5]
The company has exited packaged edible oil and formally closed the Bathinda Oil & Vanaspati unit. Soft oil refining and trading continue.^[2]
About 18 acres of land at the old Bathinda edible oil unit are to be sold. No timeline has been set.^[2]

Market Cap

₹832 Cr

High / Low

₹41 / 26

Stock P/E

6.9

Price / Book

0.9

Book Value

₹31

EPS

₹3.9

No. of Shares

29.52 Cr

ROCE

13.8%

ROE

13.4%

OPM

6.9%

Debt / Equity

0.62

Sales

₹2,904 Cr

Net Profit

₹126 Cr

Promoter holding

58.2%

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BCL Industries Ltd(BCLIND)

About

Business segments

Products and brands

Operations and capacity

Key operating numbers

Customers and distribution

Expansion and capex

Recent developments

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