NSE: BCLIND · BSE: 524332
BCL INDUSTRIES LIMITED
Manufactures and sells alcohol and grain-based products, with distillery operations contributing the largest share of revenue. In FY26, the Distillery segment generated Rs 1,252.57 crore (58.1% of segment revenue) and EBIT of Rs 124.35 crore, producing extra neutral alcohol (ENA) at Rs 352 crore and ethanol at Rs 1,276 crore for the period. The Maize Oil Extraction & Refinery segment contributed Rs 760.93 crore (35.3%) with EBIT of Rs 28.48 crore, extracting and refining oil from maize. The Oil Trading Unit added Rs 138.51 crore (6.4%), while Real Estate contributed Rs 4.88 crore and reported a loss. Subsidiary Svaksha Distillery Limited (Kharagpur, 350 KLPD capacity) recorded Rs 899.31 crore in revenue, with the remaining 25% stake acquired for Rs 55 crore in June 2026 to make it wholly owned. Total grain-based distillery capacity stands at 900 KLPD after commissioning an additional 150 KLPD plant at Bathinda, Punjab, with planned expansion to 1,150 KLPD via the Goyal Distillery acquisition. Materials account for 67.1% of revenue, with a 75 KLPD biodiesel plant registered with oil marketing companies and country liquor volumes up 20% year-on-year. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Distillery (58%), Maize Oil Extraction & Refinery (35%), Oil Trading Unit (6%), Real Estates (0%). Asset-heavy grain-based distillery and maize processing
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,993 | 1,820 | 2,201 | 2,910 | 2,904 |
| EBITDA (ex other income) | 138 | 124 | 191 | 205 | 242 |
| margin % | 6.9 | 6.8 | 8.7 | 7.0 | 8.3 |
| Owners' profit | 85 | 0 | 90 | 95 | 115 |
| EPS, as reported (₹) | 35.10 | 27.45 | 3.54 | 3.26 | 3.90 |
| ROE % · ROCE % | 22.4 · 26.3 | 13.1 · 14.3 | 14.2 · 17.1 | 12.4 · 14.8 | 13.3 · 15.6 |
| Debt / equity (x) | 0.69 | 0.89 | 0.71 | 0.64 | 0.60 |
| Cash from operations | 95 | 35 | 39 | 63 | 325 |
| Capex | (167) | (256) | (137) | (134) | (132) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 746 | 762 | 743 | 820 | 719 | 756 | 608 | 623 |
| Profit before tax | 39 | 29 | 35 | 38 | 45 | 48 | 37 | 47 |
| Net profit | 30 | 21 | 28 | 33 | 32 | 35 | 26 | 36 |
| EPS (₹) | 0.94 | 0.65 | 0.86 | 1.04 | 0.98 | 1.09 | 0.79 | 1.09 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| (a) Maize Oil Extraction & Refinery | 127 | 4.2 |
| (b) Segment – Distillery | 278 | 9.1 |
| (c) Segment – Real Estates | 1 | 0.0 |
| (d) Svaksha Distillery Ltd. Kharagpur (Subsidary) | 179 | 5.8 |
| (f) Oil Trading Unit | 55 | 1.8 |
| Maize Oil Extraction &Refinery | 150 | 4.9 |
| Distillery | 664 | 21.7 |
| Real Estate | 1 | 0.0 |
| Svaksha Distillery Limited, Kharagpur (75% Subsidiary ) | 488 | 16.0 |
| Goyal Distillery Private Limited (100%) | 0 | 0.0 |
| Oil Trading Unit | 84 | 2.7 |
| Maize Oil Extraction & Refinery | 183 | 6.0 |
| Real Estates | 2 | 0.0 |
| OIL & VANASPATI | 301 | 9.8 |
| DISTILLERY | 310 | 10.2 |
| REAL ESTATES | 2 | 0.1 |
| Svaksha Distillery Limited | 232 | 7.6 |
| Goyal Distillery Pvt. Ltd. | 0 | 0.0 |
| Total, before eliminations | 3,056 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| UNITED SPIRITS LIMITED | 89,211 | 46.4 | 9.96 | 33.1 | 20.5 | 23.1 | 0.3 | 6.9 |
| RADICO KHAITAN LTD | 55,582 | 66.6 | 16.76 | 54.9 | 18.2 | 22.1 | 15.1 | 6.0 |
| UNITED BREWERIES LTD | 31,387 | 79.3 | 6.93 | 35.4 | 9.1 | 12.1 | 11.4 | 5.6 |
| ALLIED BLEND N DISTILS L | 19,588 | 89.4 | 11.62 | 36.5 | 13.1 | 17.8 | — | 6.6 |
| TILAKNAGAR INDUSTRIES LTD | 12,448 | — | 4.17 | 68.1 | 0.7 | 0.4 | 29.9 | 6.4 |
| PICCADILY AGRO INDUSTRI L | 5,604 | 39.6 | 6.22 | 25.4 | 15.3 | 17.5 | 18.3 | 17.3 |
| INDIA GLYCOLS LTD | 2,209 | 6.7 | 0.75 | 5.8 | 10.0 | 7.3 | 12.6 | 5.7 |
| GLOBUS SPIRITS LTD | 2,143 | 18.1 | 1.97 | 9.8 | 8.4 | 8.5 | 16.7 | 6.9 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 7.6 | 31.2 | 5 of 21 | 80% |
| P/B | 0.9 | 1.9 | 3 of 25 | 92% |
| ROCE | 13.1 | 3.7 | 9 of 26 | 68% |
| ROE | 13.3 | 5.6 | 7 of 25 | 75% |
| Debt / Equity | 0.6 | 0.5 | 16 of 25 | 38% |
| EBITDA margin | 10.5 | 6.4 | 6 of 23 | 77% |
| Revenue growth | (24.0) | 10.2 | 19 of 22 | 14% |
| Profit growth | 6.1 | 6.1 | 12 of 23 | 50% |
| Market cap | 882 | 726 | 13 of 26 | 52% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 22 Oct 2026 · BCL Industries to approve September quarter results on November 2 | results | low | — | — |
| 19 Oct 2026 · SEBI special window for physical share transfer and demat opened | compliance | minimal | — | — |
| 8 Oct 2026 · Quarterly dematerialisation certificate filed under SEBI Regulation 74(5) | compliance | minimal | — | — |
| 28 Sept 2026 · BCL Industries AGM: All 7 resolutions passed; 35 paisa dividend approved | board shareholder meetings | low | — | — |
| 28 Sept 2026 · Scrutinizer's report submitted for AGM held on September 25, 2026 | compliance | minimal | — | — |
| 25 Sept 2026 · BCL Industries 50th AGM held; 35 paisa dividend recommended | board shareholder meetings | medium | — | — |
| 22 Sept 2026 · BCL Industries Trading Window closure from Oct 1 ahead of Q2 results | compliance | minimal | — | — |
| 7 Sept 2026 · BCL Industries schedules virtual meeting with GIA Alco Bev Day Group on Sep 11 | board shareholder meetings | low | — | — |
| 3 Sept 2026 · BCL Industries files newspaper publication of 50th AGM notice | compliance | minimal | — | — |
| 1 Sept 2026 · Notice of 50th AGM on Sept 25, 2026 with 35 paisa dividend proposal | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.