BCL Industries Q4 FY26 Earnings Call Highlights Expansion

Earnings conference call moderated by InCred Equities to discuss Q4 and Full Year FY26 financial results and business updates.

FY26 Revenue: ₹2,913 crores
FY26 EBITDA: ₹251 crores (up 18% YoY)
FY26 EBITDA Margin: 8.6% (improved by 130 bps YoY)
FY26 PAT: ₹126 crores (up 23% YoY)
FY26 PAT Margin: 4.3%
Distillery Volumes: 53,000 KL of ENA and SBF (up 74% YoY); 190,000 KL of Ethanol
Distillery EBITDA Margin: 11.03%
Refinery Business Revenue: ₹749 crores
Refinery EBITDA Margin: 3.74%
Net Debt: Approximately ₹335 crores (including fund-based and non-fund based)
Interest Cost: Less than 7% average, with ₹120 crores on interest subvention at 4.25%

Capacity Expansion: Completed additional 150 KLPD grain-based distillery unit at Bathinda. Plant is under testing phase with production commencement expected by end of Q1 FY27. This takes total installed capacity to 900 KLPD.
Operational Efficiency: Installed a 55 tonnes per hour paddy straw boiler, enabling 100% of steam and power requirements from this source.
Product Launches: Launched Punjab Special Whiskey in glass bottle and Punjab Raspberry in the PML (Punjab Made Liquor) category. Sold 4.5 lakh cases in Q4 FY26, up 20% YoY.
Edible Oil Business: Exited packaged edible oil business but continues soft oil refinery and trading operations, maintaining revenue of ~₹700-800 crores annually.

Fatehabad Expansion: Proposed additional 250 KLPD distillery expansion at Fatehabad, Haryana. Expected commissioning timeline is 1.5-2 years, which would take total capacity to 1,150 KLPD.
Svaksha Distillery Acquisition: Acquisition of remaining 25% stake expected to be completed by end of June 2026, making it a wholly-owned subsidiary.
New Ventures: Long-term plans to enter Compressed Biogas (CBG) and Sustainable Aviation Fuel sectors. A 20 MTPD CBG plant is planned post the Fatehabad ethanol plant commissioning.
IMFL Entry: Plans to enter Indian Made Foreign Liquor (IMFL) segment, first in North India and then pan-India, requiring an estimated ₹100 crores investment for brand launch.
Real Estate: No new projects. Only completing residue stock from projects initiated between 2005-2010. An 18-acre land parcel in the city is for sale, expecting to realize ~₹30 crores.

FY27 Outlook: Expects ~₹300 crores revenue from the new 150 KLPD unit at 100% utilization. Aims to maintain or improve EBITDA margins due to stable overheads and operational efficiencies.
Capacity Utilization: Targets 75% utilization for the new Bathinda unit starting Q2 FY27.
Margin Stability: 50% of business (ENA/SBF) has variable costs passed to consumers, providing stability. Distillery EBITDA margin of 11.8% is expected to be maintained or improved.
Working Capital: Operating cash flow improved due to working capital release from ENA business (cash-and-carry) vs. ethanol (21-day OMC payment cycle), and liquidation of edible oil inventory.
Biodiesel Business: 75 KLPD capacity currently used for vegetable oil refining due to lack of government mandate/pricing policy for biodiesel. Plant is flexible to switch when policy revises.
Corporate Structure: Moving corporate office to Chandigarh to better focus on brand building and IMFL business expansion.