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BCL Industries Ltd

BCLIND

NSE

₹29.08-2.74%19 Oct 2026

Reports

Diversified

BCL Industries Ltd

BCLIND

NSE

₹29.08

-2.74%

19 Oct 2026

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Diversified

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Guidance Report: Management guidance vs outcomes.Forensic Report: Accounting quality and red flags.Deep Dive Report: In-depth business analysis.

BCL Industries began as a rice-bran oil mill in Punjab in 1976 and, fifty years later, has become one of India’s largest grain-based ethanol producers - a transformation built on a single recurring idea: take an agricultural raw material, extract the primary product, and then find a way to monetise every by-product, from the spent grain to the straw itself. The company’s history is a sequence of vertical integrations, each one turning a waste stream or a processing step into a new profit centre, most recently culminating in a strategic exit from the legacy packaged edible oil business to concentrate entirely on energy and spirits. That same logic - feedstock flexibility, captive energy from crop residue, and forward integration into higher-value derivatives - now shapes a portfolio that stretches from bulk ethanol for petrol blending to bottled country liquor, maize oil, and, soon, biodiesel and bio-CNG.

Business segments

Four engines at different stages - a distillery cash cow that runs on paddy straw, a slimmed-down oil trading and extraction unit, a green-energy bet under construction, and a legacy real-estate portfolio quietly generating debt-repayment cash - each built with the cash flows of the one before.

1. Distillery: where the group’s cash and identity come from

A 900 KLPD grain-based distillery complex that can switch its output between fuel ethanol, high-purity industrial alcohol, and bottled country liquor in days - and runs its boilers on paddy straw that would otherwise be burned in fields.

Flexible production, not fixed - the two plants at Bathinda (Punjab) and Kharagpur (West Bengal) can shift output across ethanol, Extra Neutral Alcohol (ENA, a 96%-pure alcohol used in everything from whisky to pharmaceuticals), and potable spirit “in no time,” a capability management calls a unique selling proposition that most competitors lack.
Cheaper fuel than rivals - a 60-tonne-per-hour and a newer 55-tonne-per-hour paddy-straw biomass boiler together meet 100% of the Bathinda distillery’s steam and power needs, delivering a cost saving of ₹3-5 per litre of ethanol produced while consuming roughly 120,000 tonnes of straw annually that would otherwise be burned on about 50,000 acres of farmland.
Ethanol is the anchor, but not the whole story - in FY26, ethanol made up 63% of segment revenue, supplied to government Oil Marketing Companies under India’s blending programme at a maize-based price of ₹71.86 per litre, the revised procurement price effective January 2024; the remaining revenue came from ENA sold to big bottlers like Pernod Ricard and Diageo, protein-rich cattle-feed co-product (DDGS), and the company’s own PML (Punjab Malt Liquor) brands.
A country-liquor franchise with a moat - BCL sold roughly 1.95 million cases of its PML products in Punjab in FY25, including “Punjab Special Whiskey” and the newly launched “Punjab Raspberry,” and is now using that retail presence as a foundation to enter the Indian Made Foreign Liquor (IMFL) vodka and whisky categories.
Capacity that keeps climbing - total installed distillery capacity reached 900 KLPD in FY26 with a new 150 KLPD unit at Bathinda, and the acquisition of Goyal Distillery in Haryana adds another 250 KLPD of approved grain-based ethanol capacity, which will take the group to 1,150 KLPD and make it one of India’s largest grain-based distilleries.

2. Oil trading and maize oil extraction: the slimmed-down legacy

After exiting the packaged edible oil business to free up working capital, the company now runs a lean bulk-trading operation in crude soft oils and is extracting maize oil from its own distillery by-product stream.

Bulk buying, cash bargaining - the company imports crude soft oils in bulk, using its strong cash position to buy outright rather than through Letters of Credit, which lets it negotiate lower landed costs; in Q4 FY26 the segment moved 4,435 tonnes.
Maize oil from what the distillery leaves behind - a maize oil extraction unit at the Svaksha distillery captures oil released during ethanol production from maize, creating a new revenue stream from a by-product that can either be sold as refined oil or fed into the upcoming biodiesel plant.
The packaged-oil exit was deliberate - the legacy edible oil business, which once ran brands like Homecook and Murli across a 400-dealer network in North India, was shut down because its small scale, zero import duties, and global price volatility made margins unreliable; the exit is expected to unlock about ₹90 crore in working capital.

3. Biodiesel and bio-CNG: the green-energy bet under construction

Two biofuel plants designed to sit directly downstream of the distillery - a 75 KLPD biodiesel unit using maize oil as feedstock, and a planned bio-CNG plant that will run on paddy straw - both targeting India’s under-supplied blending mandates.

Biodiesel from the distillery’s own oil - a 75 KLPD biodiesel plant at Bathinda, registered as an approved OMC supplier, is designed to run primarily on maize oil extracted during ethanol production, creating full vertical integration from maize grain to fuel; a second 75 KLPD plant is planned at Kharagpur.
A mandate with a gap - India’s biodiesel blending rate is below 1% against a 5% target for 2030, and the National Policy on Biofuels encourages non-edible feedstocks; BCL’s plants are positioned to supply into that shortfall.
Straw-to-gas, not straw-to-smoke - the company is evaluating a 20-tonne-per-day bio-CNG plant that would consume ~250 tonnes of paddy straw daily, and a similar plant is planned at the new Fatehabad site, extending the same paddy-straw-to-energy logic that already powers the distilleries.

4. Real estate: the legacy cash generator

Two debt-free township projects in Bathinda, built on internal accruals, whose remaining inventory is sold off each year to repay company debt - with no new launches.

Land turned into townships - the original project, Ganpati Enclave, is a 65-acre integrated township with plots, villas, and commercial complexes; the second, DD Mittal Towers, is a mid-segment housing block in central Bathinda that was 96% sold and handed over by FY22.
Proceeds go to debt reduction - the stated strategy is to liquidate remaining inventory annually and use the cash to pay down long-term borrowings; in FY25 the segment brought in ₹8.5 crore.
More land in the pipeline - the company plans to monetise its former edible-oil-unit land in Bathinda, a 20.62-acre prime parcel, with the board authorising the Managing Director to find a buyer.

Group structure and partners

A family-promoted holding company with two distillery subsidiaries - one now wholly owned, one newly acquired - and a minority stake in a legacy agro-processing associate, all consolidated under a listed entity on the NSE and BSE.

Svaksha Distillery is now 100% owned - BCL bought out the remaining 25% stake in its Kharagpur subsidiary in June 2026 for about ₹55 crore, consolidating full ownership of the 350 KLPD grain-based distillery that grew revenue from ₹187 crore to ₹899 crore in three years.
Goyal Distillery adds the next leg of growth - acquired as a wholly owned subsidiary in October 2024, this Haryana-based entity holds all approvals for a 250 KLPD grain-based ethanol plant; the expected capex for the distillery is ~₹250 crore, and the company is evaluating setting up a 20-tonne-per-day bio CNG plant.
A 19.57% stake in Pioneer Industries - acquired in mid-2025 for about ₹30.8 crore, this Pathankot-based associate runs a 125 KLPD ENA/ethanol unit and a wheat gluten plant, and is the same company through which BCL first entered the distillery business in 2006.
Promoter-led, publicly listed - the company is part of the Mittal Group, with second-generation Mr. Rajinder Mittal as Managing Director and third-generation Mr. Kushal Mittal as Joint Managing Director; shares trade on both the NSE (scrip code BCLIND) and BSE.

Quick Ratios

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Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

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Mkt Cap

Market Capitalization

₹858Cr

Close Price

₹29.08

Industry

Diversified

Price To Earnings

7.36

Price To Sales

0.33

Revenue

₹2,583Cr

Rev Gr TTM

Revenue Growth TTM

-13.08%

PAT Gr TTM

PAT Growth TTM

14.89%

Consolidated

Standalone

Numbers

Percentage

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	481	622	598	636	721	735	723	792	691	726	582	583
Growth YoY Revenue Growth YoY%	6.3	16.6	30.8	48.3	50.0	18.2	20.9	24.6	-4.1	-1.3	-19.4	-26.4
Expenses ExpensesCr	434	568	547	582	666	689	673	738	624	660	527	522
Operating Profit Operating ProfitCr	47	55	50	54	55	46	49	54	67	67	55	61
OPM OPM%	9.7	8.8	8.4	8.5	7.6	6.3	6.8	6.8	9.7	9.2	9.4	10.5
Other Income Other IncomeCr	2	2	2	2	2	2	3	3	1	2	3	5
Interest Expense Interest ExpenseCr	9	10	7	11	6	8	5	7	10	7	8	5
Depreciation DepreciationCr	9	10	10	11	11	12	12	11	13	13	13	14
PBT PBTCr	30	38	35	34	39	29	35	38	45	48	37	47
Tax TaxCr	11	5	11	9	9	8	7	4	14	12	11	11
PAT PATCr	20	33	24	25	30	21	28	33	32	35	26	36
Growth YoY PAT Growth YoY%	2,498.8	43.6	-3.6	24.0	51.9	-36.2	16.2	36.6	5.6	69.1	-5.5	6.1
NPM NPM%	4.1	5.3	4.0	3.9	4.1	2.8	3.8	4.2	4.6	4.9	4.5	6.1
EPS EPS₹	0.7	1.2	0.8	0.8	0.9	0.7	0.9	1.0	1.0	1.1	0.8	1.1

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	481	622	598	636	721	735	723	792	691	726	582	583
Growth YoY Revenue Growth YoY%	6.3	16.6	30.8	48.3	50.0	18.2	20.9	24.6	-4.1	-1.3	-19.4	-26.4
Expenses ExpensesCr	434	568	547	582	666	689	673	738	624	660	527	522
Operating Profit Operating ProfitCr	47	55	50	54	55	46	49	54	67	67	55	61
OPM OPM%	9.7	8.8	8.4	8.5	7.6	6.3	6.8	6.8	9.7	9.2	9.4	10.5
Other Income Other IncomeCr	2	2	2	2	2	2	3	3	1	2	3	5
Interest Expense Interest ExpenseCr	9	10	7	11	6	8	5	7	10	7	8	5
Depreciation DepreciationCr	9	10	10	11	11	12	12	11	13	13	13	14
PBT PBTCr	30	38	35	34	39	29	35	38	45	48	37	47
Tax TaxCr	11	5	11	9	9	8	7	4	14	12	11	11
PAT PATCr	20	33	24	25	30	21	28	33	32	35	26	36
Growth YoY PAT Growth YoY%	2,498.8	43.6	-3.6	24.0	51.9	-36.2	16.2	36.6	5.6	69.1	-5.5	6.1
NPM NPM%	4.1	5.3	4.0	3.9	4.1	2.8	3.8	4.2	4.6	4.9	4.5	6.1
EPS EPS₹	0.7	1.2	0.8	0.8	0.9	0.7	0.9	1.0	1.0	1.1	0.8	1.1

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	660	847	891	913	1,427	1,988	1,818	2,129	2,815	2,792	2,583
Growth Revenue Growth%		28.4	5.1	2.6	56.3	39.3	-8.5	17.1	32.2	-0.8	-13.1
Expenses ExpensesCr	623	800	817	857	1,345	1,850	1,695	1,938	2,611	2,550	2,333
Operating Profit Operating ProfitCr	37	47	74	56	82	138	124	191	205	242	250
OPM OPM%	5.5	5.5	8.3	6.1	5.7	6.9	6.8	9.0	7.3	8.7	9.7
Other Income Other IncomeCr	5	7	8	7	5	8	7	7	9	9	11
Interest Expense Interest ExpenseCr	21	21	19	15	16	18	20	33	31	33	31
Depreciation DepreciationCr	9	11	11	14	13	15	25	36	46	51	54
PBT PBTCr	11	22	52	35	58	113	85	130	137	167	176
Tax TaxCr	2	4	10	9	16	29	21	34	34	41	48
PAT PATCr	10	18	41	26	42	85	64	96	103	126	128
Growth PAT Growth%		82.7	131.4	-37.4	63.1	101.1	-24.1	49.0	7.2	22.9	14.9
NPM NPM%	1.5	2.1	4.6	2.8	3.0	4.3	3.5	4.5	3.6	4.5	5.0
EPS EPS₹	0.7	1.2	2.4	1.4	1.9	3.5	2.8	3.5	3.3	3.9	4.0

Financial Year	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	660	847	891	913	1,427	1,988	1,818	2,129	2,815	2,792	2,583
Growth Revenue Growth%		28.4	5.1	2.6	56.3	39.3	-8.5	17.1	32.2	-0.8	-13.1
Expenses ExpensesCr	623	800	817	857	1,345	1,850	1,695	1,938	2,611	2,550	2,333
Operating Profit Operating ProfitCr	37	47	74	56	82	138	124	191	205	242	250
OPM OPM%	5.5	5.5	8.3	6.1	5.7	6.9	6.8	9.0	7.3	8.7	9.7
Other Income Other IncomeCr	5	7	8	7	5	8	7	7	9	9	11
Interest Expense Interest ExpenseCr	21	21	19	15	16	18	20	33	31	33	31
Depreciation DepreciationCr	9	11	11	14	13	15	25	36	46	51	54
PBT PBTCr	11	22	52	35	58	113	85	130	137	167	176
Tax TaxCr	2	4	10	9	16	29	21	34	34	41	48
PAT PATCr	10	18	41	26	42	85	64	96	103	126	128
Growth PAT Growth%		82.7	131.4	-37.4	63.1	101.1	-24.1	49.0	7.2	22.9	14.9
NPM NPM%	1.5	2.1	4.6	2.8	3.0	4.3	3.5	4.5	3.6	4.5	5.0
EPS EPS₹	0.7	1.2	2.4	1.4	1.9	3.5	2.8	3.5	3.3	3.9	4.0

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	14	16	17	19	24	24	24	27	30	30
Reserves ReservesCr	84	116	165	198	261	343	407	603	772	880
Current Liabilities Current LiabilitiesCr	256	252	278	303	269	259	361	348	425	367
Non Current Liabilities Non Current LiabilitiesCr	127	111	99	83	76	121	244	279	298	330
Total Liabilities Total LiabilitiesCr	481	495	560	604	632	758	1,096	1,301	1,555	1,648
Current Assets Current AssetsCr	338	350	393	436	449	384	515	629	769	737
Non Current Assets Non Current AssetsCr	143	145	167	168	183	373	580	672	786	911
Total Assets Total AssetsCr	481	495	560	604	632	758	1,096	1,301	1,555	1,648

Financial Year	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	14	16	17	19	24	24	24	27	30	30
Reserves ReservesCr	84	116	165	198	261	343	407	603	772	880
Current Liabilities Current LiabilitiesCr	256	252	278	303	269	259	361	348	425	367
Non Current Liabilities Non Current LiabilitiesCr	127	111	99	83	76	121	244	279	298	330
Total Liabilities Total LiabilitiesCr	481	495	560	604	632	758	1,096	1,301	1,555	1,648
Current Assets Current AssetsCr	338	350	393	436	449	384	515	629	769	737
Non Current Assets Non Current AssetsCr	143	145	167	168	183	373	580	672	786	911
Total Assets Total AssetsCr	481	495	560	604	632	758	1,096	1,301	1,555	1,648

Consolidated

Standalone

Financial Year	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	43	10	53	29	5	95	29	39	63	325
Investing Cash Flow Investing Cash FlowCr	-45	-40	-19	-13	-13	-145	-250	-131	-129	-198
Financing Cash Flow Financing Cash FlowCr	16	16	-25	-21	6	62	206	92	83	-8
Net Cash Flow Net Cash FlowCr	13	-14	8	-6	-2	12	-16	0	17	119
Free Cash Flow Free Cash FlowCr	-3	2	34	15	-17	-72	-228	-98	-71
CFO To PAT CFO To PAT%	440.9	57.9	127.5	111.1	11.2	112.1	44.4	40.9	61.5	256.8
CFO To EBITDA CFO To EBITDA%	117.5	22.1	71.5	51.3	5.8	68.9	23.1	20.5	30.9	134.2

Financial Year	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	43	10	53	29	5	95	29	39	63	325
Investing Cash Flow Investing Cash FlowCr	-45	-40	-19	-13	-13	-145	-250	-131	-129	-198
Financing Cash Flow Financing Cash FlowCr	16	16	-25	-21	6	62	206	92	83	-8
Net Cash Flow Net Cash FlowCr	13	-14	8	-6	-2	12	-16	0	17	119
Free Cash Flow Free Cash FlowCr	-3	2	34	15	-17	-72	-228	-98	-71
CFO To PAT CFO To PAT%	440.9	57.9	127.5	111.1	11.2	112.1	44.4	40.9	61.5	256.8
CFO To EBITDA CFO To EBITDA%	117.5	22.1	71.5	51.3	5.8	68.9	23.1	20.5	30.9	134.2

Consolidated

Standalone

Financial Year	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	86	219	173	63	257	1,077	953	1,529	1,054	769	858
Price To Earnings Price To Earnings	8.9	12.2	4.2	2.4	6.2	12.7	14.4	16.9	11.1	6.7	7.4
Price To Sales Price To Sales	0.1	0.3	0.2	0.1	0.2	0.5	0.5	0.7	0.4	0.3	0.3
Price To Book Price To Book	0.9	1.7	0.9	0.3	0.9	2.9	2.2	2.4	1.3	0.8	0.9
EV To EBITDA EV To EBITDA	7.8	9.4	4.8	3.8	4.9	9.5	11.2	10.4	7.6	4.9	5.2
Profitability Ratios Profitability Ratios
GPM GPM%	12.0	9.4	11.5	9.0	7.6	9.6	10.6	13.7	11.6
OPM OPM%	5.5	5.5	8.3	6.1	5.7	6.9	6.8	9.0	7.3	8.7	9.7
NPM NPM%	1.5	2.1	4.6	2.8	3.0	4.3	3.5	4.5	3.6	4.5	5.0
ROCE ROCE%	10.4	12.0	18.8	13.0	16.7	20.9	12.1	14.7	12.5	13.6	13.6
ROE ROE%	10.0	13.5	22.6	11.9	14.8	23.1	14.9	15.2	12.8	13.9	13.9
ROA ROA%	2.0	3.6	7.4	4.3	6.7	11.2	5.9	7.4	6.6	7.7	7.7
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	86	219	173	63	257	1,077	953	1,529	1,054	769	858
Price To Earnings Price To Earnings	8.9	12.2	4.2	2.4	6.2	12.7	14.4	16.9	11.1	6.7	7.4
Price To Sales Price To Sales	0.1	0.3	0.2	0.1	0.2	0.5	0.5	0.7	0.4	0.3	0.3
Price To Book Price To Book	0.9	1.7	0.9	0.3	0.9	2.9	2.2	2.4	1.3	0.8	0.9
EV To EBITDA EV To EBITDA	7.8	9.4	4.8	3.8	4.9	9.5	11.2	10.4	7.6	4.9	5.2
Profitability Ratios Profitability Ratios
GPM GPM%	12.0	9.4	11.5	9.0	7.6	9.6	10.6	13.7	11.6
OPM OPM%	5.5	5.5	8.3	6.1	5.7	6.9	6.8	9.0	7.3	8.7	9.7
NPM NPM%	1.5	2.1	4.6	2.8	3.0	4.3	3.5	4.5	3.6	4.5	5.0
ROCE ROCE%	10.4	12.0	18.8	13.0	16.7	20.9	12.1	14.7	12.5	13.6	13.6
ROE ROE%	10.0	13.5	22.6	11.9	14.8	23.1	14.9	15.2	12.8	13.9	13.9
ROA ROA%	2.0	3.6	7.4	4.3	6.7	11.2	5.9	7.4	6.6	7.7	7.7
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	TEXINFRA	SOBME	ANDREWYU	BCLIND	BGDL	TRISHAKT	NWIL
Market CapitalizationMkt CapCr	1,635	1,355	1,198	858	728	463	458
Close PriceClose₹	128.27	1,303.35	24.51	29.08	71.85	273.80	19.65
IndustryIndustry	Diversified	Diversified	Diversified	Diversified	Diversified	Diversified	Diversified
Price To EarningsPE	175.71	52.20		7.36		42.06	6.68
Price To SalesPS	96.03	6.12	4.03	0.33	118.11	12.13	0.49
RevenueRevenueCr	17	222	298	2,583	6	38	929
Revenue Growth TTMRev Gr TTM%	5.5%	21.9%	-4.8%	-13.1%	-99.0%	261.5%	6.2%
PAT Growth TTMPAT Gr TTM%	329.6%	8.1%	-823.3%	14.9%	-117.6%	254.9%	-6.6%

	TEXINFRA	SOBME	ANDREWYU	BCLIND	BGDL	TRISHAKT	NWIL
Market CapitalizationMkt CapCr	1,635	1,355	1,198	858	728	463	458
Close PriceClose₹	128.27	1,303.35	24.51	29.08	71.85	273.80	19.65
IndustryIndustry	Diversified	Diversified	Diversified	Diversified	Diversified	Diversified	Diversified
Price To EarningsPE	175.71	52.20		7.36		42.06	6.68
Price To SalesPS	96.03	6.12	4.03	0.33	118.11	12.13	0.49
RevenueRevenueCr	17	222	298	2,583	6	38	929
Revenue Growth TTMRev Gr TTM%	5.5%	21.9%	-4.8%	-13.1%	-99.0%	261.5%	6.2%
PAT Growth TTMPAT Gr TTM%	329.6%	8.1%	-823.3%	14.9%	-117.6%	254.9%	-6.6%

FY2026

FY2025

FY2024

FY2023

FY2022

FY2021

FY2020

FY2026

Jun 26