BCL Industries Q4 FY26: Stronger margins, steady full-year profit growth

FY26 consolidated total revenue was INR 2,913 crore, EBITDA was INR 251 crore (8.6% margin), and PAT was INR 126 crore (4.3% margin).

Q4FY26 total revenue was INR 611 crore versus INR 747 crore in Q4FY25, while EBITDA increased to INR 58 crore from INR 52 crore and EBITDA margin improved to 9.5% from 7.0%.

The company stated it commissioned an additional 150 KLPD at Bathinda, taking total installed grain-based distillery capacity to 900 KLPD.

In FY26, distillery segment revenue was INR 2,020 crore with mix of ENA 17%, ethanol 63%, DDGS 8%, PML 8%, and others 4% as per the investor presentation.

The company stated it is on track to acquire the remaining 25% stake in Svaksha Distillery by 30 June 2026 with an investment outlay of about INR 55 crore, making it a wholly owned subsidiary.

BCL acquired Goyal Distillery Pvt Ltd and stated it has approvals for a 250 KLPD grain-based ethanol plant at Fatehabad, Haryana with expected capex of about INR 250 crore, taking total capacity to 1,150 KLPD.

Management said on the concall that biodiesel is currently not being manufactured due to lack of pricing policy revision or mandate, and the plant is being operated as a vegetable oil refinery.