Bcl Industries Limited — Q4 FY26
BCL Industries reported FY26 revenue of ₹2,913 crore with EBITDA of ₹251 crore, up 18% YoY, and PAT of ₹126 crore, up 23% YoY.
neutral
medium
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
77%Questions answered0Evaded / deflected11Questions auditedContradictedNumbers vs filing
Partial answer
High priority
Revenue and EBITDA outlook for FY27 and FY28
Asked by Harshett, Robo Capital
Management gave only incremental revenue from new capacity, not total revenue outlook for FY27/28.
no specific FY27/28 revenue guidanceonly gave incremental revenue from new capacity
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Question
want to understand like what is the revenue and a beta outlook for FI 27 and 28
Management (unidentified)
we are expecting to you know uh see the growth in revenue uh with the coming uh additional capacity of 150 KPD so uh from that you know if we run that at 100% utilization so we are expecting somewhere around 300 course from that 150 K
Answered
High priority
Utilization expectation for new 150 KPD capacity
Asked by Harshett, Robo Capital
Management gave a specific utilization expectation (75%) and timeline (Q2).
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Question
so what is a utilization expectation for you know uh like would we be able to utilize 100% in the forest itself or how would it go?
Management (unidentified)
we'll be able to at least utilize the 75% of the capacity starting from the uh second quarter starting from the sorry second quarter from the second quarter.
Partial answer
High priority
EBITDA margin sustainability for distillery business
Asked by Harshett, Robo Capital
Management said margins will not go down but refused to commit, citing commodity risk.
hedged with commodity risk caveatno specific margin guidance
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Question
So in a distillery business, we did an EIT of 11.8% in quarter. So uh is it something that we uh you know think that we would be able to maintain this margin or you know how do you see the AITA going forward for a distill business?
Management (unidentified)
this beta margins will not go down as per our expectations but can't you can say you cannot commit anything it's agro based commodity market... we will be able to maintain or rather improve the bit margin of 11.8
Answered
Low priority
Rationale for real estate business
Asked by Vikram Kotek, KCP Limited
Management clearly explained real estate is legacy, no new projects, just monetizing old stock.
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Question
why real estate is it is it uh you know synergetic to your overall requirement or is just because you are spare land and now you're building up there just just help me out with that
Management (unidentified)
the real estate business is as old as 15 years back. We are not having any fresh project. All the only the projects which were taken up in 2005 to 10 had been completed and whatever we stock that in the shape of properties coming in the shape of cash in the company.
Answered
High priority
Five-year strategic vision
Asked by Vikram Kotek, KCP Limited
Management provided a detailed strategic vision focusing on biofuels, CBG, and sustainable aviation fuel.
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Question
where do you see the company next five years in terms of strategic direction? I'm not asking for revenue numbers or something, but how do you see yourself from here to five year later?
Management (unidentified)
we are focusing on bofuel first of all we uh we will be having the current you can say in about two years we'll be putting up another you can say small plant to get into the pio at 30... we see a green future in our company as this bofuel and other things coming in
Partial answer
Medium priority
Liquor brand strategy and size ambition
Asked by Vikram Kotek, KCP Limited
Management explained geographic limitation but gave no quantitative size ambition for liquor brands.
no specific size target givenvague timeline
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Question
you also are building your own brand portfolio on the liquor brand as well as IMF. So where do you see what kind of size you want to build in uh you know liquor brand and sorry in in in country liquor and also in IML what kind of size you're looking next five years and why this is around Punjab only
Management (unidentified)
this PML Punjab medium we are only authorized to sell it in Punjab only the next segment we propose to enter in the coming years is IMF Indian made for lea yeah so we are taking various steps and soon we'll be coming up with various brand and with IMF entering to the north India then to the prime
Answered
High priority
Current net debt level
Asked by Vikram Kotek, KCP Limited
Management gave a specific net debt figure.
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Question
what is the current debt level net debt level on the balance sheet as on March 26
Management (unidentified)
about 300 cr 35 cr including fund based and non fund based
Answered
Medium priority
Strategy behind edible oil bulk sales only
Asked by Trrenit, SJ Investments
Management explained the strategic rationale for bulk sales due to plant relocation and government policy.
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Question
you mentioned that we're only going to do bulk sales. Is there any specific reason behind it? I understand you want to focus on the other things but is it in terms of margins is it better could you just explain what's the strategy behind that
Management (unidentified)
the unit which was situated within the city was to be shut down because of the various uh government uh you can restriction... So we just want to remain our presence and just like to just for your information the the focus of uh the you can say policy makers of the government is on the reducing the import dependence on the vegetable oil.
Answered
Medium priority
Value of land parcel for sale
Asked by Trrenit, SJ Investments
Management gave a specific estimated value of ~30 crores for the land.
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Question
What is the tenative signs of this uh land deal sir? ... Uh what could be the value in the particular city?
Management (unidentified)
Uh value as of now very difficult to say but we should be able to realize the uh close to about 30 30 crores of this of that part.
Partial answer
High priority
Sustainability of improved operating cash flows
Asked by Sachi Mittal, concept invest 12
Management claimed sustainability but did not quantify the one-off vs recurring portion.
acknowledged inventory liquidation helped but claimed sustainability without quantification
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Question
in financial year 2026 operating cash flows improved sharply primarily aided by working capital release. Is the improvement sustainable or primary a one-off benefit arising from the liquidation of edible oil inventory?
Management (unidentified)
it's a totally not temporary business. The company has sufficient cash flow there has uh you can say those some you can say liquidation of edible oil inventory is helping us but we are having a sustained cash flow
Partial answer
Medium priority
Sensitivity of EBITDA margins to raw material prices
Asked by Sachi Mittal, concept invest 12
Management gave qualitative pass-through but no numerical sensitivity analysis.
no quantitative sensitivity providedonly qualitative pass-through explanation
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Question
can you help me understand the sensitivity of aa margins to fluctuations in key raw material prices such as me and margins
Management (unidentified)
we should have a constant margins because the increase or decrease of the raw material cost is being passed to the buyer only the fixed fixed prices of ethanol so 50% % business uh is on account of the variable cost if penny is being passed to the you can say consumer.
Answered
High priority
Biodiesel viability and policy price revisions
Asked by Himmanu Basani, Pinpoint X Capital
Management clearly explained biodiesel plant is idle due to lack of mandate and is being used for vegetable oil refining.
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Question
on the biodeiesel viability um with all the geopolitical scenarios and the rise in uh diesel prices are we seeing some uh price recent policy uh you know price evasions that is going on and if that is happening how are we looking to participate in that with our 75 KPD capacity.
Management (unidentified)
the biological capacity of our company is 75 K LP per day but at present we are not able to manufacture because of the there has not been any price invision or the price uh pricing policy or the mandate... So we are using our capacity uh for the the defined vegetable section.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Expecting ~300 cr revenue from new 150 KPD capacity at 100% utilization | ₹300 cr | ₹582 cr | Understated vs filing |
| Distillery EBITDA margin 11.8% in Q4 FY26 | 11.8% | 9% | Overstated vs filing |
| Edible oil bulk revenue 7-800 cr per year | ₹800 cr | ₹582 cr | Overstated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.