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Revenue
₹726 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
₹68 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
BCL Industries reported Q3 FY26 revenue of ₹758 crore and EBITDA of ₹68 crore, up 41% YoY, with EBITDA margins expanding 270 bps to ~9%. PAT grew 69% YoY to ₹35 crore. The distillery segment drove performance with ENA volumes surging 60% YoY to 15,330 KL, partially offsetting lower ethanol allocations. Management highlighted flexibility between ENA and ethanol as a key advantage amid policy uncertainty. The company is acquiring the remaining 25% stake in Swaksha Distillery for ₹55 crore and expanding capacity to 900 KPD by FY26-end. However, ENA realizations have fallen to ₹59-60/liter due to oversupply, pressuring margins. Risk: Further ethanol policy delays or price cuts could strain capacity utilization and margin recovery.
Colored figures show movement against the previous available record.
Guidance to track
- The 150 KPD expansion at Bathinda and Swaksha's capacity increase to 350 KPD will bring total capacity to 900 KPD by Q4 FY26.
- The maize oil extraction unit at Swaksha is on track to be commissioned by Q4 FY26, expected to improve margins modestly.
- Management indicated they expect to achieve ₹3,000 crore revenue for FY26, implying ~40% growth, though dependent on ethanol allocations.
Risks flagged
- OMC allocations remain lower than expected, forcing the company to sell more ENA at lower margins. Cycle 2 tenders are awaited but timing and quantum are unclear.
- ENA realizations have fallen to ₹59-60/liter from ~₹70 earlier, as many ethanol producers divert capacity to ENA. Margins are under pressure despite lower maize costs.
- An analyst raised the risk that the government may reduce ethanol prices from ₹70/liter given lower maize costs. Management acknowledged this possibility.
- The 75 KL biodiesel plant is not operating because OMC prices (~₹80-90/liter) are unviable. Management expects policy improvement but no timeline.
Key quotes
- We are hoping for allocations to improve. There may be a chance that the mix may be skewed towards FCI rice.
- ENA currently has lower margins as to manufacturing ethanol.
- The company will try to sell more ethanol to private companies being Reliance and Nayara and see how we can bring our capacity utilization close to 100%.
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