BCL / Q3-FY26 / claim-ledger

Audit the questions that mattered.

BCL Industries · Analyst questions, management answers, and the quality of the response where the ledger is available.

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WatchQ3-FY26 · 2026-02-10Back to quarter ↗

Questions audited

Answered directly

67%

Numeric claims

Consistency

contradicted

Question ledger

What was answered, and how?

Bala Murali Krishna · Oman investment advisor

direct

Why margins not reflecting lower maize prices?

the company has tried to increase its ENA sales given the lower allocation of ethanol and since the ENA market has become extremely competitive... ENA currently has lower margins as to manufacturing ethanol.

Bala Murali Krishna · Oman investment advisor

evasive

What is next year's capex plan and revenue potential from maize extraction?

for now unless there is a clear policy in regards to the roadmap of ethanol going forward... the company will review its future capex plans again before making any final decisions.

Bala Murali Krishna · Oman investment advisor

evasive

How to bridge gap between OMC allocations and capacity?

company will focus on maximizing ENA sales... try to sell more ethanol to private companies... it's an ongoing situation and the company is trying its best.

Pushkar Jan · Millie Capital

evasive

When are next ethanol allocations expected?

I'm not aware when the next cycle will come... it depends on when OMCs decide... not wise for me to comment with limited information.

Pushkar Jan · Millie Capital

evasive

Is there risk of government reducing ethanol price from Rs 70?

Yes, it very well could be considered by the government... maybe they could make a decision on that. But again I'm not in the government so it's tough for me to comment.

Analyst · Research desk

direct

What are ENA realizations and margin difference vs ethanol?

prices of ENA are currently around 59 to 60 rupees in the market, quite low as compared to ethanol but given the lower allocations the company has no choice.

Analyst · Research desk

direct

What is capacity utilization this quarter and outlook?

capacity utilization has been close to 100%. And we will try our best to keep it close to 100% in the coming quarters as well.

Panchu Pandi · Solara Wealth

direct

How is consumer response for new Punjab whiskey glass edition and margins?

market response has been positive... margins are currently lower than our original offerings... this was a necessary step to increase our portfolio.

Sakit Kapoor · Kapoor Co

direct

What dynamics led to lower ENA realizations?

with some companies like ours who have the flexibility between ENA and ethanol also getting lower allocation for ethanol, there has been an increased supply of ENA in the market... prices have come down.

Sakit Kapoor · Kapoor Co

direct

What is the nature of purchase of stock and trade of Rs 83 crore?

this figure that you're referring to is our oil trading business 83 crores revenue... we've decided to list our oil trading business separately.

Hisha · Ahan Capital

direct

What are key drivers behind 9% EBITDA margin and sustainability?

margins have been somewhat consistent... raw material prices have decreased but so have ENA prices... the company is running a more efficient business now with the old edible oil unit closing down.

Bhaves · Individual investor

direct

What is total land area for sale and use of proceeds?

the land with the company was close to 16 acres... the proceeds will mainly go towards the acquisition of the 25% at Suka distillery.