BCL Industries Limited delivered a strong financial performance in Q3 FY26, demonstrating resilience amid challenging industry conditions. The company reported total revenue of INR758 crores with EBITDA growing 41% year-on-year to INR68 crores, while EBITDA margins expanded by 270 basis points.

Financial Performance Highlights

The distillery segment led the company's growth trajectory with robust volume expansion across key products. ENA volumes surged 60% year-on-year to 15,330 KL in Q3, reflecting sustained demand momentum from leading bottlers nationwide. The segment delivered EBITDA of INR60 crores, marking a 42% year-on-year increase.

The refinery segment contributed INR153 crores in revenue for Q3 with EBITDA margins of 5.23%. The company's operational flexibility enabled it to optimize production mix and maintain stable operations despite industry-wide oversupply conditions.

Strategic Expansion and Acquisitions

BCL Industries announced plans to acquire the remaining 25% stake in Svaksha Distillery Limited for approximately INR55 crores, with completion expected by June 30, 2026. This strategic move will make Svaksha Distillery a wholly owned subsidiary, allowing the company to consolidate control and unlock operational synergies.

Svaksha Distillery has received necessary approvals to increase production capacity from 300 KLPD to 350 KLPD under the no increase in pollution load scheme. Combined with the planned 150 KLPD expansion at Bathinda, BCL's total capacity will reach 900 KLPD by the end of FY26.

Market Dynamics and Operational Strategy

India's ethanol blending program achieved a significant milestone with blending levels reaching 19.98%, effectively meeting the E20 target during ESY 24-25. However, the industry faces challenges from oversupply conditions and lower-than-anticipated OMC allocations, prompting companies to pivot toward ENA production.

Maize prices have softened to around INR20-21 per kg, enabling BCL to compete aggressively in the ENA market. The company's flexible infrastructure allows seamless switching between ENA and ethanol production based on market conditions and allocation patterns.

Product Portfolio Development

BCL's PML portfolio recorded total sales of 488,000 boxes in Q3 FY24. The company strengthened its presence in the IMIL segment with the launch of Punjab Special whiskey in glass bottles, marking an important step toward entering the IMFL segment. This premium positioning reflects the company's strategy to capitalize on structural industry growth and evolving consumer preferences.

Sustainability and Operational Efficiency

The company continues its commitment to sustainable operations through agricultural waste utilization. BCL operates a 60-tonne per hour paddy straw-based biomass boiler and plans to commission an additional 55-tonne per hour unit at the Bathinda facility. These initiatives will enable the company to meet 100% of its steam and power requirements through paddy straw, delivering significant cost savings.

Regarding the edible oil business, BCL has fully exited packaged oil operations with stock liquidation expected to complete by the financial year-end. The company will continue importing crude edible oil in bulk for soft oil refining while reporting oil trading business separately for enhanced transparency.

BCL Industries Limited has made available the audio recording of its analyst and investor conference call discussing the unaudited financial results for the third quarter of fiscal year 2026. The company released the recording on February 13, 2026, following the completion of the earnings call held earlier that day.

Earnings Call Audio Recording Release

Pursuant to clause 15 of Para A of Part A of Schedule III of Regulation 30 (2) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, BCL Industries has provided stakeholders access to the complete audio recording of the conference call. The call focused on the company's unaudited financial results for the quarter and nine months ended December 31, 2025.

Previous Earnings Call Schedule

The company had previously rescheduled its earnings call to February 13, 2026, at 11:00 AM IST. The Board of Directors had approved both standalone and consolidated financial results for the quarter ended December 31, 2025, during a meeting held on February 9, 2026. Key participants in the call included Mr. Kushal Mittal (Joint Managing Director) and Mr. Varun Gupta (CEO), with InCred Equities facilitating the session.

Regulatory Compliance and Documentation

Company Secretary and Compliance Officer Ajeet Kumar Thakur digitally signed the official notification on February 13, 2026, at 1:47 PM, ensuring full regulatory compliance with SEBI listing regulations. The notification was addressed to both the National Stock Exchange of India Limited and BSE Limited, maintaining transparency with all stakeholders.