Any current/future new fundraising through debt or equity?

Currently, funding options for the new 150 KLPD ethanol plant in Bhatinda are being explored; no final decision yet on whether it will be through internal accruals or debt. No specific details or plans were disclosed regarding equity fundraising. The timeline for the 150 KLPD plant commissioning is about 12 months post order placement, expected around November, with potential changes depending on biogas plant integration. Management has indicated a conservative approach to timelines and funding clarity will be provided once orders are placed. No immediate or confirmed plans for new deb

Any current/future capex/capital investment/strategic investment?

**New 150 KLPD ethanol unit at Bathinda:** Orders expected to be finalized by November 2024, with commissioning planned approximately 12 months after order placement (FY26). **250 KLPD ethanol plant at Fatehabad (Goyal Distillery acquisition):** Land and clearances in place; commissioning planned conservatively for FY28; potential to expedite timeline depending on order placement. **75 KLPD biodiesel plant:** Planned commissioning by April/May 2025, focusing on value-accretive green energy expansion. **Biogas (bio-CNG) plant:** Proposed at the Fatehabad site, processing approx. 250 MT of paddy

Future growth expectations in sales/revenue/volumes?

BCL Industries expects full utilization of its 700 KLPD distillery capacity, with distillery sector revenue projected around INR 800 crores for the year. Total company revenue guidance is around INR 2,500 crores with approximately 8% operating margin, maintaining past trends. Expansion includes a new 150 KLPD ethanol unit at Bathinda, expected to commission 12 months after order placement (orders hoped by November). Additional 250 KLPD ethanol plant at newly acquired Goyal Distillery (Fatehabad) is planned for FY 2027-28, enhancing capacity to 850 KLPD. Biodiesel (75 KLPD plant) to com

Current/ Expected Orderbook/ Pending Orders?

Current ethanol order book value is approximately INR 1,300 crores based on an allocation of about 18.25 crore liters at roughly INR71 per liter. This order book is considered initial but may increase as Oil Marketing Companies (OMCs) revise blending percentages and demand during the year. Kushal Mittal noted that OMCs tend to increase requirements throughout the year, so order inflows could be higher than currently booked. No specific finality on the orderbook; it is dynamic and subject to additions based on market demand and government policies.

BCL Industries LtdQ2 FY25Beverages

BCL Industries Ltd Q2 FY25 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹29.1P/E: 7.4Market Cap: ₹858 CrSector: Beverages

Management growth scorecard

Revenue

Category 2

Margin

Category 3

Fundraise

N/A

Order

Yes

Capex

Yes

2 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 2

BCL Industries expects full utilization of its 700 KLPD distillery capacity, with distillery sector revenue projected around INR 800 crores for the year.
Total company revenue guidance is around INR 2,500 crores with approximately 8% operating margin, maintaining past trends.
Expansion includes a new 150 KLPD ethanol unit at Bathinda, expected to commission 12 months after order placement (orders hoped by November).
Additional 250 KLPD ethanol plant at newly acquired Goyal Distillery (Fatehabad) is planned for FY 2027-28, enhancing capacity to 850 KLPD.
Biodiesel (75 KLPD plant) to commission by April-May next calendar year, expected to improve margins and add value.
Ethanol order book currently INR ~1,300 crores, likely to increase as OMCs announce additional requirements during the year.
ENA demand remains strong, with flexible production adjustments based on monthly demand.
Exit from edible oil segment will reduce revenues but not significantly impact profitability due to higher-margin green energy focus.

Margin guidance

Category 3

- BCL Industries expects continued strong utilization of its 700 KLPD distillery capacity, with potential for expansion to 850 KLPD in the near future. - The addition of biodiesel production (75 KLPD plant commissioning by April/May) and subsequent capacities (150 KLPD in Bathinda, 250 KLPD in Fatehabad by FY27-28) is anticipated to improve margins and profitability. - The company is bullish on ethanol demand growth beyond 20% blending mandates, supported by government policy developments, which may drive earnings. - Operating margins are expected to remain stable with potential improvement due to biodiesel integration. - Exit from the low-margin edible oil business will reduce revenue but should not significantly impact overall profitability. - Consolidated revenue guidance conservatively around INR 1800 crores for distillery segment this year; possibility of surpassing INR 2000 crores if utilization remains high. - Working capital reduction and debt lowering expected with edible oil shutdown and efficient operations. Overall, BCL's earnings and margins are projected to grow driven by scale-up in ethanol and biodiesel segments.

See what BCL Industries Ltd management said on margin guidance — free account, 30 seconds.

Fundraise plans

Currently, funding options for the new 150 KLPD ethanol plant in Bhatinda are being explored; no final decision yet on whether it will be through internal accruals or debt.
No specific details or plans were disclosed regarding equity fundraising.
The timeline for the 150 KLPD plant commissioning is about 12 months post order placement, expected around November, with potential changes depending on biogas plant integration.
Management has indicated a conservative approach to timelines and funding clarity will be provided once orders are placed.
No immediate or confirmed plans for new debt or equity fundraising were announced in the call.

Order book

Yes

Current ethanol order book value is approximately INR 1,300 crores based on an allocation of about 18.25 crore liters at roughly INR71 per liter.
This order book is considered initial but may increase as Oil Marketing Companies (OMCs) revise blending percentages and demand during the year.
Kushal Mittal noted that OMCs tend to increase requirements throughout the year, so order inflows could be higher than currently booked.
No specific finality on the orderbook; it is dynamic and subject to additions based on market demand and government policies.

See what BCL Industries Ltd management said on order book — free account, 30 seconds.

Capex plans

Yes

New 150 KLPD ethanol unit at Bathinda: Orders expected to be finalized by November 2024, with commissioning planned approximately 12 months after order placement (FY26).
250 KLPD ethanol plant at Fatehabad (Goyal Distillery acquisition): Land and clearances in place; commissioning planned conservatively for FY28; potential to expedite timeline depending on order placement.
75 KLPD biodiesel plant: Planned commissioning by April/May 2025, focusing on value-accretive green energy expansion.
Biogas (bio-CNG) plant: Proposed at the Fatehabad site, processing approx. 250 MT of paddy straw daily; technology exploration ongoing with timelines to be decided.
Power plant installation: Part of expansion with ethanol plants, using paddy as primary fuel, aiming for in-house power generation.
Funding options for these capex plans are being explored; more clarity expected in future updates.

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