Any current/future new fundraising through debt or equity?

BCL Industries is planning a capex of around INR150-160 crores for the 100 KLPD biodiesel plant and 150 KLPD ethanol expansion. The company has applied for loans of approximately INR90 crores for the biodiesel project from existing bankers PNB and Canara Bank. For the 150 KLPD ethanol expansion, there is a long-term loan of INR120 crores; for Svaksha expansion, loans of INR70 crores and INR50 crores exist. Both INR120 crores (Bathinda distillery) and INR70 crores (Svaksha expansion) loans fall under the interest subvention scheme at around 4.5% interest. No new equity fundraising mentioned. De

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

BCL Industries is expanding its Distillery capacity from 600 KLPD to 850 KLPD. They are progressing on a 100 KLPD ethanol-only facility at Svaksha Distillery with all clearances assured. Applied for environmental clearance and financing for a 100 KLPD biodiesel plant at Bathinda, with a projected capex of around INR160 crores; loan application for INR90 crores underway. Planning a 150 KLPD distillery expansion with expected capex of INR150 crores, awaiting environmental clearance. Expect about 12 months to complete new expansions post clearances. Shifting edible oil business by shutt

Future growth expectations in sales/revenue/volumes?

The company expects steady growth in ethanol and ENA volumes, supported by government incentives and new capacities. Ethanol revenue has grown 3x in 9 months FY '24, with significant margin improvements expected as new maize ethanol prices come into effect from Q4. Demand for country liquor in Punjab is strong, with sales projected to exceed 1 million cases in FY '24, more than double year-on-year. Expansion plans include a 150 KLPD distillery capacity increase and a 100 KLPD biodiesel plant at Bathinda, expected to be operational within 12 months post-clearances. Maize-based ethanol is target

Future growth expectations in earnings/operating earnings/profits/EPS?

BCL Industries expects strong margin improvement in coming quarters due to higher maize ethanol prices effective January 2024 and a bumper maize harvest in Bihar. The company forecasts a steady increase in demand for ethanol and ENA, supported by government policies promoting maize-based ethanol. Expansion plans include increasing distillery capacity from 600 KLPD to 850 KLPD and a new 100 KLPD biodiesel plant at Bathinda, expected to provide higher margins than distillery business. The 150 KLPD ethanol expansion awaiting environmental clearance is projected to bring in INR150 crores CapEx and

Current/ Expected Orderbook/ Pending Orders?

BCL Industries won a significant ENA tender of approximately 35 lakh liters from the Rajasthan state government at a favorable price of around INR 73 per liter. The company has many forward contracts for maize grain securing raw material supply up to May, thanks to strong supplier relationships. An existing ENA plant in Bathinda requires a 2-3 month shutdown for machinery upgrades to produce 200 KLPD ENA, currently postponed due to good demand. There is anticipation of increasing ethanol demand, especially with government incentives and a bumper maize crop forecasted in Bihar. The company has

BCL Industries LtdQ3 FY24Beverages

BCL Industries Ltd Q3 FY24 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 1

Fundraise

Yes

Order

N/A

Capex

Yes

3 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 2

The company expects steady growth in ethanol and ENA volumes, supported by government incentives and new capacities.
Ethanol revenue has grown 3x in 9 months FY '24, with significant margin improvements expected as new maize ethanol prices come into effect from Q4.
Demand for country liquor in Punjab is strong, with sales projected to exceed 1 million cases in FY '24, more than double year-on-year.
Expansion plans include a 150 KLPD distillery capacity increase and a 100 KLPD biodiesel plant at Bathinda, expected to be operational within 12 months post-clearances.
Maize-based ethanol is targeted as a long-term growth driver, leveraging secured forward grain contracts and increasing maize production in Bihar.
The company anticipates improved margins and volume growth from maize ethanol and biodiesel segments as production scales.
No significant expansion in ENA production at Bathinda planned in the immediate election season to avoid shutdown delays.

Margin guidance

Category 1

BCL Industries expects strong margin improvement in coming quarters due to higher maize ethanol prices effective January 2024 and a bumper maize harvest in Bihar.
The company forecasts a steady increase in demand for ethanol and ENA, supported by government policies promoting maize-based ethanol.
Expansion plans include increasing distillery capacity from 600 KLPD to 850 KLPD and a new 100 KLPD biodiesel plant at Bathinda, expected to provide higher margins than distillery business.
The 150 KLPD ethanol expansion awaiting environmental clearance is projected to bring in INR150 crores CapEx and will take about 12 months post-clearance to complete.
Company aims for gradual capacity utilization with growth driven by favorable blending mandates for ethanol and biodiesel.
Real estate revenue, though currently slow, will aid in debt repayment.
Overall, BCL Industries is focused on debt reduction, operational efficiency, and benefiting from supportive government policies to sustain earnings growth.

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Fundraise plans

Yes

BCL Industries is planning a capex of around INR150-160 crores for the 100 KLPD biodiesel plant and 150 KLPD ethanol expansion.
The company has applied for loans of approximately INR90 crores for the biodiesel project from existing bankers PNB and Canara Bank.
For the 150 KLPD ethanol expansion, there is a long-term loan of INR120 crores; for Svaksha expansion, loans of INR70 crores and INR50 crores exist.
Both INR120 crores (Bathinda distillery) and INR70 crores (Svaksha expansion) loans fall under the interest subvention scheme at around 4.5% interest.
No new equity fundraising mentioned.
Debt planned appears to be mostly loans under interest subvention schemes to support expansion projects.

Order book

BCL Industries won a significant ENA tender of approximately 35 lakh liters from the Rajasthan state government at a favorable price of around INR 73 per liter.
The company has many forward contracts for maize grain securing raw material supply up to May, thanks to strong supplier relationships.
An existing ENA plant in Bathinda requires a 2-3 month shutdown for machinery upgrades to produce 200 KLPD ENA, currently postponed due to good demand.
There is anticipation of increasing ethanol demand, especially with government incentives and a bumper maize crop forecasted in Bihar.
The company has applied for environmental clearances and is waiting for permissions for a 150 KLPD capacity expansion and a 100 KLPD biodiesel plant, with CapEx lined up.
No explicit full orderbook size disclosed, but ongoing and upcoming orders linked with expansion projects and government tenders.

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

Capex plans

Yes

BCL Industries is expanding its Distillery capacity from 600 KLPD to 850 KLPD.
They are progressing on a 100 KLPD ethanol-only facility at Svaksha Distillery with all clearances assured.
Applied for environmental clearance and financing for a 100 KLPD biodiesel plant at Bathinda, with a projected capex of around INR160 crores; loan application for INR90 crores underway.
Planning a 150 KLPD distillery expansion with expected capex of INR150 crores, awaiting environmental clearance.
Expect about 12 months to complete new expansions post clearances.
Shifting edible oil business by shutting down the city-based unit and moving operations to distillery units to reduce overhead costs.

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