BCL Industries Ltd

- 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.

- **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.

- 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.

- 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.

- 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.