BCL Industries Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2025 • Distillery Unit: 52.3% • Oil & Vanaspati: 47.3% • Real Estate: 0.4%
AI Sector View
AI GENERATEDFast Moving Consumer Goods
Rural demand proxies are mixed. Tractor sales rose 18.0% YoY (2026-07) and 2-wheelers were up 23.0% YoY (2026-06), but rural employment slowed to 1.0% YoY (2026-07), fertiliser sales were 0.0% YoY (2026-05), and food inflation of 5.52% (Jul/26) can pressure household budgets. FPI outflows remain heavy at INR -8081 crore over 3 months to 2026-08-31, limiting upside.
PROS
- Company has delivered good profit growth of 22.4% CAGR over last 5 years
- Company has delivered good sales growth of 16.6% CAGR over last 5 years
- Company comfortably covers its interest (8.9x coverage)
- Company has a consistent dividend-paying track record
- Company maintains a comfortable, low leverage position
CONS
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.37x)
- Free cash flow has been persistently negative
- Equity base is being diluted - shares outstanding up 22.2%
- Growth is decelerating - 3Y profit CAGR (-5.6%) trails the 5Y trend (22.4%)
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| MARICO | 810.25 | 55.80 | 105347.77 | 0.49 | 652.00 | 27.10 | 3957.00 | 21.42 | 52.25 | 20.70 |
| PATANJALI | 341.25 | 18.85 | 37131.71 | 1.47 | 3357.34 | 1761.48 | 113374.51 | 1173.91 | 10.61 | 4.79 |
| AWL | 187.65 | 21.10 | 24388.47 | 0.53 | 351.39 | 47.67 | 20048.14 | 17.52 | 18.52 | 3.56 |
| GOKULAGRO | 230.50 | 16.18 | 6801.75 | 0.00 | 122.63 | 71.26 | 5281.95 | 7.26 | 37.07 | 3.85 |
| SUNDROP | 667.00 | 89.96 | 2514.38 | 0.00 | 12.13 | 181.44 | 428.08 | 15.22 | 2.01 | 5.84 |
| BCLIND | 35.59 | 9.01 | 1050.49 | 0.98 | 35.52 | 6.10 | 623.42 | -24.00 | 13.60 | 9.80 |
| MODINATUR | 350.55 | 8.92 | 466.46 | 0.00 | 12.50 | 19.14 | 155.61 | 0.37 | 23.80 | 14.25 |
| GOKUL | 42.66 | 20.40 | 422.31 | 0.00 | 6.08 | 57.63 | 1016.75 | 9.75 | 8.66 | 1.63 |
| KRITINUT | 83.74 | 12.59 | 419.57 | 3.58 | 8.92 | -6.03 | 247.08 | 7.88 | 20.30 | 4.72 |
| VIJSOLX | 647.80 | 8.70 | 207.38 | 0.00 | 5.58 | 428.60 | 622.50 | 35.20 | 7.35 | 1.40 |
| MKPL | 4.02 | 32.13 | 150.90 | 0.00 | 1.38 | -60.63 | 115.16 | 0.18 | 13.46 | 2.18 |
| ROML | 42.18 | 3.72 | 67.44 | 0.00 | 1.11 | -21.06 | 35.56 | 5.82 | 15.26 | 5.16 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 350 | 366 | 495 | 470 | 473 | 531 | 524 | 538 | 588 | 476 | 512 | 431 | 428 | |
| 327 | 337 | 456 | 433 | 439 | 495 | 495 | 508 | 558 | 435 | 472 | 396 | 403 | |
| Operating Profit | 24 | 29 | 38 | 36 | 33 | 36 | 28 | 30 | 30 | 41 | 39 | 35 | 25 |
| OPM % | 6.73% | 8.04% | 7.73% | 7.75% | 7.07% | 6.70% | 5.43% | 5.57% | 5.15% | 8.57% | 7.65% | 8.04% | 5.94% |
| 2 | 2 | 2 | 2 | 2 | 2 | 2 | 3 | 3 | 2 | 2 | 2 | 4 | |
| Interest | 1 | 4 | 5 | 3 | 5 | 3 | 3 | 1 | 1 | 4 | 1 | 5 | 1 |
| Depreciation | 4 | 6 | 6 | 7 | 7 | 7 | 8 | 8 | 7 | 9 | 9 | 9 | 10 |
| Profit before Tax | 20 | 22 | 29 | 29 | 23 | 28 | 20 | 24 | 25 | 29 | 31 | 22 | 30 |
| Tax % | 23.55% | 41.37% | 15.88% | 25.65% | 27.52% | 23.84% | 27.29% | 19.15% | 9.09% | 27.92% | 26.31% | 30.23% | 24.06% |
| Net Profit | 15 | 13 | 24 | 21 | 17 | 21 | 14 | 19 | 22 | 21 | 23 | 15 | 23 |
| 0.63 | 0.52 | 0.94 | 0.80 | 0.61 | 0.71 | 0.48 | 0.66 | 0.76 | 0.72 | 0.78 | 0.52 | 0.77 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 491 | 660 | 847 | 891 | 913 | 1,427 | 1,988 | 1,632 | 1,626 | 1,971 | 1,847 | |
| 465 | 623 | 800 | 817 | 857 | 1,358 | 1,850 | 1,519 | 1,498 | 1,844 | 1,707 | |
| Operating Profit | 26 | 37 | 47 | 74 | 56 | 69 | 138 | 112 | 128 | 127 | 140 |
| OPM % | 5.21% | 5.55% | 5.53% | 8.28% | 6.14% | 4.82% | 6.93% | 6.88% | 7.85% | 6.47% | 7.58% |
| 5 | 5 | 7 | 8 | 7 | 28 | 8 | 7 | 8 | 9 | 10 | |
| Interest | 14 | 21 | 21 | 19 | 15 | 23 | 18 | 7 | 13 | 12 | 11 |
| Depreciation | 8 | 9 | 11 | 11 | 13 | 13 | 15 | 15 | 24 | 30 | 37 |
| Profit before Tax | 9 | 11 | 22 | 52 | 35 | 61 | 114 | 96 | 99 | 94 | 113 |
| Tax % | 26.94% | 13.58% | 17.54% | 20.19% | 25.80% | 25.78% | 25.15% | 25.07% | 25.87% | 24.28% | 26.91% |
| Net Profit | 6 | 10 | 18 | 41 | 26 | 45 | 85 | 72 | 73 | 72 | 82 |
| EPS | 4.56 | 6.90 | 10.31 | 24.08 | 13.58 | 20.12 | 35.22 | 2.89 | 2.70 | 2.42 | — |
| Dividend Payout % | 21.92% | 14.50% | 0.00% | 5.05% | 0.00% | 26.69% | 14.20% | 16.75% | 9.27% | 10.73% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 11%
- 5 Years:
- 17%
- 3 Years:
- 0%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 26%
- 5 Years:
- 22%
- 3 Years:
- -6%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- 8%
- 3 Years:
- -12%
- 1 Year:
- -13%
RETURN ON EQUITY
- 10 Years:
- 16%
- 5 Years:
- 17%
- 3 Years:
- 14%
- Last Year:
- 10%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 14 | 14 | 16 | 17 | 19 | 24 | 24 | 24 | 27 | 30 |
| 75 | 84 | 110 | 162 | 199 | 266 | 346 | 416 | 595 | 741 | |
| 191 | 229 | 236 | 189 | 176 | 182 | 212 | 341 | 316 | 346 | |
| Trade Payables | 95 | 133 | 101 | 152 | 153 | 100 | 77 | 117 | 79 | 119 |
| 17 | 21 | 27 | 34 | 51 | 56 | 32 | 87 | 80 | 66 | |
| Total Liabilities | 392 | 481 | 489 | 555 | 599 | 628 | 691 | 986 | 1,097 | 1,301 |
| 93 | 84 | 135 | 137 | 128 | 124 | 123 | 134 | 353 | 343 | |
| Capital Work in Progress | 9 | 54 | 0 | 0 | 0 | 0 | 29 | 203 | 11 | 100 |
| 4 | 25 | 33 | 35 | 36 | 35 | 44 | 46 | 68 | 79 | |
| 242 | 241 | 262 | 266 | 333 | 251 | 194 | 292 | 345 | 376 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 93 | 92 | |
| Cash & Bank | 5 | 19 | 5 | 13 | 14 | 14 | 19 | 8 | 6 | 27 |
| 39 | 58 | 53 | 103 | 88 | 204 | 282 | 303 | 223 | 283 | |
| Total Assets | 392 | 481 | 489 | 555 | 599 | 628 | 691 | 986 | 1,097 | 1,301 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 11 | 45 | 14 | 76 | 25 | 3 | 143 | 93 | -36 | 45 | |
| Cash from Investing | -9 | -45 | -38 | -13 | -5 | -8 | -103 | -255 | -28 | -109 |
| Cash from Financing | -3 | 16 | 14 | -45 | -20 | 9 | 7 | 169 | 65 | 81 |
| -3 | 13 | -14 | 8 | -5 | -2 | 10 | -14 | 0 | 17 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-07 - Bcl Industries Limited has informed the Exchange about Schedule of meet
2026-09-03 - Bcl Industries Limited has informed the Exchange about Newspaper Publication of 50th AGM Notice.
2026-09-01 - Bcl Industries Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 25, 2026
2026-08-26 - BCL Industries Limited has informed the Exchange regarding 'Normalization of 200 KLPD ethanol unit at Bathinda (Punjab)'.
2026-08-20 - Bcl Industries Limited has informed the Exchange regarding 'Special Window for Transfer and Dematerialization of Physical Securities'.
2026-08-18 - Bcl Industries Limited has informed the Exchange about Transcript
2026-08-17 - Bcl Industries Limited has informed the Exchange regarding order book for Supply of Ethanol to OMC s'.
2026-08-14 - Bcl Industries Limited has informed the Exchange about Link of Recording
2026-08-13 - Bcl Industries Limited has informed the Exchange about Investor Presentation
News
Recent coverage and analyst commentary for BCLIND
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