Bcl Industries Limited — Investor Meet, 18-02-2026: Analysts/Institutional Investor Meet/Con. Call Updates

BCL Industries reported Q3 revenue of INR 758 crore, EBITDA of INR 68 crore (up 41% YoY, margins up 270 bps), and PAT of INR 35 crore (up 69% YoY), driven by easing raw material prices. ENA volumes surged 60% YoY, though competitive market dynamics led to lower realizations (INR 59-60/liter). The company is acquiring the remaining 25% stake in Svaksha Distillery for INR 55 crore and increasing its capacity to 900 KLPD by FY26. Management is pausing further ethanol capacity expansion, focusing on maximizing ENA sales, and exploring new avenues like Sustainable Aviation Fuel, malt plants, and industrial alcohol exports, reflecting a strategic long-term outlook amidst ethanol policy uncertainties.