BCL Industries Strengthens Order Book With New ENA Supply Deal

Mittal Group's BCL Industries Limited, one of the country's fast-growing agro-based companies, has received a new Letter of Acceptance (LOA) from Rajasthan State Ganganagar Sugar Mills Limited (RSGSM) for the supply of 59 lakh litres of Extra Neutral Alcohol (ENA). To be fulfilled over the next six months from BCL's Bathinda distillery in Punjab, the order also has provision for 50% more quantity at the buyer's option, underscoring BCL's commitment as a reliable and scalable ENA supplier.

The contract was secured through a competitive tendering process and is an important win for the company's distillery business. Furthermore, it is also a repeat order as after the satisfaction of a previous contract on November 26, 2024 to supply 60 lakh litres of ENA by BCL. Implying robust execution, the company has delivered about 69 lakh litres till June 30, 2025 - bolting its standing as a reliable supplier in the alcohol value chain.

Walking hand in hand with its operational pace, BCL Industries has also, of late acquired a substantial minority stake in the Pathankot-based agri-processing company, Pioneer Industries Private Limited. It had acquired 6,970,000 equity shares, valuing around Rs 30.8 crore at Rs 44.18 per share. Following the deal, BCL's stake in Pioneer Industries has increased from 4.36 per cent to 19.57 per cent of the company that runs a 400 KLPD ENA/ Ethanol unit and a key wheat gluten plant. Pioneer Industries had a turnover of Rs 530.21 crores in FY24 and is an important part of BCL's ethanol growth ecosystem.

Investor reaction to BCL has been remarkable as well. DIIs bought 1,46,000 shares (0.05 per cent stake) in Q1FY26 as a fresh entry. The stock's long-term strength is also evident as it has rallied 46.33% from its 52-week low of Rs 33 per share and delivered multibagger returns of over 1,000.00% in five years. BCL has a current market cap in excess of Rs 1,400 crore and the stock is trading at a P/E multiple of 15x compared to the industry average of 34x, suggesting valuation upside.

Financially, BCL Industries reported a 21% yoy increase in net sales of Rs 743.43 crore and a 16% yoy rise in net profit of Rs 27.56 crore in Q4FY25 versus Q4FY24. For the full fiscal year FY25, net sales increased by 32% to Rs 2,909.60 crore while net profit was up 7% to Rs 102.85 crore, indicating healthy operational growth.

BCL Industries Ltd, established in 1975, is one of India's leading agri-business companies. The company has strong roots in grain procurement and has diversified into three business verticals, namely edible oil & vanaspati, real estate development and distillery operations. BCL is a dominant player in the alcohol industry, with a stronghold in grain-based ethanol and IMIL segments, which include popular country liquor brands such as Green Apple Vodka and Punjab Special Whisky.

BCL Industries' recent ENA order, strategic equity investment, and solid financial performance position them well to capitalise on the growth of India's ethanol economy and increasing demand for high-quality alcohol products.