BCL Industries Reports Mixed Q2FY26 Results
BCL Industries Limited announced its financial results for the September quarter (Q2FY26) on November 12, revealing a complex picture of declining revenue but improving profitability. The agro-processing giant reported revenue of ₹720 crore, marking a significant 12.4% decline from the ₹822 crore recorded in the June 2025 quarter.
When compared to the same period last year, the company's revenue showed a 4% decrease from ₹748 crore in September 2024 quarter. The results were disclosed after market hours, providing investors with a mixed bag of performance metrics.
Profitability Shows Strong Improvement
Despite the top-line contraction, BCL Industries demonstrated remarkable resilience in its operational efficiency. The company's operating profit surged to ₹67 crore, representing a substantial improvement from ₹53 crore in the preceding June quarter and ₹55 crore in the year-ago period.
This performance translated into an operating margin of 10%, up significantly from 7% in June 2025 and 8% in September 2024. The net profit for the quarter stood at ₹32 crore, marginally lower than ₹33 crore in the June quarter but higher than ₹30 crore in September 2024.
Segment-wise Performance Analysis
The company's various business segments showed divergent trends during the quarter. The maize oil extraction and refinery segment contributed ₹183.31 crore, declining sharply from ₹300.59 crore in June 2025 and ₹266.39 crore in September 2024.
In contrast, the distillery segment remained a major revenue driver at ₹348.03 crore, showing healthy growth from ₹310.49 crore in the previous quarter and ₹295.98 crore in the year-ago period. This performance indicates sustained demand for the company's distillery products.
Revenue from real estate declined slightly to ₹1.50 crore from ₹2.10 crore in June 2025 and ₹1.74 crore in September 2024. The company's subsidiary, Svaksha Distillery Limited in Kharagpur, reported revenue of ₹243.58 crore, up from ₹232.47 crore in June 2025 and ₹215.40 crore in September 2024.
Goyal Distillery Private Limited, a 100% subsidiary, remained negligible at ₹0.016 crore. After adjusting for inter-segment revenue of ₹55.54 crore, net sales from operations stood at ₹720.88 crore, marking a sequential decline but broadly stable performance on a year-on-year basis.
Stock Performance and Market Position
The company's shares have remained under pressure since February 2024, having lost about 54% of their value since then to trade at the current level of ₹39.50 apiece. Although the shares showed signs of recovery in recent months, the rebound was short-lived as they slipped back into the red zone.
So far in the current year, the stock has declined by 22%, following a 24% drop in the previous calendar year. BCL Industries Limited continues to be one of India's largest agro-processing and manufacturing companies with diverse businesses and vertical integrations, engaged in the production of edible oils, rice milling, grain-based distillery operations, and real estate development.
