Analysts/Institutional Investor Meet/Con. Call Updates

Regd. Office: Distillery Unit, Dabwali Road, Sangat Kalan, Bathinda- 151401 Ph.: 0164-2220129, 2240163 Website: www.bcl.ind.in Email: bcl@mittalgroup.co.in CIN: L24231PB1976PLC003624 The National Stock Exchange of India BSE Limited Limited Exchange Plaza, 5 th Floor Plot Corporate Relationship Dept. 1 1st Floor, New Trading No. C/1, G Block Bandra Kurla Complex Ring Rotunda Building Phiroze Jeejeebhoy Towers Bandra (East) Mumbai – 400051 Dalal Street, Fort, Mumbai – 400001 NSE SCRIP CODE: BCLIND BSE Code: 524332 NOV 11, 2026 ‘Reg: Analyst/Investors Concall Transcript Dear Sir/Madam Pursuant to clause 15 of Para A of Part A of Schedule III of Regulation 30 (2) of SEBI (listing obligations and disclosure requirements) regulations, 2015, we hereby annex the transcript of the Analyst and Investors conference call held on Friday, Nov 6, 2026 to discuss Unaudited Financial Results of the Company for the Quarter and half year ended on 30th September, 2026. Submitted for the larger dissemination amongst the public at large. Thanking You, Yours faithfully, For BCL Industries Limited Ajeet Kumar Thakur Company Secretary & Compliance Officer Corporate Office: BCL Industries Limited, Unit No. A620, 6th Floor, Elante Office Plot No. 178-178A, Industrial & Business Park Phase-1, Chandigarh-160002 “BCL Industries Limited Q2 & H1 FY27 Earnings Conference Call” November 06, 2026 MANAGEMENT: MR. KUSHAL MITTAL – JOINT MANAGING DIRECTOR – BCL INDUSTRIES LIMITED MR. VARUN GUPTA – CHIEF EXECUTIVE OFFICER – BCL INDUSTRIES LIMITED MR. AADITH V – GO INDIA ADVISORS, INVESTOR RELATION MODERATOR: MR. NITIN AWASTHI – INCRED EQUITIES Page 1 of 11 BCL Industries Limited November 06, 2026 Moderator: Ladies and gentlemen, good day and welcome to BCL Industries Q2 and H1 FY27 Earnings Conference Call hosted by InCred Equities. This conference call may contain forward-looking statements about the company, which are based on the beliefs, opinions and expectations of the company as on date of this call. These statements are not the guarantees of future performance and involve risks and uncertainties that are difficult to predict. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Nitin Awasthi from InCred Equities. Thank you, and over to you, Mr. Awasthi. Nitin Awasthi: Thank you. I would like to thank the management of BCL Industries Limited for giving us this opportunity to host their earnings call today. From BCL Industries management, we have Mr. Kushal Mittal, Joint Managing Director; and Mr. Varun Gupta, CEO. Also from Go India Advisors, their IR, we have Mr. Aadith. I would now like to invite Mr. Varun Gupta to initiate the proceedings with his opening remarks, post which we shall open the floor for a Q&A session. Thank you, and over to you, sir. Varun Gupta: Thank you, Nitin. Good afternoon, everyone. A warm welcome to BCL Industries Limited Q2 and H1 FY27 Earnings Conference Call. The results and investor presentation have been uploaded on the stock exchanges, and I hope you have had a chance to go through them. Let me begin with a brief overview of the industry and the opportunities ahead. India's ethanol program has laid the foundation for a robust biofuel economy. Beyond fuel blending, its expanding applications across pharmaceuticals, industrial chemicals, sustainable aviation fuel, isobutanol and clean cooking fuels are opening up significant avenues for long-term demand. The compressed biogas sector is also gaining momentum, supported by government's GOBARdhan scheme and mandatory CBG blending targets of 3%, increasing up to 5% by FY29. BCL is strengthening its operational capabilities to capitalize on this emerging opportunity, further expanding its presence in the biofuel sector. Moving on to the operational updates. I am pleased to inform you that the temporary disruption at our 200 KLPD ethanol unit in Bathinda following the fire incident on 19th June has been fully resolved. After receiving all necessary statutory approvals, the unit resumed operations on 28th of August. With this, our entire installed distillery capacity of 900 KLPD is now operational, comprising 550 KLPD at our Sangat distillery in Punjab and 350 KLPD at Svaksha distillery in West Bengal. We have also filed the insurance claim for the fire incident and expect to receive the claim by the end of third quarter. Page 2 of 11 BCL Industries Limited November 06, 2026 On the ethanol allocation front, BCL has received an additional allocation of 4.37 crores liters from OMCs for quarter 4 of this year, comprising 2.35 crores liters for Sangat and 2.02 crores liters for Svaksha. With this, our total order book for ESY 2025-'26 has increased by 41% from 1 lakh KL to 1.5 lakh KL. Another key strength for BCL lies in the integration across our facilities at every stage of the value chain. At our distilleries, the same capacity can be utilized for either ethanol or ENA production, enabling us to switch between the 2 seamlessly. This flexibility has reflected in quarter 2 FY27 with ENA volumes increasing up to 22,500 KL from 12,130 KL in quarter 2 of FY26, while ethanol volumes stood at 39,500 KL during the quarter. Moving on to our PML business, the growth momentum continues to remain strong. During second quarter of FY27, we sold 6.42 lakh cases, representing a growth of 41.4% year-on-year. Coming to our oil refinery business, following our exit from the packaged oil segment, our focus has shifted towards soft oil refining with an installed capacity of 400 tonnes per day each at Bathinda and Kharagpur. While we acknowledge the near-term headwinds in the ethanol industry arising from oversupply, we remain cautiously optimistic about the emerging opportunities across the broader biofuel sector, supported by our existing infrastructure and operational readiness. Moving to our financial performance for the quarter. Consolidated revenue from operations for second quarter of FY27 stood at INR695 crores, while revenue for first half of FY27 stood at INR1,319 crores. EBITDA for the quarter stood at INR66 crores with EBITDA margin holding steady at 9.5%. For first half of FY27, EBITDA stood at INR132 crores, up 5.9% year-on-year with the margins improving by 191 basis points to 10%. PAT for the quarter stood at INR29 crores with a PAT margin of 4.2%. On a segmental basis, our distillery business reported an EBITDA margin of 11.9% in Quarter 2 of FY27, compared to 11% in quarter 2 of FY26, marking an improvement of 90 basis points year-on-year. This improvement came despite higher maize prices during the quarter and reflects our enhanced operational efficiencies through shared infrastructure. In our oil refinery business, revenue for second quarter of FY27 stood at INR188 crores with an EBITDA margin of 3.7%. Other income for the quarter also includes one-time gain of INR2 crores from the sale of assets from our former oil and vanaspati unit at Bathinda. As we move forward, we will remain focused on strengthening our core businesses while leveraging our procurement expertise to create sustainable long-term value for our shareholders. With that, we would now like to open the floor for questions. Thank you. Moderator: Thank you. We will now begin the question-and-answer session. The first question comes from the line of Udit Sehgal: with PinPoint X Capital. Page 3 of 11 BCL Industries Limited November 06, 2026 Udit Sehgal: Congratulations for a good set of results. Sir, firstly, I wanted to understand about the ethanol tender for the new year. The government has made plenty of changes where I think the sugarcane juice and other things have been disqualified, so the pressure on grains will b [Showing first 8,000 characters — download PDF for full document]