BALRAMCHIN - Balrampur Chini
📢 Recent Corporate Announcements
Balrampur Chini Mills Limited has been assigned an ESG rating of 56, categorized as 'Adequate', by ESGRisk.ai, a SEBI-registered ESG rating provider. The rating was voluntarily assigned based on the company's publicly available information and was communicated to the firm on March 11, 2026. This score reflects the company's current standing in environmental, social, and governance practices relative to industry standards. While the rating is a positive step toward transparency, an 'Adequate' score suggests there is significant room for improvement to reach 'Leadership' levels.
- ESGRisk.ai assigned an ESG rating of 56 to the company.
- The rating is classified under the 'Adequate' category.
- The assessment was conducted voluntarily based on publicly available information.
- The official intimation was received by the company on March 11, 2026.
Balrampur Chini Mills (BCML) has released its ESG Report for FY 2025, detailing its transition toward a bio-circular economy model. The report emphasizes the company's integrated approach across sugar, ethanol, and its upcoming Poly Lactic Acid (PLA) business. BCML has outlined 10 strategic priorities, focusing on decarbonization, water stewardship, and reducing fossil fuel dependency. This disclosure underscores the company's commitment to long-term sustainability and risk management beyond mere regulatory compliance.
- Submission of the comprehensive ESG Report for FY 2025 as per SEBI Listing Obligations.
- Strategic focus on 'Balrampur Bioyug', integrating sugar and ethanol with emerging bio-materials like PLA.
- Implementation of a decarbonization roadmap and circular economy models to eliminate linear waste.
- Commitment to 10 non-negotiable priorities including farmer resilience and renewable energy advancement.
- Emphasis on 'Futurability' by aligning capital allocation with climate-resilient business models.
Balrampur Chini Mills has notified shareholders regarding the non-credit of the FY 2025-26 interim dividend due to incorrect or incomplete bank details. The dividend of Rs 3.50 per share (350%) was declared in November 2025 and originally paid out on December 1, 2025. Affected investors must update their KYC and bank information with the RTA, KFin Technologies, to receive their unpaid funds. Additionally, the company highlighted a special one-year window for dematerializing physical shares purchased before April 2019, running until February 2027.
- Interim dividend of Rs 3.50 per share (350%) was declared on November 11, 2025.
- Dividend payments were processed on December 1, 2025, for shareholders on record as of November 17, 2025.
- Unpaid dividends are currently held by the company due to failed electronic transfers caused by outdated bank records.
- A special window for dematerializing physical shares purchased before April 2019 is open from February 5, 2026, to February 4, 2027.
- Shareholders must submit Form ISR-1, ISR-2, and other KYC documents to KFin Technologies to claim unpaid amounts.
Balrampur Chini Mills has made the audio recording of its Q3 and 9M FY26 earnings conference call available to the public as of February 11, 2026. The recording provides management's detailed perspective on the company's financial performance and the broader sugar industry outlook. This disclosure is a routine regulatory requirement under SEBI (LODR) Regulations, 2015, ensuring transparency for all shareholders. Investors can access the full discussion via the company's official investor relations website.
- Audio recording of the Q3 & 9M FY26 earnings call is now available for public access.
- The conference call was conducted on February 11, 2026, following the quarterly results.
- Compliance maintained under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements).
- Recording link is hosted on the company's official website at chini.com.
Balrampur Chini Mills reported a robust Q3 FY26 with consolidated revenue rising 22% YoY to ₹1,454.12 crore and EBITDA jumping 63% to ₹201.84 crore. The performance was bolstered by higher distillery volumes and improved sugar realizations, which helped offset the impact of increased sugarcane SAP from ₹370 to ₹400 per quintal. The company highlighted a 58% growth in Total Comprehensive Income to ₹114.47 crore. While management noted margin pressure in the distillery segment due to stagnant ethanol prices, progress on the Poly Lactic Acid (PLA) project remains on track with ₹1,421 crore already invested.
- Consolidated Revenue for Q3 FY26 increased by 21.97% YoY to ₹1,454.12 crore.
- EBITDA (excluding other income) grew significantly by 63.06% to ₹201.84 crore.
- Sugarcane crushing volume increased by 8.4% to 387.6 lac quintals with sugar recovery at 10.63%.
- Total Comprehensive Income for the quarter stood at ₹114.47 crore, up 58.20% YoY.
- Invested ₹1,421 crore in the PLA project as of Jan 31, 2026, funded through ₹790 crore debt and ₹631 crore internal accruals.
Balrampur Chini Mills reported a strong set of numbers for Q3 FY26, with standalone revenue from operations rising 22% YoY to ₹1,454.12 crore. Net profit for the quarter surged by 70% to ₹106.66 crore, up from ₹62.73 crore in the same period last year. The 9-month performance also showed robust growth, with PAT reaching ₹195.70 crore compared to ₹123.86 crore in the previous year. Additionally, the company designated Independent Director Ms. Mamta Binani as the Chairperson of the Executive Committee.
- Q3 FY26 Revenue from operations increased 22% YoY to ₹1,454.12 crore.
- Net Profit (PAT) for the quarter grew by 70% YoY to ₹106.66 crore.
- 9-month FY26 PAT stands at ₹195.70 crore, representing a 58% growth over 9M FY25.
- Sugar segment revenue for the quarter stood at ₹1,406.54 crore, while Distillery contributed ₹353.31 crore.
- Basic EPS for the quarter improved significantly to ₹5.28 from ₹3.11 in the previous year's corresponding quarter.
Balrampur Chini Mills reported a robust Q3FY26 with consolidated revenue growing 21.97% YoY to ₹1,454.12 crore. Profit Before Tax (PBT) saw a significant jump to ₹171.06 crore from ₹89.02 crore in the previous year, driven by higher sugar realizations of ₹41.03/kg and an 8.4% increase in cane crushing. While the distillery segment turned profitable at the PBIT level, margins remain constrained due to the lack of government revision in ethanol prices for Juice and B-Heavy routes. The company's strategic PLA (bioplastic) project is on track for Q3FY27 commissioning with ₹1,421 crore already invested.
- Consolidated Total Comprehensive Income (TCI) rose 58.2% YoY to ₹114.47 crore in Q3FY26.
- Sugar segment PBIT increased to ₹182.46 crore with average realizations rising 6.2% to ₹41.03 per kg.
- Sugarcane crushing volume grew 8.4% to 387.59 lac quintals despite a lower overall sugarcane area in the state.
- Distillery segment revenue surged 67% YoY to ₹353.31 crore, supported by higher volumes from grain and syrup routes.
- PLA project construction is in full swing with ₹1,421 crore spent till Jan 2026 out of a total planned gross capex of ₹2,850 crore.
Balrampur Chini reported a robust performance for Q3 FY26, with standalone net profit rising 70% year-on-year to ₹106.66 crore. Revenue from operations increased by 22% to ₹1,454.12 crore compared to ₹1,192.15 crore in the same quarter last year. The sugar segment remains the primary revenue driver, contributing ₹1,406.54 crore, while the distillery segment added ₹353.31 crore. For the nine-month period ended December 2025, net profit surged 58% to ₹195.70 crore, reflecting strong operational momentum.
- Standalone Net Profit for Q3 FY26 grew by 70% YoY to ₹106.66 crore from ₹62.73 crore.
- Revenue from operations increased 22% YoY to ₹1,454.12 crore in the December quarter.
- Profit Before Tax (PBT) more than doubled YoY to ₹163.16 crore in Q3 FY26 compared to ₹80.00 crore.
- The sugar segment's quarterly revenue stood at ₹1,406.54 crore, while distillery revenue was ₹353.31 crore.
- Nine-month (9M FY26) net profit reached ₹195.70 crore, a 58% increase over the previous year's ₹123.86 crore.
Balrampur Chini Mills Limited (BCML) has scheduled its earnings conference call for Q3 & 9M FY26 on February 11, 2026, at 12:00 PM IST. This follows the official declaration of financial results on February 10, 2026. The company, a leading integrated sugar producer, currently operates with a crushing capacity of 80,000 TCD and a distillery capacity of 1,050 KLPD. Investors will be looking for management commentary on the sugar cycle and the progress of India's first 80,000 TPA Poly Lactic Acid (PLA) plant.
- Earnings conference call scheduled for February 11, 2026, at 12:00 Noon IST.
- Q3 & 9M FY26 financial results to be announced on February 10, 2026.
- Company maintains a sugarcane crushing capacity of 80,000 TCD and 1,050 KLPD distillery capacity.
- Update expected on the 80,000 TPA Poly Lactic Acid (PLA) plant project.
- Cogeneration operations currently stand at 175.7 MW of saleable power.
Balrampur Chini Mills Limited has been assigned an ESG rating of 70.9 (Grade B+) by SES ESG Research Private Limited, a SEBI-registered provider. This rating falls under the 'Medium' category and is based on the company's public data for the 2024-25 financial year. The new score marks an improvement from the previous rating of 70.2, indicating a steady progression in the company's sustainability and governance practices. Such ratings are increasingly significant for institutional investors focusing on ESG-compliant portfolios.
- SES ESG Research assigned a rating of 70.9, categorized as Grade B+ (Medium).
- The score reflects an improvement from the previous ESG rating of 70.2.
- The assessment is based on public domain data pertaining to the FY 2024-25 period.
- The rating demonstrates the company's continued commitment to enhancing its ESG performance.
Balrampur Chini Mills Limited has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018, for the period ended December 31, 2025. The certificate, issued by KFin Technologies Limited, confirms that all dematerialization and rematerialization requests were handled within the mandated timelines. It further verifies that physical certificates were mutilated and cancelled after verification by the depository participant. This is a standard administrative filing ensuring the accuracy of the company's share register.
- Compliance certificate submitted for the quarter ended December 31, 2025.
- Issued by Registrar and Share Transfer Agent (RTA) KFin Technologies Limited.
- Confirms processing of dematerialization requests within stipulated SEBI timelines.
- Physical security certificates were mutilated and cancelled after due verification.
Balrampur Chini Mills Limited has announced its participation in an investor meet scheduled for January 12th and 13th, 2026. Organized by SKP Securities Limited, the interaction will consist of group and one-on-one physical meetings. The company clarified that discussions will be limited to publicly available information, specifically referencing the investor presentation from November 11, 2025. This routine disclosure ensures compliance with SEBI Listing Obligations and Disclosure Requirements.
- Investor meet scheduled for January 12 and 13, 2026, in a physical format.
- Organized by SKP Securities Limited featuring both group and one-on-one sessions.
- Management will utilize the existing Investor Presentation dated November 11, 2025.
- No Unpublished Price Sensitive Information (UPSI) will be shared during the meetings.
Balrampur Chini Mills Limited has notified the exchanges regarding the closure of its trading window starting January 1, 2026. This closure is in compliance with SEBI Insider Trading regulations ahead of the declaration of financial results for the quarter and nine months ending December 31, 2025. The window will remain closed for all designated persons and their immediate relatives until 48 hours after the results are made public. This is a standard regulatory procedure for listed companies in India.
- Trading window closure begins on January 1, 2026.
- Closure pertains to the Un-Audited Financial Results for the quarter and nine months ended December 31, 2025.
- The window will reopen 48 hours after the official announcement of financial results.
- Compliance is in accordance with SEBI (Prohibition of Insider Trading) Regulations, 2015.
Balrampur Chini Mills Limited has scheduled a virtual group investor meeting for December 30, 2025. The session is hosted by B&K Securities India Private Limited (360 One) to facilitate interaction with institutional investors. Management will refer to the existing investor presentation dated November 11, 2025, and publicly available documents. The company has explicitly stated that no Unpublished Price Sensitive Information (UPSI) will be shared during this interaction.
- Virtual group investor meeting scheduled for December 30, 2025
- Hosted by B&K Securities India Private Limited (360 One)
- Discussions to be based on the Investor Presentation dated November 11, 2025
- Compliance with Regulation 30 of SEBI (LODR) Regulations, 2015
- No Unpublished Price Sensitive Information (UPSI) to be disclosed
Balrampur Chini Mills Limited announced the grant of 33,765 Employee Stock Appreciation Rights (ESARs) under the 'BCML Employees Stock Appreciation Rights Plan 2023'. The ESARs have an exercise price of ₹447.00 per ESAR. The vesting period is over 4 years, and the exercise period is 4 years from the date of vesting. The grant was made on December 2, 2025, in accordance with SEBI regulations.
- Granted 33,765 Employee Stock Appreciation Rights (ESARs)
- ESAR price is ₹447.00 per ESAR
- Vesting period is 4 years
- Exercise period is 4 years from vesting
Financial Performance
Revenue Growth by Segment
Total revenue from operations stood at INR 5,415.38 Cr in FY 24-25, a decrease of 3.19% from INR 5,593.74 Cr in FY 23-24. Sugar segment revenue improved by 4.26% due to a 2.8% increase in realizations. Distillery revenue declined by 15.33% on account of lower volumes resulting from restricted government policy on ethanol diversion in ESY 2023-24.
Geographic Revenue Split
The company operates 10 manufacturing units across East and Central Uttar Pradesh, India. Specific geographic revenue split percentages are not disclosed, but operations are concentrated in the domestic Indian market.
Profitability Margins
Gross profitability was impacted by a 1.59% decrease in total expenses to INR 4,977.14 Cr. Net profit margin decreased to 6.35% in FY 24-25 from 7.74% in FY 23-24. Total comprehensive income margin decreased by 150 basis points to 6.39% compared to 7.89% in the previous year.
EBITDA Margin
EBITDA margin decreased by 105 basis points from 14.05% in FY 23-24 to 13.00% in FY 24-25. Core profitability was affected by lower distillery volumes and higher feedstock costs.
Capital Expenditure
Net cash used in investing activities was INR 880.43 Cr in FY 24-25, primarily for the ongoing Polylactic Acid (PLA) project. Total planned capex for the PLA capacity is expected to involve long-term debt peaking at INR 1,650 Cr by fiscal 2027.
Credit Rating & Borrowing
The company maintains a healthy financial risk profile with a 'Stable' outlook from CRISIL Ratings. Finance costs increased by 11.76% to INR 93.46 Cr in FY 24-25 due to higher working capital requirements and interest rates. Long-term debt-equity ratio stood at a comfortable 0.16.
Operational Drivers
Raw Materials
Sugarcane is the primary raw material. Raw material costs are the largest expense component, though total expenses decreased 1.59% YoY to INR 4,977.14 Cr.
Import Sources
Sugarcane is sourced locally from farmers in East and Central Uttar Pradesh, where the company's 10 manufacturing units are located.
Key Suppliers
The company sources raw materials from a large network of local sugarcane farmers in its catchment areas in Uttar Pradesh.
Capacity Expansion
Current crushing capacity is 80,000 TPD of sugarcane, exportable power capacity is 175.7 MW, and distillery capacity is 1,050 KLPD. The company is expanding into a new PLA (bioplastic) business with a major project currently underway.
Raw Material Costs
Raw material costs are influenced by government-fixed cane prices and recovery rates. Total expenses were INR 4,977.14 Cr in FY 24-25, representing approximately 91.9% of revenue.
Manufacturing Efficiency
Return on Capital Employed (ROCE) was 11.83% in FY 24-25, down from 17.22% in FY 23-24, partly due to the capital-intensive nature of the ongoing PLA project.
Logistics & Distribution
Distribution is managed through a network of 10 integrated units. Specific logistics costs as a percentage of revenue are not disclosed.
Strategic Growth
Expected Growth Rate
20%
Growth Strategy
Growth will be driven by the diversification into the Polylactic Acid (PLA) business, which is a high-growth bioplastic segment. The company is investing over INR 2,000 Cr in this project. Additionally, growth is supported by a distillery capacity of 1,050 KLPD and a focus on high sugar recovery rates.
Products & Services
Sugar, Ethanol (for fuel blending and other uses), Power (bagasse-based co-generation), and upcoming Polylactic Acid (PLA) bioplastics.
Brand Portfolio
Balrampur Chini Mills Limited (BCML).
New Products/Services
Polylactic Acid (PLA) is the major new product launch, representing a strategic shift toward bio-based chemicals and sustainable plastics.
Market Expansion
The company is expanding its market presence from traditional sugar and ethanol into the global bioplastics market through its PLA project.
Market Share & Ranking
BCML is one of the largest integrated sugar manufacturers in India with a crushing capacity of 80,000 TPD.
Strategic Alliances
The company holds a 30.48% stake in Auxilo Finserve Pvt Ltd, an NBFC associate.
External Factors
Industry Trends
The industry is shifting toward structural transformation with a focus on ethanol blending and bio-based products like PLA. The Indian sugar sector is evolving from a cyclical sugar business to a more stable integrated bio-energy and bio-chemical model.
Competitive Landscape
The landscape consists of large integrated mills and smaller standalone units. BCML maintains leadership through scale and diversification into high-margin segments like ethanol and PLA.
Competitive Moat
The moat is built on a fully integrated model (Sugar-Ethanol-Power), large scale (80,000 TPD), and high operational efficiency. This integration provides financial stability and mitigates market risks associated with any single product.
Macro Economic Sensitivity
The business is highly sensitive to monsoon rainfall and agricultural policies, which directly impact sugarcane yields and recovery rates.
Consumer Behavior
There is a growing consumer and regulatory shift toward sustainable packaging and bio-plastics, which BCML is targeting with its PLA project.
Geopolitical Risks
Global custom tariffs and climatic impacts on global cane crops influence international sugar prices and export opportunities.
Regulatory & Governance
Industry Regulations
Operations are heavily regulated by government policies on ethanol diversion, sugar sale quotas, and sugarcane pricing (Fair and Remunerative Price/State Advised Price).
Environmental Compliance
The company is committed to ESG and sustainability, integrating these principles throughout its organization. It monitors risks related to discharge and water compliance.
Taxation Policy Impact
The company is subject to standard Indian corporate tax rates. It recently issued notices regarding TDS on interim dividend payouts for 2025-26.
Legal Contingencies
The company manages routine legal matters including share transfers under the Investor Education and Protection Fund (IEPF) and tax proceedings. Specific case values in INR Cr are not disclosed.
Risk Analysis
Key Uncertainties
Key risks include regulatory changes in ethanol blending policies, fluctuations in sugar realizations, and climatic impacts on sugarcane availability.
Geographic Concentration Risk
Manufacturing is 100% concentrated in Uttar Pradesh, making the company vulnerable to state-specific agricultural policies and local weather patterns.
Third Party Dependencies
High dependency on thousands of local farmers for sugarcane supply, which is the critical input for all business segments.
Technology Obsolescence Risk
The company is mitigating technology risk by investing in world-class technology for its new PLA project to ensure product quality and market competitiveness.
Credit & Counterparty Risk
Debtors' turnover ratio was 37.88 in FY 24-25, indicating healthy receivables management. Liquidity is supported by fund-based bank limits utilized at 56% on average.