Balrampur Chini Mills Limited has informed the Exchange about Transcript
BALRAMCHIN · price
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Balrampur Chini Mills held its Q4 & FY25 earnings call on May 16, 2025. The sugar business delivered strong margins, supported by firm sugar prices around Rs. 41/kg due to tight inventory (closing stock expected at 5.2 million tonnes by Oct 2025) and a 1 million tonne government export quota. Crushing fell just 1.73% YoY and recovery dropped only 0.44% — the smallest decline in East UP. The distillery segment, however, faced pressure as the government did not revise ethanol prices for juice and B-heavy routes despite an FRP hike. Management remains hopeful that ethanol prices will be realigned with FRP next year. The big highlight is the 80,000-tonne PLA (bioplastic) project, on track for Q3 FY27 commissioning, with a net capex of Rs. 1,750 crores after a 50% government subsidy, targeting Rs. 2,000 crore annual revenue and ~35% EBITDA margin. Sugar inventory of 7.5 lakh tonnes is expected to be liquidated by November, with hopes of slightly higher volumes (~10 lakh tonnes) in FY26.
Short-term: Sugar price firmness and inventory liquidation support near-term revenue. Ethanol segment margins remain under pressure until government revises prices. Medium-to-long term: PLA project could be a significant value driver from FY27, diversifying earnings away from the sugar-ethanol cycle. Positive for shareholders with a 2-year investment horizon.