Transcript of the Q4 & FY26 Earnings Conference Call held on 18th May, 2026

Balrampur Chini Mills reported stable FY26 performance despite a INR30 per quintal increase in sugarcane prices. The company crushed 1,043 lakh quintals of cane, up 5.2% YoY, while gross recovery remained flat at 11.24%. Sugar production for the industry is estimated at 28 million tonnes with closing inventory expected at 4.3 million tonnes, the lowest in recent memory, supporting domestic prices at Rs. 41-42/kg. The PLA project with INR3,080 crore capex is on track for commissioning in Q3 FY27 (October), targeting 35% EBITDA margins leveraging captive sugar and bagasse feedstock. Ethanol prices for juice/B-heavy routes have not been revised for 3 years, creating margin pressure, but management sees positive government conversations on this front. The company raised INR450 crore via preferential shares with promoters contributing INR193 crore.