BALRAMPUR CHINI MILLS LTD

Crushes sugarcane to make sugar, with ethanol and bioplastics as adjacent lines. Sugar — the core business — accounted for 75.8% of FY26 segment revenue at ₹5,507 crore (EBIT margin 9.3%); it serves industrial buyers, institutional customers and the retail market, against an industry backdrop of a multi-year-low closing inventory of 4.3 MT and a mid-season export ban that supported UP prices at ₹41-42/kg. Distillery, which converts cane juice and B-heavy molasses into ethanol for oil marketing companies under the government's blending programme, made up 23.7% of segment revenue at ₹1,721 crore (EBIT margin 11.8%); ethanol prices on juice/B-heavy routes have not been revised in three years despite a ₹30/quintal hike in cane SAP, compressing margins. Polylactic Acid (PLA), a sugarcane-based compostable bioplastic for packaging and single-use products (cutlery, bottles, prasad boxes, garbage bags), is in build-out — India's first commercial-scale PLA plant at 80,000 TPA is being commissioned in Q3 FY27 with a ₹3,080 crore capex and a 35% EBITDA margin target, partly funded by a ₹450 crore preferential share issue (₹193 crore from promoters). The PLA segment is currently loss-making, contributing 0.3% of FY26 segment revenue. Sugarcane is the principal input — materials at ₹4,608.85 crore were 73.5% of FY26 revenue — with capex of ₹948.48 crore (15.1% of revenue) directed primarily at the PLA project.