NSE: BALRAMCHIN · BSE: 500038
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. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Sugar (76%), Distillery (24%), Polylactic Acid (PLA) (0%), Others (0%). Cyclical, agro-processing sugar producer with by-product distillery and an emerging bioplastics (PLA) line.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 4,846 | 4,666 | 5,594 | 5,415 | 6,271 |
| EBITDA (ex other income) | 698 | 512 | 786 | 704 | 741 |
| margin % | 14.4 | 11.0 | 14.1 | 13.0 | 11.8 |
| Owners' profit | 465 | 284 | 534 | 437 | 0 |
| EPS, as reported (₹) | 22.44 | 13.94 | 26.49 | 21.65 | 18.74 |
| ROE % · ROCE % | 16.8 · 20.6 | 9.8 · 12.9 | 15.7 · 20.2 | 11.5 · 13.6 | 9.1 · 11.1 |
| Debt / equity (x) | 0.44 | 0.65 | 0.59 | 0.69 | 0.77 |
| Cash from operations | 695 | 453 | 178 | 425 | 599 |
| Capex | (404) | (856) | (268) | (892) | (948) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,298 | 1,192 | 1,504 | 1,542 | 1,671 | 1,454 | 1,604 | 1,637 |
| Profit before tax | 51 | 80 | 301 | 63 | 71 | 163 | 227 | 52 |
| Net profit | 67 | 70 | 229 | 52 | 54 | 113 | 160 | 44 |
| EPS (₹) | 3.33 | 3.49 | 11.35 | 2.55 | 2.67 | 5.62 | 7.90 | 2.16 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Sugar | 5,507 | 75.8 |
| Distillery | 1,721 | 23.7 |
| Polylactic Acid(PLA) | 24 | 0.3 |
| Others | 14 | 0.2 |
| Total, before eliminations | 7,266 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| BALRAMPUR CHINI MILLS LTD ◆ | 13,331 | 34.4 | 3.22 | 21.2 | 9.1 | 9.7 | 5.4 | 7.9 |
| TRIVENI ENGG. & INDS. LTD | 4,955 | 17.6 | 1.48 | 11.6 | 8.0 | 9.4 | 10.1 | 3.3 |
| BAJAJ HINDUSTHAN SUGAR LT | 4,237 | 13.1 | 1.11 | 20.6 | 3.3 | 1.5 | (3.9) | (10.4) |
| BANNARI AMMAN SUGARS LTD | 3,944 | 32.4 | 2.06 | — | 7.7 | 8.7 | — | 0.5 |
| SHREE RENUKA SUGARS LTD | 3,894 | — | — | 70.7 | 29.6 | (108.2) | 10.2 | (3.1) |
| DALMIA BHARAT SUG IN LTD | 3,284 | 13.7 | 1.02 | 9.1 | 7.3 | 8.0 | 6.1 | 8.3 |
| UTTAM SUGAR MILLS LTD. | 1,202 | 13.8 | 1.35 | 8.1 | 11.3 | 12.7 | — | 4.5 |
| DHAMPUR SUGAR MILLS LTD. | 1,064 | 15.2 | 0.89 | 9.8 | 5.5 | 5.8 | (7.9) | 4.7 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 34.4 | 14.5 | 17 of 20 | 16% |
| P/B | 3.2 | 0.9 | 25 of 26 | 4% |
| ROCE | 9.7 | 3.0 | 5 of 27 | 85% |
| ROE | 9.2 | 3.5 | 7 of 26 | 76% |
| Debt / Equity | 0.8 | 0.6 | 18 of 26 | 32% |
| EBITDA margin | 7.9 | 4.6 | 11 of 26 | 60% |
| Revenue growth | 6.1 | 5.5 | 12 of 25 | 54% |
| Profit growth | (14.4) | (14.4) | 14 of 27 | 50% |
| Market cap | 13331 | 282 | 1 of 28 | 100% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Board meeting set for November 4, 2026 | results | low | — | — |
| 24 Oct 2026 · 44,287 shares allotted to employees under ESAR 2023 | capital market events | low | — | — |
| 17 Oct 2026 · Balrampur Chini grants 1.21 lakh ESARs at Rs 721.25 under ESAR 2023 Plan | general | medium | — | — |
| 9 Oct 2026 · Routine demat compliance certificate filed for Q2 FY26 | compliance | minimal | — | — |
| 9 Oct 2026 · Balrampur Chini Mills files 50th AGM minutes; all 9 resolutions approved | compliance | minimal | — | — |
| 28 Sept 2026 · Trading window closed from Oct 1, 2026 pending Q2 results | compliance | minimal | — | — |
| 25 Sept 2026 · Reminder to physical shareholders to update KYC details and claim dividends | compliance | minimal | — | — |
| 25 Sept 2026 · Repaid commercial paper worth Rs 100 crore on due date | credit debt | medium | — | — |
| 24 Sept 2026 · BCML gets Rs 75 Crore Govt grant for PLA Co-Polymer R&D Facility under BioE3 | business updates | high | — | — |
| 23 Sept 2026 · Balrampur Chini Mills repays Rs 100 crore Commercial Paper on due date | credit debt | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
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Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.