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Balrampur Chini Mills Results: Latest Quarterly Results & Analysis

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Balrampur Chini Mills Ltd. 10 Feb 2026 17:15 PM

Q3FY26 Quarterly Result Announced for Balrampur Chini Mills Ltd.

Sugar company Balrampur Chini Mills announced Q3FY26 results

  • Revenue: Rs 1,45,411.8 lakh against Rs 1,19,214.71 lakh during Q3FY25, change 22%.
  • PBT: Rs 17,105.63 lakh against Rs 8,902.13 lakh during Q3FY25, change 92%.
  • PAT: Rs 11,343.04 lakh against Rs 7,047.05 lakh during Q3FY25, change 61%.
  • EPS: Rs 5.62 for Q3FY26.

Vivek Saraogi, Chairman & Managing Director, Balrampur Chini Mills, said: “During the quarter, the sugar segment delivered strong performance, driven by improved realizations inspite of increase in SAP of sugarcane from Rs 370/quintal to Rs 400/quintal which led to increase in the cost of production of sugar.

Distillery segment also delivered stable performance driven by higher volumes. No revision in Ethanol prices resulted in decline in margins.

Sugarcane crushing during the quarter was ~8.4% higher at 387.6 lakh quintals owing to early start of few plants and better capacity utilization. Gross sugar recovery (C-heavy terms) was marginally higher by 8 bps at 10.63%. Despite decline in sugarcane area, crushing for the Company is expected to be higher due to extra area allotted to us by the State Govt.

India’s net sugar production (post diversion to ethanol) is estimated at 28.8 MMT up ~10.3% from 26.1 MMT in the previous season. Government has announced export quota of 1.5 MMT for the season. Considering domestic consumption and exports at 29.2 MMT, we expect the closing stock to be ~4.6MMT as on 30th September 2026. Thus, there will be drawdown out of the last year’s opening inventory of 5MMT. However, production numbers and exports requires continuous monitoring as dynamics keeps changing.

On the policy front, concerns regarding the import of ethanol from the US for the blending programme have receded following the trade deal. However, the overhang relating to the pending revision in domestic ethanol prices continues.

Despite a significant increase of ~16.4% in sugarcane FRP and operational costs, the Government has not revised Ethanol prices under the Juice and BH routes since ESY 2022-23. It is important to understand that with the required upward revision in the prices of Juice ethanol/BH Ethanol, the overall impact will be marginal on the average purchase price of the entire ethanol basket of OMCs. Large scale diversion of sugar toward ethanol is possible only under BH and Juice route. In absence of correct ethanol pricing, the required diversion towardsJuice and B-Heavy routes will not be financially viable.

Poly Lactic Acid (PLA) project is progressing well. Construction activities are in full swing with over 3000 workers on site. ~90% imported items have reached the site and balance are in transit. Markets are being developed by way of trading of imported PLA. Till 31st January 2026 ~Rs 1421 crore has been spent (Rs 790 crore via debt and Rs 631 crore through internal accruals.

We stand committed to sustainable value creation by optimizing every aspect of our operations focusing on maximum value creation from each stick of sugarcane. Our diversified product range (including PLA) aligns with the global environmental goals. Leveraging our integrated operations and strong financial health, we remain dedicated to deepening our relationships with Environment and enhancing operational efficiencies. We will continue to invest judiciously and create value for all our stakeholders.”

Result PDF

Sugar company Balrampur Chini Mills announced Q2FY26 results

  • Revenue from Operations: Rs 1,670.76 crore against Rs 1,297.95 crore during Q2FY25, change 28.72%.
  • EBITDA: Rs 120.40 crore against Rs 49.08 crore during Q2FY25, change 145.31%.
  • Comprehensive Income: Rs 57.29 crore against Rs 71.08 crore during Q2FY25, change -19.40%.

Vivek Saraogi, Chairman & Managing Director, Balrampur Chini Mills Limited (BCML), said: “BCML has delivered a healthy performance in a seasonally weak quarter. We reported improvement in volumes and realizations across Sugar and Distillery divisions that supported overall performance. Furthermore, profitability this quarter also benefited from the revision in power tariff w.e.f. 1st April 2024.

India’s net sugar production (post diversion to ethanol) is projected to rebound in the 2025–26 season, with an estimated output of 31 MMT, up ~19% from 26.1 MMT in the previous season. We are preparing for an expected upswing in our production volumes supported by conducive weather conditions despite decline in sugarcane area.

The Government has recently allowed exports of 1.5 MMT for 2025-26 sugar season. Considering India's domestic consumption at 28.5 MMT, the closing stock of sugar as on 30th Sep-2026 is expected to be around 6 MMT.

Despite a significant increase in sugarcane FRP and operational costs, the Government has not revised Ethanol prices under the Juice and B-heavy routes over last two years. We are hopeful that a timely upward revision in ethanol prices will be made to maintain the viability of sugar mills and their ability to make timely payments to farmers in ongoing season 2025-26 i.e. consecutive third year of rising cost burden. Likewise, revision in the Minimum Sale Price (MSP) of sugar will also be vital to sustain the sector’s financial health in a surplus year.

I am pleased to share that the Board of Directors at its meeting held today has announced interim dividend of Rs 3.50 (350%) per Equity share of Re. 1/- each leading to outflow of ~Rs 70.7 crore.

We continue to make healthy progress on Polylactic Acid (PLA) project. Construction activities are in full swing and we have also started developing the market by way of trading of imported PLA. Till 31st October 2025 ~Rs 1093 crore have been spent (Rs 570 crore via Debt and balance from internal accruals) on the project.

BCML stands committed to sustainable value creation by optimizing every aspect of our operations, ensuring maximum value extraction from each stick of cane. The introduction of the PLA project diversifies our product range and aligns with global environmental goals by offering an environment friendly alternative to traditional plastics. Leveraging our integrated operations and strong financial health, we remain dedicated to deepening our relationships with Environment and enhancing operational efficiencies. We will continue to invest judiciously and create value for our shareholders.”

Result PDF

Sugar company Balrampur Chini Mills announced Q4FY25 & FY25 results

Consolidated Q4FY25 Financial Highlights:

  • Revenue from Operations for the quarter: Rs 1,503.68 crore (Q4FY25), Rs 1,434.26 crore (Q4FY24), Variance 4.84%
  • EBITDA (excluding Other Income) for the quarter: Rs 365.24 crore (Q4FY25), Rs 344.72 crore (Q4FY24), Variance 5.95%
  • Total Comprehensive Income for the quarter: Rs 225.43 crore (Q4FY25), Rs 208.71 crore (Q4FY24), Variance 8.01%

Consolidated FY25 Financial Highlights:

  • Revenue from Operations for the year: Rs 5,415.38 crore (FY25), Rs 5,593.74 crore (FY24), Variance (3.19)%
  • EBITDA (excluding Other Income) for the year: Rs 704.24 crore (FY25), Rs 786.17 crore (FY24), Variance (10.42)%
  • Total Comprehensive Income for the year: Rs 438.84 crore (FY25), Rs 542.55 crore (FY24), Variance (19.12)%

Standalone Q4FY25 Financial Highlights:

  • Revenue from Operations for the quarter: Rs 1,503.68 crore (Q4FY25), Rs 1,434.26 crore (Q4FY24), Variance 4.84%
  • EBITDA (excluding Other Income) for the quarter: Rs 365.24 crore (Q4FY25), Rs 344.72 crore (Q4FY24), Variance 5.95%
  • Total Comprehensive Income for the quarter: Rs 216.35 crore (Q4FY25), Rs 202.70 crore (Q4FY24), Variance 6.73%

Standalone FY25 Financial Highlights:

  • Revenue from Operations for the year: Rs 5,415.38 crore (FY25), Rs 5,593.74 crore (FY24), Variance (3.19)%
  • EBITDA (excluding Other Income) for the year: Rs 704.24 crore (FY25), Rs 786.17 crore (FY24), Variance (10.42)%
  • Total Comprehensive Income for the year: Rs 345.87 crore (FY25), Rs 441.34 crore (FY24), Variance (21.63)%

Commenting on the performance for Q4FY25, Vivek Saraogi, Chairman and Managing Director, Balrampur Chini Mills, said “The sugar segment delivered a strong performance in the quarter under review, driven by improved margins. In the distillery segment, results were adversely impacted due to government’s decision not to increase the ethanol prices for juice and B-heavy ethanol.

Sugar cane crushing in the quarter was 1.4% lower than in the same period last year. Gross sugar recovery before diversion remained lower by ~40 basis points due to unfavourable weather conditions. It is worth noting that our decline in sugar recovery was one of the lowest among the factories in the Eastern UP.

The export quota of 1 million ton for the current season has bolstered the domestic sugar prices up to a level of Rs.41/kg which is also the average cost of production of sugar in the country.

For the 2024-25 ethanol year, while the government has allowed diversion of sugarcane juice and BH molasses for ethanol production but gave no price increase, which is deviation from the government's previous practice of linking ethanol price hikes to FRP/sugar prices has made diversion of sugar for ethanol unremunerative. In the long term, this will pose a challenge to the government’s plan to go upto E30 by 2030.

The progress of our 80,000 tons capacity PLA project remains on track with a capital cost of Rs 2850 crores (gross) or Rs 1750 crores (net of capital subsidy announced by the U.P. State Government). The Uttar Pradesh government’s pioneering bioplastics policy strengthens the viability of our PLA project by providing an attractive incentive framework.

Over the years, our integrated operations have successfully kept pace with industry headwinds and adapted to the evolving dynamics of the industry. The upcoming PLA bioplastic project fits seamlessly into our core philosophy of getting the most value out of every stick of cane. This transformative project strengthens our ties to agriculture, advances our sustainability goals and is a natural evolution of our business model. We believe it is well positioned to add significant value while promoting environmentally friendly initiative for the future.”

Result PDF

Sugar company Balrampur Chini Mills announced Q3FY25 results

  • Revenue from Operations for Q3FY25 was Rs 1,192.15 crore as against Rs 1,230.39 crore in Q3FY24, representing a decrease of 3.1%.
  • EBITDA (excluding Other Income) for Q3FY25 was Rs 123.78 crore as against Rs 113.39 crore in Q3FY24, representing an increase of 9.2%.
  • Total Comprehensive Income for Q3FY25 was Rs 72.36 crore as against Rs 92.25 crore in Q3FY24, representing a decrease of 21.6%.

Vivek Saraogi, Chairman & Managing Director, Balrampur Chini Mills (BCML), said: “During the quarter, the sugar segment delivered strong performance, driven by higher profitability from improved margins. In contrast, the Distillery segment faced challenges due to lower alcohol recovery in the Juice route as a result of lower Pol% in cane, which is now picking up.

Cane crushing during the quarter was 10.4% higher than during the same period last year; however, sugar recovery remained lower by around 48 bps due to adverse weather conditions. Notably, our decline in recovery was the lowest among mills in eastern UP.

The export quota of 1 million tonnes for the ongoing season has strengthened the domestic sugar prices, which are expected to remain robust in the medium term.

For the ethanol year 2024-25, the government has permitted the diversion of sugarcane juice and BH molasses for ethanol production. However, deviation from the past practice of the government of linking ethanol price hikes to FRP/sugar prices, has made the sugar diversion unattractive for Juice based ethanol. This will pose a challenge to the industry’s new expansion plans particularly when the government is looking beyond E20. The government's decision not to implement a price increase for BH and Juice based Ethanol, commensurate with the increase in FRP by 11.5% over the last two years, has also contributed to the distillery’s under performance.

Progress of our PLA Project remains on-track as per schedule. Uttar Pradesh Government’s pioneering bioplastic policy strengthens the viability of our PLA project by offering an attractive incentive framework.

The Board had previously approved a capex of Rs 2000 crore for the PLA Project on 18th February 2024, based on conceptual planning. The revised capex now stands at Rs 2850 (gross) and Rs 1750 crore (net of expected capital subsidy as announced by the U.P. Government). This higher investment is determined after detailed engineering including on account of increase in capacity of Plant from 75000 TPA to 80000 TPA with lower conversion cost.

Over the years, our integrated operations have empowered us to successfully navigate sector headwinds and adapt to evolving industry dynamics. The upcoming PLA bioplastic project aligns seamlessly with our core philosophy of maximizing value from every cane stick. This transformative project strengthens our connections with the farming community, advances our sustainability goals, and represents a natural evolution of our business model. We believe it is well-positioned to drive significant value creation while promoting eco-friendly practices for the future.”

Avantika Saraogi, Executive Director, Balrampur Chini Mills, said: “We're proud to announce a landmark investment in our state-of-the-art PLA biopolymer plant, this pioneering facility sets two global benchmarks, first to produce PLA from sugarcane at same manufacturing site & also the first PLA plant operating on 100% renewable energy. With cutting-edge technology and industry-leading partners, we're driving efficiency and performance. Our goal is to lead India's biopolymer revolution and make Balrampur Chini Mills the market leader. This PLA venture is risk diversification in the end so that the company has more possibility to maximise the value stream. We like to remain as the first mover and sizeable player in the Indian bioplastics market. “

Result PDF

Sugar company Balrampur Chini Mills announced Q1FY25 results:

Consolidated: 

  • Revenue from Operations for the quarter ended June 2024 was Rs 1,421.60 crore as against Rs 1,389.62 crore in the corresponding quarter of the last year, representing an increase of 2.3%
  • EBITDA (excluding Other Income) for the quarter ended June 2024 was Rs 166.13 crore as against Rs 163.18 crore in the corresponding quarter of the last year, representing an increase of 1.8%
  • Total Comprehensive Income for the quarter ended June 2024 was Rs 69.98 crore as against Rs 72.74 crore in the corresponding quarter of the last year, representing a decrease of 3.8%.

Standalone:

  • Revenue from Operations for the quarter ended June 2024 was Rs 1,421.60 crore as against Rs 1,389.62 crore in the corresponding quarter of the last year, representing an increase of 2.3%
  • EBITDA (excluding Other Income) for the quarter ended June 2024 was Rs 166.13 crore as against Rs 163.18 crore in the corresponding quarter of the last year, representing an increase of 1.8% 
  • Total Comprehensive Income for the quarter ended June 2024 was Rs 64.47 crore as against Rs 68.57 crore in the corresponding quarter of the last year, representing a decrease of 6.0%.

Commenting on the performance for Q1 FY25, Vivek Saraogi, Chairman and Managing Director, Balrampur Chini Mills Limited (BCML), said: “The Company has commenced the fiscal on a steady note. Despite facing challenges in distillery operations due to regulatory issues, sugar segment has continued to perform well in a seasonally soft quarter, benefiting from higher volumes and realisations.

During the quarter ended June 2024, sugarcane crushing was lower by ~54% and sugar production declined by ~48%. This decrease is owing to lower sugarcane availability during the season which has also impacted the distillery segment. Further the fixed overheads could not be absorbed fully in this quarter owing to curtailed crushing/season days.

We are working on cane development activities and varietal rebalancing. The Company carried forward higher inventory of 51.2 lakh quintals as of June 30, 2024 valued at Rs 34.88/kg. (last year 41.1 lakh quintal valued at Rs 33.79/kg.). The cost of production went up primarily on account of cane price increase by Rs 20 per quintal.

For the ensuing season, IMD is forecasting a normal monsoon which will aid to better yields. Lower diversion of cane towards Gur- Khandsari and better yield should translate to higher cane availability in U.P. In contrast, lower cane is expected in Maharashtra and Karnataka due to lower acreage.

Expected sugar inventory at ~8.55 MMT as on 30th September 2024 in the country alongwith expected production of 32 MMT (pre-diversion) for the SS 24-25 and domestic consumption of around 29 MT provides enough headroom to the Government to carry on the blending programme under Juice & Bheavy route unhindered and possibly leave room for exports too. In the past, we have seen that closing stock of 5.5 MMT has been considered sufficient.

We continue to make healthy progress on our cane-based Polylactic Acid (PLA) project. As one of the pioneers of the integrated sugar model in India, we see this initiative as a natural extension of our vision. Till 30th June 2024 ~Rs 299.8 crore has been spent from internal accruals.

At BCML, our commitment to sustainable value creation extends to optimizing every aspect of our operations, ensuring maximum value extraction from each stick of cane. The introduction of the PLA project diversifies our product range and aligns with global environmental goals by offering an environment friendly alternative to traditional plastics. Leveraging our integrated operations and strong financial health, we remain dedicated to deepening our relationships with Environment and enhancing operational efficiencies. We will continue to invest judiciously and create value for our shareholders” 

Result PDF

Sugar company Balrampur Chini Mills announced Q4FY24 & FY24 results:

Q4FY24 Financial Highlights:

Consolidated:

  • Revenue from Operations for Q4FY24 was Rs 1,434.26 crores as against Rs 1,491.53 crores in the corresponding quarter of the last year, representing a decrease of 3.8%
  • EBITDA (excluding Other Income) for Q4FY24 was Rs 344.72 crores as against Rs 403.89 crores in the corresponding quarter of the last year, representing a decrease of 14.6%
  • Total Comprehensive Income for Q4FY24 was Rs 208.71 crores as against Rs 255.96 crores in the corresponding quarter of the last year, representing a decrease of 18.5%.

Standalone:

  • Revenue from Operations for Q4FY24 was Rs 1,434.26 crores as against Rs 1,491.53 crores in the corresponding quarter of the last year, representing a decrease of 3.8%
  • EBITDA (excluding Other Income) for Q4FY24 was Rs 344.72 crores as against Rs 404.18 crores in the corresponding quarter of the last year, representing a decrease of 14.7%
  • Total Comprehensive Income for Q4FY24 was Rs 202.70 crores as against Rs 252.35 crores in the corresponding quarter of the last year, representing a decrease of 19.7%.

FY24 Financial Highlights:

Consolidated:

  • Revenue from Operations for FY24 was Rs 5,593.74 crores as against Rs 4,665.86 crores in FY23, representing an increase of 19.9%
  • EBITDA (excluding Other Income) for FY24 was Rs 786.17 crores as against Rs 512.04 crores in FY23, representing an increase of 53.5%
  • Total Comprehensive Income for FY24 was Rs 542.55 crores as against Rs 277.90 crores in FY23, representing an increase of 95.2%.

Standalone:

  • Revenue from Operations for FY24 was Rs 5,593.74 crores as against Rs 4,665.86 crores in FY23, representing an increase of 19.9%
  • EBITDA (excluding Other Income) for FY24 was Rs 786.17 crores as against Rs 512.33 crores in FY23, representing an increase of 53.5%
  • Total Comprehensive Income for FY24 was Rs 441.34 crores as against Rs 269.31 crores in FY23, representing an increase of 63.9%.

Commenting on the performance for Q4FY24, Vivek Saraogi, Chairman and Managing Director, Balrampur Chini Mills (BCML), said: “We delivered robust results during the year aided by strong volumes and realizations both in sugar and distillery segment.

During the year ended March 2024, sugarcane crushing was higher by ~16% and sugar production increased by ~27%. This increase is attributed to various cane development activities and varietal rebalancing undertaken by the Company and lower sugar diversion due to changes in the Ethanol policy. It has moderated the impact of increase of Rs.20 per quintal in SAP and helped to contain the carrying cost of inventory of sugar. The Company carried forward higher inventory of 68.6 lakh quintals as of March 31, 2024 valued at Rs.34.22/kg. (last year 51.2 lakh quintal valued at Rs.33.71/kg.).

For the ensuing season, IMD is forecasting a normal monsoon which will aid to better yields. Lower diversion of cane towards Gur- Khandsari and better yield should translate to higher cane availability in U.P. In contrast, lower cane is expected in Maharashtra and Karnataka due to lower acreage.

On the distillery front sales were higher by ~37% to 27.1 cr BL during the year. There has been no change in the Ethanol price under juice/syrup route and B-heavy route unlike in the past despite increase in FRP.

Expected sugar inventory at ~8.85 MMT as on 30th September 2024 in the country along with expected production of 31 MMT (pre-diversion) for the SS 24-25 and domestic consumption of around 29.5 MT provides enough headroom to the Government to carry on the blending programme under Juice & Bheavy route. In the past, we have seen that closing stock of 5.5 /6.00 MMT has been considered sufficient.

On the PLA Project, we have contracted with renowned global technology providers, setting the stage for the development of India's first integrated sugar-to-PLA bioplastics facility, projecting a new avenue for growth and market leadership.

At BCML, our commitment to sustainable value creation extends to optimizing every aspect of our operations, ensuring maximum value extraction from each stick of cane. Leveraging our integrated operations and strong financial health, we remain dedicated to deepening our relationships with the farming community and enhancing operational efficiencies. The introduction of the PLA project diversifies our product range and aligns with global environmental goals by offering a environment friendly alternative to traditional plastics.”

Result PDF

Sugar Balrampur Chini Mills announced Q1FY23 Result :

  • Revenue from distillery segment contributed ~19% of overall revenues in FY22 as compared to 11% in FY19 Going forward distillery segment is expected to contribute around 35% of overall revenues.
  • Distillery segment contributed ~56% of PBIT in FY22 compared to 49% in FY19 Company is focusing on increasing the share of revenue / profit from distillery
  • Rs. 10.81 cr. of total comprehensive income (TCI), (Rs. 72.70 cr. in the corresponding quarter, Q1FY 22)
  • Rs. 44.42 cr. of EBITDA, (Rs. 134.03 cr. in the corresponding quarter, Q1FY 22)
  • Rs. 0.57 earnings per share, (Rs. 3.48 in the corresponding quarter, Q1FY 22)

 

 

Result PDF

Balrampur Chini Mills declares Q4FY22 result:

  • 285.1 Rs. cr. of total comprehensive income (TCI)
  • 331.0 Rs. cr. of EBITDA
  • 317.4 Rs. cr. of cash profit
  • 79.0%  revenues from sugar - (81.7% in the corresponding quarter, Q4FY 21)
  • 20.4% revenues from distillery - (17.7% in the corresponding quarter, Q4FY 21)
  • Consolidated results of the Company includes results of two Associates of the Company viz. Visual Percept Solar Projects Pvt. Ltd. (upto the date of disposal) & Auxilo Finserve Pvt. Ltd.
  • During Q4FY22, Company sold its Investment in Visual Percept Solar Projects Pvt. Ltd.
  • Company’s share in Auxilo Finserve Pvt. Ltd. as on 31st March 2022 stands at 44.36%

 

Result PDF

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