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Balrampur Chini Mills
SectorFMCG
Balrampur Chini Mills Limited (BCML) is an integrated sugar producer in India, incorporated in 1975. The company operates ten manufacturing facilities across East and Central Uttar Pradesh, focusing on sugar production, ethanol, and power co-generation. BCML has distilleries in five locations with a total production capacity of 1050 KLPD. The company's main products include sugar, ethyl alcohol, ethanol, power generation, and agricultural fertilizers. BCML has expanded through acquisitions, mergers, and setting up new facilities over the years. The company has diversified into polylactic acid (PLA) production and offers agri-input products under various brand names. BCML has undergone several capacity expansions, including recent upgrades to its distillery operations in Gularia, Balrampur, and Maizapur.
In the news
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The Quarter story
The two most recent quarterly results, compared side-by-side.
Distillery strength offsets seasonal sugar slowdown as Balrampur Chini Mills funds PLA expansion with rising debt.
Distillery revenue grew from ₹461.47 Cr in Q1 FY26 to ₹539.62 Cr in Q1 FY27, driven by stable ethanol pricing and diversified feedstock routes.
Consolidated EBITDA margin fell from 8.7% in Q1 FY26 to 6.96% in Q1 FY27, reflecting off-season pricing pressure and lower crushing volumes.
Existing business debt fell from ₹164.25 Cr in Q1 FY26 to ₹75.25 Cr in Q1 FY27, confirming disciplined deleveraging of core operations.
Total long-term borrowings rose from ₹624.25 Cr in Q1 FY26 to ₹1,161.25 Cr in Q1 FY27, signaling aggressive project financing for the PLA facility.
Sugar average realization rose from ₹40.63 in Q1 FY26 to ₹41.55 in Q1 FY27, signaling improving market pricing for refined sugar.
Sugar PBIT margin dropped from 4.1% in Q1 FY26 to 3.16% in Q1 FY27, indicating seasonal profit compression as production winds down.
Capital adequacy ratio held steady at 29.68% in Q1 FY26 and 29.74% in Q1 FY27, confirming robust balance sheet strength throughout the cycle.
Finance costs climbed from ₹88.86 Cr in Q1 FY26 to ₹97.23 Cr in Q1 FY27, signaling a sustained debt servicing burden amid higher borrowings.
Distillery PBIT margin recovered from 16.8% in Q1 FY26 to 14.90% in Q1 FY27, confirming strong margin resilience despite seasonal shifts.
Consolidated profit after tax declined from ₹31.97 Cr in Q1 FY26 to ₹20.55 Cr in Q1 FY27, reflecting seasonal earnings compression across segments.
Company insights, generated from the most recent coverage.
Juice and B-heavy molasses procurement prices have been unchanged for three years while cane costs rose, so the surviving cane-ethanol route earns structurally thinner margins than when capacity was financed.
The diversion reversal pushes Balrampur's ethanol revenue target out by roughly two years, delaying the earnings leg that supported its valuation alongside PLA.
Management says the one-third-of-revenue ethanol target could slip by a couple of years after the policy reversal. Ethanol-driven earnings growth is deferred, not lost, so near-term re-rating must come from sugar and PLA instead.