Balrampur Chini Mills Limited (BALRAMCHIN)
₹639.90 -2.27% last close, 23 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Balrampur Chini's revenue was ₹1,637 Cr (+6.1% year on year, +2.0% on the previous quarter), and net profit ₹44.1 Cr (-14.4% year on year); the operating margin was 7.0%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹1,637 | +6.1% | +2.0% |
| Operating profit | ₹114 | -15.1% | -60.0% |
| Net profit | ₹44.1 | -14.4% | -72.3% |
| EPS (₹) | 2.16 | -15.3% | -72.7% |
| Operating margin | 7.0% | — | — |
BALRAMCHIN delivery percentage
NSE end-of-day data for
On Fri, 23 Oct 2026, 31.23% of the BALRAMCHIN shares traded on NSE were taken to delivery, against the stock's own 20-session average of 26.68%. That is close to its usual level. Volume was 0.5 times its average, well below normal.
Delivery in the last 5 sessions: 44.0% · 24.5% · 30.1% · 34.1% · 31.2%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Balrampur Chini Mills Limited has notified the exchanges regarding the closure of its trading window starting October 1, 2026. The closure applies to designated persons and their immediate relatives in compliance with SEBI insider trading regulations. The trading window will reopen 48 hours after the declaration of the unaudited financial results for the quarter and half-year ended September 30, 2026.
- Trading window closes on 1st October, 2026
- Window remains closed until 48 hours post declaration of Q2 results
- Applies to financial results for the quarter and half-year ended 30th September, 2026
Balrampur Chini Mills Limited has dispatched a reminder intimation to holders of physical securities requesting them to update their PAN, KYC, and nomination details pursuant to SEBI circulars. The communication also instructs shareholders on claiming unpaid or unclaimed dividends and shares. Additionally, the filing highlights a special SEBI window active until February 4, 2027, allowing re-lodgement of previously rejected transfer deeds submitted before April 1, 2019. This is a purely procedural compliance update with no material financial impact on the company.
- Reminder sent pursuant to SEBI Master Circular dated February 6th, 2026.
- Special window opened for re-lodgement of transfer requests from February 05, 2026 till February 04, 2027.
- Covers re-lodgement of physical transfer deeds submitted prior to the April 01, 2019 deadline.
- Physical shareholders without updated details are ineligible for electronic dividend payments or RTA grievance redressal.
Balrampur Chini Mills Limited (BCML) has been awarded a ₹75 crore grant by BIRAC under the Department of Biotechnology, Government of India. The grant is designated for setting up a 100 TPA PLA Co-Polymer R&D pilot facility at its integrated complex in Kumbhi, Uttar Pradesh. This R&D setup complements BCML's larger ongoing commercial bioplastic project, where it is establishing India's first integrated 80,000 TPA PLA facility. Financially, while the ₹75 crore grant represents ~1.2% of TTM revenue (₹6,366 Cr), it provides non-dilutive capital and official backing for its bioplastic diversification strategy.
- Awarded ₹75 crore grant assistance by BIRAC (Department of Biotechnology, GoI) under the BioE3 initiative
- Funding to establish a 100 TPA pilot-scale PLA Co-Polymer R&D facility in Kumbhi, Uttar Pradesh
- Complements ongoing construction of India's first commercial 80,000 TPA PLA plant
- Aimed at developing specialised PLA grades, customer validation, and commercial scale-up
Balrampur Chini Mills Limited has been voluntarily assigned an ESG rating of '72' under the 'Leader' band by SEBI-registered provider Niche Ninety Nine Capability and Certifications (OPC) Private Limited (Niche99). The rating was determined based on publicly available company data, and intimation was received via BSE on September 17, 2026. This announcement carries no direct financial or operational impact on current revenue (TTM Rs 6,366 Cr) or debt levels (Rs 3,170 Cr). It serves primarily as an external validation of the company's sustainability and corporate governance metrics.
- Voluntary ESG rating score assigned is '72'
- ESG band categorized as 'Leader'
- Assigned by SEBI-registered ESG Rating Provider Niche99
- Intimation received from BSE on September 17, 2026
Balrampur Chini Mills Limited held its 50th Annual General Meeting on September 16, 2026, where shareholders passed all 9 resolutions with substantial majorities. Key approvals include the confirmation of an interim dividend of ₹3.50 per equity share as the final dividend for FY26. Shareholders also approved the 5-year re-appointments of Vivek Saraogi as Chairman and Managing Director (effective April 1, 2027) with 99.18% votes in favor, and Avantika Saraogi as Executive Director with 97.45% votes in favor. Additionally, an ordinary resolution accepting grant assistance from BIRAC was approved with 99.9996% support.
- All 9 resolutions approved at the 50th AGM held on September 16, 2026
- Confirmation of ₹3.50 per share interim dividend as the final dividend for FY26 approved with 99.9976% in favor
- Re-appointment of CMD Vivek Saraogi for 5 years from April 1, 2027, approved with 99.1801% votes in favor
- Re-appointment of Executive Director Avantika Saraogi for 5 years from January 1, 2027, passed with 97.4532% votes in favor
- Acceptance of grant assistance from BIRAC approved with 99.9996% votes in favor
Balrampur Chini Mills Limited concluded its 50th Annual General Meeting on September 16, 2026, with 107 members attending via video conferencing. Key resolutions put to vote included the adoption of FY26 financial statements, confirmation of an interim dividend of ₹3.50 per share as final dividend, and the re-appointment of CMD Vivek Saraogi and Whole-time Director Avantika Saraogi. Members also considered approval for grant assistance from the Biotechnology Industry Research Assistance Council (BIRAC) and the appointment of Ms. Vartika Shukla as an Independent Director. Formal voting results and the Scrutinizer's report are expected within two working days.
- Confirmed interim dividend of ₹3.50 per equity share as final dividend for FY26
- Transacted 9 business resolutions, including re-appointment of CMD Vivek Saraogi and Executive Director Avantika Saraogi
- Sought approval for acceptance of grant assistance from BIRAC
- Total of 107 members attended the 50th AGM conducted via video conference
Balrampur Chini Mills announced that ESG Risk Assessments & Insights Limited (ESGRisk.ai) has voluntarily upgraded the company's ESG rating to '59 - Adequate'. The rating was issued based on publicly available information and was received by the company on September 16, 2026. This voluntary evaluation has no direct impact on BCML's core revenues (TTM ₹6,366 Cr) or earnings.
- ESG rating voluntarily upgraded to '59 - Adequate' by ESGRisk.ai
- Intimation received by the company on September 16, 2026
- Rating assessment conducted based purely on publicly available data
Balrampur Chini Mills Limited has received a voluntary ESG rating upgrade from CRISIL ESG Ratings & Analytics Limited to 'Crisil ESG 69' under the 'Strong' category. The evaluation was based on public domain data pertaining to Fiscal 2026, with communication received by the company on September 11, 2026. While non-financial, the improved ESG standing aligns with the company's strategic pivot toward bioplastics and renewable products. This update has no direct immediate impact on current revenues or near-term earnings.
- CRISIL voluntarily upgraded the company's ESG score to 'Crisil ESG 69'
- Assigned category is classified as 'Strong'
- Evaluation based on public domain data for Fiscal 2026
- Communication received via email on 11th September, 2026
Balrampur Chini Mills has dispatched reminder letters to shareholders regarding the mandatory transfer of shares to the Investor Education and Protection Fund (IEPF). This applies to shares where dividends have remained unpaid or unclaimed for seven consecutive years, from FY 2019-20 to FY 2025-26. Shareholders have until November 25, 2026, to submit their claims to the registrar KFin Technologies to avoid the transfer. This is a standard statutory procedure under the Companies Act, 2013, with no financial impact on the company.
- Reminder letters sent pursuant to IEPF Rules, 2016 for shares with unclaimed dividends.
- Applies to dividends unpaid/unclaimed for 7 consecutive years (FY 2019-20 through FY 2025-26).
- Deadline for affected shareholders to submit claims to KFin Technologies is November 25, 2026.
Balrampur Chini Mills Limited has scheduled an analyst and institutional investor interaction for September 2, 2026. The group and one-on-one physical meetings are being organized by Elara Securities (India) Private Limited. The company confirmed that discussions will strictly rely on publicly available documents, including investor presentations previously filed on August 11, 2026, and June 20, 2026, with no unpublished price-sensitive information being shared.
- Analyst/Investor meet scheduled for September 2, 2026
- Meeting organized by Elara Securities (India) Private Limited in physical mode (Group/One-to-One)
- Discussions to refer to publicly filed presentations dated August 11, 2026 and June 20, 2026
- Company confirmed no unpublished price sensitive information (UPSI) will be discussed
Balrampur Chini Mills Limited has approved the allotment of 1,30,382 equity shares of face value ₹1 each upon exercise of stock appreciation rights under its BCML ESAR Plan 2023. The allotment includes 1,21,954 shares exercised at ₹386.60 each and 8,428 shares at ₹593.25 each. Following this allotment, the company's total issued equity share capital stands at 21,15,97,496 shares (₹21.16 crore). The equity dilution is negligible at ~0.06% of the post-issue share capital.
- Approved allotment of 1,30,382 equity shares of face value ₹1 each on 24th August, 2026
- Exercise price fixed at ₹386.60 per share for 1,21,954 shares and ₹593.25 per share for 8,428 shares
- Total issued share base expanded to 21,15,97,496 equity shares
- Shares issued rank pari passu with existing equity shares with no lock-in applicable
Balrampur Chini Mills Limited has issued communication pursuant to Regulation 36(1)(b) of SEBI LODR to shareholders without registered email addresses, providing access links and QR codes to the FY26 Integrated Annual Report and 50th AGM Notice. The 50th AGM is scheduled for September 16, 2026, at 4:00 PM IST via Video Conferencing. The cut-off date for e-voting eligibility has been set for September 9, 2026, with remote e-voting active from September 13 to September 15, 2026.
- 50th Annual General Meeting scheduled for September 16, 2026, at 04:00 PM IST via VC/OAVM
- Cut-off date for determining e-voting eligibility is September 9, 2026
- Remote e-voting window runs from September 13, 2026 (10:00 AM IST) to September 15, 2026 (05:00 PM IST)
- Communication sent under Regulation 36(1)(b) providing web-links to the FY2025-26 Integrated Annual Report
Balrampur Chini Mills Limited has issued notice regarding its 50th Annual General Meeting (AGM) scheduled for Wednesday, September 16, 2026, via video conferencing. The cut-off date to determine e-voting eligibility has been set as Wednesday, September 9, 2026. Remote e-voting will commence on September 13, 2026, and conclude on September 15, 2026. The communication provides web links and instructions for accessing the FY2025-26 Integrated Annual Report and managing shareholder KYC details.
- 50th Annual General Meeting scheduled for September 16, 2026, at 04:00 PM IST via VC/OAVM
- Cut-off date for e-voting eligibility set for September 9, 2026
- Remote e-voting window runs from September 13, 2026 (10:00 AM) to September 15, 2026 (05:00 PM)
- Notified shareholders regarding KYC compliance and a special physical share transfer window open until February 4, 2027
Balrampur Chini Mills released its Q1 concall transcript detailing sugar operational trends and its strategic Polylactic Acid (PLA) diversification. The company reported holding 45.67 lakh quintals of sugar inventory as of June 30 at an average carrying cost of Rs 37.19 per kg, which stands to benefit from firm domestic sugar prices. On its 80,000-tonne PLA plant, cumulative capex reached Rs 2,180 crore by July-end, with lactic acid commissioning targeted for October and PLA for December. Management guided for approximately 40% average capacity utilization in PLA between January and March.
- Invested Rs 2,180 crore in the 80,000-tonne PLA bioplastics project by the end of July
- Lactic acid commissioning slated for October and PLA plant commissioning scheduled for December
- Carried 45.67 lakh quintals of sugar inventory at an average carrying cost of Rs 37.19/kg as of June 30
- Management targets ~40% average capacity utilization for the PLA plant during Jan-March period
Balrampur Chini Mills has uploaded the audio recording of its Q1 FY27 earnings conference call held on August 12, 2026. This is a standard regulatory disclosure following the announcement of quarterly financial results. Investors can access the recording to hear management's commentary on the sugar industry outlook and the progress of the company's diversification into bioplastics. The company is currently managing a significant Rs 2,000 Cr investment in its Polylactic Acid (PLA) project.
- Earnings conference call for Q1 FY27 held on August 12, 2026
- Audio recording made available on the company's website as per SEBI Regulation 30
- Company is executing a major diversification into PLA bioplastics with a Rs 2,000 Cr investment
- Current crushing capacity stands at 80,000 TPD with a distillery capacity of 1,050 KLPD
- TTM revenue reported at Rs 6,271 Cr with an operating profit margin of 11.8%
Financial Performance
Revenue Growth by Segment
Total revenue from operations stood at INR 5,415.38 Cr in FY 24-25, a decrease of 3.19% from INR 5,593.74 Cr in FY 23-24. Sugar segment revenue improved by 4.26% due to a 2.8% increase in realizations. Distillery revenue declined by 15.33% on account of lower volumes resulting from restricted government policy on ethanol diversion in ESY 2023-24.
Geographic Revenue Split
The company operates 10 manufacturing units across East and Central Uttar Pradesh, India. Specific geographic revenue split percentages are not disclosed, but operations are concentrated in the domestic Indian market.
Profitability Margins
Gross profitability was impacted by a 1.59% decrease in total expenses to INR 4,977.14 Cr. Net profit margin decreased to 6.35% in FY 24-25 from 7.74% in FY 23-24. Total comprehensive income margin decreased by 150 basis points to 6.39% compared to 7.89% in the previous year.
EBITDA Margin
EBITDA margin decreased by 105 basis points from 14.05% in FY 23-24 to 13.00% in FY 24-25. Core profitability was affected by lower distillery volumes and higher feedstock costs.
Capital Expenditure
Net cash used in investing activities was INR 880.43 Cr in FY 24-25, primarily for the ongoing Polylactic Acid (PLA) project. Total planned capex for the PLA capacity is expected to involve long-term debt peaking at INR 1,650 Cr by fiscal 2027.
Credit Rating & Borrowing
The company maintains a healthy financial risk profile with a 'Stable' outlook from CRISIL Ratings. Finance costs increased by 11.76% to INR 93.46 Cr in FY 24-25 due to higher working capital requirements and interest rates. Long-term debt-equity ratio stood at a comfortable 0.16.
Operational Drivers
Raw Materials
Sugarcane is the primary raw material. Raw material costs are the largest expense component, though total expenses decreased 1.59% YoY to INR 4,977.14 Cr.
Import Sources
Sugarcane is sourced locally from farmers in East and Central Uttar Pradesh, where the company's 10 manufacturing units are located.
Key Suppliers
The company sources raw materials from a large network of local sugarcane farmers in its catchment areas in Uttar Pradesh.
Capacity Expansion
Current crushing capacity is 80,000 TPD of sugarcane, exportable power capacity is 175.7 MW, and distillery capacity is 1,050 KLPD. The company is expanding into a new PLA (bioplastic) business with a major project currently underway.
Raw Material Costs
Raw material costs are influenced by government-fixed cane prices and recovery rates. Total expenses were INR 4,977.14 Cr in FY 24-25, representing approximately 91.9% of revenue.
Manufacturing Efficiency
Return on Capital Employed (ROCE) was 11.83% in FY 24-25, down from 17.22% in FY 23-24, partly due to the capital-intensive nature of the ongoing PLA project.
Logistics & Distribution
Distribution is managed through a network of 10 integrated units. Specific logistics costs as a percentage of revenue are not disclosed.
Strategic Growth
Expected Growth Rate
20%
Growth Strategy
Growth will be driven by the diversification into the Polylactic Acid (PLA) business, which is a high-growth bioplastic segment. The company is investing over INR 2,000 Cr in this project. Additionally, growth is supported by a distillery capacity of 1,050 KLPD and a focus on high sugar recovery rates.
Products & Services
Sugar, Ethanol (for fuel blending and other uses), Power (bagasse-based co-generation), and upcoming Polylactic Acid (PLA) bioplastics.
Brand Portfolio
Balrampur Chini Mills Limited (BCML).
New Products/Services
Polylactic Acid (PLA) is the major new product launch, representing a strategic shift toward bio-based chemicals and sustainable plastics.
Market Expansion
The company is expanding its market presence from traditional sugar and ethanol into the global bioplastics market through its PLA project.
Market Share & Ranking
BCML is one of the largest integrated sugar manufacturers in India with a crushing capacity of 80,000 TPD.
Strategic Alliances
The company holds a 30.48% stake in Auxilo Finserve Pvt Ltd, an NBFC associate.
External Factors
Industry Trends
The industry is shifting toward structural transformation with a focus on ethanol blending and bio-based products like PLA. The Indian sugar sector is evolving from a cyclical sugar business to a more stable integrated bio-energy and bio-chemical model.
Competitive Landscape
The landscape consists of large integrated mills and smaller standalone units. BCML maintains leadership through scale and diversification into high-margin segments like ethanol and PLA.
Competitive Moat
The moat is built on a fully integrated model (Sugar-Ethanol-Power), large scale (80,000 TPD), and high operational efficiency. This integration provides financial stability and mitigates market risks associated with any single product.
Macro Economic Sensitivity
The business is highly sensitive to monsoon rainfall and agricultural policies, which directly impact sugarcane yields and recovery rates.
Consumer Behavior
There is a growing consumer and regulatory shift toward sustainable packaging and bio-plastics, which BCML is targeting with its PLA project.
Geopolitical Risks
Global custom tariffs and climatic impacts on global cane crops influence international sugar prices and export opportunities.
Regulatory & Governance
Industry Regulations
Operations are heavily regulated by government policies on ethanol diversion, sugar sale quotas, and sugarcane pricing (Fair and Remunerative Price/State Advised Price).
Environmental Compliance
The company is committed to ESG and sustainability, integrating these principles throughout its organization. It monitors risks related to discharge and water compliance.
Taxation Policy Impact
The company is subject to standard Indian corporate tax rates. It recently issued notices regarding TDS on interim dividend payouts for 2025-26.
Legal Contingencies
The company manages routine legal matters including share transfers under the Investor Education and Protection Fund (IEPF) and tax proceedings. Specific case values in INR Cr are not disclosed.
Risk Analysis
Key Uncertainties
Key risks include regulatory changes in ethanol blending policies, fluctuations in sugar realizations, and climatic impacts on sugarcane availability.
Geographic Concentration Risk
Manufacturing is 100% concentrated in Uttar Pradesh, making the company vulnerable to state-specific agricultural policies and local weather patterns.
Third Party Dependencies
High dependency on thousands of local farmers for sugarcane supply, which is the critical input for all business segments.
Technology Obsolescence Risk
The company is mitigating technology risk by investing in world-class technology for its new PLA project to ensure product quality and market competitiveness.
Credit & Counterparty Risk
Debtors' turnover ratio was 37.88 in FY 24-25, indicating healthy receivables management. Liquidity is supported by fund-based bank limits utilized at 56% on average.
