Balrampur Chini Mills Ltd(BALRAMCHIN)

NSE: BALRAMCHINBSE: 500038

₹ 633.2+1.05%refreshed 26 Oct, 03:50 pm ISTMarket cap: ₹ 13,398 crWebsite: www.chini.comUpdated: 27 Oct 2026

About

Balrampur Chini Mills Ltd is India's second-largest private sugar producer, operating 10 sugar manufacturing units with 80,000 tonnes of cane per day crushing capacity, 5 distillery units and 10 co-generation power plants across Uttar Pradesh. It reported revenue of Rs 6,271.15 Cr in FY26. The company is constructing an 80,000 TPA polylactic acid (PLA) bioplastics plant at a total gross capex of Rs. 3,080 crores, its largest-ever capital project.^[1][2]

Business segments

Sugar segment contributed 75.8% of segment revenue (Rs. 5,507.23 cr) in FY26, covering cane crushing, sugar manufacturing and co-generation power.^[3]
Distillery segment contributed 23.7% of segment revenue (Rs 1,720.97 cr) in FY26; its share rose 17.1 percentage points over FY2018-FY2026 while sugar's fell 7.0 points.^[3]
Distillery products include ethanol (sold to OMCs), Extra Neutral Alcohol, DDGS, CO2 and dry ice; PLA bioplastics brand launched under the name Balrampur Bioyug.^[1]

Operations and capacity

10 sugar units in Uttar Pradesh with combined crushing capacity of 80,000 tonnes of cane per day; sugar capacity utilisation was 92.99% in FY25-26 vs 92.21% in FY24-25.^[1]
5 distillery units with combined capacity of 1,050 KL per day; distillery capacity utilisation was 97.40% in FY25-26 vs 85.22% in FY24-25.^[1]
10 co-generation power plants with combined saleable capacity of 175.7 MW; exported 82.79 crore units of power in FY26 vs 81.81 crore units in FY25.^[1]
As of 31 March 2026, the company employed 5,985 individuals, with approximately 80% having worked with the company for five years or longer.^[1]

Key operating numbers

Cane crushed: 103.16 lakh tonnes in FY25-26 vs 103.40 lakh tonnes in FY24-25; pre-diversion sugar recovery 11.23% vs 11.32%.^[1]
Average sugar realisation was Rs. 40.73/kg in FY26 vs Rs. 39.06/kg in FY25; Q1 FY27 realisation was Rs. 40.83/kg.^[4]
Ethanol production was ~27 crore litres in FY26; nameplate distillery capacity can reach 34 - 35 crore litres with greater juice/B-heavy diversion.^[4]
Distillery sales volume in Q1 FY27 was 8.38 crore BL at a blended realisation of Rs. 58.86/BL, up from 7.14 crore BL in Q1 FY26.^[5]
Sugar inventory as of 30 June 2026: 45.67 lakh quintals valued at Rs. 37.19/kg, vs 48.45 lakh quintals at Rs. 35.50/kg a year earlier.^[5]
Cane FRP was revised to Rs 355/quintal for sugar season 2025-26.^[6]
National ethanol blending rate reached ~19.99% in ESY25-26 (up to June 2026) vs ~19.24% in ESY24-25.^[5]

Customers and distribution

Sugar is sold domestically to authorised agents and institutional buyers through brokers, covering 19 states and Union Territories; exports go through merchant exporters.^[1]
Ethanol is supplied to both public and private Oil Marketing Companies (OMCs) under contract.^[1]
Exports in FY25-26 were Rs. 36.57 crore, representing 0.58% of total revenue from operations; sugar was exported to Nepal among other destinations.^[1]
The company engages with over 550,000 farmers in UP command areas; cane costs represent approximately 75% of total expenses.^[1]

PLA bioplastics plant and other capex

80,000 TPA PLA polymer plant under construction at Kumbhi; gross capex revised to Rs. 3,080 crores (from Rs. 2,850 crores) due to forex movements, supply chain costs and engineering refinements.^[4]
FY26 annual report expects commercial PLA production to begin in FY27 (year ending 31 March 2027); PLA trading has already started.^[1]
Rs. 2,180 crores of the Rs. 3,080 crores gross capex had been spent by end of July 2026; civil erection 92% complete, equipment erection 68% complete.^[5]
Lactic acid plant commissioning guided for October 2026; PLA polymer plant commissioning guided for December 2026, with ~40% average capacity utilisation targeted in Q4 FY27.^[5]
Funded by a Rs. 1,650 crore term loan facility (Rs. 1,086 crore drawn as of 30 June 2026) plus equity/internal accruals; loan repayment begins Q3 FY29 in 20 equated quarterly instalments.^[5]
At full capacity the PLA plant is expected to generate ~Rs. 2,000 crores in revenue at a targeted EBITDA margin of ~35%.^[4]
Board also approved a lactogypsum processing plant at Kumbhi - Rs. 160 crores capex, ~76 lakh boards per annum capacity, ~Rs. 150 crores annual revenue potential, commercial production in ~18 months.^[4]

PLA market development

175+ customers targeted; 100+ customers being served (direct and hybrid); 25+ of 30+ trial projects successfully completed as of Q1 FY27.^[5]
First institutional order secured from Lucknow Cantonment Board; project pipeline exceeding 80,000 TPA anticipated by end of 2027.^[5]
PMO-backed mandate for biodegradable gutka/pan masala packaging is at an advanced stage with successful CIPET trials; if implemented, management says it could absorb the entire 80,000 TPA PLA plant output.^[5]

Recent developments

Board approved issue of preferential equity shares worth Rs. 450 crores at Rs. 483/share (SEBI price) in Q4 FY26 to fund PLA cost overrun and lactogypsum capex; promoters subscribed Rs. 193 crores (~43%), keeping their stake unchanged.^[4]
Season 2025-26 national sugar production came in lower than expected; domestic sugar prices firmed to Rs. 48 - 49/kg as of Q1 FY27, and government export ban extended to 30 September 2026.^[5]
Government has not revised ethanol procurement prices under juice and B-heavy routes for three consecutive years; BCML shifted one distillery unit to C-heavy route in Q3 FY26 to maximise sugar production.^[7]

Market Cap

₹13,398 Cr

High / Low

₹781 / 393

Stock P/E

35.0

Price / Book

3.1

Book Value

₹205

EPS

₹18.7

No. of Shares

20.2 Cr

ROCE

9.3%

ROE

9.5%

OPM

9.5%

Debt / Equity

0.77

Sales

₹6,271 Cr

Net Profit

₹378 Cr

Promoter holding

42.8%

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Balrampur Chini Mills Ltd(BALRAMCHIN)

About

Business segments

Operations and capacity

Key operating numbers

Customers and distribution

PLA bioplastics plant and other capex

PLA market development

Recent developments

Signal history

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