• Sugar inventory and pricing: Average sugar realization reached around ₹46 per quintal in July against an estimated production cost of ₹42, with the company holding approximately 4.5 lakh tons of inventory as of June 30, 2026. Domestic sugar stocks remain sufficient through early November, and management has received no official notice regarding government curbs on ethanol feedstock diversion.
• Ethanol segment strategy: Balrampur Chini targets roughly 25 crore liters of ethanol in year 26–27, shifting feedstock away from the unviable sugarcane juice route toward maize and rice. PBIT margins are projected to hold near 14–15%, though an ethanol price hike is currently not under consideration.
• Ethanol supply dynamics: The country's 2,000 crore liter nameplate ethanol capacity translates to an effective maximum production of about 1,700 crore liters at 85% utilization. This supply is balanced by 1,100 to 1,150 crore liters of fuel ethanol demand alongside extra demand from industrial and ENA segments.
• PLA project outlook: Commercial production at the bioplastic (PLA) plant is scheduled to commence around December, with full 100% capacity utilization planned for FY28. The facility is expected to generate between ₹1,800 crore and ₹2,000 crore in revenue in FY28, depending on prevailing market prices.