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Balrampur Chini Mills Ltd

BALRAMCHIN

NSE

₹701.85-2.68%19 Oct 2026 at 3:51 PM

Reports

Sugar

Balrampur Chini Mills Ltd

BALRAMCHIN

NSE

₹701.85

-2.68%

19 Oct 2026 at 3:51 PM

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Sugar

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Guidance Report: Management guidance vs outcomes.Forensic Report: Accounting quality and red flags.Deep Dive Report: In-depth business analysis.

Balrampur Chini Mills is built on a single idea: take a stick of sugarcane and sell every last molecule. The company crushes cane into sugar, then converts the leftover molasses and fibrous bagasse into ethanol, electricity, and-in its most ambitious move yet-a compostable bioplastic called PLA (polylactic acid). This “more from less” philosophy, born in a 1975 mill in Uttar Pradesh that crushed just 800 tonnes of cane a day, now runs through ten factories and a new industrial-scale biopolymer plant, making BCML one of India’s most integrated sugar companies.

Business segments

Four engines, each fed by the one before-a sugar core that generates the raw material, a distillery that turns waste into fuel, a power business that burns the leftover fibre, and a bioplastics bet that aims to turn sugar into advanced materials.

1. Sugar: the core that feeds everything else

Ten factories crush cane into sugar, but the real value lies in the by-products-molasses and bagasse-that become the raw material for every other business.

Second-largest private crusher in India - the company’s ten mills, all in the cane-rich belts of eastern and central Uttar Pradesh, can crush 80,000 tonnes of cane per day, making it the country’s second-largest private-sector sugar producer by capacity.
Quality that sets a benchmark - across its five refineries, BCML consistently hits an ICUMSA value (a measure of sugar whiteness) of 15-20, which the company calls a sectoral benchmark.
Cane secured from half a million farmers - the company works with roughly 5.5 lakh farmers, paying them for their cane in under ten days, a speed it describes as an industry benchmark, and covers over 97% of its growing area with early-maturing varieties to maximise yield.
A regulated market with a floor price - the government sets a Minimum Selling Price of ₹31 per kg and allocates monthly sales quotas, so the business is less about pricing power and more about operational efficiency and by-product credits that lower the net cost of sugar production.

2. Distillery: the profitability engine that hedges sugar cycles

Molasses and cane juice become ethanol sold to oil companies for blending into petrol, turning a waste stream into a near-immediate revenue line with government-backed offtake.

Five distilleries, multiple feedstocks - with a combined capacity of 1,050 kilolitres per day, the distilleries can switch between B-heavy molasses, C-heavy molasses, cane juice, and even grain, letting the company chase the most profitable government tender in any given season.
One plant makes no sugar at all - the Maizapur distillery runs on 100% syrup diversion, producing ethanol directly from cane juice without making a single crystal of sugar, while the Balrampur unit runs a two-thirds sugar, one-third juice split.
Sold to the petrol pump - ethanol goes to public and private oil marketing companies under India’s Ethanol Blending Programme, which hit 20% blending nationwide in the 2025-26 supply year, with payment within 21 days for public OMCs and 15 days for private OMCs after delivery.
Zero liquid discharge, 330 operating days - incinerator boilers eliminate liquid effluent and add 60 days of runtime, so the distilleries can operate up to 330 days a year depending on feedstock availability.

3. Co-generation: green power from crushed cane fibre

Bagasse-the dry, fibrous leftover after crushing-is burned to generate electricity that powers the company’s own factories, with the surplus sold to the grid.

288 MW installed, nearly half for sale - ten co-generation plants have a total capacity of 288.47 MW, of which 175.7 MW is saleable after captive use, making power a predictable cash-flow stream.
Sold through contracts and the open market - surplus power goes to the state grid under long-term Power Purchase Agreements, and when those expired for two units, the company shifted to open-market sales, achieving better realisations of ₹4.92 per unit in FY26.
Regulatory headwinds reshaped the model - when the state electricity regulator cut the tariff for co-generation, BCML responded by running its plants for fewer off-season days and selling surplus bagasse externally instead-around 5 lakh tonnes in FY24.

4. PLA bioplastics: the bet on sugar as an advanced material

India’s first industrial-scale, integrated sugar-to-PLA plant aims to turn raw sugar into a compostable, bio-based plastic-a leap from bulk commodities to specialty polymers.

Sugar is the feedstock, bagasse is the fuel - the plant sits next to one of BCML’s largest sugar mills, so raw sugar travels zero metres and on-site bagasse powers the facility with 100% renewable energy, eliminating fossil-fuel needs.
Three global technology partners - Sulzer AG handles lactide synthesis and polymerisation, Alpine Engineering provides lactic-acid fermentation technology, and Jacobs Solutions manages engineering and construction integration.
A cost advantage built on carbon - the company calculates that the carbon in a kilogram of plastic costs ₹69.70 when sourced from sugar, versus ₹133 from crude oil at $100 a barrel, a structural gap it intends to exploit.
Targeting mandates, not just markets - the go-to-market strategy is three-pronged: central government mandates, Uttar Pradesh government mandates, and direct customer trials, with early applications in packaging, disposable cutlery, and gutka pouches where compostability and shelf-life matter.

Group structure and partners

BCML is a single listed entity with no operating subsidiaries, but it holds a significant minority stake in an education-finance NBFC and a strategic toehold in a biopolymer compounder.

A bioplastics downstream link - in February 2024, BCML acquired a minority stake in Konkan Speciality Polyproducts (Konspec), which makes biodegradable and compostable polymer compounds and blends, giving the PLA business a ready partner for converting raw bioplastic into finished-product formulations.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

Charts

Documents

Edit Ratios

Mkt Cap

Market Capitalization

₹14,833Cr

Close Price

₹701.00

Industry

Sugar

Price To Earnings

38.20

Price To Sales

2.33

Revenue

₹6,366Cr

Rev Gr TTM

Revenue Growth TTM

14.99%

PAT Gr TTM

PAT Growth TTM

-11.31%

Consolidated

Standalone

Numbers

Percentage

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	1,539	1,230	1,434	1,422	1,298	1,192	1,504	1,542	1,671	1,454	1,604	1,637
Growth YoY Revenue Growth YoY%	38.3	25.4	-3.8	2.3	-15.7	-3.1	4.8	8.5	28.7	22.0	6.7	6.1
Expenses ExpensesCr	1,375	1,117	1,090	1,255	1,249	1,068	1,138	1,408	1,550	1,252	1,319	1,523
Operating Profit Operating ProfitCr	165	113	345	166	49	124	365	134	120	202	285	114
OPM OPM%	10.7	9.2	24.0	11.7	3.8	10.4	24.3	8.7	7.2	13.9	17.8	7.0
Other Income Other IncomeCr	116	60	12	15	73	16	20	16	18	17	22	21
Interest Expense Interest ExpenseCr	17	8	25	36	20	7	30	34	14	4	26	32
Depreciation DepreciationCr	41	42	43	43	43	44	43	44	44	44	45	44
PBT PBTCr	223	123	289	102	59	89	312	73	80	171	236	59
Tax TaxCr	57	32	86	32	-8	19	83	22	26	58	77	14
PAT PATCr	166	91	203	70	67	70	229	52	54	113	160	44
Growth YoY PAT Growth YoY%	674.3	97.3	-20.1	-4.6	-59.6	-22.8	12.7	-26.5	-19.8	61.0	-30.4	-14.4
NPM NPM%	10.8	7.4	14.2	4.9	5.2	5.9	15.2	3.3	3.2	7.8	9.9	2.7
EPS EPS₹	8.2	4.5	10.1	3.5	3.3	3.5	11.3	2.5	2.7	5.6	7.9	2.2

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	1,539	1,230	1,434	1,422	1,298	1,192	1,504	1,542	1,671	1,454	1,604	1,637
Growth YoY Revenue Growth YoY%	38.3	25.4	-3.8	2.3	-15.7	-3.1	4.8	8.5	28.7	22.0	6.7	6.1
Expenses ExpensesCr	1,375	1,117	1,090	1,255	1,249	1,068	1,138	1,408	1,550	1,252	1,319	1,523
Operating Profit Operating ProfitCr	165	113	345	166	49	124	365	134	120	202	285	114
OPM OPM%	10.7	9.2	24.0	11.7	3.8	10.4	24.3	8.7	7.2	13.9	17.8	7.0
Other Income Other IncomeCr	116	60	12	15	73	16	20	16	18	17	22	21
Interest Expense Interest ExpenseCr	17	8	25	36	20	7	30	34	14	4	26	32
Depreciation DepreciationCr	41	42	43	43	43	44	43	44	44	44	45	44
PBT PBTCr	223	123	289	102	59	89	312	73	80	171	236	59
Tax TaxCr	57	32	86	32	-8	19	83	22	26	58	77	14
PAT PATCr	166	91	203	70	67	70	229	52	54	113	160	44
Growth YoY PAT Growth YoY%	674.3	97.3	-20.1	-4.6	-59.6	-22.8	12.7	-26.5	-19.8	61.0	-30.4	-14.4
NPM NPM%	10.8	7.4	14.2	4.9	5.2	5.9	15.2	3.3	3.2	7.8	9.9	2.7
EPS EPS₹	8.2	4.5	10.1	3.5	3.3	3.5	11.3	2.5	2.7	5.6	7.9	2.2

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	2,757	3,460	4,343	4,286	4,741	4,812	4,846	4,666	5,594	5,415	6,271	6,366
Growth Revenue Growth%	-7.7	25.5	25.5	-1.3	10.6	1.5	0.7	-3.7	19.9	-3.2	15.8	15.0
Expenses ExpensesCr	2,346	2,591	3,891	3,597	4,059	4,098	4,146	4,154	4,808	4,711	5,530	5,645
Operating Profit Operating ProfitCr	411	869	452	689	682	714	700	512	786	704	741	721
OPM OPM%	14.9	25.1	10.4	16.1	14.4	14.8	14.4	11.0	14.1	13.0	11.8	11.3
Other Income Other IncomeCr	-127	26	41	50	52	47	44	74	206	124	73	78
Interest Expense Interest ExpenseCr	67	55	52	41	64	39	31	49	84	93	77	76
Depreciation DepreciationCr	110	105	95	96	101	112	114	130	166	173	177	178
PBT PBTCr	108	735	345	602	568	609	599	408	742	562	560	546
Tax TaxCr	7	142	113	26	49	129	134	124	208	125	182	175
PAT PATCr	100	593	232	576	519	480	465	284	534	437	378	371
Growth PAT Growth%	272.8	491.9	-60.9	148.6	-9.8	-7.6	-3.2	-38.8	88.1	-18.3	-13.4	-11.3
NPM NPM%	3.6	17.1	5.3	13.4	10.9	10.0	9.6	6.1	9.6	8.1	6.0	5.8
EPS EPS₹	4.0	24.3	9.9	25.2	23.4	22.5	22.4	13.9	26.5	21.6	18.7	18.4

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	2,757	3,460	4,343	4,286	4,741	4,812	4,846	4,666	5,594	5,415	6,271	6,366
Growth Revenue Growth%	-7.7	25.5	25.5	-1.3	10.6	1.5	0.7	-3.7	19.9	-3.2	15.8	15.0
Expenses ExpensesCr	2,346	2,591	3,891	3,597	4,059	4,098	4,146	4,154	4,808	4,711	5,530	5,645
Operating Profit Operating ProfitCr	411	869	452	689	682	714	700	512	786	704	741	721
OPM OPM%	14.9	25.1	10.4	16.1	14.4	14.8	14.4	11.0	14.1	13.0	11.8	11.3
Other Income Other IncomeCr	-127	26	41	50	52	47	44	74	206	124	73	78
Interest Expense Interest ExpenseCr	67	55	52	41	64	39	31	49	84	93	77	76
Depreciation DepreciationCr	110	105	95	96	101	112	114	130	166	173	177	178
PBT PBTCr	108	735	345	602	568	609	599	408	742	562	560	546
Tax TaxCr	7	142	113	26	49	129	134	124	208	125	182	175
PAT PATCr	100	593	232	576	519	480	465	284	534	437	378	371
Growth PAT Growth%	272.8	491.9	-60.9	148.6	-9.8	-7.6	-3.2	-38.8	88.1	-18.3	-13.4	-11.3
NPM NPM%	3.6	17.1	5.3	13.4	10.9	10.0	9.6	6.1	9.6	8.1	6.0	5.8
EPS EPS₹	4.0	24.3	9.9	25.2	23.4	22.5	22.4	13.9	26.5	21.6	18.7	18.4

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	25	24	23	23	22	21	20	20	20	20	20
Reserves ReservesCr	1,205	1,537	1,594	2,095	2,394	2,598	2,749	2,875	3,381	3,775	4,118
Current Liabilities Current LiabilitiesCr	1,793	2,183	1,872	2,185	1,992	1,692	1,490	1,964	2,120	2,557	3,005
Non Current Liabilities Non Current LiabilitiesCr	679	284	211	400	399	323	232	569	565	777	1,263
Total Liabilities Total LiabilitiesCr	3,701	4,027	3,700	4,702	4,807	4,634	4,492	5,429	6,086	7,129	8,406
Current Assets Current AssetsCr	2,183	2,523	2,065	2,983	2,916	2,754	2,377	2,578	3,035	3,301	3,384
Non Current Assets Non Current AssetsCr	1,518	1,504	1,634	1,719	1,890	1,880	2,115	2,851	3,051	3,828	5,023
Total Assets Total AssetsCr	3,701	4,027	3,700	4,702	4,807	4,634	4,492	5,429	6,086	7,129	8,406

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	25	24	23	23	22	21	20	20	20	20	20
Reserves ReservesCr	1,205	1,537	1,594	2,095	2,394	2,598	2,749	2,875	3,381	3,775	4,118
Current Liabilities Current LiabilitiesCr	1,793	2,183	1,872	2,185	1,992	1,692	1,490	1,964	2,120	2,557	3,005
Non Current Liabilities Non Current LiabilitiesCr	679	284	211	400	399	323	232	569	565	777	1,263
Total Liabilities Total LiabilitiesCr	3,701	4,027	3,700	4,702	4,807	4,634	4,492	5,429	6,086	7,129	8,406
Current Assets Current AssetsCr	2,183	2,523	2,065	2,983	2,916	2,754	2,377	2,578	3,035	3,301	3,384
Non Current Assets Non Current AssetsCr	1,518	1,504	1,634	1,719	1,890	1,880	2,115	2,851	3,051	3,828	5,023
Total Assets Total AssetsCr	3,701	4,027	3,700	4,702	4,807	4,634	4,492	5,429	6,086	7,129	8,406

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	147	346	1,180	-523	850	649	695	453	178	425	599
Investing Cash Flow Investing Cash FlowCr	-147	-117	-159	-159	-305	-81	-309	-859	-225	-880	-947
Financing Cash Flow Financing Cash FlowCr	-70	-233	-1,020	682	-546	-569	-385	406	47	455	347
Net Cash Flow Net Cash FlowCr	-70	-4	0	0	-1	-1	0	0	0	0	0
Free Cash Flow Free Cash FlowCr	-6	223	1,048	-649	608	551	298	-391	-43	-455	-346
CFO To PAT CFO To PAT%	146.8	58.3	509.3	-90.8	163.6	135.3	149.5	159.4	33.3	97.3	158.4
CFO To EBITDA CFO To EBITDA%	35.8	39.8	261.2	-75.9	124.6	91.0	99.3	88.5	22.6	60.4	80.9

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	147	346	1,180	-523	850	649	695	453	178	425	599
Investing Cash Flow Investing Cash FlowCr	-147	-117	-159	-159	-305	-81	-309	-859	-225	-880	-947
Financing Cash Flow Financing Cash FlowCr	-70	-233	-1,020	682	-546	-569	-385	406	47	455	347
Net Cash Flow Net Cash FlowCr	-70	-4	0	0	-1	-1	0	0	0	0	0
Free Cash Flow Free Cash FlowCr	-6	223	1,048	-649	608	551	298	-391	-43	-455	-346
CFO To PAT CFO To PAT%	146.8	58.3	509.3	-90.8	163.6	135.3	149.5	159.4	33.3	97.3	158.4
CFO To EBITDA CFO To EBITDA%	35.8	39.8	261.2	-75.9	124.6	91.0	99.3	88.5	22.6	60.4	80.9

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	2,637	3,418	1,722	3,120	2,287	4,505	9,996	7,989	7,295	11,050	10,047	14,833
Price To Earnings Price To Earnings	26.3	5.9	7.4	5.4	4.4	9.4	21.5	28.1	13.7	25.3	26.6	38.2
Price To Sales Price To Sales	1.0	1.0	0.4	0.7	0.5	0.9	2.1	1.7	1.3	2.0	1.6	2.3
Price To Book Price To Book	2.1	2.2	1.1	1.5	0.9	1.7	3.6	2.8	2.1	2.9	2.4	3.2
EV To EBITDA EV To EBITDA	10.0	5.9	5.7	7.0	5.4	8.0	16.0	19.3	11.8	19.4	17.8	25.6
Profitability Ratios Profitability Ratios
GPM GPM%	24.9	34.9	17.2	25.1	23.1	24.9	25.3	23.2	26.1	25.0	22.9	22.9
OPM OPM%	14.9	25.1	10.4	16.1	14.4	14.8	14.4	11.0	14.1	13.0	11.8	11.3
NPM NPM%	3.6	17.1	5.3	13.4	10.9	10.0	9.6	6.1	9.6	8.1	6.0	5.8
ROCE ROCE%	6.4	24.2	15.9	16.9	16.6	16.8	15.8	9.6	15.3	10.2	8.7	8.7
ROE ROE%	8.2	38.0	14.3	27.2	21.5	18.3	16.8	9.8	15.7	11.5	9.2	9.2
ROA ROA%	2.7	14.7	6.3	12.3	10.8	10.3	10.3	5.2	8.8	6.1	4.5	4.5
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	2,637	3,418	1,722	3,120	2,287	4,505	9,996	7,989	7,295	11,050	10,047	14,833
Price To Earnings Price To Earnings	26.3	5.9	7.4	5.4	4.4	9.4	21.5	28.1	13.7	25.3	26.6	38.2
Price To Sales Price To Sales	1.0	1.0	0.4	0.7	0.5	0.9	2.1	1.7	1.3	2.0	1.6	2.3
Price To Book Price To Book	2.1	2.2	1.1	1.5	0.9	1.7	3.6	2.8	2.1	2.9	2.4	3.2
EV To EBITDA EV To EBITDA	10.0	5.9	5.7	7.0	5.4	8.0	16.0	19.3	11.8	19.4	17.8	25.6
Profitability Ratios Profitability Ratios
GPM GPM%	24.9	34.9	17.2	25.1	23.1	24.9	25.3	23.2	26.1	25.0	22.9	22.9
OPM OPM%	14.9	25.1	10.4	16.1	14.4	14.8	14.4	11.0	14.1	13.0	11.8	11.3
NPM NPM%	3.6	17.1	5.3	13.4	10.9	10.0	9.6	6.1	9.6	8.1	6.0	5.8
ROCE ROCE%	6.4	24.2	15.9	16.9	16.6	16.8	15.8	9.6	15.3	10.2	8.7	8.7
ROE ROE%	8.2	38.0	14.3	27.2	21.5	18.3	16.8	9.8	15.7	11.5	9.2	9.2
ROA ROA%	2.7	14.7	6.3	12.3	10.8	10.3	10.3	5.2	8.8	6.1	4.5	4.5
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	DCMSHRIRAM	BALRAMCHIN	EIDPARRY	TRIVENI	BAJAJHIND	RENUKA	BANARISUG
Market CapitalizationMkt CapCr	15,671	14,833	12,065	5,426	4,805	4,376	4,138
Close PriceClose₹	1,004.90	701.00	678.00	246.25	20.10	20.56	3,300.00
IndustryIndustry	Sugar	Sugar	Sugar	Sugar	Sugar	Sugar	Sugar
Price To EarningsPE	11.39	38.20	25.94	32.11	14.78		33.99
Price To SalesPS	1.13	2.33	0.31	0.88	0.90	0.47	2.48
RevenueRevenueCr	13,840	6,366	38,836	6,173	5,332	9,365	1,671
Revenue Growth TTMRev Gr TTM%	11.1%	15.0%	15.7%	4.0%	-1.9%	-5.1%	-7.6%
PAT Growth TTMPAT Gr TTM%	132.2%	-11.3%	-39.0%	29.1%	187.6%	-96.4%	7.3%

	DCMSHRIRAM	BALRAMCHIN	EIDPARRY	TRIVENI	BAJAJHIND	RENUKA	BANARISUG
Market CapitalizationMkt CapCr	15,671	14,833	12,065	5,426	4,805	4,376	4,138
Close PriceClose₹	1,004.90	701.00	678.00	246.25	20.10	20.56	3,300.00
IndustryIndustry	Sugar	Sugar	Sugar	Sugar	Sugar	Sugar	Sugar
Price To EarningsPE	11.39	38.20	25.94	32.11	14.78		33.99
Price To SalesPS	1.13	2.33	0.31	0.88	0.90	0.47	2.48
RevenueRevenueCr	13,840	6,366	38,836	6,173	5,332	9,365	1,671
Revenue Growth TTMRev Gr TTM%	11.1%	15.0%	15.7%	4.0%	-1.9%	-5.1%	-7.6%
PAT Growth TTMPAT Gr TTM%	132.2%	-11.3%	-39.0%	29.1%	187.6%	-96.4%	7.3%

FY2026

FY2025

FY2024

FY2023

FY2022

FY2021

FY2020

FY2026

Jun 26