| Metric | Value (₹ Cr) | Q3 FY26 | Q4 FY25 |
|---|---|---|---|
| Revenue | 1.6K | 10.3% | 6.7% |
| Total Income | 1.6K | 10.4% | 6.8% |
| Expenditure | 1.4K | 6.8% | 14.6% |
| PBT | 226.77 | 39.0% | 24.7% |
| Net Profit | 159.57 | 40.7% | 30.4% |
| OPM | 17.75% | 3.87pp | 6.54pp |
| NPM | 9.87% | 2.12pp | 5.27pp |
| EPS | 7.90 | 40.6% | 30.4% |
Balrampur Chini Q4 FY26: Revenue Up 6.67%, Income Down 30.25%
15 May 2026 · 15 May, 11:11 pm
Summary
Balrampur Chini Mills Limited reported a stable performance for Q4 FY26 and the full fiscal year. Consolidated Revenue from Operations for FY26 grew by 15.80% to ₹6,271.15 crore, supported by a 6.67% increase in Q4 FY26 revenue to ₹1,603.99 crore. While full-year consolidated EBITDA increased by 5.26% to ₹741.28 crore, Q4 FY26 consolidated EBITDA declined by 22.03% to ₹284.79 crore, impacted by an ~8% hike in sugarcane prices. Management noted that higher sugar sales volumes and marginal increases in realizations partially offset the reduced margins in the sugar segment, though the distillery segment remained subdued. The company continues to advance its 80,000 tons PLA Plant, targeting commencement in Q3 FY27, and has secured board approval for a ₹450 crores capital raise.
Key Highlights
- 1
Consolidated Revenue from Operations for the fiscal year FY26 increased by 15.80% year-on-year to ₹6,271.15 crore.
- 2
For Q4 FY26, consolidated Revenue from Operations stood at ₹1,603.99 crore, marking a 6.67% increase compared to the previous year.
- 3
Consolidated EBITDA for FY26 grew by 5.26% to ₹741.28 crore, while Q4 FY26 EBITDA saw a decline of 22.03% to ₹284.79 crore, primarily due to an ~8% hike in sugarcane price.
- 4
Consolidated Total Comprehensive Income for Q4 FY26 decreased by 30.25% to ₹157.23 crore, and for the full year FY26, it was ₹380.35 crore, down 13.33%.
- 5
Sugarcane crushing for the entire season was approximately 1043 lac qtls, a ~5.2% increase compared to the previous season, with Q4 FY26 crushing up ~1.6% year-on-year at ~622.2 lac qtls.
- 6
The progress of the 80,000 tons PLA Plant remains largely on track with a revised capex of ~₹3080 crores, and is expected to commence operations in Q3 FY27.
- 7
The Board approved raising ₹450 crores via issue of Preferential Equity Shares to fund capex and meet general corporate purposes, with promoters contributing ~₹193 crores without dilution.
Management Comments
Vivek Saraogi
The sugar segment delivered stable performance during the quarter despite hike of ~8% in sugarcane price y-o-y from Rs. 370/qtl. to Rs. 400/qtl. by U.P. Govt. which led to reduced margins. This was partly off-set by higher sugar sales volumes coupled with marginal increase in realizations. Results of the distillery segment were subdued as the Govt. did not increase the Ethanol procurement price from Juice and B-heavy route for three consecutive years. Sugarcane crushing in the quarter was ~1.6% higher y-o-y at ~622.2 lac qtls. For the entire season Company crushed ~1043 lac qtls. which is ~5.2% higher than previous season. Gross sugar recovery before diversion in Q4FY26 was lower by ~9 bps at 11.59%. Gross sugar recovery before diversion for the season was 11.24% as compared to 11.28% in previous season. The export quota of ~1.58 MMT for the current season has supported the sugar prices in the peak of the crushing season. We expect ~0.7 MMT to be exported out of the allocated quota as Government has banned export of sugar up to 30th September 2026. India’s net sugar production post diversion towards Ethanol is estimated ~28 MMT. Considering domestic consumption of ~28 MMT, exports of ~0.7 MMT and opening inventory of ~5.0 MMT, closing stock is estimated ~4.3 MMT. The progress of 80,000 tons PLA Plant remains largely on track with revised capex of ~Rs. 3080 crores. We expect the plant to commence operations in Q3FY27. Construction activities are in full swing. Recently the Board has approved raising of Rs. 450 crores via issue of Preferential Equity Shares to fund the capex as well as to meet the general corporate purpose. It is worth mentioning that there will be no dilution by the Promoters. Promoters are participating / contributing ~Rs. 193 crores out of Rs. 450 crores. Over the years, out integrated model have successfully kept pace with headwinds and adopted to evolving dynamics of the industry. We stand committed to sustainable value creation by optimizing every aspect of our operations focusing on maximum value creation from every stick of cane. Our diversified product range (including PLA) aligns with global environmental goals. Leveraging our operations with strong financial strength we remain dedicated to deepening our relationships with Environment and enhancing operational efficiencies. We will continue to invest judiciously and create value for all our stakeholders.
Informational and educational content only. Not investment advice.