Balrampur Chini Mills Limited (BALRAMCHIN) share price

₹706.60 on NSE as of 2026-10-07. +2.21% on the day. market cap ₹14,928 Cr. P/E 38.5. 52-week range ₹397.80 to ₹767.10. Fast Moving Consumer Goods.

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Balrampur Chini Mills Q1 FY27: ₹1,637 Cr of Revenue, 45.67 Lakh Quintals of Sugar in Storage, and a ₹3,080 Cr Bioplastic Plant Halfway Built

At a glance

Balrampur Chini Mills crushes sugarcane in Uttar Pradesh and sells sugar, ethanol, power and assorted by-products. Revenue for the three months to June 2026 was ₹1,636.79 crore, up 6.13%. The same quarter a year earlier brought ₹1,542.27 crore. Operating profit was ₹113.92 crore against ₹134.25 crore. Net profit was ₹44.15 crore against ₹51.57 crore. Consolidated basic earnings per share, the profit attached to each share, was ₹2.16 against ₹2.55.

Management states the reason plainly on the earnings call: the first quarter is the off-season. There is "largely no production during the quarter", management says, and the second runs "absolutely without production". The third quarter is partial and the fourth is full. A sugar mill's year is less a marathon than a nap punctuated by a sprint. The company's own presentation asks that performance be evaluated annually.

What the quarter did have was inventory. Sugar stock stood at 45.67 lakh quintals as at 30 June 2026; a quintal is 100 kilograms. It was valued at ₹37.19 a kg, against ₹35.50 a year earlier. Stock a year earlier came to 48.45 lakh quintals. Cane crushed rose to 33.28 lakh quintals from 21.78 lakh. Sugar production rose to 3.61 lakh quintals from 2.48 lakh. Average sugar realisation was ₹41.55 a kg against ₹40.63.

₹2,180 crore has gone into a bioplastic plant that has not yet made any product. Capital work in progress, the cost of assets still being built, stood at ₹1,747.07 crore. That was the figure for the year to March 2026, up from ₹105.77 crore. The board appointed a new independent director on 11 August 2026. A preferential issue of 93,16,771 shares closed in June 2026.

Introduction

Balrampur Chini Mills Limited was incorporated in 1975. Its 50th annual general meeting falls on 16 September 2026, a rounder number than most of its financial ratios manage. India Ratings, a credit-rating agency, calls it the second-largest sugar producer in India. The agency also credits it with over half a century of operational track record.

The physical footprint is ten sugar factories in Uttar Pradesh. Aggregate cane crushing capacity is 80,000 tonnes of cane a day. Five distilleries total 1,050 kilolitres a day of alcohol capacity. Co-generation, power made by burning the mill's own leftover fuel, is 288.47 megawatts installed. Of that, 175.7 megawatts can be sold. India Ratings notes the crushing capacity is the second highest in the country. The sugar division contributes around 75% of total revenue, according to the same agency, with the distillery in the 20 to 25% band.

The recent chapter is a different molecule entirely. Since 2024 the company has been building India's first industrial-scale polylactic acid plant. Polylactic acid is a plastic made from sugar rather than from oil. Capacity is 250 tonnes a day, or 80,000 tonnes a year. The board has revised the cost to ₹3,080 crore, from ₹2,850 crore. The company states three reasons for the ₹230 crore escalation. They are construction material prices, global supply-chain disruption, and engineering and design changes. That is the standard trio that appears whenever a large project meets a calendar.

To fund the revision, the company issued 93,16,771 equity shares on a preferential basis in June 2026. The issue raised ₹450 crore. Promoters and the promoter group took roughly ₹193 crore, about 43% of it. ₹200 crore of non-convertible debentures, which are loans from investors that stay as debt, were privately placed in April 2026.

A ₹160 crore Lactogypsum processing plant was approved at Kumbhi, Uttar Pradesh. It is to turn a polylactic acid by-product into roughly 76 lakh gypsum boards a year. There is something satisfying about a company whose waste-disposal plan is to sell the waste as a wall. Commercial production is expected by the three months to December 2027. Paid-up share capital rose to 211,267,207 equity shares of ₹1 each as at 30 June 2026.

Business model

Balrampur takes sugarcane and refuses to let any part of it leave unmonetised.

Cane goes in at up to 80,000 tonnes a day across ten Uttar Pradesh mills. The juice becomes sugar. What does not become sugar becomes molasses, and molasses becomes ethanol. That ethanol is sold to the oil marketing companies under the government's petrol blending programme. Bagasse, the crushed fibrous remains of the cane, is burnt to generate power. Of that power, 175.7 megawatts can be sold to the grid. Extra neutral alcohol, carbon dioxide, dry ice and granulated potash fertiliser also come out of the side. It is the corporate equivalent of a household that uses the vegetable peels for stock.

The ethanol pathway has more forks than a cutlery drawer. Cane can be diverted to the B-heavy molasses route, the syrup route or the C-heavy route. The government fixes a separate price for each, per bulk litre, the trade's unit of alcohol volume. For the ethanol supply year 2025-26 the C-route pays ₹57.97 and the B-route ₹60.73. The syrup route pays ₹65.61. The company also runs grain, with maize ethanol at ₹71.86 a bulk litre.

In the three months to June 2026 it produced ethanol from rice for the first time in the periods shown. Rice output was 0.84 crore bulk litres, of which 0.33 crore was sold. The same quarter gave 4.66 crore bulk litres from B-heavy and 1.20 crore from maize. Syrup gave 0.13 crore and C-heavy 0.37 crore. Blended realisation across the distillery, including extra neutral alcohol, was ₹58.86 a bulk litre, against ₹58.58 a year earlier.

The newest limb is polylactic acid, a biopolymer made from sugar. The raw material for the futuristic plastics business is the company's own oldest product. Listed applications include packaging, printing, textiles and medical devices. India Ratings, the credit-rating agency, notes that full capacity would require diverting about 13% of existing sugar production. The business development slide lists more than 175 customers targeted and more than 100 being catered to, with more than 25 trials completed.

There is also a bus. "Bioyug on Wheels" launched in Mumbai in May 2025 and has toured with polylactic acid samples. The states listed are Jharkhand, Madhya Pradesh, Gujarat and Kerala. A sugar mill now operates a travelling polymer exhibition, which is not a sentence anyone wrote in 1975. Officials of the Central Pollution Control Board have visited it, as have plastics associations of three states. The Bureau of Indian Standards, the national standards body, has approved standards for polylactic acid straws and bags.

Quarterly results, balance sheet, cash flow, ratios, shareholding and the filings themselves are on the full page for Balrampur Chini Mills Limited.

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