Balrampur Chini Mills (BALRAMCHIN) Q2 25/26 earnings summary

Executive summary

• Production expected to rise to 34.5 million tons pre-diversion, with net sugar production at 31 million tons after 3.5 million tons diverted for ethanol.

• Maharashtra leads output growth, UP maintains stability, and Karnataka posts a significant increase.

• FY25 revenue reached ₹5,415 crore; 5-year average EBITDA at ₹683 crore and TCI at ₹407 crore.

• Operates 10 sugar units, 5 distilleries, and 10 co-generation units with 80,000 TCD cane crushing and 1,050 KLPD distillery capacity; expanding into bioplastics with India's first industrial PLA plant under implementation.

• Un-audited standalone and consolidated financial results for the quarter and half year ended 30th September 2025 were approved and reviewed by the Board and Audit Committee, with a limited review by statutory auditors.

Financial highlights

• FY25 consolidated revenue: ₹5,415 crore; PBT: ₹598.7 crore; TCI: ₹441.3 crore; Basic EPS: ₹21.65.

• Standalone revenue from operations for Q2 FY26 was ₹167,076.34 lakhs, up from ₹129,794.72 lakhs in Q2 FY25; net profit for the quarter was ₹4,595.32 lakhs, compared to a loss of ₹350.42 lakhs in Q2 FY25.

• Interim dividend of ₹3.50 per share declared, totaling ₹70.7 crore including taxes, and consistent 300% dividend payout.

• Cost of sugar production last year was INR 35.5/kg; this year, better cane availability and recovery expected to offset some cost increases.

• Standalone EBITDA margin at 13.0% in FY25; 5-year average EBITDA: ₹683 crore.

Outlook and guidance

• PLA project progressing with ₹1,093 crore spent by Oct 2025; full regulatory clearances in place.

• Ethanol volume guidance for 2025-2026 is around 28 crore liters, with route-wise breakup: 9 crore from juice, 12 crore from BAB, 3.5 crore from country liquor, and 1 crore from CAV.

• Company expects further policy support for ethanol pricing and sugar MSP.

• Confident of selling entire PLA output as mandates and customer demand develop, though ramp-up will take time.

• Global sugar production projected to rise to 188.5 MMT in 2025-26; India’s sugar consumption expected to grow at 2% CAGR.