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.

• Domestic consumption is 28.5 million tons, with closing stock projected at 6 million tons.

• Operates 10 sugar units, 5 distilleries, and 5 co-generation units with 80,000 TCD cane crushing and 1,050 KLPD distillery capacity; PLA bioplastic plant under implementation.

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

Financial highlights

• FY25 consolidated revenue: Rs. 5,415 crore; PBT: Rs. 598.7 crore; TCI: Rs. 438.8 crore; Basic EPS: Rs. 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 INR 3.50 per share declared, totaling INR 70.7 crore including taxes.

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

• Co-generation FY25 power sales: 31.7 crore units; average realization Rs. 4.0/unit.

Outlook and guidance

• PLA plant construction underway; Rs. 1,093 crore spent as of Oct 2025.

• 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.

• Policy support for ethanol blending and bio-based products expected to drive future growth.

• 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.