Balrampur Chini Mills (BALRAMCHIN) Q3 25/26 earnings summary

Executive summary

• Net sugar production in India estimated at 290 lakh tonnes, with consumption nearly matching production, leading to minimal inventory and strong demand outlook.

• Q3FY26 saw strong performance in the sugar segment, with improved realizations despite higher sugarcane costs; distillery segment remained stable with higher volumes but lower margins due to unchanged ethanol prices.

• PLA project progressing well, with 90% of imported equipment arrived, significant capex incurred, and commercial trading of imported PLA initiated.

• Un-audited standalone and consolidated financial results for the quarter and nine months ended 31st December 2025 were approved and reviewed by the Audit Committee and Board of Directors.

• Interim dividend of ₹3.50 per equity share for FY 2025-26 was paid during the quarter.

Financial highlights

• Consolidated Q3FY26 revenue rose 21.97% year-over-year to Rs. 1,454.12 crore; PBT margin improved to 11.8% from 7.5%.

• Standalone revenue from operations for Q3 FY26 was ₹145,411.80 lakhs, up from ₹119,214.71 lakhs in Q3 FY25.

• Standalone net profit for Q3 FY26 was ₹10,666.36 lakhs, compared to ₹6,273.10 lakhs in Q3 FY25.

• PLA project cumulative expenditure at INR 1,421 crores, funded by INR 790 crores debt and balance from internal accruals.

• Share of profit from associate Auxilo Finserve included in consolidated results.

Outlook and guidance

• Sugar production in India estimated at 28.8 MMT (post ethanol diversion), up 10.3% year-over-year; closing stock expected at 4.6 MMT by September 2026.

• Expecting 5%-6% increase in sugarcane crushing this year and 5%-7% area increase next season.

• PLA plant commissioning in October 2026/Q3FY27, with peak revenue potential of INR 2,000 crore and 35% EBITDA margin.

• Government export quota set at 1.5 MMT; ongoing monitoring required due to changing dynamics.

• Sugar is a seasonal industry, and quarterly results are not indicative of annual performance.