Balrampur Chini Mills (BALRAMCHIN) Q4 24/25 earnings summary

Executive summary

• India's sugar production for 2024-2025 is projected at 26 million tons net, down from 32 million tons last year due to reduced cane availability and adverse weather in key states.

• Sugar segment posted strong Q4 performance with improved margins, despite lower cane crushing and sugar recovery due to adverse weather.

• Audited standalone and consolidated financial results for the quarter and year ended 31st March 2025 were approved, with unmodified audit opinions issued by statutory auditors.

• PLA bioplastics project is progressing on schedule, with significant capex and strong policy support from the Uttar Pradesh government.

• Interim dividend of ₹3 per share for FY2024-25 was paid and confirmed as the final dividend; no further dividend proposed.

Financial highlights

• Q4 FY25 consolidated revenue rose 4.8% year-over-year to ₹1,503.68 crore; full-year revenue up 3.3% to ₹5,593.74 crore.

• Standalone revenue from operations for FY2025 was ₹541,537.83 lakhs, down from ₹559,374.01 lakhs in FY2024.

• Q4 FY25 consolidated PBT increased 38.7% year-over-year to ₹289.36 crore; full-year PBT down 24.2% to ₹562.25 crore.

• Standalone net profit for FY2025 was ₹34,388.11 lakhs, compared to ₹43,320.87 lakhs in FY2024.

• Earnings per share (EPS) for FY2025 stood at ₹17.04 (standalone, basic), down from ₹21.47 in FY2024.

Outlook and guidance

• PLA project expected to commission in Q3 FY27, targeting ₹2,000 crore revenue and 35% EBITDA margin at full capacity.

• Sugar prices are expected to remain firm at around INR 41/kg, with potential for a marginal uptick depending on government policy.

• Government's ethanol pricing policy may challenge long-term ethanol blending targets.

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

• Key events to watch include SAP revision, MSP changes, ethanol price revision, and export policy for 2025-26.