BALRAMCHIN
Large CapBalrampur Chini Mills Limited
Consumer
Balrampur Chini Mills (BCML) is an integrated sugar company in India with ten factories in UP, 80,000 TCD crushing capacity, 1050 KLPD distillery, and 175.7 MW cogeneration. It is setting up India's first 80,000 TPA Poly Lactic Acid (PLA) plant.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is acceptable, price trend is neutral, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Bad · 0/100PAT -30% YoY · margin compression · Rev +7% YoY · +10% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,604 Cr | +6.7% | +10.3% |
| EBITDA | ₹285 Cr | -21.9% | +41.1% |
| Operating margin | 18.0% | -600 bps | +400 bps |
| PAT | ₹160 Cr | -30.1% | +41.6% |
| PAT margin | 10.0% | -525 bps | +221 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Q4FY26 consolidated revenue grew 6.7% YoY to Rs 1604 Cr, but PBT declined 24.2% YoY to Rs 236 Cr, with margins contracting to 14.7%. Sugar segment saw stable performance with higher volumes offsetting cane price hike impact. Distillery results were subdued due to stagnant ethanol prices.
Core sugar and distillery segments face margin pressure from rising cane prices and stagnant ethanol procurement rates. While sugar volumes and realizations improved, profitability declined. The PLA project is on track for Q3FY27 commissioning, offering future diversification, but current performance is challenged.
Poly Lactic Acid (PLA) Project
80,000 TPA plant, expected revenue ~Rs. 2000 crores at full capacity, commissioning Q3FY27.
Higher Sugar Sales Volumes
The sugar segment delivered stable performance during the quarter despite hike of ~8% in sugarcane price y-o-y, partly off-set by higher sugar sales volumes.
Diversified Product Range
Our diversified product range (including PLA) aligns with global environmental goals and sustainable value creation.
Ethanol Blending Program
Government's roadmap is being worked on for 'Beyond E-20' and OMCs have contracted ~1048.4 Cr BL of Ethanol for ESY 2025-26.
PLA Plant Capacity
80,000 TPA (optimized from 75,000) PLA plant, expected to commence operations in Q3FY27.
Existing Sugar Crushing Capacity
Ten sugar factories in Uttar Pradesh with an aggregate sugarcane crushing capacity of 80,000 TCD.
Existing Distillery Capacity
Distillery operations of 1050 KLPD.
Existing Cogeneration Capacity
Cogeneration operations of 175.7 MW (Saleable).
Government Support for Bio-plastics
UP Bio Plastic Industrial Policy 2024 offers capital subsidy, interest subvention, SGST reimbursement, and electricity/stamp duty exemptions for large investments.
Ethanol Blending Program
Government's continued focus on EBP, with ~19.24% blending achieved and ~1048.4 Cr BL contracted for ESY 2025-26.
Sugar Export Quota
The export quota of ~1.58 MMT for the current season has supported the sugar prices in the peak of the crushing season.
Increased Power Tariff
UPERC has increased the tariff for export of power during FY25-26 w.e.f. 1st April 2024, ranging ~0.07-0.12/unit.
Sugarcane Price Hike
Hike of ~8% in sugarcane price y-o-y from Rs. 370/qtl. to Rs. 400/qtl. by U.P. Govt. led to reduced margins in the sugar segment.
Stagnant Ethanol Procurement Prices
Govt. did not increase the Ethanol procurement price from Juice and B-heavy route for three consecutive years, subduing distillery results.
Sugar Export Ban
Government has banned export of sugar up to 30th September 2026, limiting actual exports out of allocated quota to ~0.7 MMT.
Lower Sugar Recovery
Gross sugar recovery before diversion in Q4FY26 was lower by ~9 bps at 11.59%, and for the season was 11.24% vs 11.28% in previous season.
Government Policy Changes
Forward-looking statements are subject to risks like government actions, agricultural policies, and local political or economic developments.
Climatic Conditions
Forward-looking statements are subject to uncertainties like climatic conditions, which can impact agricultural output.
PLA Project Execution & Ramp-up
Timely commissioning in Q3FY27 and achieving minimum capacity utilization (40% in 1st year, 75% subsequently) are critical for incentives.
Input Cost Volatility
Sugarcane prices are subject to government mandates, as seen with the ~8% YoY hike, directly impacting sugar segment margins.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The company explicitly states that sugar is a seasonal industry and recommends evaluating performance on an annual basis, making YoY comparisons more relevant for core operations.
Sugarcane Crushed (FY26)
For the entire season Company crushed ~1043 lac qtls. which is ~5.2% higher than previous season.
Gross Sugar Recovery (FY26)
Gross sugar recovery before diversion for the season was 11.24% as compared to 11.28% in previous season.
Sugar Sales Volume (Q4FY26)
Total Sugar Sales (lac quintals) Q4FY26 21.42
Average Sugar Realization (Q4FY26)
Average Realization of Sugar (Rs./kg) Q4FY26 40.83
Commitment to Sustainable Value Creation
We stand committed to sustainable value creation by optimizing every aspect of our operations focusing on maximum value creation from every stick of cane.
Diversification into PLA
Our diversified product range (including PLA) aligns with global environmental goals, leveraging our integrated model.
Judicious Investment
We will continue to invest judiciously and create value for all our stakeholders.
Funding for PLA Project
Board approved raising Rs. 450 crores via issue of Preferential Equity Shares to fund capex, with promoters contributing ~Rs. 193 crores.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| PLA Plant Commissioning & Utilization | Construction activities are in full swing; ~Rs. 1718 crores spent. Project commissioning expected Q3FY27. | Commencement of commercial operations in Q3FY27 and achievement of initial capacity utilization targets (40% in 1st year). |
| Ethanol Procurement Prices | Government has not increased Ethanol procurement price from Juice and B-heavy route for three consecutive years. | Any future revisions in government-mandated ethanol procurement prices, which directly impact distillery profitability. |
| Sugar Recovery Rates | Gross sugar recovery before diversion was lower by ~9 bps in Q4FY26 and ~4 bps for the full season. | Trends in sugar recovery rates in upcoming crushing seasons, as this impacts overall sugar production efficiency. |
| Sugar Export Policy | Government has banned sugar export up to 30th September 2026, limiting actual exports from allocated quota. | Reversal of the export ban and future government decisions on sugar export quotas and policies. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
54NeutralSMA20 +16.5% / mo · near 52W high
Technical chart
BALRAMCHINweekly · 5Y-9.5%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 57. Wait for confirmation.
- SMA20 rising (~14.2% over last month) — short-term momentum positive.
- RSI(14) at 57 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 14% off 52W high · 36% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
OVERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Balance sheet contributes 9/15 to the score.
- Cash flow contributes 4/10 to the score.
Main drags
- Fair-value margin of safety is negative at -394.5%.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Growth is weaker at 4/25; verify the latest quarterly trend.
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 46th percentile of the scored universe and 45th percentile within Consumer. Main check: results consistency is weak at 29/100.
Healthy Trust Lite: Promoter pledge is zero. Key concern: 2 latest quarters had PAT decline worse than 25% YoY.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Consumer: 45th pctile, median 67 · Large: 24th pctile, median 74
136 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸5 years of positive FCF.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸2 latest quarters had PAT decline worse than 25% YoY.
- ▸1/4 latest quarters had positive YoY PAT growth.
- ▸OPM spread across recent quarters is 20%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 30.70
- P/B
- 2.68
- EV/EBITDA
- 16.10
- Market Cap
- 11614.00Cr
Profitability
- ROE
- 9.54%
- ROCE
- 9.28%
- ROA
- 4.50%
- Dividend Y
- 0.64%
Growth (CAGR)
- Revenue 5Y
- 5.00%
- EPS 5Y
- -4.00%
- Revenue 3Y
- 10.00%
- EPS 3Y
- 10.00%
Balance Sheet
- Debt/Equity
- 0.77
- Interest Coverage
- 9.62×
- Altman Z
- 3.53
- Book Value
- 205.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 5/5
- OCF
- 599.00 Cr
- EPS TTM
- 18.74
Shareholding
- Promoter Hold
- 42.86%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 67%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Consumer — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.