The Board of Directors of Balrampur Chini Mills Limited (BCML) approved the company's audited standalone and consolidated financial results for the fourth quarter and full year ended March 31, 2026, at its meeting on May 15, 2026. According to the results presentation filed with the stock exchanges, BCML reported a 15.8 per cent rise in standalone revenue from operations to Rs. 6,271.15 crore in 2025-26 from Rs. 5,415.38 crore in 2024-25, though profitability came under pressure as higher sugarcane costs weighed on margins across both sugar and distillery segments.
According to the regulatory filing, Vivek Sarapgi, Chairman and Managing Director of Balrampur Chini Mills, said the sugar segment delivered a stable performance despite an approximately 8 per cent increase in the State Advised Price (SAP) of sugarcane by the Uttar Pradesh government, from Rs. 370 per quintal to Rs. 400 per quintal, which compressed margins. Higher sugar sales volumes and a marginal improvement in realisations partly offset the impact. Sarapgi said distillery results were subdued, adding that the government had not revised ethanol procurement prices from the juice and B-heavy route for three consecutive years.
On a standalone basis for the full year, earnings before interest, tax, depreciation and amortisation (EBITDA) rose to Rs. 741.28 crore from Rs. 704.24 crore in the previous year. Profit before tax (PBT) improved to Rs. 523.70 crore from Rs. 470.40 crore. On a consolidated basis, however, PBT was nearly flat at Rs. 560.15 crore compared to Rs. 562.25 crore in 2024-25, while Total Comprehensive Income (TCI) declined to Rs. 380.35 crore from Rs. 438.84 crore. Consolidated basic earnings per share for the year stood at Rs. 18.74, down from Rs. 21.65 a year ago.
For the fourth quarter specifically, standalone revenue grew 6.67 per cent to Rs. 1,603.99 crore, though EBITDA margins narrowed sharply to 17.76 per cent from 24.29 per cent in the same quarter last year, reflecting the direct impact of higher cane costs.
The sugar segment contributed revenue of Rs. 5,507.23 crore for the full year, up from Rs. 4,897.41 crore. Total sugar sales for the year rose to 100.56 lakh quintals from 94.22 lakh quintals, with average realisations at Rs. 40.73 per kg. Sugarcane crushed during the quarter stood at 622.18 lakh quintals, up approximately 1.6 per cent year-on-year. For the full season, the company crushed approximately 1,043 lakh quintals, around 5.2 per cent higher than the previous season. Gross sugar recovery before diversion for the quarter declined marginally by approximately 9 basis points to 11.59 per cent, while seasonal recovery stood at 11.24 per cent compared to 11.28 per cent in the prior season.
The distillery segment reported full-year revenue of Rs. 1,720.97 crore, up from Rs. 1,430.01 crore, though quarterly performance remained under pressure. Sarapgi noted that the government has now contracted approximately 1,048.4 crore bulk litres of ethanol for ESY 2025-26 and that a roadmap for beyond E-20 blending was under development.
On the sugar supply outlook, Sarapgi said India’s net sugar production after ethanol diversion was estimated at approximately 28 million metric tonnes for the current season. With domestic consumption also around 28 MMT, expected exports of approximately 0.7 MMT out of an allocated quota of 1.58 MMT, and an opening inventory of around 5 MMT, closing stock was estimated at approximately 4.3 MMT. The government has banned sugar exports until September 30, 2026.
BCML’s poly lactic acid (PLA) plant, India’s first industry-scale bio-polymer facility of 80,000 tonnes per annum capacity, remains largely on track for commissioning in the third quarter of 2026-27. The company revised total project cost upward to approximately Rs. 3,080 crore following an optimisation of capacity from 75,000 tonnes to 80,000 tonnes. The plant is expected to generate revenue of approximately Rs. 2,000 crore at full capacity. As of April 30, 2026, the company had incurred approximately Rs. 1,718 crore in capital expenditure on the project, with civil erection approximately 87 per cent complete and equipment erection at approximately 27 per cent. The project is being funded through Rs. 1,650 crore of debt and Rs. 1,430 crore from equity and internal accruals, including the recently approved preferential equity issue of Rs. 450 crore. Sarapgi noted that promoters are participating to the extent of approximately Rs. 193 crore out of the total Rs. 450 crore raise, with no dilution on their part.
BCML’s long-term credit rating was reaffirmed at AA+ with a stable outlook by both CRISIL and India Ratings, while the short-term rating stands at A1+ from both agencies. Long-term borrowings as of March 31, 2026 stood at Rs. 97.50 crore for the existing business and Rs. 903 crore for the PLA project. The company’s associate, Auxilo Finserve Private Limited, in which BCML holds a 30.47 per cent equity stake, reported a 16 per cent year-on-year growth in assets under management to Rs. 5,051 crore, with profit after tax at Rs. 116.87 crore for the year. Management is scheduled to discuss the FY26 results with investors and analysts on May 18, 2026.