Key Financials Snapshot

TTM · Consolidated · ₹ in Cr
Market Cap
₹13734 Cr.
Stock P/E
36.3
P/B
3
Current Price
₹649.1
Book Value
₹ 215.5
Face Value
1
52W High
₹781
52W Low
₹ 393.4
Dividend Yield
0.54%

Balrampur Chini Mill Overview

Business

Balrampur Chini Mills Ltd. (BCML) is one of the largest integrated sugar manufacturing companies in India. Its core business involves the production of refined sugar from sugarcane. The company operates an integrated business model by utilizing by-products from sugar manufacturing: molasses is used to produce ethanol and other spirits in its distilleries, and bagasse is used to generate power (co-generation) for captive consumption and sale to the grid. The company makes money primarily through the sale of sugar, ethanol/alcohol, and power.

Revenue Mix

BCML operates primarily in three distinct but integrated segments:

Sugar: This is the largest segment, involving the crushing of sugarcane and production of various grades of sugar.

Distillery: This segment utilizes molasses (a by-product of sugar manufacturing) to produce ethanol, which is primarily sold for the government's Ethanol Blended Petrol (EBP) program, as well as rectified spirit and extra neutral alcohol (ENA).

Co-generation: This segment involves the generation of electricity from bagasse (another by-product), which is used for captive consumption and the surplus is sold to state electricity grids.

While specific real-time revenue contributions fluctuate with commodity prices and policies, the sugar segment typically contributes the largest share, followed by the distillery segment, with co-generation contributing a smaller but steady portion.

Industry

The Indian sugar industry is highly regulated, cyclical, and commodity-driven. It is heavily influenced by government policies regarding cane pricing (Fair and Remunerative Price - FRP, or State Advised Price - SAP), sugar minimum selling prices, export/import quotas, and ethanol procurement prices. Balrampur Chini Mills Ltd. is one of the leading players in the Indian sugar industry, particularly in Uttar Pradesh (UP), which is the largest sugarcane producing state. It holds a significant market share and benefits from its large crushing capacity, multiple operating units, and integrated nature compared to many smaller, standalone mills.

MOAT

Balrampur Chini possesses several advantages, though the sugar industry generally offers limited scope for traditional "moats" due to its commodity nature:

Scale and Integration: As one of the largest players with integrated operations (sugar, distillery, co-generation), BCML benefits from economies of scale and better cost efficiencies by maximizing value from sugarcane. This diversified revenue stream reduces sole reliance on sugar price volatility.

Geographic Concentration: Operating multiple mills in a prime sugarcane belt (Uttar Pradesh) provides advantages in raw material procurement and logistics.

Operational Efficiency: Continuous focus on improving recovery rates (sugar extraction from cane) and efficient utilization of by-products contribute to cost competitiveness.

Brand (Limited): While sugar is a commodity, the company does have established distribution networks and brand recognition within the trade, particularly for bulk sales.

Growth Drivers

Ethanol Blending Program (EBP): The Indian government's aggressive targets for ethanol blending in petrol (E20 by 2025) provides a structural tailwind for the distillery segment, ensuring demand and stable pricing for ethanol.

Increasing Sugar Consumption: Population growth and rising disposable incomes in India are expected to drive gradual growth in domestic sugar demand.

Capacity Expansion: Strategic expansions in both sugar crushing and distillery capacities will enable higher volumes and revenue generation.

Exports: Favorable global sugar prices and government export subsidies (when applicable) can provide opportunities for export-led growth.

Efficiency Improvements: Continuous investment in modern technology to improve sugarcane crushing efficiency and recovery rates can boost profitability.

Risks

Regulatory Risks: Heavy government intervention in cane pricing (FRP/SAP), sugar minimum selling price, export/import policies, and ethanol procurement prices can significantly impact profitability.

Climatic Risks: Dependence on monsoon for sugarcane cultivation makes the business vulnerable to adverse weather conditions like drought or excessive rainfall, affecting cane yield and quality.

Commodity Price Volatility: Fluctuations in international and domestic prices of sugar and ethanol, driven by global supply-demand dynamics and policies, pose a significant risk.

Raw Material Availability and Cost: Timely and adequate supply of sugarcane at reasonable prices is crucial. Farmer sentiment and alternative crop choices can impact availability.

Inventory Management: Sugar is a seasonal product, requiring significant working capital for inventory holding, which is also subject to price risk.

Management & Ownership

Balrampur Chini Mills Ltd. is a professionally managed, promoter-driven company. The Goenka family (Vivek Saraogi, Meenakshi Saraogi) are the promoters and hold key leadership positions, providing continuity and long-term vision. The management team has extensive experience in the sugar industry. The ownership structure typically involves a significant promoter holding, with the remaining shares held by institutional investors (domestic and foreign) and the public.

Outlook

Balrampur Chini Mills operates in a complex and cyclical industry, yet its integrated business model provides a degree of resilience. The strong government push for ethanol blending through the EBP program is a significant positive structural change, providing a more stable and growing revenue stream beyond traditional sugar. The company's scale and operational efficiencies position it well to capitalize on this opportunity and navigate the inherent volatility of sugar prices. However, profitability remains highly susceptible to regulatory changes, especially regarding cane pricing and sugar realization, as well as the vagaries of monsoon and global commodity cycles. Long-term performance will depend on its ability to expand distillery capacities, maintain operational efficiency, and manage working capital effectively amidst these external factors.

Balrampur Chini Mill Share Price

Live · BSE / NSE · Inception: 1975
₹ | |
Volume
Price

Key Financials — Profit & Loss

₹ in Cr · Consolidated · annual

Balrampur Chini Mill Quarterly Results

#(Fig in Cr.) Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
Net Sales 1434 1422 1298 1192 1504 1542 1671 1454 1604 1637
Other Income 4 8 65 7 9 6 9 10 12 15
Total Income 1439 1429 1363 1199 1513 1549 1679 1464 1616 1652
Total Expenditure 1090 1255 1249 1068 1138 1408 1550 1252 1319 1523
Operating Profit 349 174 114 131 375 141 129 211 297 129
Interest 25 36 20 7 30 34 14 4 26 32
Depreciation 43 43 43 44 43 44 44 44 45 44
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 281 95 51 80 301 63 71 163 227 52
Provision for Tax 86 32 -8 19 83 22 26 58 77 14
Profit After Tax 195 63 59 61 219 42 45 106 150 38
Adjustments 8 7 8 9 11 10 9 8 9 6
Profit After Adjustments 203 70 67 70 229 52 54 113 160 44
Adjusted Earnings Per Share 10.1 3.5 3.3 3.5 11.3 2.6 2.7 5.6 7.9 2.1

Balrampur Chini Mill Profit & Loss

#(Fig in Cr.) Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 TTM
Net Sales 2757 3460 4343 4286 4741 4812 4846 4666 5594 5415 6271 6366
Other Income 50 25 30 43 44 28 33 63 180 91 37 46
Total Income 2806 3485 4373 4329 4785 4840 4879 4729 5774 5507 6308 6411
Total Expenditure 2349 2591 3891 3597 4059 4099 4146 4154 4808 4713 5530 5644
Operating Profit 457 894 482 732 726 741 733 575 966 793 778 766
Interest 67 55 52 41 64 39 31 49 84 93 77 76
Depreciation 110 105 95 96 101 112 114 130 166 173 177 177
Exceptional Income / Expenses -173 0 0 0 0 0 -1 0 0 0 0 0
Profit Before Tax 108 735 345 602 568 609 599 408 742 562 560 513
Provision for Tax 7 142 113 26 49 129 134 124 208 125 182 175
Profit After Tax 100 593 232 576 519 480 465 284 534 437 378 339
Adjustments 0 0 0 0 0 0 0 0 0 0 0 32
Profit After Adjustments 100 593 232 576 519 480 465 284 534 437 378 371
Adjusted Earnings Per Share 4.1 25.2 10.1 25.2 23.6 22.8 22.8 14.1 26.5 21.6 18.7 18.3

Balrampur Chini Mill Balance Sheet

#(Fig in Cr.) Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Shareholder's Funds 1229 1561 1617 2118 2416 2619 2770 2896 3401 3796 4138
Minority's Interest -0 -0 0 0 0 0 0 0 0 0 0
Borrowings 502 124 11 279 340 242 144 429 326 489 908
Other Non-Current Liabilities 219 344 450 497 531 655 648 768 867 578 470
Total Current Liabilities 1814 2177 1872 2185 1992 1692 1490 1964 2224 2634 3378
Total Liabilities 3764 4212 3950 5079 5279 5208 5051 6057 6819 7497 8894
Fixed Assets 1340 1412 1446 1422 1624 1599 1634 2599 2639 2645 2604
Other Non-Current Assets 220 276 438 674 738 855 1041 881 1040 1473 2533
Total Current Assets 2204 2520 2065 2983 2916 2754 2377 2578 3139 3378 3756
Total Assets 3764 4212 3950 5079 5279 5208 5051 6057 6819 7497 8894

Balrampur Chini Mill Cash Flow

#(Fig in Cr.) Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Opening Cash & Cash Equivalents 76 6 2 2 2 1 0 0 0 0 0
Cash Flow from Operating Activities 147 346 1180 -523 850 649 695 453 178 425 599
Cash Flow from Investing Activities -147 -117 -159 -159 -305 -81 -309 -859 -225 -880 -947
Cash Flow from Financing Activities -70 -233 -1020 682 -546 -569 -385 406 47 455 347
Net Cash Inflow / Outflow -70 -4 0 -0 -1 -1 -0 -0 0 0 0
Closing Cash & Cash Equivalent 6 2 2 2 1 0 0 0 0 0 0

Balrampur Chini Mill Ratios

# Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Earnings Per Share (Rs) 4.09 25.23 10.14 25.21 23.61 22.85 22.77 14.09 26.49 21.64 18.74
CEPS(Rs) 8.59 29.69 14.31 29.4 28.22 28.17 28.35 20.5 34.74 30.19 27.51
DPS(Rs) 0 3.5 2.5 2.5 2.5 2.5 2.5 2.5 3 3 3.5
Book NAV/Share(Rs) 50.15 66.4 70.78 92.71 109.8 124.72 135.74 143.52 167.39 186.27 201.68
Core EBITDA Margin(%) 14.19 23.87 10.26 16.08 14.38 14.81 14.44 10.97 14.05 12.96 11.82
EBIT Margin(%) 6.06 21.71 9.03 15 13.33 13.48 12.99 9.79 14.76 12.11 10.16
Pre Tax Margin(%) 3.74 20.18 7.84 14.04 11.98 12.66 12.35 8.75 13.27 10.38 8.93
PAT Margin (%) 3.48 16.28 5.26 13.44 10.95 9.97 9.59 6.09 9.55 8.07 6.04
Cash Profit Margin (%) 7.32 19.16 7.43 15.67 13.09 12.3 11.94 8.87 12.53 11.25 8.86
ROA(%) 2.6 14.86 5.68 12.76 10.03 9.15 9.06 5.12 8.3 6.1 4.62
ROE(%) 8.51 42.51 14.58 30.84 22.91 19.06 17.24 10.03 17.04 12.24 9.66
ROCE(%) 6.11 25.34 13.35 19.9 16.32 16.72 16.07 10.44 16.22 11.08 9.29
Receivable days 22.68 18.11 14.3 26.91 26.53 18.39 14.39 10.23 8.17 9.05 9.38
Inventory Days 224.41 209.44 170.69 175.36 177.48 177.26 172.44 176.76 169.24 201.78 181.98
Payable days 106.58 60.03 56.29 82.77 66.52 66.87 47.77 35.34 30.14 27.34 31.02
PER(x) 26.32 5.76 7.43 5.42 4.4 9.39 21.51 28.11 13.65 25.29 26.55
Price/Book(x) 2.15 2.19 1.07 1.47 0.95 1.72 3.61 2.76 2.16 2.94 2.47
Dividend Yield(%) 0 2.41 3.32 1.83 2.41 1.17 0.51 0.63 0.83 0.55 0.7
EV/Net Sales(x) 1.56 1.5 0.62 1.13 0.79 1.19 2.31 2.11 1.66 2.52 2.11
EV/Core EBITDA(x) 9.39 5.81 5.61 6.63 5.19 7.75 15.29 17.15 9.63 17.24 16.98
Net Sales Growth(%) -7.71 25.52 25.5 -1.31 10.63 1.48 0.71 -3.72 19.89 -3.19 15.8
EBIT Growth(%) 577.05 353.9 -49.75 61.82 -1.63 2.57 -2.91 -27.42 80.72 -20.6 -2.8
PAT Growth(%) 272.82 491.91 -60.92 148.56 -9.81 -7.62 -3.16 -38.84 88.08 -18.25 -13.38
EPS Growth(%) 272.89 516.86 -59.81 148.55 -6.35 -3.22 -0.33 -38.15 88.08 -18.31 -13.4
Debt/Equity(x) 1.36 1.14 0.61 0.82 0.61 0.47 0.44 0.65 0.59 0.7 0.78
Current Ratio(x) 1.21 1.16 1.1 1.37 1.46 1.63 1.6 1.31 1.41 1.28 1.11
Quick Ratio(x) 0.19 0.09 0.14 0.31 0.31 0.22 0.12 0.13 0.12 0.1 0.18
Interest Cover(x) 2.62 14.26 7.63 15.7 9.85 16.5 20.4 9.39 9.88 7.02 8.25
Total Debt/Mcap(x) 0.63 0.52 0.57 0.56 0.65 0.28 0.12 0.24 0.28 0.24 0.32

Growth Rates

Compounded annual
# 1 Year 3 Year 5 Year 10 Year
Sales CAGR +16% +10% +5% +9%
Operating Profit CAGR -2% +11% +1% +5%
PAT CAGR -14% +10% -5% +14%
Share Price CAGR +42% +15% +12% +20%
ROE Average +10% +13% +13% +19%
ROCE Average +9% +12% +13% +15%

Balrampur Chini Mill Shareholding Pattern

Latest · Jun 2026
100% held
Promoters 42.86 %
FII 9.32 %
DII (MF + Insurance) 29.09 %
Public (retail) 18.73 %
# Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
Promoter 42.942.942.942.8742.8742.8742.8642.8542.8542.86
FII 11.2712.1812.8612.112.0111.9911.2110.5510.439.32
DII 20.7622.5826.4426.5327.1228.0227.627.4927.6729.09
Public 25.0722.3417.818.518.0117.1318.3419.119.0518.73
Others 0000000000
Total 100100100100100100100100100100

Balrampur Chini Mill Peer Comparison

Balrampur Chini Mill Quarterly Price

10-year quarterly close · BSE
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News & Updates

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Balrampur Chini Mill Pros & Cons

Pros

Cons

  • Promoter holding is low: 42.86%.
  • Company has a low return on equity of 13% over the last 3 years.
  • Debtor days have increased from 27.34 to 31.02days.
  • The company has delivered a poor profit growth of -4% over past five years.
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