Balrampur Chini Mills Limited — Q3 FY26
Balrampur Chini Mills reported a healthy operational performance in Q3 FY26, driven by improved sugar realizations and higher crushing volumes.
bullish
high
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
68%Questions answered3Evaded / deflected11Questions audited
Evasive
High priority
What is the government's incentive to increase ethanol price?
Asked by Prashant Bani, Aara Capital
Management did not provide concrete reasons or timeline for price revision, only expressed hope.
no specific timelinevague hope
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Question
what is the incentive for the government to increase the ethanol price. Right now blending targets have been achieved and we have ample capacities also.
Mr. Saragi (Management)
government is supposed to be running a system which is for the well-being of the country... you suddenly for you know don't backtrack midway... I'm very hopeful that they would again see pragmatism down the line.
Evasive
High priority
Any formal offtake assurance for PLA from clients?
Asked by Prashant Bani, Aara Capital
Management declined to confirm any offtake agreements, citing inability to share details.
refused to disclosevague reference to presentation
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Question
have we got any formal or informal assurance from any of the potential client for offtake or you know either from railways or defense or temples?
Aantika (Management)
I'm not uh at liberty to tell you as of today but the fact that we have put the names in our investor presentation and how sort of prudent our conduct has been it's indication enough.
Answered
Medium priority
Breakdown of India's sugar production estimates?
Asked by Vikram Suryawanchi, Philip Capital
Management provided a numeric breakdown of production estimates by region.
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Question
if you can give some broad sense production we are looking at maximum of 10 million at a growth level and Maharashtra Karnataka maybe 17 and a half to 18 million...
Mr. Saragi (Management)
10 18 28 and rest of India 47 45 by 2 325
Answered
Medium priority
Is the 5-7% increase in crushing from new areas or yield?
Asked by Vikram Suryawanchi, Philip Capital
Management clarified the source of crushing increase, distinguishing between area and yield.
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Question
does that uh additional land what you have got already has a significant amount of cane or there is a further scope to improve further cane development?
Aantika (Management)
it's not 5 to 7% increase in allotment. It's 5 to 7% uh increase in crushing... This is not only through external areas but internal development and yields and everything.
Answered
High priority
Can the company shift to grain ethanol given low sugar prices?
Asked by Vikram Suryawanchi, Philip Capital
Management explained the limitation of grain ethanol capacity and the decision to maximize sugar.
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Question
can we go for uh maximize sugar and then uh use the distillary capacity more for grain based ethanol as a structural change?
Mr. Saragi (Management)
we have already diverted many of our units to you know sea heavy grain is not possible in these units because grain is a separate line of machinery which is only available in meapur.
Partial answer
Medium priority
Why has recovery improvement fizzled out?
Asked by Sanjay Manal, Dam Capital
Management gave a revised lower estimate but did not fully explain the structural vs weather impact.
revised estimate downwardblamed weather
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Question
I think it's fizzled out uh is it because of the ratoon crop or uh we may think we may get better in plant or you think that recoveries will probably will be flattish?
Mr. Saragi (Management)
we began with an improvement of .3 kind of expectation for one and a half months we got no sunlight so beginning as of yesterday bright sunshine is started again so maybe we have lost some time... 1.15 may be possible.
Answered
Medium priority
Why can't Meapur grain capacity be scaled up to 8-10 cr liters?
Asked by Sanjay Manal, Dam Capital
Management explained the government's tender acceptance constraint limiting scale-up.
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Question
why we have not been able to scale that up to 8 10 cr liters probably?
Mr. Saragi (Management)
government has accepted only 60% of tenders put out for me... if you wanted to increase may you put in a capex let's say for another distly of 10 crores you would only be able to sell 6 crores balance the distilled would be idle.
Answered
Low priority
Any change in ethanol mix (C heavy vs B heavy)?
Asked by Tanoj Nagalia, SKP Securities
Management confirmed a marginal shift to C heavy in one unit.
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Question
I wanted to know whether there is any change in the ethanol mix. As you said you'll be making more of C heavy.
Mr. Saragi (Management)
It's a very marginal tweet because midway is remaining that range... just one unit midway we are shifting which may not because we have a 10 unit company may not look very visible.
Answered
Medium priority
Are we on track for ethanol sale of 28 cr liters in FY26?
Asked by Tanoj Nagalia, SKP Securities
Management gave a numeric range confirming the expected ethanol sales volume.
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Question
are we on track to close the uh financial year 26 with uh ethanol sale of 28 k uh looks like between 26 to 27 cr.
Mr. Saragi (Management)
looks like between 26 to 27 cr.
Evasive
High priority
What revenue from PLA pan masala packaging?
Asked by Tanoj Nagalia, SKP Securities
Management declined to provide any revenue estimate, citing early stage.
no numbers givendeferred to future
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Question
what kind of uh revenue are we expecting in PLA from the uh palparag statutes which you were talking about?
Mr. Saragi (Management)
this is too early in the day... we feel very very confident and happy that you know we should see success on both the fronts.
Answered
High priority
What is PLA capacity utilization and profit potential?
Asked by Hitesh Sharma, Goldman Sachs
Management provided clear timeline and financial targets for PLA.
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Question
How much is the capacity relation right now and uh what sort of at the full capacity will add to the profit.
Aantika (Management)
we are commissioning in October of 2026. So right now there's of course no capacity utilization... revenue potential is 2,000 cr at peace and we have given guidance before of a 35% AITA profit margin.
Answered
High priority
Any government indication on ethanol price revision?
Asked by Dwanit, Sabla family office
Management clearly stated no revision is indicated and talks have stalled.
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Question
what is our current conversation with regards to the government on this particular aspect or are they still in talks with the government for the price revision?
Mr. Saragi (Management)
currently the indications are there is no revision on the envel... no reply is the message we have which I mean I cannot again this government which gives a feeling that they might not be looking at it.