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Revenue
₹1,454 Cr
verified against source
Revenue YoY
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EBITDA
Pending
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What the record says.
Balrampur Chini Mills reported a healthy operational performance in Q3 FY26, driven by improved sugar realizations and higher crushing volumes. Sugar segment benefited from a bullish pricing environment, with UP mill prices at ₹41-41.5/kg and expected to inch up further. Distillery segment volumes were stable but margins remained under pressure due to the government's failure to revise ethanol prices for the third consecutive year, despite a 16.4% FRP increase. The company expects a 5-6% increase in crushing this season and a 5-7% area increase next season. The PLA project is on track for commissioning by October 2026, with 90% of imported equipment already arrived and cumulative expenditure of ₹1,421 crore. Management highlighted strong technical success in downstream PLA applications, including a PMO initiative for gutka packaging. Key risk: continued ethanol price stagnation could further pressure distillery margins and deter future cane diversion for ethanol.
Colored figures show movement against the previous available record.
Guidance to track
- Company expects to crush over 10.5 crore quintals this year, a ~6% increase over last year.
- Expects a 5-7% increase in cane area for the upcoming season due to price increases and new geographies.
- PLA plant is on track for commissioning by October 2026, with 90% of imported equipment already arrived.
- At full capacity, PLA plant can generate ₹2,000 crore revenue with 35% EBITDA margin.
Risks flagged
- Government has not revised ethanol prices for three years despite FRP increase, pressuring distillery margins and potentially impacting E20 program.
- Initial expectation of 0.3% recovery improvement may not be achieved due to lack of sunlight; only 0.15% improvement now expected.
- Government accepted only 60% of grain ethanol tenders, limiting utilization of Maizapur's flexible capacity.
- While technical success is achieved, commercial offtake and market acceptance remain unproven at scale.
Key quotes
- Without this in future millers will have to rethink about large scale diversion and the E20 program I'm not sure but it needs more attention. It began with a lot of commitment. That commitment has been sort of reaged upon by the government midway.
- The PMO is really taking up this in a very fast track manner and we have been able to get technical success which has only before this happened in China in terms of being able to convert the product with quality and on the existing legacy machines that exist in the country.
- So one sector ditch ethanol the other looks good and especially for Balur right.
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