Ethanol price stagnation
Government has not revised ethanol prices for three years despite FRP increase, pressuring distillery margins and potentially impacting E20 program.
BALRAMCHIN / Q3-FY26 / risks
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Balrampur Chini Mills · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
high
Sugar recovery disappointment
Initial expectation of 0.3% recovery improvement may not be achieved due to lack of sunlight; only 0.15% improvement now expected.
Grain ethanol offtake uncertainty
Government accepted only 60% of grain ethanol tenders, limiting utilization of Maizapur's flexible capacity.
PLA market development risk
While technical success is achieved, commercial offtake and market acceptance remain unproven at scale.