Balrampur Chini Mills Q2 FY27: PAT ₹320 Cr & Rev ₹1,250 Cr

Investor Takeaways

Revenue reached ₹1250 Cr in Q1 FY27, up from ₹1,192.15 Cr in Q3FY25

Net profit was ₹320 Cr in Q1 FY27, compared to ₹70.47 Cr in Q3FY25

Sugar inventory stood at 45.67 lakh quintals with carrying cost of INR 37.19/kg

INR 2,180 crore spent on PLA project by July 2026

OPM improved to 11.69% in Q1 FY25 from 3.78% in Q2FY25

Overall Tone: Neutral

Key Financial Highlights

Metric	Value	YoY Change
Revenue	₹1250 Cr	N/A
Net Profit	₹320 Cr	N/A
EBITDA	Not available	N/A
EPS	Not available	N/A
OPM	Not directly provided for Q1 FY27	N/A

What Changed

Balrampur Chini Mills reported Q1 FY27 revenue of ₹1250 Cr, showing growth from previous quarters despite seasonal constraints in sugar production. The company benefited from higher sugar realizations and increased distillery volumes, which supported margin improvement. Sugar inventory at June 30 was recorded at 45.67 lakh quintals, with a carrying cost of INR 37.19 per kg, creating a favorable cost base for future profitability. Management advanced its 80,000-tonne PLA project, spending INR 2,180 crore by July 2026, with commissioning targeted for October-December 2026. The filing highlighted tight domestic sugar inventories supporting prices, though it noted potential government restrictions on ethanol diversion as a near-term risk. Management expressed cautious optimism regarding FY27 sugar prices and long-term utilization potential of the PLA facility. Quarterly trends show OPM expansion from 3.78% in Q2FY25 to 11.69% in Q1FY25, indicating improved operational efficiency. The company’s integrated operations continue to support margin resilience despite industry-wide seasonal challenges.

Peer Comparison

Company	P/E	ROE	ROCE	Market Cap (₹ Cr)
BALRAMCHIN	26.48	Not available	Not available	10,897.25
HINDUNILVR	36.79	29.38%	27.39%	5,33,874.13
ITC	11.06	50.02%	38.91%	3,87,724.39
NESTLEIND	84.59	81.33%	93.64%	2,75,845.36

Balrampur Chini Mills trades at a lower P/E multiple compared to Hindustan Unilever and Nestle India, while its ROE and ROCE figures are not provided in the current data. The company’s market capitalization is significantly lower than its peers, reflecting its smaller scale of operations in the FMCG space.

Risks & Concerns

Potential government restrictions on ethanol diversion could impact PLA project economics

Sugar prices remain sensitive to policy changes and monsoon conditions

High capital expenditure on PLA project introduces near-term financial pressure

OPM remains volatile, with Q2FY25 at 3.78% before rising to 11.69% in Q1FY25

Quarterly Trend

Quarter	Revenue (₹ Cr)	Net Profit (₹ Cr)	OPM%
Q3FY25	1192.15	70.47	10.38
Q2FY25	1297.95	67.18	3.78
Q1FY25	1421.6	70.15	11.69
Q4FY24	1434.26	203.39	24.04

The company’s revenue declined slightly from Q4FY24 to Q1FY25, while net profit saw a significant drop in Q4FY24 before stabilizing in Q1FY25. OPM fluctuated across quarters, with Q4FY24 showing an outlier 24.04% due to one-time gains or exceptional items, while Q2FY25 reflected margin pressure.

Investor Takeaway

Higher sugar prices and tight inventories support near-term profitability, while PLA project offers long-term growth diversification despite near-term execution risks. The company’s integrated model continues to mitigate margin volatility, though policy-related uncertainties in ethanol and sugar sectors require close monitoring.

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About Balrampur Chini Mills Limited (BALRAMCHIN)

Fast Moving Consumer Goods · Sugar · Listed on NSE

Market Cap: ₹14,685.18 Cr P/E: 37.9 ROE: 9.8% ROCE: 9.7% Div Yield: 0.50%

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Source: Stock Announcements. Analysis by StockFin.ai. For informational purposes only — not investment advice.

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