Balrampur Chini Mills declared its financial results for Q4FY26 and the full year FY26 on May 15, 2026. On a standalone basis, the company reported revenue from operations of Rs. 1,603.99 crores in Q4FY26, a 6.67% increase over Rs. 1,503.68 crores in Q4FY25, driven by higher sugar sales volumes and improved realizations. For the full year FY26, standalone revenue stood at Rs. 6,271.15 crores compared to Rs. 5,415.38 crores in FY25. However, profitability came under pressure, with standalone PBT declining to Rs. 226.77 crores in Q4FY26 from Rs. 301.08 crores in Q4FY25, primarily due to an ~8% hike in sugarcane price by the Uttar Pradesh Government from Rs. 370/qtl. to Rs. 400/qtl. An earnings conference call for investors and analysts is scheduled for May 18, 2026, at 12:00 Noon IST.

Chairman's Commentary

Commenting on the Q4FY26 performance, Mr. Vivek Sarapgi, Chairman and Managing Director, noted that the sugar segment delivered stable performance despite the hike in sugarcane price, which was partly offset by higher sugar sales volumes and marginal improvement in realizations. He highlighted that distillery segment results were subdued as the government did not increase the ethanol procurement price from Juice and B-heavy route for three consecutive years. He also noted that India's net sugar production post diversion towards ethanol is estimated at ~28 MMT, and with domestic consumption of ~28 MMT, exports of ~0.7 MMT, and opening inventory of ~5.0 MMT, closing stock is estimated at ~4.3 MMT.

Consolidated and Standalone Financial Highlights

The following table summarizes the key consolidated financial metrics for Q4FY26 and FY26:

On a standalone basis, EBITDA for Q4FY26 stood at Rs. 284.79 crores (EBITDA margin: 17.76%) compared to Rs. 365.24 crores (24.29%) in Q4FY25. For FY26, standalone EBITDA was Rs. 741.28 crores (margin: 11.82%) against Rs. 704.24 crores (13.00%) in FY25. Standalone TCI for Q4FY26 was Rs. 148.95 crores (margin: 9.29%) versus Rs. 216.35 crores (14.39%) in Q4FY25.

Q4FY26 Standalone Performance Review

The table below presents a detailed breakdown of the standalone P&L for Q4FY26:

The increase in cost of materials consumed was attributed to higher cane crushing during the quarter and the impact of the sugarcane price hike. Finance costs declined owing to a lower rate of interest.

Sugar Segment Performance

The sugar segment remained the primary revenue driver. Sugarcane crushing in Q4FY26 was ~1.6% higher year-on-year at ~622.18 lac quintals. Gross sugar recovery before diversion in Q4FY26 was lower by ~9 bps at 11.59%. Total sugar sales in Q4FY26 stood at 21.42 lac quintals versus 19.95 lac quintals in Q4FY25. Sugar inventory as on March 31, 2026, stood at 66.56 lac quintals valued at Rs. 36.70/kg, compared to 71.43 lac quintals valued at Rs. 35.42/kg as on March 31, 2025.

Lower margins in Q4FY26 and FY26 were mainly due to the increase in SAP of sugarcane by the U.P. Government from Rs. 370/qtl. to Rs. 400/qtl. The export quota of ~1.58 MMT for the current season has supported sugar prices during the peak crushing season, with ~0.7 MMT expected to be exported out of the allocated quota as the Government has banned export of sugar up to September 30, 2026.

Distillery Segment Performance

The distillery segment reported subdued results due to the absence of an increase in ethanol procurement prices from Juice and B-heavy routes for three consecutive years. Distillery sales for Q4FY26 stood at 7.95 Cr BL versus 8.52 Cr BL in Q4FY25, while FY26 sales were 26.56 Cr BL compared to 23.44 Cr BL in FY25. Average blended realization (including ENA & other products) improved to Rs. 60.72/BL in Q4FY26 from Rs. 60.21/BL in Q4FY25, and to Rs. 60.15/BL in FY26 from Rs. 57.86/BL in FY25.

For ESY 2025-26, OMCs have contracted ~1,048.4 Cr BL of ethanol. During ESY 2024-25, total ethanol supply was ~1,003 Cr BL till October 31, 2025, against a total contracted quantity of ~1,131.7 Cr BL, resulting in ethanol blending of ~19.24%. The government has allowed 72 lakh tonnes of FCI rice to be sold at ₹23.20 per kg to ethanol distilleries under the EBP programme for ESY 2025-26.

Co-generation Performance

Power exported in Q4FY26 stood at 17.75 Cr Units compared to 18.19 Cr Units in Q4FY25. For FY26, power exported was 36.73 Cr Units versus 37.17 Cr Units in FY25. UPERC has increased the tariff for export of power during FY25-26 w.e.f. April 1, 2024, with the increase for FY25-26 ranging ~0.07-0.12/unit.

PLA Project Update

Balrampur Chini Mills has confirmed a ₹3,080 crore investment plan for its 80,000 TPA Poly Lactic Acid (PLA) plant, with construction progressing well and commissioning targeted in Q3FY27. As of April 30, 2026, the company has spent ~Rs. 1,718 crores on the project, with committed project purchases standing at ~Rs. 2,894 crores. The project is being funded through Rs. 1,650 crores of debt and Rs. 1,430 crores from equity/internal accruals. The Board has approved raising Rs. 450 crores via issue of Preferential Equity Shares to fund the capex and meet general corporate purposes, with promoters contributing ~Rs. 193 crores out of Rs. 450 crores.

The Uttar Pradesh State Government announced the Bio Plastic Industrial Policy 2024 on October 4, 2024, under which companies investing Rs. 1,000 crore or more in bioplastic manufacturing are eligible for incentives. Invest UP has issued a Letter of Comfort to the company for its PLA project, approving eligibility to receive incentives subject to commencement of commercial operations and fulfilment of stipulated conditions. On the business development front, Balrampur Bioyug has secured its first official institutional order from the Lucknow Cantonment Board, covering compostable garbage bags, 300 ml PLA bottles, 3D-printed PLA compostable pens, and PLA folders.

Treasury and Credit Profile

As of March 31, 2026, long-term borrowings for the existing business stood at Rs. 97.50 crores, and for the PLA project at Rs. 903.00 crores (Rs. 963.00 crores as on May 7, 2026). During FY26, the company availed long-term debt of Rs. 508.00 crores for capex in the PLA segment (eligible for interest subvention @5% for seven years under the U.P. Bioplastic Industrial Policy, 2024) and repaid Rs. 89.00 crores. CRISIL has reaffirmed the company's long-term credit rating at AA+ with a Stable outlook and short-term rating at A1+. India Ratings has assigned a long-term rating of IND AA+/Stable and short-term rating of IND A1+.

Auxilo Finserve – Associate Update

Balrampur Chini Mills holds 30.47% in the equity share capital of Auxilo Finserve Private Limited (AFPL). As on March 31, 2026, Auxilo's net worth stands at ~Rs. 1,511.04 crores, and its AUM stood at Rs. 5,051 crores, reflecting 16% year-on-year growth. The value of BCML's investment in Auxilo, based on the last equity raised by Auxilo, stands at Rs. 959.40 crores.

Auxilo's Q4FY26 performance highlights include interest income of Rs. 157.90 crores, finance costs of Rs. 98.55 crores, total income of Rs. 170.63 crores, total expenses of Rs. 130.54 crores, GNPA of 0.37%, NNPA of 0.10%, and CRAR of 29.41%.

Balrampur Chini Mills has received an ESG rating of 72 from NSE Sustainability Ratings and Analytics Limited, a SEBI-registered ESG Rating Provider. The rating was voluntarily assigned based on data available in the public domain pertaining to FY 2025, and the company was notified via email on 7th May, 2026.

ESG Rating Disclosure Under Regulation 30

The company made this disclosure pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The intimation was filed with both the National Stock Exchange of India Limited and BSE Limited as part of the company's listing obligations.

The key details of the ESG rating assignment are summarised below:

Availability of Information

The ESG rating information is available on the website of NSE Sustainability as well as on the official website of Balrampur Chini Mills at www.chini.com . The disclosure was signed and submitted by Manoj Agarwal, Company Secretary & Compliance Officer of Balrampur Chini Mills.