Balrampur Chini Mills (BALRAMCHIN) Q3 25/26 earnings summary

Executive summary

• Net sugar production in India estimated at 290 lakh tonnes for the season, with consumption closely matching production, leading to a tight inventory situation and bullish price outlook.

• Q3FY26 saw strong performance in the sugar segment, with improved realizations despite higher sugarcane costs; distillery segment remained stable with higher volumes but lower margins due to unchanged ethanol prices.

• PLA project construction is progressing well, with significant capex already incurred, most equipment on site, and strong government support.

• Un-audited standalone and consolidated financial results for the quarter and nine months ended 31st December 2025 were approved and reviewed by the Audit Committee and Board of Directors.

• Interim dividend of ₹3.50 per equity share for FY 2025-26 was paid during the quarter.

Financial highlights

• Sugarcane crushing rose 8.4% year-over-year to 387.6 lakh quintals, driven by early operations and better capacity utilization.

• Consolidated Q3FY26 revenue rose 21.97% year-over-year to Rs. 1,454.12 crore; PBT margin improved to 11.8% from 7.5%.

• Standalone net profit for Q3 FY26 was ₹10,666.36 lakhs, compared to ₹4,595.32 lakhs in Q2 FY26 and ₹6,273.10 lakhs in Q3 FY25.

• PLA project expenditure reached ₹1,421 crore as of January 31, 2026, funded by ₹790 crore debt and the rest from internal accruals.

• EPS (consolidated, basic) for Q3 FY26 was ₹5.62, compared to ₹2.67 in Q2 FY26 and ₹3.49 in Q3 FY25.

Outlook and guidance

• Sugar production in India estimated at 28.8 MMT (post ethanol diversion), up 10.3% year-over-year; closing stock expected at 4.6 MMT by September 2026.

• Sugar prices in UP mills are between ₹41–41.5/kg and expected to rise further as the season progresses.

• PLA plant commissioning set for October 2026 (some sources Q3FY27), with peak revenue potential of ₹2,000 crore and 35% EBITDA margin.

• Company targets crushing over 10.5 crore quintals this year, a 6% increase over last year.

• Sugar is a seasonal industry, and quarterly results are not indicative of annual performance.