Hindustan Unilever Ltd.
NSE: HINDUNILVR
Consumer Defensive · Household & Personal Products
₹1,814.70 last close on 23 Oct 2026 −0.74%
Research updated
Balrampur Chini Mills Ltd.
NSE: BALRAMCHINConsumer DefensiveConfectioners
- Last close
- ₹639.90
- Day change
- −₹14.85 (−2.27%)vs
- Market cap
- ₹15,259 crIndian rupees
- Research updated
- 1 report
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About Balrampur Chini Mills
Balrampur Chini Mills Ltd. is a leading sugar manufacturing company in India, primarily engaged in the production of sugar and its allied products. As a key player in the agro-based industry, the company plays a crucial role in the Indian agriculture sector, sourcing sugarcane directly from farmers to produce high-grade sugar. Beyond sugar production, Balrampur Chini Mills diversifies into the manufacture of ethanol and cogeneration of power, utilizing by-products efficiently, which represents a significant advancement towards sustainable practices. The company’s operations are integral to supply chains, impacting food and beverage manufacturers, energy producers, and agricultural commerce. Known for its large-scale operations and advanced production facilities, Balrampur Chini Mills Ltd. significantly contributes to India's economy and supports the rural workforce. Its market significance is highlighted by its focus on innovation and expansion, making it a stalwart in the sugar sector.
- Sector
- Consumer Defensive
- Industry
- Confectioners
- Listing
- NSE: BALRAMCHIN
- Employees
- 5,985
- Headquarters
- Kolkata, India
- ISIN
- INE119A01028
- Website
- chini.com
Public research · Report of
Business model & financial foundation
Balrampur Chini Mills (NSE: BALRAMCHIN), Integrated sugar, ethanol and emerging polylactic acid: revenue of ₹6,271 crore in FY26 (+15.8% on FY25), an EBITDA margin of 11.8%, net profit of ₹378.5 crore and net debt of ₹3,173 crore.
- Revenue, FY26 (₹ crore)
- 6,271
- consolidated
- Revenue growth, FY26
- +15.8%
- on FY25
- EBITDA margin, FY26
- 11.8%
- EBITDA (Operating EBITDA excluding other income and associates) / revenue
- Net profit, FY26 (₹ crore)
- 378.5
- to owners
- Return on equity, FY26
- 9.5%
- on average equity
- Net debt, FY26 (₹ crore)
- 3,173
- Net debt including leases and debt issue costs
- Market capitalisation (₹ crore)
- 14,444
- at the close of 17 Oct 2026
Company profile
| Item | Value |
|---|---|
| Legal name | Balrampur Chini Mills Limited |
| Exchange and ticker | NSE: BALRAMCHIN; BSE: 500038 |
| ISIN | INE119A01028 |
| CIN | L15421WB1975PLC030118 |
| Sector | Consumer staples / materials |
| Industry | Integrated sugar, ethanol and emerging polylactic acid |
| Headquarters | Kolkata, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Lodha & Co LLP (since 2022 second term) |
| Market capitalisation | ₹14,444 crore (17 Oct 2026) |
| Shares outstanding | 20.20 crore shares (FY26) |
| Price | ₹721.2 (close, 17 Oct 2026) |
| 52-week range | ₹393.5 - ₹781.0 (to 17 Oct 2026) |
| Website | https://chini.com |
Corporate structure and shareholding
No subsidiary is recorded.
No subsidiaries or joint ventures; sole associate Auxilo Finserve Private Limited, 30.47% at 31 March 2026, education-focused lender, equity accounted (S2:p475).
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 42.85% | 42.85% | 42.86% | 42.79% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 10.55% | 10.43% | 9.33% | 8.96% |
| Domestic institutions | 27.50% | 27.67% | 29.09% | 30.93% |
| of which mutual funds | 25.24% | 25.42% | 25.83% | 27.55% |
| Retail | 14.44% | 14.01% | 13.64% | 12.80% |
| Other | 4.66% | 5.04% | 5.08% | 4.52% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Ten UP mills combine sugar, alcohol/ethanol and surplus power; policy controls cane purchase prices, sugar releases/export and OMC ethanol routes. Revenue is external consolidated, unlike gross segments including interdivision molasses. Own80kt PLA manufacturing is distinct from pre-COD trading. Sole associate Auxilo30.47% equity-accounted; no subsidiaries/JVs.
| Segment | revenue, FY26 (₹ crore) | Share | segment result, FY26 (₹ crore) | Share |
|---|---|---|---|---|
| Sugar including cogeneration | 5,507 | 75.8% | 514.7 | 73.1% |
| Distillery including incineration | 1,721 | 23.7% | 203.3 | 28.9% |
| Poly lactic acid (PLA) | 23.9 | 0.3% | -16.7 | -2.4% |
| Others | 13.9 | 0.2% | 2.80 | 0.4% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Triveni Engineering & Industries (TRIVENI) | UP sugar and ethanol operations; engineering mix limits pure comparability. |
| Dalmia Bharat Sugar (DALMIASUG) | Integrated sugar and ethanol operations. |
| EID Parry (EIDPARRY) | Integrated sugar with material non-sugar subsidiary exposure. |
| Bajaj Hindusthan Sugar (BAJAJHIND) | |
| Shree Renuka Sugars (RENUKA) | Sugar refining and ethanol; financial distress and refining mix differ. |
| Piccadily Agro Industries | Alcohol and sugar exposure, premium spirits mix differs. |
| Bannari Amman Sugars (BANARISUG) | Integrated regional sugar and ethanol comparator. |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 4,773 | 4,666 | 5,594 | 5,415 | 6,271 |
| Cost of revenue (vendor classification) * | 3,569 | 3,462 | 3,980 | 3,912 | 4,678 |
| Other operating costs (vendor classification) * | 258.5 | 314.1 | 423.8 | 382.3 | 418.6 |
| EBITDA (vendor classification) * | 736.1 | 578.1 | 844.6 | 767.3 | 802.6 |
| Operating EBIT excluding other income and associates | 628.9 | 456.8 | 619.8 | 531.7 | 564.1 |
| Finance cost expensed | 30.2 | 48.4 | 83.6 | 93.5 | 77.2 |
| Profit before tax including share of associate | 598.7 | 408.3 | 742.2 | 562.3 | 560.2 |
| Current and deferred income tax | 134.1 | 124.2 | 207.7 | 125.3 | 181.7 |
| Consolidated profit for year | 464.6 | 284.2 | 534.5 | 436.9 | 378.5 |
| Diluted earnings per share (₹) | 22.44 | 13.94 | 26.49 | 21.57 | 18.59 |
| Materials, traded purchases and inventory changes | 3,917 | 3,858 | 4,609 | ||
| Employee benefits expense | 398.6 | 404.9 | 421.0 | ||
| Other expenses | 492.1 | 448.2 | 499.4 | ||
| Operating EBITDA excluding other income and associates | 786.2 | 704.2 | 741.3 | ||
| Other income | 179.9 | 88.8 | 36.8 | ||
| Depreciation and amortisation | 166.4 | 172.5 | 177.2 | ||
| Separately labelled exceptional items | 0.00 | 0.00 | 0.00 | ||
| Noncontrolling interests | 0.00 | 0.00 | 0.00 | ||
| Share of associate profit as P&L line before tax | 26.1 | 35.2 | 36.5 | ||
| Profit attributable to owners of listed company | 534.5 | 436.9 | 378.5 | ||
| Materials consumed | 4,580 | 4,111 | 4,609 | ||
| Purchases of traded goods | 0.00 | 5.39 | 32.7 | ||
| Signed change in finished goods byproducts WIP traded inventory | -662.9 | -258.7 | -32.0 | ||
| Current tax including prior-year adjustments | 111.2 | 77.3 | 114.1 | ||
| Deferred tax expense | 96.5 | 48.0 | 67.6 | ||
| Profit before associate share and tax | 716.1 | 527.1 | 523.7 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total consolidated equity | 2,770 | 2,896 | 3,401 | 3,796 | 4,138 |
| Amortised-cost current and noncurrent borrowings | 1,211 | 1,880 | 2,008 | 2,626 | 3,169 |
| Cash and cash equivalents | 0.32 | 0.31 | 0.32 | 0.36 | 0.44 |
| Trade receivables | 136.7 | 124.8 | 125.6 | 143.0 | 179.2 |
| Inventories excluding biological assets | 2,201 | 2,319 | 2,869 | 3,119 | 3,135 |
| Operating trade payables excluding capital creditors | 296.7 | 357.2 | 278.4 | 276.6 | 282.3 |
| Net property plant and equipment including ROU | 308.1 | 500.3 | 2,639 | 2,645 | 2,604 |
| Capital work in progress | 287.3 | 32.6 | 45.5 | 105.8 | 1,747 |
| Total assets | 4,492 | 5,429 | 6,086 | 7,129 | 8,406 |
| Net debt including leases and debt issue costs | 2,009 | 2,630 | 3,173 | ||
| Unrestricted liquidity investments at year end | 0.00 | 0.00 | 0.00 | ||
| Restricted bank balances excluding pledged noncurrent deposits | 2.64 | 3.06 | 3.76 | ||
| Current and noncurrent lease liabilities | 0.90 | 0.79 | 0.68 | ||
| Other payables principally capital creditors | 16.6 | 6.33 | 218.2 | ||
| Advances against capital commitments | 5.56 | 639.5 | 196.2 | ||
| Current maturities of term loans | 134.7 | 89.0 | 89.0 | ||
| Auxilo equity-accounted carrying amount | 333.3 | 425.1 | 461.6 | ||
| Konkan Speciality Polyproducts FVOCI stake | 6.12 | 6.13 | 6.21 | ||
| Paid-up equity capital face value INR1 per share | 20.2 | 20.2 | 20.2 | ||
| Noncurrent borrowings excluding current maturities | 326.3 | 489.5 | 908.2 | ||
| Current borrowings including term current maturities | 1,682 | 2,137 | 2,261 | ||
| Unamortised borrowing issue costs added for nominal net debt | 0.16 | 3.01 | 3.25 | ||
| MAT-credit deferred tax asset | 92.7 | 56.1 | 0.00 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities after cash taxes | 1,008 | 351.6 | 177.8 | 425.2 | 599.5 |
| Free cash flow (vendor definition) * | 290.6 | -403.2 | -90.9 | -467.3 | -349.2 |
| Cash dividends paid (positive outflow) | -51.0 | -50.8 | 60.5 | 60.6 | 70.7 |
| Cash acquisition of PPE CWIP and intangibles (positive outflow) | -396.5 | -843.6 | 268.8 | 892.4 | 948.7 |
| Noncurrent borrowings principal repaid | 186.1 | 274.8 | 89.0 | ||
| Capitalised finance costs paid in financing cash flows | 0.00 | 9.29 | 40.6 | ||
| Term loans raised before transaction costs | 30.0 | 395.0 | 508.0 | ||
| Working capital borrowings cash movement net | 283.4 | 500.5 | 124.4 | ||
| Noncurrent strategic equity purchased | 6.00 | 0.00 | 0.00 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Year-end issued shares | 20.70 | 20.39 | 20.17 | 20.19 | 20.20 |
| Weighted average basic shares | 20.17 | 20.18 | 20.19 | ||
| Weighted average diluted shares | 20.17 | 20.26 | 20.36 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 1,298 | 1,192 | 1,504 | 1,542 | 1,671 | 1,454 | 1,604 | 1,637 |
| Materials plus purchases plus inventory changes | 1,076 | 848.0 | 868.6 | 1,224 | 1,355 | 1,002 | 1,029 | 1,308 |
| Employee benefits expense | 93.5 | 106.2 | 113.3 | 93.0 | 99.6 | 110.7 | 117.8 | 99.7 |
| Other expenses | 79.6 | 114.2 | 156.5 | 91.5 | 95.9 | 139.6 | 172.4 | 115.1 |
| EBITDA excluding other income | 49.1 | 123.8 | 365.2 | 134.2 | 120.4 | 201.8 | 284.8 | 113.9 |
| Other income | 64.9 | 6.77 | 9.48 | 6.30 | 8.73 | 9.53 | 12.2 | 14.9 |
| Depreciation and amortisation | 43.2 | 43.6 | 43.1 | 43.7 | 44.3 | 44.5 | 44.7 | 44.3 |
| Finance costs | 20.0 | 6.94 | 30.5 | 33.7 | 14.2 | 3.76 | 25.6 | 32.5 |
| Exceptional items net income | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Share of profit of associate in PBT | 8.40 | 9.03 | 10.6 | 9.90 | 9.26 | 7.90 | 9.40 | 6.49 |
| Profit before tax | 59.2 | 89.0 | 311.7 | 73.1 | 79.9 | 171.1 | 236.2 | 58.5 |
| Current plus deferred tax expense | -8.02 | 18.6 | 82.6 | 21.5 | 26.0 | 57.6 | 76.6 | 14.4 |
| Profit for period, not comprehensive income | 67.2 | 70.5 | 229.1 | 51.6 | 53.9 | 113.4 | 159.6 | 44.1 |
| Non-controlling interest share of profit | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. |
| Profit attributable to parent owners | 67.2 | 70.5 | 229.1 | 51.6 | 53.9 | 113.4 | 159.6 | 44.1 |
| Diluted EPS (INR per share) | 3.31 | 3.48 | 11.31 | 2.53 | 2.65 | 5.58 | 7.84 | 2.14 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 2.2% | -2.3% | 19.9% | -3.2% | 15.8% |
| EBITDA margin | 14.1% | 13.0% | 11.8% | ||
| Net margin | 9.6% | 8.1% | 6.0% | ||
| Return on equity | 17.0% | 12.1% | 9.5% | ||
| Return on capital employed | 16.0% | 10.4% | 12.2% | 9.0% | 8.2% |
| Return on assets | 9.3% | 6.6% | 4.9% | ||
| Net debt (₹ crore) | 2,009 | 2,630 | 3,173 | ||
| Net debt / EBITDA | 2.56x | 3.73x | 4.28x | ||
| Interest cover | 20.8x | 9.43x | 7.41x | 5.69x | 7.30x |
| Asset turnover | 1.05x | 0.94x | 0.97x | 0.82x | 0.81x |
| Receivable days | 10 | 10 | 8 | 10 | 10 |
| Inventory days (on revenue) | 168 | 181 | 187 | 210 | 182 |
| Payable days (on revenue) | 23 | 28 | 18 | 19 | 16 |
| Cash conversion | 0.33x | 0.97x | 1.58x | ||
| Capex intensity | 8.3% | 18.1% | 4.8% | 16.5% | 15.1% |
| Free cash flow (₹ crore) | 611.2 | -492.0 | -90.9 | -467.3 | -349.2 |
| Dividend payout | 11.3% | 13.9% | 18.7% | ||
| EPS, diluted (₹) | 22.44 | 13.94 | 26.49 | 21.57 | 18.59 |
| Book value per share (₹) | 133.8 | 142.0 | 168.6 | 188.0 | 204.9 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Operating EBITDA excluding other income and associates) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt including leases and debt issue costs; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Operating EBITDA excluding other income and associates).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted earnings per share).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 17 Oct 2026); market data at the close of 17 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 17 Oct 2026; page updated 26 Oct 2026.
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