Balrampur Chini Mills Limited (BALRAMCHIN)
Large CapFMCG stocks · Large cap · NSE
Balrampur Chini Mills Limited is an integrated sugar manufacturer in Uttar Pradesh, India, with units for sugar, ethanol, and co-generation. The company is diversifying into bioplastics with India's first industrial bio-polymer plant for Poly Lactic Acid (PLA) production, leveraging sugar as a raw material.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is acceptable, price trend is neutral, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Bad · 0/100PAT -15% YoY · margin compression · Rev +6% YoY
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,637 Cr | +6.2% | +2.1% |
| EBITDA | ₹114 Cr | -14.9% | -60.0% |
| Operating margin | 7.0% | -200 bps | -1100 bps |
| PAT | ₹44 Cr | -15.4% | -72.5% |
| PAT margin | 2.7% | -68 bps | -729 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
FY26 revenue grew to Rs. 5,507.2 crore, with PBIT at Rs. 514.7 crore. Sugar sales volume increased to 100.6 lac quintals, and average blended sugar realization rose to Rs. 40.7/kg. PBIT margin saw a slight dip to 9.3% from 9.5% in FY25.
The company demonstrated revenue and PBIT growth in FY26, supported by higher sugar realizations and sales volumes. The strategic diversification into PLA bioplastics, backed by government policy and cost-effectiveness claims, presents a new growth avenue, though its implementation and ramp-up are key.
Bioplastic (PLA) Diversification
Establishing India’s first industrial bio-polymer plant for Poly Lactic Acid (PLA) production, promoting eco-friendly alternatives to plastics.
Cost-effectiveness of Bio-based Carbon
Bio-based carbon is inherently more cost-effective than fossil-based carbon for plastics, making it a promising and sustainable solution for the future.
Growing PLA Market
The global PLA market is projected to grow 11.8% from 2024 to 2034, with a value of USD 1.46 Bn in 2025.
Increasing Sugar Realizations
Average blended realization of sugar consistently increased to Rs. 40.7/kg in FY26 from Rs. 34.7/kg in FY22.
Poly Lactic Acid (PLA) Plant
A 250 TPD (80,000 TPA) PLA plant was announced in Feb-24 and is currently under implementation at the Kumbhi unit.
Government BioE3 Policy
Government introduced BioE3 Policy in August 2024 to promote bio-manufacturing and support the shift to a sustainable, bio-based economy.
Policy Maker Mindset Shift
Interventions by Central and State Governments reflect a clear shift in policy makers' mindset, which augurs well for the industry.
Sugar as Efficient Bio-raw Material
Sugar is highlighted as the most efficient raw material for the bio-based transition, offering the best yield per hectare and lower environmental footprint.
Ban on Sugar Exports
Government imposed a ban on exports of sugar from the country on May 13, 2026.
Need for MSP and Ethanol Price Revision
Management expects an increase in the minimum selling price (MSP) of sugar and revision in ethanol prices in line with FRP hike.
Government Policy Changes
Forward-looking statements are subject to risks and uncertainties like government actions and agricultural policies. The recent export ban highlights this.
Raw Material Price Volatility
FRP and SAP for sugarcane are subject to government revisions, impacting input costs. Management expects ethanol prices to align with FRP.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The provided financial and operational data are annual figures spanning five fiscal years, making year-over-year comparison appropriate to assess long-term trends and annual performance. The document also notes "Quantity variance due to seasonality" for sugar, reinforcing annual comparisons.
Revenue
FY26 Revenue was Rs. 5,507.2 crore, up from Rs. 4,897.4 crore in FY25.
PBIT Margin
PBIT Margin for FY26 was 9.3%, a slight decrease from 9.5% in FY25.
Sugar Sales Volume
Sugar Sales increased to 100.6 lac quintals in FY26 from 94.2 lac quintals in FY25.
Average Blended Sugar Realization
Average blended realization of sugar rose to Rs. 40.7/kg in FY26 from Rs. 39.1/kg in FY25.
Diversification to Bioplastics
Management is establishing India’s first industrial bio-polymer plant for PLA production, promoting eco-friendly alternatives to plastics.
Commitment to Environment and Shareholders
The company has enhanced commitment towards environment and shareholders, including share buybacks and dividend payouts.
Strategic Alignment
Diversifying goals align with the Make in India Initiative and Swachh Bharat Abhiyan, aiming to meet eco-friendly standards.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| PLA Plant Commissioning | 250 TPD PLA plant under implementation, announced Feb-24. | Timely commissioning and ramp-up of the PLA plant, and initial revenue contribution from bioplastics. |
| Sugar Export Policy | Ban on sugar exports imposed on May 13, 2026. | Any changes or lifting of the sugar export ban, which could impact domestic supply and pricing. |
| Ethanol and Sugar MSP Revisions | Management expects upward revision in sugar MSP and ethanol prices. | Government decisions on increasing the minimum selling price of sugar and aligning ethanol prices with FRP hikes. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
62Bullishfull bull SMA stack · SMA20 +9.1% / mo · MACD −
Technical chart
BALRAMCHINdaily · 1Y · AUTO+40.8%Daily technical trend read
Bullish setupTrend is constructive — long-term uptrend intact. RSI 56.
- Price > SMA20 > SMA50 > SMA200 — full bullish stack.
- SMA20 rising (~8.3% over last month) — short-term momentum positive.
- RSI(14) at 56 — rising, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 12% off 52W high · 75% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Relative Strength & Trend Stage
- Price is 26.6% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +6.4%.
- Both 3-month and 6-month returns are positive.
Valuation & score drivers
U-Score 23 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 23 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
OVERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Balance sheet contributes 8/15 to the score.
- Cash flow contributes 4/10 to the score.
Main drags
- Fair-value margin of safety is negative at -589.4%.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Valuation is weaker at 3/30; verify the latest quarterly trend.
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +1 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 49th percentile of the scored universe and 11th percentile within FMCG. Main check: results consistency is weak at 36/100.
Healthy Trust Lite: Promoter pledge is zero. Key concern: 1/4 latest quarters had positive YoY PAT growth.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · FMCG: 11th pctile, median 78 · Large: 26th pctile, median 73
119 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸5 years of positive FCF.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸1/4 latest quarters had positive YoY PAT growth.
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
- ▸OPM spread across recent quarters is 20.2%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 39.40
- P/B
- 3.37
- EV/EBITDA
- 19.78
- Market Cap
- 14613.00Cr
Profitability
- ROE
- 9.54%
- ROCE
- 9.28%
- ROA
- 4.41%
- Dividend Y
- 0.51%
Growth (CAGR)
- Revenue 5Y
- 5.00%
- EPS 5Y
- -4.00%
- Revenue 3Y
- 10.00%
- EPS 3Y
- 10.00%
Balance Sheet
- Debt/Equity
- 0.77
- Interest Coverage
- 9.49×
- Altman Z
- 3.96
- Book Value
- 205.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 5/5
- OCF
- 599.00 Cr
- EPS TTM
- 18.28
Shareholding
- Promoter Hold
- 42.86%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 77%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
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Peers
Business-comparable peers in FMCG — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.