Balrampur Chini Mills Limited (BCML), one of India’s largest integrated sugar manufacturers, has posted robust financial results for the third quarter and nine months ended December 31, 2025, driven by higher distillery volumes and improved sugar realizations.

 

For Q3 FY26, BCML reported consolidated revenue of Rs. 1,454 crore, up 22% from Rs. 1,192 crore a year ago, while EBITDA rose 63% to Rs. 202 crore and total comprehensive income jumped 58% to Rs. 114 crore. For the nine months ended December 31, 2025, consolidated revenue increased 19% to Rs. 4,667 crore, EBITDA grew 35% to Rs. 457 crore, and total comprehensive income rose 5% to Rs. 223 crore.

 

On a standalone basis, Q3 FY26 revenue matched consolidated figures at Rs. 1,454 crore, with EBITDA up 63% to ₹202 crore and total comprehensive income climbing 67% to Rs. 108 crore. For the nine-month period, standalone revenue reached Rs. 4,667 crore (+19%), EBITDA rose 35% to Rs. 457 crore, and total comprehensive income increased 55% to Rs. 200 crore.

 

“During the quarter, the sugar segment delivered strong performance, driven by improved realizations inspite of increase in SAP of sugarcane from Rs. 370/quintal to Rs. 400/quintal which led to increase in the cost of production of sugar. Distillery segment also delivered stable performance driven by higher volumes. No revision in Ethanol prices resulted in decline in margins,” said Vivek Saraogi, Chairman and Managing Director, BCML.

 

Sugarcane crushing rose 8.4% to 387.6 lac quintals, supported by early starts at select plants and better capacity utilization. Gross sugar recovery improved marginally by 8 bps to 10.63%. Despite a drop in sugarcane area, the company expects higher crushing volumes thanks to additional allocations from the State Government.

 

India’s net sugar production, post ethanol diversion, is estimated at 28.8 MMT, up 10.3% from last season’s 26.1 MMT. With government exports set at 1.5 MMT and domestic consumption factored in, BCML anticipates closing stocks of around 4.6 MMT by September 30, 2026.

 

On policy matters, Saraogi noted: “Concerns regarding the import of ethanol from the US for the blending programme have receded following the trade deal. However, the overhang relating to the pending revision in domestic ethanol prices continues. Despite a significant increase of ~16.4% in sugarcane FRP and operational costs, the Government has not revised Ethanol prices under the Juice and BH routes since ESY 2022-23. 

 

"It is important to understand that with the required upward revision in the prices of Juice ethanol/BH Ethanol, the overall impact will be marginal on the average purchase price of the entire ethanol basket of OMCs. Large scale diversion of sugar toward ethanol is possible only under BH and Juice route. In absence of correct ethanol pricing, the required diversion towards Juice and B-Heavy routes will not be financially viable.”

 

The company’s Poly Lactic Acid (PLA) project is progressing steadily, with over 3,000 workers on site and 90% of imported materials delivered. “Markets are being developed by way of trading of imported PLA. Till 31st January 2026 ~Rs. 1421 crores has been spent (Rs. 790 crores via debt and Rs. 631 crores through internal accruals),” Saraogi added.

 

He emphasized BCML’s commitment to sustainability: “We stand committed to sustainable value creation by optimizing every aspect of our operations focusing on maximum value creation from each stick of sugarcane. Our diversified product range (including PLA) aligns with the global environmental goals. 

 

"Leveraging our integrated operations and strong financial health, we remain dedicated to deepening our relationships with Environment and enhancing operational efficiencies. We will continue to invest judiciously and create value for all our stakeholders.”