Balrampur Chini Mills Limited (BCML) is one of the largest integrated sugar companies in India, established in 1975 and headquartered in Kolkata. BCML is one of the most efficient integrated sugar producers in the country, with operations that extend far beyond traditional sugar manufacturing to encompass a comprehensive range of allied businesses.
The Company is engaged in manufacturing and sale of sugar, with its allied business activities consisting of manufacturing and sale of ethanol, ethyl alcohol, generation and sale of co-generated power, and manufacturing and sale of agricultural fertilizers. This diversified business model positions BCML as a rural prosperity driver, creating value across multiple agricultural and industrial sectors.
The company is part of the Balrampur Group and has five sugar factories in Uttar Pradesh and Maharashtra, two distilleries and one paper mill. Having ten factories in Uttar Pradesh, the company boasts about its capacity to crush 76,500 tons of canes, making it a significant player in India's sugar industry.
As of the latest available data, BCML commands a market capitalization of ₹11,923 Crore, reflecting its substantial presence in the sugar sector. Balrampur Chini Mills Ltd is the second-largest sugar producer in the country, with a capacity to produce around 75,000 tonnes of sugar per day.
The company's stock performance has been notable, with the market cap showing an increase of 33.4% in one year. Promoter holding stands at 42.9%, indicating strong management confidence in the company's prospects. Recent developments include Saraogi Trusts receiving 5.67 Crore shares as a gift on June 17, 2025, further consolidating promoter control.
The company operates through three main segments: Sugar, Distillery, and Others. The Sugar segment is engaged in the sale of sugar and its by-products. The company's popular brands include Balrampur Gold, Balrampur Gold Plus, Balrampur White, Balrampur Extra Fine, Balrampur Premium, Balrampur Special, and Balrampur Shakti, showcasing its diverse product portfolio catering to different market segments.
The distillery segment includes the sale of industrial alcohol, which constitutes ethanol sold under contracts with public and private oil marketing companies, and other products to institutional buyers. Its other products include rectified spirit, extra neutral alcohol, and dry ice. The company's distilleries possess a capacity of 520 kilolitres per day.
The allied businesses of the Company comprise distillery operations and cogeneration of power. It has a saleable cogeneration capacity to produce 165.20 megawatts, contributing to India's renewable energy infrastructure while generating additional revenue streams.
The Other segment is engaged in the sale of agricultural fertilizers such as soil conditioner, granulated potash, and various others. This segment demonstrates BCML's commitment to supporting the agricultural ecosystem beyond sugar production.
Balrampur Chini Mills Ltd's net profit jumped 12.65% since last year same period to ₹229.12 Crore in Q4 FY2024-2025. On a quarterly growth basis, Balrampur Chini Mills Ltd has generated 225.13% jump in its net profits since last 3-months, indicating strong operational momentum.
Revenue reached ₹1,503.68 Crore as of March 2025 (Q4 FY25) with net profit of ₹229.12 Crore as of March 2025 (Q4 FY25). The revenue of Balrampur Chini Mills Ltd for March '25 is ₹1,523 Crore compared to December '24 revenue of ₹1,207 Crore, representing growth of 26.14%. The EBITDA for March '25 is ₹385.28 Crore compared to December '24 EBITDA of ₹139.59 Crore.
Revenue stands at ₹5,415 Crore with profit of ₹437 Crore. However, the company has delivered a poor sales growth of 2.69% over the past five years, indicating the need for strategic improvements in revenue generation.
The company has a low return on equity of 12.0% over the last 3 years, suggesting room for improvement in capital efficiency. In the quarter ending September 2024, Balrampur Chini Mills Ltd declared a dividend of ₹3, translating to a dividend yield of 0.51%.
Balrampur Chini Mills has signed a memorandum of understanding with the Uttar Pradesh government to invest ₹2,850 Crore in a 250 TPD polylactic acid plant at Kumbhi Chini Mills, emphasizing innovation in bioplastics. This represents a significant diversification into sustainable materials manufacturing, positioning the company at the forefront of green technology adoption.
BCML is set to venture into Poly Lactic Acid (PLA) manufacturing with a new fully integrated facility. The new venture will facilitate the establishment of India's first-ever industry scale bio-polymer plant.
JM Financial maintains a 'Buy' rating on Balrampur Chini Mills, with 100% of analysts recommending a 'BUY' rating for Balrampur Chini Mills Ltd. The average target price of ₹677.86 represents a slight upside of 15.06% compared to the current price, indicating positive market sentiment towards the stock.
The company, founded in 1975, was initially engaged in sugar manufacturing and was one of the first sugar companies in the country to diversify into distillery and co-generation segments. The company started operations in 1975 with an 800 tonnes per day capacity plant, which currently functions at 12,000 tonnes per day capacity due to innovative scaling and scope approach.
The year 2020 marked a significant step for the company as it commissioned a huge 170 kilolitres per day capacity distillery to manufacture ethanol, demonstrating its commitment to expanding ethanol production capabilities in line with government biofuel policies.
The Company has grown its capacity by well-planned capacity expansion projects and the acquisition of existing companies over recent years. Balrampur Chini Mills is one of the largest sugar manufacturing companies in India and has one of the biggest supply networks in the country.
The company's integrated business model, combining sugar production with ethanol manufacturing, power generation, and agricultural products, provides multiple revenue streams and helps mitigate risks associated with commodity price fluctuations. With the upcoming PLA manufacturing facility, BCML is positioning itself as a pioneer in sustainable materials production, potentially opening new growth avenues in the expanding bioplastics market.
