Balrampur Chini Mills financials and balance sheet

NSE: BALRAMCHINBSE: 500038Agricultural Food & other ProductsSmall Cap

₹639.90₹14.85 (2.27%)BSE ₹640.20

Share price at the NSE close on 23 Oct 2026. Previous close ₹654.75.

52-week range of traded prices to 23 Oct 2026

₹393.55Low, 21 Jan 2026₹780.95High, 20 Aug 2026

Market cap: ₹13,540 Cr567th largest listed
P/E: 36.5
P/B: 3.3
Dividend yield: 0.55%
ROE: 9.4%
ROCE: 7.4%
Debt to equity: 0.77
Volume, NSE: 5,74,05531.2% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Balrampur Chini Mills annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 0.0% of operating profit in the first full year.

The years either side of a change of basis do not compare. From the year to Mar 2018, GST replaced excise duty on 1 Jul 2017, and revenue before that day includes the duty.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue6,271
Materials and goods−4,609
Employee costs−421
Other expenses−499
Operating profit741
Depreciation−177
Other income+37
One-off items0.0
Finance costs−77
Profit before tax524
Tax−182
Joint ventures+36
Net profit378

What the company owns

Plant, investments and other assets₹5,088 Cr
Inventory₹3,135 Cr
Receivables₹179 Cr
Cash and bank₹4 Cr

What pays for it: net worth and liabilities

Net worth₹4,138 Cr
Borrowings₹3,169 Cr
Other liabilities₹817 Cr
Owed to suppliers₹282 Cr

Balrampur Chini Mills business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them. A segment at a loss has no share of profit.Balrampur Chini Mills segment results by quarter

Revenue by segment

₹7,266 CrTotal

Sugar₹5,507 Cr75.8% of total
Distillery₹1,721 Cr23.7% of total
Polylactic Acid(PLA)₹24 Cr0.3% of total
Others₹14 Cr0.2% of total

Profit by segment

Sugar₹515 Cr71.4% of total
Distillery₹203 Cr28.2% of total
Others₹3 Cr0.4% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Sugar
Revenue, ₹ crore
3,822
4,513
4,468
4,263
4,339
4,697
4,897
5,507
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
166
344
278
296
238
420
468
515
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Distillery
Revenue, ₹ crore
468
549
826
1,001
1,164
1,689
1,430
1,721
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
317
261
341
382
261
326
192
203
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Polylactic Acid(PLA)
Revenue, ₹ crore
0
0
24
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
0
−1
−17
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Others
Revenue, ₹ crore
8
12
22
20
24
24
20
14
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
3
5
10
10
13
13
6
3
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	4,913	5,524	5,753	5,284	5,527	6,410	6,347	7,266
Company revenue, as in its results	4,286	4,741	4,812	4,846	4,666	5,594	5,415	6,271
Revenue	3,822	4,513	4,468	4,263	4,339	4,697	4,897	5,507
Revenue growth	–	18.1%	−1.0%	−4.6%	1.8%	8.3%	4.3%	12.5%
Profit	166	344	278	296	238	420	468	515
Profit growth	–	107.2%	−19.3%	6.6%	−19.5%	76.0%	11.4%	10.1%
Margin	4.3%	7.6%	6.2%	7.0%	5.5%	8.9%	9.5%	9.3%
Return on capital	–	14.1%	11.1%	10.1%	7.7%	11.0%	11.7%	12.8%
Assets	–	3,260	3,177	3,304	3,536	4,168	4,375	4,387
Liabilities	–	810	667	356	423	366	364	355
Capital employed	–	2,450	2,510	2,948	3,113	3,802	4,011	4,032
Revenue	468	549	826	1,001	1,164	1,689	1,430	1,721
Revenue growth	–	17.4%	50.3%	21.3%	16.2%	45.1%	−15.3%	20.3%
Profit	317	261	341	382	261	326	192	203
Profit growth	–	−17.4%	30.4%	12.1%	−31.7%	24.9%	−41.1%	5.7%
Margin	67.7%	47.6%	41.3%	38.2%	22.4%	19.3%	13.4%	11.8%
Return on capital	–	64.8%	74.2%	43.4%	18.6%	23.6%	14.0%	15.0%
Assets	–	426	475	936	1,474	1,417	1,400	1,382
Liabilities	–	23	15	54	68	35	31	30
Capital employed	–	403	460	881	1,406	1,382	1,369	1,352
Revenue	–	–	–	–	–	0	0	24
Profit	–	–	–	–	–	0	−1	−17
Margin	–	–	–	–	–	–	–	−70.0%
Return on capital	–	–	–	–	–	0.0%	−0.2%	−1.0%
Assets	–	–	–	–	–	11	772	1,996
Liabilities	–	–	–	–	–	11	2	344
Capital employed	–	–	–	–	–	0	769	1,652
Revenue	8	12	22	20	24	24	20	14
Profit	3	5	10	10	13	13	6	3
Margin	35.5%	44.5%	46.8%	48.9%	53.5%	54.1%	32.0%	20.2%
Return on capital	–	37.0%	50.8%	46.5%	65.8%	66.0%	43.1%	21.7%
Assets	–	16	22	22	21	20	16	14
Liabilities	–	2	2	1	1	1	1	1
Capital employed	–	14	21	21	20	20	15	13
Revenue	616	450	438	–	–	–	–	–
Revenue growth	–	−26.8%	−2.9%	–	–	–	–	–
Profit	179	48	55	–	–	–	–	–
Profit growth	–	−73.4%	15.0%	–	–	–	–	–
Margin	29.0%	10.6%	12.5%	–	–	–	–	–
Return on capital	–	6.4%	8.4%	–	–	–	–	–
Assets	–	761	664	–	–	–	–	–
Liabilities	–	17	12	–	–	–	–	–
Capital employed	–	745	652	–	–	–	–	–

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.Balrampur Chini Mills quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 26 May	Mar 2020Filed 24 Jun	Mar 2021Filed 2 Jun	Mar 2022Filed 25 May	Mar 2023Filed 12 May	Mar 2024Filed 18 May	Mar 2025Filed 10 Jun	Mar 2026Filed 15 May
Revenue from operations	3,641	4,401	4,286	4,741	4,812	4,846	4,666	5,594	5,415	6,271
	2,772	3,949	3,597	4,059	4,098	4,146	4,154	4,808	4,711	5,530
Materials and goods bought	2,157	3,475	3,057	3,501	3,456	3,456	3,409	3,917	3,858	4,609
Employee costs	–	–	230	254	282	308	364	399	405	421
Other expenses	–	–	309	304	360	382	381	492	448	499
Operating profit before depreciation	869	452	689	682	714	700	512	786	704	741
Operating margin	23.9%	10.3%	16.1%	14.4%	14.8%	14.4%	11.0%	14.1%	13.0%	11.8%
Materials, % of revenue	–	–	71.3%	73.9%	71.8%	71.3%	73.1%	70.0%	71.2%	73.5%
Employee costs, % of revenue	–	–	5.4%	5.4%	5.9%	6.4%	7.8%	7.1%	7.5%	6.7%
Other expenses, % of revenue	–	–	7.2%	6.4%	7.5%	7.9%	8.2%	8.8%	8.3%	8.0%
Depreciation and amortisation	105	95	96	101	112	114	130	166	173	177
Operating profit after depreciation	764	356	593	581	602	586	383	620	532	564
Other income	25	30	43	44	27	33	63	180	89	37
Finance costs	55	52	41	64	39	31	49	84	93	77
Profit before one-off items and tax	734	335	595	560	590	588	397	716	527	524
One-off items	0	0	0	0	0	−1	0	0	0	0
Profit before tax	734	335	595	560	590	587	397	716	527	524
	142	113	26	49	129	134	124	208	125	182
Current tax	158	71	128	97	103	115	69	111	77	114
Deferred tax	−16	42	−103	−48	27	19	55	97	48	68
Share of profit of joint ventures and associates	–	10	7	8	20	12	12	26	35	36
Net profit	593	232	576	519	480	465	284	534	437	378
Other comprehensive income	–	–	−5	−7	−1	−4	−6	8	2	2
Total comprehensive income	–	–	571	512	479	461	278	543	439	380
Net margin	16.3%	5.3%	13.4%	11.0%	10.0%	9.6%	6.1%	9.6%	8.1%	6.0%
Net margin without joint ventures and associates	–	5.0%	13.3%	10.8%	9.6%	9.3%	5.8%	9.1%	7.4%	5.5%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017 and Mar 2018 they do not, so they are left blank.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 26 May	Mar 2020Filed 24 Jun	Mar 2021Filed 2 Jun	Mar 2022Filed 25 May	Mar 2023Filed 12 May	Mar 2024Filed 18 May	Mar 2025Filed 10 Jun	Mar 2026Filed 15 May
	2,118	2,416	2,619	2,770	2,896	3,401	3,796	4,138
Share capital	23	22	21	20	20	20	20	20
Reserves	2,095	2,394	2,598	2,749	2,875	3,381	3,775	4,118
	1,674	1,399	1,135	1,210	1,879	2,008	2,626	3,169
Repayable after a year	279	340	243	144	429	326	489	908
Repayable within a year	1,395	1,059	891	1,065	1,450	1,682	2,137	2,261
	2,185	1,992	1,692	1,490	1,964	2,120	2,557	3,005
Trade payables	619	678	596	308	352	278	277	282
Other financial liabilities	118	166	161	76	122	100	84	419
Other liabilities	36	59	31	29	31	44	48	33
Provisions	6	20	5	7	7	6	7	9
Tax owed	0	0	0	–	0	9	5	0
	400	399	323	232	569	565	777	1,263
Other financial liabilities	2	0	0	1	1	1	1	1
Other liabilities	0	0	0	0	–	0	0	–
Provisions	5	7	8	10	11	11	12	11
Deferred tax	89	38	64	76	128	227	275	343
Total assets	4,702	4,807	4,634	4,492	5,429	6,086	7,129	8,406
	1,719	1,890	1,880	2,115	2,851	3,051	3,828	5,023
Plant in use, after depreciation	1,420	1,623	1,598	1,633	2,598	2,639	2,645	2,604
Plant being built	46	12	14	204	24	45	106	1,747
Intangible assets	2	1	1	1	1	1	1	1
Investments	23	0	249	0	0	6	6	6
Stakes in joint ventures and associates	143	239	0	173	201	333	425	462
Other financial assets	1	2	2	2	3	4	3	4
Deferred tax	53	8	0	–	–	0	0	0
Other assets	32	5	15	103	24	23	643	200
	2,983	2,916	2,754	2,377	2,578	3,035	3,301	3,384
Inventories	2,316	2,295	2,378	2,201	2,319	2,869	3,119	3,135
Trade receivables	450	239	245	137	125	126	143	179
Cash and cash equivalents	2	1	0	0	0	0	0	0
Other bank balances	3	3	2	3	12	3	3	4
Current investments	0	6	0	0	61	0	0	0
Other financial assets	191	298	95	3	9	6	5	13
Other assets	21	74	32	33	52	31	30	53
Net debt	1,669	1,389	1,132	1,206	1,805	2,005	2,623	3,165

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 2 Jun	Mar 2022Filed 25 May	Mar 2023Filed 12 May	Mar 2024Filed 18 May	Mar 2025Filed 10 Jun	Mar 2026Filed 15 May
	649	695	453	178	425	599
	702	813	521	277	501	719
	−34	76	−58	−583	−257	−76
Receivables	−6	109	12	−1	−17	−36
Inventories	−84	178	−119	−553	−250	−16
Payables	−74	−312	41	−35	−1	8
Other working capital	130	102	8	7	11	−31
Tax paid	−53	−119	−68	−100	−76	−120
Capital spending	101	404	856	268	892	948
Free cash flow	548	291	−403	−90	−467	−349
	−81	−309	−859	−225	−880	−947
Plant and property sold	3	8	13	48	12	3
Interest received	0	0	1	0	0	0
Dividends received	0	15	0	0	0	0
	−569	−385	406	47	455	347
Borrowings raised	0	0	770	313	896	632
Borrowings repaid	−251	−37	−106	−186	−275	−89
Interest paid	−42	−30	−41	−84	−101	−124
Lease payments	0	0	0	0	0	0
Dividends paid	53	51	51	61	61	71
Shares bought back	180	215	82	0	0	0
Shares issued	0	0	0	0	0	0
Net change in cash	−1	0	0	0	0	0

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.Balrampur Chini Mills dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 26 May	Mar 2020Filed 24 Jun	Mar 2021Filed 2 Jun	Mar 2022Filed 25 May	Mar 2023Filed 12 May	Mar 2024Filed 18 May	Mar 2025Filed 10 Jun	Mar 2026Filed 15 May
Earnings per share	₹24.29	₹9.86	₹25.21	₹23.44	₹22.48	₹22.44	₹13.94	₹26.49	₹21.65	₹18.74
Diluted earnings per share	₹24.28	₹9.86	₹25.21	₹23.44	₹22.48	₹22.44	₹13.94	₹26.49	₹21.57	₹18.59
Dividend per share	₹3.50	₹2.50	₹2.50	₹2.50	₹2.50	₹2.50	₹2.50	₹3.00	₹3.00	₹3.50
Book value per share	–	–	₹92.72	₹109.80	₹124.72	₹135.74	₹143.52	₹168.57	₹187.99	₹204.91
Dividend payout	13.9%	25.4%	9.9%	10.6%	10.9%	11.0%	17.7%	11.3%	13.9%	18.7%
Shareholder yield	–	–	–	–	5.2%	2.7%	1.6%	0.8%	0.5%	0.7%
Market cap at the year end (₹ crore)	3,561	1,778	3,132	2,289	4,505	9,986	8,072	7,302	11,054	10,039

Ratios

Consolidated, years to March.Balrampur Chini Mills PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 26 May	Mar 2020Filed 24 Jun	Mar 2021Filed 2 Jun	Mar 2022Filed 25 May	Mar 2023Filed 12 May	Mar 2024Filed 18 May	Mar 2025Filed 10 Jun	Mar 2026Filed 15 May
Revenue growth	32.1%	–	–	10.6%	1.5%	0.7%	−3.7%	19.9%	−3.2%	15.8%
Operating profit growth	107.3%	−48.0%	52.6%	−1.0%	4.7%	−2.0%	−26.8%	53.5%	−10.4%	5.3%
Net profit growth	496.9%	−60.9%	148.6%	−9.8%	−7.6%	−3.2%	−38.8%	88.1%	−18.3%	−13.4%
Earnings per share growth	–	−59.4%	155.7%	−7.0%	−4.1%	−0.2%	−37.9%	90.0%	−18.3%	−13.4%
	–	–	27.2%	22.9%	19.1%	17.2%	10.0%	17.0%	12.1%	9.5%
	–	–	–	−4.3 pts	−3.9 pts	−1.8 pts	−7.2 pts	6.9 pts	−4.8 pts	−2.6 pts
From the net margin	–	–	–	−5.0 pts	−2.1 pts	−0.7 pts	−6.3 pts	5.7 pts	−2.6 pts	−3.1 pts
From asset turnover	–	–	–	2.1 pts	0.5 pts	0.8 pts	−1.3 pts	0.5 pts	−2.2 pts	−0.1 pts
From borrowing	–	–	–	−1.3 pts	−2.3 pts	−1.8 pts	0.3 pts	0.7 pts	0.1 pts	0.6 pts
Return on capital employed	–	–	15.6%	15.2%	16.0%	14.7%	8.0%	11.5%	8.3%	7.7%
Cash conversion	–	–	–	–	135.3%	149.5%	159.4%	33.3%	97.3%	158.4%
Interest cover	13.8	6.9	14.5	9.0	15.3	19.0	7.9	7.4	5.7	7.3
Debt to equity	–	–	0.79	0.58	0.43	0.44	0.65	0.59	0.69	0.77
Receivable days	–	–	38	18	19	10	10	8	10	10
Inventory days	–	–	277	239	251	232	248	267	295	248
Payable days	–	–	74	71	63	33	38	26	26	22
Cash conversion cycle, days	–	–	241	187	207	210	220	250	279	236
Working capital days	–	–	186	152	148	147	156	169	194	153
Asset turnover	–	–	0.91	1.00	1.02	1.06	0.94	0.97	0.82	0.81
Assets per rupee of net worth	–	–	2.22	2.10	1.88	1.69	1.75	1.83	1.84	1.96
Sales per rupee of plant	–	–	3.02	2.92	3.01	2.97	1.80	2.12	2.05	2.41
Capital spending to depreciation	–	–	–	–	0.90	3.54	6.61	1.61	5.17	5.35
Plant being built, % of plant in use	–	–	3.2%	0.8%	0.9%	12.5%	0.9%	1.7%	4.0%	67.1%

Revenue growth is left blank for the years to Mar 2018 and Mar 2019: between the two periods excise duty was taken out of revenue when GST replaced it, so the two are on different bases and the change is not worked out. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 4.9%
Cash from operations against operating profit: 80.9%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	8.6%	5.4%	10.4%
Profit growth, yearly rate	14.3%	−4.6%	10.0%
Return on equity, average	–	13.2%	12.9%
Return on capital employed, average	–	10.0%	9.2%
Operating margin, average	14.4%	12.9%	13.0%
Net margin, average	9.5%	7.9%	7.9%
Asset turnover, average	–	0.92	0.87
Cash conversion cycle, days, average	–	239	255
Interest cover, average	10.7	9.4	6.8
Debt to equity, average	–	0.63	0.68

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	2,350	1,202	599
Cash from investing	−3,220	−2,052	−947
Cash from financing	870	850	347
Capital spending	3,369	2,109	948
Dividends paid	294	192	71
Shares bought back	297	0	0
Shares issued for cash	0	0	0
Borrowings raised	2,611	1,841	632
Borrowings repaid	693	550	89

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	7	8	4	7	2	3
Altman Z-scorePublished threshold 1.81	–	–	2.91	2.92	3.89	6.11	3.90	3.94	3.90	3.13
Beneish M-scorePublished threshold −1.78	–	–	–	–	−3.03	2.61	−2.95	−2.08	−1.77	−2.06
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	−1.87	1.74	13.91	10.10	13.50	9.34
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	1.46	1.03	0.84	0.89
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	−57.46	1.10	−45.01	−4.99	−19.29	17.04	9.57
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	−15.44	4.94	−7.49	6.73	8.83	10.22	−18.97
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	3.37	−5.07	−1.89	0.54	−0.42	−0.03	0.48
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.04	0.17	1.37	0.02	0.22	0.59	12.85
Effective tax ratePublished threshold 17.16 per cent	19.38	33.90	4.36	8.69	21.95	22.85	31.30	29.01	23.78	34.69
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	2.62	14.20	15.11	9.38	11.81

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
13 May 2026	India Ratings and Research Private Limited (opens in a new tab)	Bank loan facilities	IND AA+Review, Re-affirm	Stable	300
13 May 2026	India Ratings and Research Private Limited (opens in a new tab)	Commercial paper	IND A1+Review, Re-affirm		900
13 Mar 2026	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil AA+Review, Re-affirm	Stable	100
13 Mar 2026	CRISIL Ratings Limited (opens in a new tab)	Commercial Paper	Crisil A1+Review, Re-affirm		900

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.