Balrampur Chini Mills Ltd's Q2 FY27 numbers came in strong, with revenue of Rs. 1,876.28 Cr (+12.30% YoY) and PAT growth of +108.75% YoY. Here's a quick read of what worked, what to watch, and what management said.
| Results date | November 04, 2026 |
|---|---|
| Revenue (Q2) | Rs. 1,876.28 Cr (+12.30% YoY) |
| PAT (Q2) | Rs. 95.93 Cr (+108.75% YoY) |
| EBITDA margin | 9.14% (+194 bps YoY) |
| EPS (Q2) | Rs. 4.54 (+99.12% YoY) |
Q2 FY27 delivered 12.30% revenue growth and 108.75% PAT growth with EBITDA margin up ~194 bps YoY to 9.14%, driven by firm sugar realizations against a low-cost inventory base. The balance sheet was transformed — net debt fell to Rs.959.60 Cr (0.20x equity) after a Rs.450 Cr preferential issue and Rs.1,922.12 Cr working-capital repayment — while the Rs.4.00/share interim dividend was raised from Rs.3.50. The key watch items are the distillery's 34.1% YoY profit decline amid frozen ethanol prices and the PLA plant's guided commissioning (lactic acid October, PLA December 2026).
| Driver | Expected before results | What happened | Verdict |
|---|---|---|---|
| Revenue ahead YoY on realization, volumes quota-capped | "likely ahead YoY on realization, with volume capped by quota/stock curbs" | Standalone revenue Rs.1,876.28 Cr, +12.30% YoY | Played out |
| Margins compressing YoY, inventory gain as offset | "likely compressing YoY, with the sugar inventory gain as the offset" | EBITDA margin 9.14% vs 7.21% — expanded ~194 bps YoY | Contradicted |
| PLA drag persisting | "pre-commissioning PBIT loss … should persist through the quarter" | PLA result −Rs.5.58 Cr vs −Rs.9.84 Cr in Q1 — persists but narrowed | Partially |
| Tax line elevated (MAT credit exhausted) | "keeps the tax line elevated" | Consolidated ETR 32.51%, 51.6% deferred | Played out |
| Distillery squeeze (maize at Rs.27/kg vs Rs.17–18/kg a year ago, molasses-route prices frozen — per pre-call note, web-sourced, dated) | margin squeeze on grain runs | Distillery result −34.1% YoY | Played out |
| Dividend declared at the 04-Nov-2026 Board meeting | "FY27 interim dividend at the 04-Nov-2026 Board meeting" | Rs.4.00/share declared (Rs.84.64 Cr) | Played out |
| PLA commissioning confirmation (Oct/Dec) | "the watch is confirmation on the call" | Not addressed in the filing — remains open for the call | Not observable |
| Ethanol diversion set to zero for ESY 2026-27 (post-quarter order, 16–22 Oct — per pre-call note, web-sourced, dated) | distillery plan needs re-grounding | Not addressable in this filing; distillery weakness consistent with the squeeze — direction) / Not observable (quantum | Played out |
Read our full results preview.
| What management said | Where | What happened | Verdict |
|---|---|---|---|
| FY27 interim dividend at the 04-Nov-2026 Board meeting | Board-outcome letter of 04-Nov-2026 | Rs.4.00/share, Rs.84.64 Cr declared | Met |
| PLA commissioning — lactic acid Oct-2026, PLA Dec-2026 | guided on the Q1 FY27 earnings call | Not addressed in the filing; CWIP +45.2% QoQ to Rs.2,537.43 Cr — spend) / Too Early (commissioning | On Track |
| PLA ~40% average utilization Jan–Mar FY27 | guided on the Q1 FY27 earnings call | Not derivable pre-commissioning | Too Early |
| PLA no losses in first year, performing well by Mar-2027 | guided on prior earnings calls | PLA result −Rs.5.58 Cr in Q2 vs −Rs.9.84 Cr in Q1 (H1 −Rs.15.43 Cr) | On Track |
| Existing-business debt repayment Rs.89 Cr in FY27 | FY27 debt schedule per prior-quarter notes | Rs.44.50 Cr of non-current borrowings repaid in H1 per the cash flow | On Track |
| PLA 35% EBITDA margin at full capacity | guided prior to the Q3 FY26 call | Not derivable (plant not operating) | Too Early |
| "Firm sugar prices provide a favorable base for upcoming quarters" (Q4 FY26 commentary) | prior-quarter management commentary | Sugar margin 8.92% vs 4.01% YoY; revenue +19.82% YoY | Confirmed |
| Sugar performance must be judged annually (seasonality) | filing note | Q2 is the lean quarter and yet delivered the year's best margin so far | Confirmed |
| PLA tone consistently positive, commissioning imminent | Q1 FY27 call | Loss narrowed QoQ; no adverse PLA disclosure in the filing — direction | Confirmed |
| Ethanol price revision hoped for | Q4 FY26 / Q1 FY27 calls | No policy change disclosed in the filing | Too Early |
Disclaimer: This results analysis is published for educational and informational purposes only. It is not investment advice, not a recommendation to buy, sell or hold any security.