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Swing Capital

Balrampur Chini Mills Ltd

NSE: BALRAMCHIN BSE: 500038Energy

Balrampur Chini Mills Limited (BCML) is one of the largest integrated sugar companies in India. The allied businesses of the Company comprise distillery operations and cogeneration of power. BCML is one of the most efficient integrated sugar producers in the country. The Company has grown its capacity by well-planned capacity expansion projects and the acquisition of existing companies over recent years. [1]

₹541
52W: ₹393 — ₹628
PE 31.4 · Book ₹193 · +180% vs book
Market Cap₹10,917 Cr
Stock P/E31.4Price to Earnings
ROCE9.06%Return on Capital
ROE9.29%Return on Equity
Div. Yield0.66%Face Value ₹1

Strengths

  • +Company has been maintaining a healthy dividend payout of 17.3%
  • +Company's working capital requirements have reduced from 43.8 days to 21.8 days

Weaknesses

  • −Stock is trading at 2.79 times its book value
  • −The company has delivered a poor sales growth of 5.44% over past five years.
  • −Company has a low return on equity of 10.8% over last 3 years.
  • −Company might be capitalizing the interest cost

Shareholding Pattern

Promoters42.86%
FIIs10.43%
DIIs27.67%
Public19.03%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters42.89%42.89%42.87%▼0.042.87%42.87%42.86%▼0.042.86%42.86%
FIIs12.19%12.85%▲0.712.11%▼0.712.01%▼0.111.99%▼0.011.2%▼0.810.55%▼0.610.43%▼0.1
DIIs22.58%26.43%▲3.926.53%▲0.127.13%▲0.628.02%▲0.927.59%▼0.427.5%▼0.127.67%▲0.2
Public22.34%17.79%▼4.618.5%▲0.718%▼0.517.12%▼0.918.33%▲1.219.09%▲0.819.03%▼0.1

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales1,2301,4341,4221,2981,1921,5041,5421,6711,4541,604
Expenses1,1171,0901,2551,2491,0681,1381,4081,5501,2521,319
Operating Profit11334516649124365134120202285
OPM %9%24%12%4%10%24%9%7%14%18%
Net Profit6019765-4632204346107152
EPS ₹2.999.783.2-0.173.1110.92.132.285.287.5

AI Insights

Revenue Trend

Mar 2026 revenue at ₹6,271Cr, up 15.8% YoY. OPM at 12%.

Debt Position

Borrowings at ₹3,170Cr. Debt-to-equity ratio: 0.82x. Moderate leverage.

Capex Cycle

CWIP at ₹1,747Cr (67% of fixed assets). Significant capex underway — growth runway building.

Institutional Flow

DIIs: 27.67% (+6.35pp change). FIIs: 10.43% (-3.24pp change). Promoters hold 42.86%.

Margin & Efficiency

ROCE improving from 1% (Mar 2015) to 9% (Mar 2026). Working capital days: 22.

Valuation

PE 31.4x with 9.06% ROCE. Price is 180% above book value of ₹193. Dividend yield: 0.66%.

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