Balrampur Chini Q2 FY27 Results (NSE: BALRAMCHIN)
Signal: Growth reaccelerated
The read
The quarter marks a sequential margin recovery, with EBITDA margin rising to about 10.9% from 7.7% in Q1FY27 and PAT to ₹10335.39 lakh, but the recovery is concentrated in sugar as distillery earnings weakened and ₹253743.12 lakh of CWIP remains to be commissioned.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,876.28 Cr | +14.6% | +12.3% |
| EBIT | ₹160.04 Cr | +89.3% | |
| Net profit | ₹103.35 Cr | +129.3% | |
| EPS | ₹4.89 | +122.3% | |
| EBIT margin | 10.9% |
P&L walk
Revenue rose to ₹187628.11 lakh, +14.6% YoY and +12.3% QoQ; EBITDA margin recovered to about 10.9% from 7.9% YoY as finance costs fell 51.0%, while associate profit of ₹742.60 lakh further lifted PAT to ₹10335.39 lakh.
Segments
Sugar was the clear driver: revenue increased 28.8% YoY to ₹157805.50 lakh and segment result rose 263.5% to ₹14075.15 lakh, while distillery revenue fell 39.8% and result fell 51.4%; PLA remained loss-making at ₹558.27 lakh.
Key positives
- Sugar segment revenue rose 28.8% YoY to ₹157805.50 lakh and segment result rose 263.5% to ₹14075.15 lakh, driving the consolidated operating recovery.
- EBITDA margin improved to approximately 10.9% from 7.9% YoY and 7.7% QoQ, reversing the contraction seen in Q1FY27.
- Operating cash flow was ₹262127.03 lakh in H1FY27 versus ₹225400.92 lakh in H1FY26, while gross borrowings declined to ₹154370.38 lakh from ₹316935.41 lakh at year-end.
- Finance costs declined 51.0% YoY to ₹1590.71 lakh, providing meaningful support below operating profit.
Key concerns
- Distillery revenue fell 39.8% YoY to ₹32459.36 lakh and segment result fell 51.4% to ₹3912.60 lakh, leaving the quarter increasingly dependent on sugar.
- PLA remained loss-making at ₹558.27 lakh in the quarter, while PLA assets were ₹275525.24 lakh, the largest segment asset base.
- CWIP rose to ₹253743.12 lakh from ₹174707.35 lakh at 31-03-2026, creating execution and commissioning risk before the assets contribute to depreciation or earnings.
- The company issued 9316771 preferential shares for ₹45000.00 lakh and also allotted 330289 shares through ESAR exercise, increasing the equity base and moderating per-share earnings conversion.
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