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Balrampur Chini Mills Ltd BSE:500038 NSE:BALRAMCHIN

Balrampur Chini Mills Ltd is engaged in Sugar business. Company is listed on both NSE and BSE. NSE symbol for Balrampur Chini Mills Ltd is 'BALRAMCHIN' and BSE code for Balrampur Chini Mills Ltd is '500038'.

About Company

Balrampur Chini Mills Limited is a sugar manufacturing company based in India. The Company has six sugar mills located in eastern Uttar Pradesh with an aggregate capacity of 55,000 tons crushed per day (TCD). Its products include sugar, molasses, alcohol, bio-compost and bagasse. The Company has plants located at Balrampur, Babhnan, Tulsipur, Haidergarh, Akbarpur and Rauzagaon acquired in November 2005. During the fiscal year ended September 30, 2006, the Company`s sugar, alcohol, power and bio-fertilizers segments accounted for 74.19%, 20.49%, 5.14% and 0.18%, respectively, of its income.

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Balrampur Chini Mills Ltd User Reviews

2. Munna Patel  Dec 4, 2007 9:11:28 PM IST Reply

what is the future of this company.i have 500 shares @ 98 rs.can i sell or wait for some more gain.

1. Insight technical  Nov 30, 2009 11:53:31 AM IST Reply

Balrampur Chini<br>Hold<br>Price: Rs 126 Target Price (Sep`10): Rs122<br><br>4QFY09 results lower than estimates<br><br>* 4Q09 profits significantly below our estimates-Balrampur Chini`s<br>(BCML`s) 4QFY09 net profit of Rs388mn, up 544%YoY, was significantly<br>lower than our estimate of Rs680mn. This was mainly due to (a) lower<br>sugar volumes and realisation and (b) lower co-generation and distillery<br>sales than estimates. However, this was partially off-set by tax write backs<br>of Rs130mn pertaining to FY02-05. While sales of Rs3.89bn were 14%<br>lower than our estimates, EBITDA came in at Rs0.75bn vs. our estimate of<br>Rs1.43bn. Lower EBITDA was due to ~9% lower sugar volumes and<br>realisation than estimates. Management acknowledged lower realisation in<br>sugar was on account of poor timing of sales. While we are not concerned<br>about lower sugar sales volume as sugar prices have moved up in 1Q10,<br>(thus leading to inventory gains), lower realisation still remains a concern.<br><br>* Raise our estimates by 11-2% for FY10/11E led by higher sugar<br>realisation– We raise our FY10 profit estimate by 11% to Rs3.65bn on the<br>back of higher sugar realisation, raw sugar and co-generation volumes. We<br>raise our blended sugar realisation assumption by 4% to Rs30.8/kg, in line<br>with management guidance. We believe our landed cane cost assumption<br>of Rs215/quintal (vs. current cost of Rs200/quintal) for FY10E seem<br>reasonable as strong sugar realisation and intense competition among<br>players would lead to higher cane prices as the season progresses. We<br>increase our raw sugar volume estimate to 1.2lt (lakh tonnes) from earlier<br>0.85lt as management guides additional imports of raw sugar in FY10E. We<br>raise our FY11E earnings by 2% to reflect higher sugar realisation.<br><br>* Coal based power contribution may not be significant- Based on<br>management guidance, we assume 100-80mn units of coal based power in<br>FY10/11E respectively. However, given high coal (BCML is yet to identify<br>sources for coal) and in-land transport costs and stable realisation, we<br>believe coal based co-generation may not be significantly profitable. While<br>we continue to believe that co-generation (coal and bagasse based<br>together) provides stability throughout the cycle, we think coal based<br>power will contribute only 2-3% to consolidated EBITDA for FY10/11E.<br><br>* Raise target price marginally, maintain Hold– We continue to value<br>BCML based on 1 year forward up- cycle multiple of 10x FY11EPS of<br>Rs12.2and arrive at our Sep`10 (rolled forward from Sep`09) target price of<br>Rs122 (from Rs119 earlier) and hence maintain Hold at current price<br>(potential downside of 3%). While stock prices may track sugar prices in<br>near term, we think concerns over the longevity/severity of the cycle and<br>higher SAP may emerge, thus impacting the valuation multiples. We<br>believe key risks to our call are sugar/alcohol realisation higher than our<br>estimates & lower cane prices than our assumptions.

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