Transcript of Conference call held on 5th November, 2026 relating to 2QFY27 performance

11th November, 2026 National Stock Exchange of India Limited BSE Limited Listing Department, The Corporate Relationship Department ‘Exchange Plaza’, C/1, G Block, Bandra 1st Floor, New Trading Wing, Rotunda Kurla Complex, Bandra (E), Building, Phiroze Jeejeebhoy Towers, Mumbai 400051. Dalal Street, Fort, Mumbai- 400001. Symbol: BALRAMCHIN Scrip Code: 500038 Dear Sir/Madam, Ref: Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 Subject: Transcript of Conference call for 2QFY27 Performance In terms of Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed herewith the Transcript of Conference Call held on 5th November 2026 relating to 2QFY27 Performance. The same is also uploaded on Company’s website at the following web page: https://chini.com/investors/concall-transcript/ Thanking You. Yours faithfully For Balrampur Chini Mills Limited Manoj Agarwal Company Secretary & Compliance Officer Encl: A/a “Balrampur Chini Mills Limited Q2 FY27 Earnings Conference Call” November 05, 2026 MANAGEMENT: MR. VIVEK SARAOGI – CHAIRMAN AND MANAGING DIRECTOR – BALRAMPUR CHINI MILLS LIMITED MS. AVANTIKA SARAOGI – EXECUTIVE DIRECTOR – BALRAMPUR CHINI MILLS LIMITED MR. PRAMOD PATWARI – CHIEF FINANCIAL OFFICER – BALRAMPUR CHINI MILLS LIMITED MODERATOR: MR. RAJESH MAJUMDAR – 360 ONE CAPITAL MARKET Page 1 of 13 Balrampur Chini Mills Limited November 05, 2026 Moderator: Ladies and gentlemen, good day and welcome to Balrampur Chini Q2 FY27 Earnings Call hosted by 360 ONE Capital Market Private Limited. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand this conference over to Rajesh Majumdar. Thank you, and over to you, sir. Rajesh Majumdar: Thank you. Good afternoon, everyone, and thank you for joining us on Balrampur Chini Mills Q2 FY 2027 Results Conference Call. We have with us today Mr. Vivek Saraogi, Chairman and Managing Director of Balrampur Chini Mills, Ms. Avantika Saraogi, Executive Director, and Mr. Pramod Patwari, Chief Financial Officer of the company. We would now like to begin the call with brief opening remarks from the management, following which we will have the forum open for the question-and-answer session. Before we start, I would like to point out that some statements made in today's call may be forward-looking in nature. And a disclaimer to this effect has been included in the results presentation shared earlier. I would now like to invite Mr. Saraogi to make his opening remarks. Over to you, sir. Vivek Saraogi: Thank you, Rajesh, and a very warm good afternoon to everybody, and thank you for joining us on our conference call. I trust all of you have had the opportunity to go through our results presentation, providing details of our operational and financial performance. I will give you a brief update on the sector, followed by our company's highlights. The 2025-2026 sugar season has turned out to be tighter than expected, with lower-than- expected production, resulting in a drawdown in inventory. The closing stock for the season is 3.6 million tonnes, providing an initial cushion for domestic availability. The tighter demand- supply balance has led to firming up of domestic sugar prices, providing relief to millers and offsetting higher cane costs and pressure on ethanol margin. Looking ahead to the 2026-2027 season, production is expected to decline, and the demand-supply balance, we will talk about it. I will give you a detailed thought in the question-answer session. This is owing to predominantly lower production expected in Maharashtra and Karnataka, owing to the El Niño conditions, while production in U.P. is expected to be relatively stable because of the water availability and better irrigation facilities. These factors, we expect that domestic prices will hence remain firm. Government has taken various measures to ensure adequate availability to contain the sharp rise in prices. And currently, the first step is to allow TRQ of 10 lakh tons. In this environment, maintaining the right balance between sugar availability and imports will be important to maintain stable prices and healthy industry economics, together with balancing the needs for our other stakeholders, the farmer and the consumer. Turning to our performance, company has delivered a strong performance during a seasonally weak quarter. Strong volume coupled with improved realization resulted in sugar segment PBIT to increase by 166% to INR140 crores during Q2 2027 as compared to corresponding quarter Page 2 of 13 Balrampur Chini Mills Limited November 05, 2026 last year. Improvement in sugar realization supported by firm domestic prices has helped offset some cost pressures also arising from the West Asia crisis. Distillery segment was affected by compressed margin due to non-revision of procurement prices of ethanol over the last three years. Despite increase in sugarcane prices, that is the FRP, again over three years. FRP is increased by 16%, ethanol price has not gone up. Including this year 20% with no corresponding increase in ethanol price. U.P. government is yet to announce the State Advised Price for the current season. The industry prospects will remain closely aligned with the cane price announcement and the import policy of the government, together with the domestic production. I am pleased to share that the board of directors in its meeting has declared an interim dividend of INR4 per equity share. On our strategic initiative, the 80,000 PLA project continues to remain on track, and we are hoping to commence operations in November itself. Construction activities are in full swing, and we have already spent INR2,400 crores approximately by 15th October. Alongside the project execution, we are making encouraging progress on the product development, customer trial, market engagement, including securing our first institutional order from the government for PLA-based product. To conclude, our integrated model has enabled us to navigate changing industry dynamics while continuing to focus on maximizing value from every stick of cane. As we strengthen our core operations and progress with the PLA project, we are building a more diversified, sustainable growth platform aligned with evolving environment priorities. Backed by a strong financial position, focus on efficient capital deployment, we continue to strengthen our operations, enhance efficiencies, create sustainable long-term value for all our stakeholders. Thank you. Pramod, do you have anything to say? Pramod Patwari: No, we can ask for the Q&A session. Vivek Saraogi: Yes, let's go to the Q&A session. Moderator: Thank you very much. We will now begin the question and answer session. The first question is from the line of Prashant Biyani from Elara Securities. Please go ahead. Prashant Biyani: Yes, thank you for the opportunity. Pramod sir, between Q1 and Q2, we had around INR4.8/kg increase in sugar price. Now, on the total sugar volume sold for Q2, the additional EBITDA or EBIT should have been around INR159 crores based on INR4.8/kg extra realization, as cost structures would have hardly moved between Q1 and Q2 because there is no crushing. But it does not seem to be the case. Can you explain why is there this disparity? Pramod Patwari: Hi, Prashant. During this non-operating quarter, there are certain fixed overheads like depreciation, factory maintenance, which we continue to incur, including the repairs and maintenance, which are very aggressive in this quarter before the commencement of the new Page 3 of 13 Balrampur Chini Mills Limited November 05, 2026 sugar season. All this gets charged to profit and loss ac [Showing first 8,000 characters — download PDF for full document]