Transcript of the Q1 FY27 Earnings Conference Call held on 12th August, 2026

18th August, 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 Earnings Conference call In terms of Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed herewith the Transcript of the Q1 FY27 Earnings Conference Call held on 12th August, 2026. 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 Q1 FY27 Earnings Conference Call August 12, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the Balrampur Chini Mills Limited’s Earnings Conference Call. As a reminder, all participant lines will remain in the listen- only mode and there will be an opportunity for you to ask questions after the management's opening remarks. Please note that this conference is being recorded. I will now hand the conference over to Ms. Jenny Rose from CDR India. Thank you, and over to you. Jenny Rose: Good afternoon everyone, and thank you for joining us on Balrampur Chini Mills’ Q1 FY27 Results Conference Call. We have with us today Mr. Vivek Saraogi, Chairman & 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 with you earlier. I would now like to invite Mr. Saraogi to make his opening remarks. Over to you, sir. Vivek Saraogi: Thank you Jenny. Good afternoon everyone, and thank you for joining us on Balrampur Chini Mill’s Q1 FY27 earnings conference call. I trust all of you have had the opportunity to go through our results, providing details of our operational and financial performance. So, I will just go through the highlights. The season 2025-26 has turned out to be tighter than anticipated, with lower than expected production, healthy domestic consumption and diversion towards ethanol resulting in a drawdown to inventory. This tighter demand-supply balance has led to firming up of domestic sugar prices, providing relief to millers and helping offset higher sugarcane costs and other costs & margin pressures in terms of distillery, especially. Page 1 of 12 Looking ahead to the 2026-27 sugar season, it is too early to take a definitive view on production. The progress of monsoon, crop development and yields across key producing states, we will get clarity over the next few months. The first meaningful clarity is expected around the end of September. In this environment, maintaining the right balance between sugar availability, ethanol diversion will be important for stable prices and healthy industry economics. Turning to our performance, Balrampur Chini has commenced FY27 on a stable note, with revenues improving across the Sugar and Distillery segments, supported by higher sugar realizations and distillery volumes. Sugarcane crushing and production increased on improved cane availability, while cane development and varietal balancing remains our key focus area. Higher sugar realizations also provided support against increased cane costs during the quarter. As most of you are aware, the first quarter is an off-season for sugar production. Profitability during the quarter is therefore influenced by the carrying cost and realization of sugar inventory from the previous crushing season, with largely no production during the quarter. There may be some production in April; This impacts the quarterly performance, and this is going to be relevant every quarter. So, as we know, sugar has quarter-wise dynamics to it. The first quarter is as described. The second quarter is absolutely without production. In the third quarter, production is there partially, while the fourth quarter has the entire production. As of June 30, the Company was carrying sugar inventory of 45.67 lakh quintals at an average carrying cost of INR 37.19 per kg. With sugar prices remaining firm, this inventory provides a favourable base for profitability in the upcoming quarters. On our strategic initiatives, the 80,000-tonnes PLA plant, continues to progress well and remains on track. We will talk about the commissioning date. Construction activities are in full flow with civil equipment, arrivals, erections, all going on. We have spent about INR 2,180 crore by the end of July. Alongside project execution, we have made encouraging progress on product development, customer trials, and market engagement. To conclude, our integrated business 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 and sustainable growth platform aligned with environmental priorities. Backed by our strong financial position and focus on efficient capital deployment, we continue to strengthen our operation, enhance efficiencies, and create sustainable long-term value. Page 2 of 12 Now, I hand over the floor to Pramod. Pramod Patwari: Thank you, and good afternoon everyone. I hope all of you have had the opportunity to go through the results presentation that has been shared with you. So, I would now request the moderator to open the forum for Q&A session. Thank you. Moderator: Thank you. Ladies and gentlemen, we will now begin the question-and-answer session. The first question is from the line of Sanjay Manyal from DAM Capital Advisors. Sanjay Manyal: Just a few questions on the current situation where the sugar prices have moved up to INR 48, INR 49. Now, given the fact that the Government might come out with some measures, suppose there is a restriction on B-heavy and juice, similar to what they did two years back. What kind of distillery volumes can you still achieve next season? Is it fair to assume that 10 crore litre is possible from C-heavy, and maybe another 9 crore litre to 10 crore litre is possible from grains, maize or broken rice? So, that is my first question. Vivek Saraogi: I will try and attempt to answer the entire dynamics which is prevailing. So yes, the inventory is tight. Market has assumed the inventory to be tighter and the numbers to be way lower than reality. That is our company's view, having said that, the current price correction, if I may say so, or rise, whatever, is reflecting that scenario. So, we see with all commodities, probably you have seen with onions and we have seen in the past, there can be spikes which is not in people's control. So getting back to numbers, and Sanjay's question now, the inventory position is extremely tight. Hence, going into next year, though nothing has been done, it is reasonable to assume that there will be no diversion allowed towards B and juice. So that is a reasonable assumption today, that is our personal view, again, company's view. Keeping that in mind, yes, only C-heavy will be allowed. So we are equipped to do that in all our units. Crushing might reduce a bit in some unit, but overall, we keep our targets intact. We are reworking our numbers and on Sanjay's question, we will get back to you once we rew [Showing first 8,000 characters — download PDF for full document]