Interim report
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4th November, 2026 National Stock Exchange of India Limited Listing Department, ‘Exchange Plaza’, C/1, G Block, Bandra Kurla Complex, Bandra (E), Mumbai 400051 BSE Limited The Corporate Relationship Department 1st Floor, New Trading Wing, Rotunda Building, Phiroze Jeejeebhoy Towers, Dalal Street, Fort, Mumbai- 400001 Symbol: BALRAMCHIN Scrip Code: 500038 Dear Sir/Madam, Subject: Outcome of Board Meeting We wish to inform you that the Board of Directors of the Company at its meeting held today, i.e. 4th November, 2026 has inter-alia i. Considered and approved Un-Audited Financial Results (Standalone and Consolidated) of the Company for the Quarter and Half year ended 30th September, 2026, as reviewed and recommended by the Audit Committee. In this regard, we are enclosing herewith Un-Audited Financial Results (Standalone and Consolidated) of the Company for the Quarter and Half year ended 30th September, 2026 along with the Limited Review Reports issued by the Statutory Auditors of the Company (Annexure-A). ii. Declared an Interim Dividend of 400% i.e. ₹4.00/- per equity share of ₹1/- each fully paid up for the Financial Year 2026-27 and the same shall be paid to the Equity Shareholders of the Company whose names appear in the Register of Members of the Company or in the records of the Depositories as beneficial owners as on Wednesday, 11th November, 2026 which is the Record Date fixed for the said purpose. We would like to further inform you that the said Interim Dividend will be paid to the Equity Shareholders of the Company on and from Thursday, 26th November, 2026. iii. Considered and approved the reconstitution of the Board Committees w.e.f. 4th November, 2026. The composition of re-constituted committees approved by the Board is annexed as Annexure-B. Further, the said meeting commenced at 01.00 P.M and concluded at 02.30 P.M. Thanking You. Yours faithfully For Balrampur Chini Mills Limited Manoj Agarwal Company Secretary & Compliance Officer Encl: A/a
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LODHA &CQLLP Chartered Accountants The Board of Directors Balrampur Chini Mills Limited 14 Government Place East, Kolkata 700 069, India Telephone : 033-2248-1111/ 1507/40400000 Telefax 033-2248-6960 Email cal@lodhaco.com Independent Auditors' Review Report 1. We have reviewed the accompanying statement of Unaudited Standalone Financial Results of Balrampur Chini Mills Limited (the 'Company') for the quarter and six months ended 30 September 2026 (the 'Statement'). The Statement has been prepared by the Company pursuant to Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the 'Listing Regulations'). We have initialed the Statement for identification purposes only. 2. This Statement, which is the responsibility of the Company's Management and approved by the Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standard 34 'Interim Financial Reporting' ('Ind- AS 34') notified under Section 133 of the Companies Act, 2013, as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India, and in compliance with Regulation 33 of the Listing Regulations. Our responsibility is to issue a report on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 'Review of Interim Financial Information performed by the Independent Auditor of the Entity', issued by the Institute of Chartered Accountants of India. This Standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free from material misstatement. A review is limited primarily to inquiries of the Company personnel and analytical procedures applied to financial data and thus provides less assurance than an audit. A review is substantially less in scope than an audit conducted in accordance with the Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. We have not performed an audit and accordingly, we do not express an audit opinion. 4. Based on our review conducted as above, we report that, nothing has come to our attention that causes us to believe that the accompanying Statement of the Unaudited Standalone Financial Results read with notes thereon, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standards notified under Section 133 of the Companies Act, 2013, as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of the Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended), including the manner in which it is to be disclosed, or that it contains any material misstatement. Place: Kolkata Date: 4 November 2026 For LODHA & CO LLP Chartered Accountants Firm's ICAI Registration No. 301051E/ E300284 �G� Rajesh Guraria Partner Membership No. 058796 UDIN: 26058796AJMKQC1680 Regd. Office: 19, Esplanade Mansions, 14 Government Place East. Kolkata 700069, West Bengal, India. Lodha & Co (Registration No. 301051 E) a Partnership Firm was converted into Lodha & Co LLP (Registration No. 30 I 051 E/E300284) a Limited Liability Partnership having Identification No. : ACE-5752 with effect from December 27, 2023 Kolkata Mumbai New Delhi Chennai Hyderabad Iaipur Annexure-A
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SI. No. 1 2 3 4 5 6 7 8 9 10 11 12 13 SI. No. 1 2 3 BALRAMPUR CHINI MILLS LIMITED Q Regd. Office: FMC Fortuna, 2nd floor, '234/ 3A, A.J.C. Bose Road, Kolkata- 700020 CIN- L15421WB1975PLC030118, Phone No. (033) 22874749, Fax No. (033) 22872887 E-mail: bcml@bcml.in Website: www.chini.com Statement of Unaudited Standalone Financial Results for the Ouarter and Six months ended 30-09-2026 ({ in Iakhs except EPS data) Particulars 3 months Preceding Corresponding 6 months Corresponding Year ended 3 months 3 months ended ended 6 months ended ended 30-09-2026 ended 30-09-2025 30-09-2026 30-09-2025 31-03-2026 30-06-2026 in the Previous in the Previous vear year /Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) Revenue from operations 187628.11 163679.30 167076.34 351307.41 321303.79 627114.65 Other income 3356.71 1491.00 873.41 4847.71 1503.81 3681.26 Total income 190984.82 165170.30 167949.75 356155.12 322807.60 630795.91 Expenses a) Cost of materials consumed 6767.88 25968.93 15279.48 32736.81 41442.68 460885.05 b) Purchases of stock-in-trade 3336.29 2358.36 735.81 5694.65 1108.21 3265.15 c) Changes in inventories of finished goods, by-products, stock-in-trade and work-in-progress 139836.07 102480.52 119479.85 242316.59 215297.12 (3203.34) d) Employee benefits expense 10358.14 9967.56 9955.38 20325.70 19250.55 42097.84 e) Finance costs 1590.71 3248.40 1423.11 4839.11 4789.93 7722.45 f) Depreciation and amortisation expense 4493.07 4431.00 4431.61 8924.07 8802.11 1m1.19 I !1.) Other expenses 10189.70 11511.21 9585.70 21700.91 18740.21 49942.09 Total expenses 176571.86 159965.98 160890.94 336537.84 309430.81 578426.43 Profit before exceptional items and tax (1 +2-3) 14412.96 5204.32 7058.81 19617.28 13376.79 52369.48 Exceptional items - - - - - - Profit before tax (4+5) 14412.96 5204.32 7058.81 19617.28 13376.79 52369.48 Tax expense Current tax 2383.17 815.86 1569.97 3199.03 2832.52 11407.61 Deferred tax 2437.00 529.83 893.52 2966.83 1640.27 6240.13 Profit for the period/ year (6-7) 9592.79 3858.63 4595.32 13451.42 8904.00 34721.74 Other comprehensive income (i) Items that will not be reclassified to profit or loss 220.65 (27.80) 522.37 192.85 497.68 277.58 (ii) Income tax relating to items that will not be (36.29) 7.00 (182.54) (29.29) (173.91) (95.47) reclassified to profit or loss Total other comprehensive income for the period/ year 184.36 (20.80) 339.83 163.56 323.77 182.11 Total comprehensive income for the period/ year (8+9) 9777.15 3837.83 4935.15 13614.98 9227.77 34903.85 Paid-up Equity share capital 2115.97 2112.67 2019.44 2115.97 2019.44 2019.50 (Par value oft 1/- each) Other equity 387227.33 (As at 31-03-2026) Earnings per share: (Par value off 1/· each) (not annualised for quarterly and half yearly figures): a) Basic({) 4.54 1.88 2.28 6.46 4.41 17.19 b) Diluted ({) 4.50 1.87 2.26 6.41 4.38 17.06 See accompanying notes to the financial results Unaudited Standalone Se�ent Wise Revenue Results Assets and Liabilities for the n. .... er and Six months ended 30-09-2026 Particulars Segment revenue a) Sugar b) Distillery c) Poly lactic Acid (PLA) d) Others Total Less: Inter seS?ment revenue Revenue from operations --a�.f.� //'v/ ·-.. ,....,, ��.WAJ*I .. �"1 . . .... ·$............. �� red Ac.co Segment results- Profit/ (loss) before tax, finance costs and exceptional items a) Sugar b) Distillery c) Polylactic Acid (PLA) d) Others Total Less: i. Finance costs ii. Other unallocable expenditure, net of unallocable income Profit before tax Segment assets a) Sugar -- b) Distillery �Clll{\tl c) Poly lactic Acid (PLA) ' q_� ,, -- - .... ... � d) Others j ( .;>i'� e) Unallocable �'t'1-7. 1,1\ Total I ,.:;), \ ',// j ..,, I Segment liabilities ��--.:--".'c,,'>' a) Sugar : � bl Distillery ::,-_ ____ . c) Polylactic Acid (PLA) d) Others e) Unallocable Total 3m onths ended 30-09-2026 (Unaudited) 157805.50 32459.36 1685.33 586.52 192536.71 4908.60 187628.11 14075.15 3912.60 (558.27) 183.97 17613.45 1590.71 1609.78 14412.96 215468.39 99565.55 275525.24 1440.44 97656.66 689656.28 17657.32 2462.81 29556.15 138.09 190665.09 240479.46 Preceding Corresponding 6 months 3 months 3 months ended ended ended 30-09-2025 30-09-2026 30-06-2026 in the Previous vear (Unaudited) (Unaudited) (Unaudited) 122526.83 131704.75 280332.33 53961.50 40500.78 86420.86 1744.15 572.90 3429.48 123.68 459.00 710.20 178356.16 173237.43 370892.87 14676.86 6161.09 19585.46 163679.30 167076.34 351307.41 3876.08 5284.31 17951.23 8037.54 5936.41 11950.14 (984.28) (101.19) (1542.55) 22.33 105.19 206.30 10951.67 11224.72 28565.12 3248.40 1423.11 4839.11 2498.95 2742.80 4108.73 5204.32 7058.81 19617.28 340739.80 236603.42 215468.39 123336.22 115639.98 99565.55 240959.71 108227.92 275525.24 1443.61 1734.71 1440.44 96092.17 33305.02 97656.66 802571.51 495511.05 689656.28 12345.87 15420.46 17657.32 5666.49 3416.38 2!162.61 28849.11 2825.23 29556.15 107.02 152.07 138.09 316987.02 104880.91 190665.09 363955.51 126695.05 240479.46 . . Based on the nature of business achv1ty, the Company has identified sugar, distillery, poly lactic aod(PLA) and others as reportable segments . ({ in lakhs) Corresponding Year 6 months ended ended 30-09-2025 31-03-2026 in the Previous year (Unaudited) (Audited) 248467.88 550722.98 86647.91 172096.97 598.46 2387.50 708.41 1389.90 336422.66 726597.35 15118.87 99482.70 321303.79 627114.65 10090.86 51466.31 13702.84 20327.08 (502.18) (1672.38) 149.60 280.35 23441.12 70401.36 4789.93 7722.45 5274.40 10309.43 13376.79 52369.48 236603.42 438678.90 115639.98 138228.07 108227.92 199565.79 1734.71 1391.77 33305.02 34106.38 495511.05 811970.91 15420.46 35502.11 3416.38 29115.96 2825.23 34357.75 152.07 97.01 104880.91 349781.25 126695.05 422724.08
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BALRAMPUR CHINI MILLS LIMITED � Regd. Office: FMC Fortuna, 2nd floor, 234/ 3A, A.J.C. Bose Road, Kolkata- 700020 CIN- L15421WB1975PLC030118, Phone No. (033) 22874749, Fax No. (033) 22872887 q:_,, E-mail: bcml@bcml.in Website: www.chini.com Notes: 1) Statement of Unaudited Standalone Assets and Liabilities (tin lakhs) SL Particulars As at As at No. 30-09-2026 31-03-2026 (Unaudited) (Audited) A ASSETS 1 Non-current assets a) Property, plant and equipment 254693.79 260358.26 b) Capital work-in-progress 253743.12 174707.35 c) Intangible assets 43.37 52.91 d) Financial assets i) Investments 17499.64 18120.20 ii) Other financial assets 318.43 367.46 e) Non-current tax assets (net) 112.69 112.69 f) Other non-current assets 15314.49 19889.83 Sub total-Non-current assets 541725.53 473608.70 2 Current assets a) Inventories 71346.09 313461.68 b) Biological assets 110.21 55.43 c) Financial assets i) Investments 1895.78 - ii) Trade receivables 2961.78 17923.84 iii) Cash and cash equivalents 43586.87 44.12 iv) Bank balances other than cash and cash equivalents 14823.77 376.08 v) Other financial assets 1091.82 1278.21 d) Income tax assets (net) 2615.01 - e) Other current assets 9499.42 5222.85 Sub total-Current assets 147930.75 338362.21 TOT AL ASSETS 68%56.28 811970.91 B EQUITY AND LIABILITIES 1 Equity a) Share capital 2115.97 2019.50 b) Other equity 447060.85 387227.33 Sub total-EQuitv 449176.82 389246.83 2 Liabilities Non-current liabilities a) Financial liabilities i) Borrowings 124071.93 90824.95 ii) Lease liabilities 53.91 51.56 b) Provisions 1031.97 1129.68 c) Deferred tax liabilities (net) 33214.48 30234.42 d) Other non-current liabilities - 1143.64 - Sub J9talfflMi�nt liabilities 159515.93 122240.61 Current liabilities 'f,q,• "V , ,. --,,�, a) Financial liabilities �871,,.... i) Borrowings I�\ 1E) 30298.45 226110.46 I,, I t-. ii) Lease liabilities .,>I,,. -- ---- --✓ '» 16.63 16.63 iii) Trade and other payables fl* -� (a) Trade payables - Total outstanding dues of micro enterprises and small - enterprises 1105.24 1631.34 , &C Total outstanding dues of creditors other than micro §>,�t, ..... ,:.� -.<.<_ enterprises and small enterprises 3031.64 26599.26 I:'(�� \"() (b) Other payables �) * } Total outstanding dues of micro enterprises and small .: ..!!l q-..., �· enterprises 7663.39 5812.83 �1, ·· ............. Total outstanding dues of creditors other than micro 01ed Ace; - enterprises and small enterprises 11613.87 16009.56 iv) Other financial liabilities 16390.59 20066.97 b) Other current liabilities 10060.42 3320.40 c) Provisions 764.58 897.30 d) Current tax liabilities (net) 18.72 18.72 Sub total-Current liabilities 80%3.53 300483.47 TOT AL EQUITY AND LIABILITIES 689656.28 811970.91
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Notes: 2) SI. No. A B C Footnote: BALRAMPUR CHINI MILLS LIMITED Regd. Office: FMC Fortuna, 2nd floor, '134/ 3A, A.J.C. Bose Road, Kolkata- 700020 CIN - L15421WB1975PLC030118, Phone No. (033) 22874749, Fax No. (033) 22872887 E-mail: bcml@bcml.in Website: www.chini.com Statement of Unaudited Standalone Cash Flows Particulars CASH FLOW FROM OPERA TING ACTIVITIES Profit before exceptional items and tax Adjustments to reconcile profit before exceptional items and tax to net cash flow provided by operating activities: Finance costs Depreciation and amortisation expense (Profit) on sale/ discard of property, plant and equipment (net) Sundry debit balances/ advances written off Obsolete stores and spares written off Provision for obsolescence/non-moving stores and spares utilised Transfer to storage fund for molasses Interest income on financial assets carried at amortised cost Fair value gain on current investments in mutual funds (Gain) on sale of current investments in mutual funds Fair value loss/ (gain) on derivatives - foreign exchange forward contracts Fair value loss on derivatives - interest rate swap Liabilities no longer required written back Share based payments to employees - equity settled Unrealised (gain)/loss on foreign exchange fluctuation (net) Operating profit before working capital changes Adjustments to reconcile operating profit to cash flow provided by changes in working capital: Changes in inventories Changes in biological assets Changes in trade receivables Changes in other current/ non-current financial assets Changes in other current/ non-current assets Withadrawal from/ (Deposit in) escrow account Changes in trade payables Changes in other current financial liabilities Changes in other current liabilities Changes in provisions Cash generated from operations Income tax paid (net of refunds} Net cash generated from operating activities CASH FLOW FROM INVESTING ACTIVITIES (A) Payments to acquire property, plant and equipment (PPE), capital work-in-progress (CWIP) and intangible assets Proceeds from sale of property, plant and equipment Proceeds from sale of non-current investment in equity shares Balance in earmarked account Investment in mutual funds Redemption of investment in mutual funds Fixed deposits placed with banks Fixed deposits redeemed from banks Interest received on fixed deposits and others Net cash (used in) investing activities CASH FLOW FROM FINANCING ACTIVITIES Proceeds from issuance of equity shares on exercise of employee stock appreciation rights (ESAR) (B) Proceeds from issuance of equity shares on preferential basis Payment towards share issue expenses Payment to shareholders for fraction ESAR Share application money received on exercise of ESAR, pendin�otment Proceeds from term loans , � CHJ1y Financial assistance from the Goverrunent � ,.-- .... '/ A • �r '"7 j i { ( 9-.,,,-Yt 1\ Repayment of non-current borrowings Proceeds from issue of commercial paper (net) Repayment of working capital loans (net) Interest paid Other borrowing costs Net cash (used in) financing activities Net changes in cash and cash equivalents Opening cash and cash equivalents lct-\ .....,, //v;1 ;>-, .'-... J ,/ .... � ,,,.� ;.- ·<>y (C) (A+B+C) Closing cash and cash equivalents for the purpose of Statement of Unaudited Standalone Cash Flows Half year ended 30-09-2026 (Unaudited) 19617.28 4839.11 8924.07 (19.48) 13.19 - (9.51) 23.50 (836.07) (0.85) (3202) 651.91 229.02 (109.31) 450.15 (20.91) 33720.08 242125.09 (54.77) 14962.07 (156.19) (4251.94) 12.02 (23984.40) (102295) 6740.01 (131.88) 267957.14 (5830.11) 262127.03 (78601.45) 251.40 714.86 (3475.07) (21978.90) 20116.00 (40023.22) 29046.15 65234 (93297.89) 3.30 45000.00 (276.16) (0.31) 0.05 31800.00 3426.03 (4450.00) - (19221201) (8558.42) (18.87) (125286.39) 4354275 44.12 43586.87 (fin lakhs) Half year ended 30-09-2025 (Unaudited) 13376.79 4789.93 8802.11 (58.07) 0.08 0.78 - 20.00 (10.87) - - (68.96) - (58.14) 614.21 0.04 27407.90 223529.38 (57.34) 4324.45 (382.75) (3459.07) (0.78) (24106.15) 1213.61 1512.70 (303.57) 229678.38 (4277.46) 225400.92 (32105.85) 102.85 - - - - (15.96) 1.65 5.74 (32011.57) 0.42 - - (0.06) 0.06 14000.00 - (4450.00) 9952.95 (204770.48) (7408.01) (24.51) (192699.63) 689.72 35.66 725.38 The above Statement of Unaudited Standalone Cash Flows has been prepared under the "Indirect Method" as set out in the Indian Accounting Standard (IND AS) 7 on Statement of Cash Flows.
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BALRAMPUR CHINI MILLS LIMITED Regd. Office: FMC Fortuna, 2nd floor, 234/3A, A. J. C. Bose Road, Kolkata - 700020 CIN - L15421WB1975PLC030118, Phone No. (033) 2287 4749, Fax No. (033) 2287 2887 E-mail: bcml@bcml.in Website: www.chini.com 3. The above Statement of Unaudited Standalone Financial Results of Balrampur Chini Mills Limited ("the Company") for the quarter and six months ended 30th September 2026, along with notes thereupon, including the Statement of Unaudited Standalone Assets and Liabilities, and the Statement of Unaudited Standalone Cash Flows, as given in Note 1 and 2 respectively, were reviewed by the Audit Committee and thereafter, approved by the Board of Directors. The results were taken on record at their respective meetings held on 4th November, 2026. The Statutory Auditors have carried out limited review of the above financial results for the quarter and six months ended 30th September, 2026. 4. The Board of Directors have declared an interim dividend of z 4/- (400.00%) per Equity Share of z 1/ each. S(a) Pursuant to the "BCML Employees Stock Appreciation Rights Plan 2023" ("ESAR 2023" / "Plan"), and the "BCML Restricted Stock Unit Scheme 2025" ("RSU 2025" / "Scheme"), rights/ units have been granted to eligible employees entitling them to subscribe to the Company's equity shares, on or after the respective vesting dates, in accordance with the terms and conditions of the Plan/ Scheme. During the quarter and six months ended 30th September, 2026, the Company has allotted 330289 equity shares of par value of z 1/- each pursuant to the exercise of ESARs. As at 30th September, 2026, 5065 equity shares were pending allotment pursuant to the exercise of ESARs. 5(b) Subsequent to 30th September 2026, further 87132 ESARs were exercised up to 23rd October 2026. During October 2026, the Company has allotted an aggregate of 44287 equity shares of par value of z 1/- each pursuant to the exercise of ESARs. The above allotment includes 5065 equity shares of par value of z 1/ each, which were pending allotment as at 30th September 2026. 6(a) During the six months ended 30th September 2026, the Company has issued and allotted 9316771 equity shares of par value of z 1/- each on a preferential basis for cash at an issue price of z 483/- per equity share (including a securities premium of z 482/- per equity share), aggregating to z 45000.00 lakhs, pursuant to the requisite approvals of the Board of Directors and the Shareholders. 6(b) During the quarter and six months ended 30th September 2026, the Company has utilised z 15062.00 lakhs and z 32136.00 lakhs, respectively, towards the objects of the issue. The unutilised balance of the issue proceeds amounting to z 12864.00 lakhs as at 30th September, 2026 were temporarily invested in bank deposits and money market mutual funds pending utilisation towards the objects of the issue. 7. Consequent to the above allotments, as mentioned in Notes 5(a) and 6(a) above, the paid-up equity share capital of the Company has increased to 211597496 equity shares of par value of t 1/- each as at 30th September 2026.
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BALRAMPUR CHINI MILLS LIMITED Regd. Office: FMC Fortuna, 2nd floor, 234/3A, A. J. C. Bose Road, Kolkata - 700020 CIN - L15421WB1975PLC030118, Phone No. (033) 2287 4749, Fax No. (033) 2287 2887 E-mail: bcml@bcml.in Website: www.chini.com 8. Other income includes net foreign exchange gain/ (loss) of t (1.31) lakhs and t 607.80 lakhs, interest income on fixed deposits with banks oft 649.93 lakhs and t 834.27 lakhs, and income oft 1695.17 lakhs on forfeiture of earnest money deposits, respectively, for the quarter and six months ended 30th September 2029. 9. Sugar being a seasonal industry, the performance of the Company varies from quarter to quarter and financial results for the quarter as such are not representative of the annual performance of the Company. Place of Signature: Kolkata Date: 4th November, 2026 For and on behalf of the Board of Directors of Balrampur Chini Mills Limited ��s:::.:r Chairman and ManagingDh-ector
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LODHA &CQu.p Chartered Accountants The Board of Directors Balrampur Chini Mills Limited 14 Government Place East, Kolkata 700 069, India Telephone : 033-2248-1111/1507/40400000 Telefax 033-2248-6960 Email cal@lodhaco.com Independent Auditors' Review Report 1. We have reviewed the accompanying statement of Unaudited Consolidated Financial Results of Balrampur Chini Mills Limited (the 'Company') and share of net profit after tax and total comprehensive income of its Associate Company, Auxilo Finserve Private Limited, for the quarter and six months ended 30 September 2026 (the 'Statement'), being submitted by the Company pursuant to Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the 'Listing Regulations'). We have initialed the Statement for identification purposes only. 2. This Statement, which is the responsibility of the Company's Management and approved by the Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standard 34 'Interim Financial Reporting' ('Ind AS 34') notified under Section 133 of the Companies Act, 2013, as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India, and in compliance with Regulation 33 of the Listing Regulations. Our responsibility is to issue a report on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 'Review of Interim Financial Information performed by the Independent Auditor of the Entity', issued by the Institute of Chartered Accountants of India. This Standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free from material misstatement. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. We also performed procedures in accordance with the circular issued by the Securities and Exchange Board of India under Regulation 33(8) of the Listing Regulations, to the extent applicable. 4. The Statement includes the results of the Company and share of net profit after tax and total comprehensive income of its Associate Company 'Auxilo Finserve Private Limited'. 5. Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review report of the other auditor referred to in paragraph 6 below, nothing has come to our attention that causes us to believe that the accompanying Statement of the Unaudited Consolidated Financial Results read with notes thereon, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standards notified under Section 133 of the Companies Act, 2013, as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of the Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended), including the manner in which it is to be disclosed, or that it contains any material misstatement. Regd. Office : 19, Esplanade Mansions, 14 Government Place East, Kolkata 700069, West Bengal, India. Lodha & Co (Registration No. 30 I 051 E) a Partnership Firm was converted into Lodha & Co LLP (Registration No. 30 I 051 E/E300284) a Limited Liability Partnership having Identification No. : ACE-5752 with effect from December 27, 2023 Kolkata Mumbai New Delhi Chennai Hyderabad Jaipur
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LODHA &COUP 6. The Unaudited Consolidated Financial Results includes the Company's share, before giving effect to consolidation adjustments, of net profit after tax of� 742.60 lakhs and � 1,391.40 lakhs, and total comprehensive income of� 734.17 lakhs and � 1,334.32 lakhs, for the quarter and six months ended 30 September 2026, respectively, in respect of the Associate Company mentioned in paragraph 4 above, which have not been subjected to review by us. The interim financial results of the above Associate Company for the quarter and six months ended 30 September 2026,. have been reviewed by the other auditor in accordance with SRE 2410 'Review of Interim Financial Information performed by the Independent Auditor of the Entity' and whose unmodified report has been furnished to us by the Management. Our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of the aforesaid Associate Company, is based solely on the report of the other auditor, and procedures performed by us as stated in paragraph 3 above. Our conclusion on the Statement is not modified in respect of this matter. Place: Kolkata Date: 4 November 2026 For LODHA & CO LLP Chartered Accountants Firm's ICAI Registration No. 301051E/ E300284 Rajesh Guraria .Partner Membership No. 058796 UDIN:26058796XKVTRT3722
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BALRAMPUR CHINI MILLS LIMITED __ ,, Regd. Office: FMC Fortuna, 2nd floor, 234/ 3A, A.J.C. Bose Road, Kolkata- 700020 ON- L15421WB1975PLC030118, Phone No. (033) 22874749, Fax No. (033) 22872887 � E-mail: bcml@bcml.in Website: www.chini.com Statement of Unaudited Consolidated Financial Results for the Quarter and Six months ended 30-09-2026 (l in lakhs except EPS data) SI. Particulars 3 months Preceding Corresponding 6 months Corresponding Year No. ended 3 months 3 months ended ended 6 months ended ended 30-09-2026 ended 30-09-2025 30-09-2026 30-09-2025 31-03-2026 30-06-2026 in the Previous in the Previous vear year (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) 1 Revenue from operations 187628.11 163679.30 167076.34 351307.41 321303.79 627114.65 2 Other income 3356.71 1491.00 873.41 4847.71 1503.81 3681.26 Total income 190984.82 165170.30 167949.75 356155.12 322807.60 630795.91 3 Expenses a) Cost of materials consumed 6767.88 25968.93 15279.48 32736.81 41442.68 460885.05 b) Purchases of stock-in-trade 3336.29 2358.36 735.81 5694.65 1108.21 3265.15 c) Changes in inventories of finished goods, by-products, stock-in-trade and work-in-prog-ress 139836.07 102480.52 119479.85 242316.59 215297.12 (3203.34) d) Employee benefits expense 10358.14 9967.56 9955.38 20325.70 19250.55 42097.84 e) Finance costs 1590.71 3248.40 1423.11 4839.11 4789.93 7722.45 f) Depreciation and amortisation expense 4493.07 4431.00 4431.61 8924.07 8802.11 17717.19 g) Other expenses 10189.70 11511.21 9585.70 21700.91 18740.21 49942.09 Total expenses 176571.86 159965.98 160890.94 336537.84 309430.81 578426.43 4 Profit before share of profit of associate, exceptional items and tax (1 +2-3) 1441296 5204.32 7058.81 19617.28 13376.79 52369.48 5 Share of profit of associate 74260 648.80 926.31 1391.40 1916.53 3645.97 6 Profit before exceptional items and tax (4+5) 15155.56 5853.12 7985.12 21008.68 15293.32 56015.45 7 Exceptional items - - - - 8 Profit before tax ( 6+7) 15155.56 5853.12 7985.12 21008.68 15293.32 56015.45 9 Tax expense Current tax 2383.17 815.86 1569.97 3199.03 2832.52 11407.61 Deferred tax 2543.18 622.62 1025.98 3165.80 1914.33 6761.50 10 Profit for the period/ year (8-9) 10229.21 4414.64 5389.17 14643.85 10546.47 37846.34 11 Other comprehensive income a. (i) Items that will not be reclassified to profit or loss 217.41 (29.71) 521.80 187.70 492.34 276.34 (ii) Income tax relating to items that will not be reclassified to profit or loss (35.83) 7.27 (182461 (28.56\ (173.15) (95.29) Sub total (a) 181.58 122.44) 339.34 159.14 319.19 181.05 b. (i) Items that will be reclassified to profit or loss (5.19) (46.74) - (51.93) - 9.02 (ii) Income tax relating to items that will be reclassified to profit or loss 0.75 6.68 - 7.43 - (1.29) Sub total {b) (4.44 (40.061 - (44.50 - 7.73 Total other comprehensive income for the period/ year (a+b) 177.14 (62.50) 339.34 114.64 319.19 188.78 12 Total comprehensive income for the period/ year (10+11) 10406.35 4352.14 5728.51 14758.49 10865.66 38035.12 13 Paid-up Equity share capital 2115.97 2112.67 2019.44 2115.97 2019.44 2019.50 (Par value of� 1/- each) 14 Other equity 411791.57 (As ., 31-03-2026) 15 Earnings per share: (Par value of, 1/- each) (not annualised for quarterly and hall yearly figures): a) Basic (t) 4.84 2.16 267 7.04 5.22 18.74 b) Diluted (?) 4.80 2.14 265 6.97 5.19 18.59 See accompanying notes to the financial results Unaudited Consolidated s-ent Wise Revenue Results Assets and Liabilities for the n., • ..+er and Six months ended 30-09-2026 SI. No. 1 2 3 Particulars Segment revenue a) Sugar b) Distillery c) Polylactic Acid (PLA) d) Others Total Less: Inter sei,ment revenue Revenue from operations -P� R r� // -'<''..··········�':'.· / �- 0.... ···.'-o - I :'(K��)*1 1 • ·�1 �"?.... .. . . .... ij�• • •' N . <:»,.,,_ .......... ... •_,� �t;(JAC'v:4 --=-- Segment results- Profit/ (loss) before tax, finance costs and exceptional items a) Sugar b) Distillery c) Polylactic Acid (PLA) d) Others Total Less: i. Finance costs ii. Other unallocable expenditure, net of unallocable income Profit before tax Segment assets a) Sugar b) Distillery c) Polylactic Acid (PLA) d) Others e) Unallocable Total Segment liabilities a) Sugar b) Distillery c) Poly lactic Acid (PLA) d) Others e) Unallocable TotaJ ' I CHI,\, ��r,.--/4;, �r_'� \� i) <Cl I r ,./,\ J:: \'\ ✓, ...... ,.._.,--... 'y /, 3 months ended 30-09-2026 (Unaudited) 157805.50 32459.36 1685.33 586.52 192536.71 4908.60 187628.11 14075.15 391260 (558.27) 183.97 17613.45 1590.71 867.18 15155.56 215468.39 99565.55 275525.24 1440.44 127654.04 719653.66 17657.32 246281 29556.15 138.09 194954.72 244769.09 Preceding Corresponding 6 months 3m onths 3 months ended ended ended 30-09-2025 30-09-2026 30-06-2026 in the Previous vear (Unaudited) (Unaudited) (Unaudited) 122526.83 131704.75 280332.33 53961.50 40500.78 86420.86 1744.15 57290 3429.48 123.68 459.00 710.20 178356.16 173237.43 370892.87 14676.86 6161.09 19585.46 163679.30 167076.34 351307.41 3876.08 5284.31 17951.23 8037.54 5936.41 11950.14 (984.28) {101.19) (154255) 2233 105.19 206.30 10951.67 11224.72 28565.12 3248.40 1423.11 4839.11 1850.15 1816.49 2717.33 5853.12 7985.12 21008.68 340739.80 236603.42 215468.39 123336.22 115639.98 99565.55 240959.71 108227.92 275525.24 1443.61 1734.71 1440.44 125355.37 60225.52 127654.04 831834.71 522431.55 719653.66 12345.87 15420.46 17657.32 5666.49 3416.38 2462.81 28849.11 2825.23 29556.15 107.02 15207 138.09 321171.66 108730.54 194954.72 368140.15 130544.68 244769.09 1 Based on the nature of business activity, the Com�ffas lte�sugar, distillery, poly lactic acid (PLA) and others as reportable segments. 2 Share of profit of associate has been mcluded as unalloc=orne. ({ in lakhs) Corresponding Year 6 months ended ended 30-09-2025 31-03-2026 in the Previous year (Unaudited) {Audited) 248467.88 55072298 86647.91 172096.97 598.46 2387.50 708.41 1389.90 336422.66 726597.35 15118.87 9948270 321303.79 627114.65 10090.86 51466.31 13702.84 20327.08 (502.18) (167238) 149.60 280.35 23441.12 70401.36 4789.93 772245 3357.87 6663.46 15293.32 56015.45 236603.42 438678.90 115639.98 138228.07 108227.92 199565.79 1734.71 1391.77 60225.52 62769.44 522431.55 840633.97 15420.46 3550211 3416.38 2985.96 2825.23 34357.75 152.07 97.01 108730.54 353880.07 130544.68 426822.90
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BALRAMPUR CHINI MILLS LIMITED - ,_, Regd. Office: FMC Fortuna, 2nd floor, 234/3A, A.J.C. Bose Road, Kolkata- 700020 t., CIN- L15421WB1975PLC030118, Phone No. (033) 22874749, Fax No. (033) 22872887 E-mail: bcml@bcml.in Website: www.chini.com - Notes: 1) Statement of Unaudited Consolidated Assets and Liabilities (tin lakhs) SI. Particulars As at As at No. 30-09-2026 31-03-2026 (Unaudited) (Audited) A ASSETS . 1 Non-current assets a) Property, plant and equipment 254693.79 260358.26 b) Capital work-in-progress 253743.12 174707.35 c) Intangible assets 43.37 52.91 d) Investment in associate accounted for using the equity method 47497.02 46162.70 e) Financial assets i) Investment - 620.56 ii) Other financial assets 318.43 367.46 f) Non-current tax assets (net) 112.69 112.69 g) Other non-current assets 15314.49 19889.83 Sub total-Non-current assets 571722.91 502271.76 2 Current assets a) Inventories 71346.09 313461.68 b) Biological assets 110.21 55.43 c) Financial assets i) Investments 1895.78 - ii) Trade receivables 2961.78 17923.84 iii) Cash and cash equivalents 43586.87 44.12 iv) Bank balances other than cash and cash equivalents 14823.77 376.08 v) Other financial assets 1091.82 1278.21 d) Income tax assets (net) 2615.01 - e) Other current assets 9499.42 5222.85 Sub total-Current assets 147930.75 338362.21 TOT AL ASSETS 719653.66 840633.97 B EQUITY AND LIABILITIES 1 Equity a) Share capital 2115.97 2019.50 b) Other equity 472768.60 411791.57 Sub total-Equity 474884.57 413811.07 2 Liabilities Non-current liabilities a) Financial liabilities i) Borrowings 124071.93 90824.95 ii) Lease liabilities 53.91 51.56 b) Provisions 1031.97 1129.68 c) Deferred tax liabilities (net) 37504.11 34333.24 d) Other non-current liabilities 1143.64 - Sub total-Non-current liabilities 163805.56 126339.43 Current liabilities a) Financial liabilities i) Borrowings 30298.45 226110.46 ii) Lease liabilities 16.63 16.63 iii) Trade and other payables (a) Trade payables Total outstanding dues of micro enterprises and small enterprises 1105.24 1631.34 Total outstanding dues of creditors other than micro enterprises and small enterprises 3031.64 26599.26 (b) Other payables� �'5�-�-£� � Total outstanding dues of micro enterprises and small enterprises 7663.39 5812.83 ;'(_�, ,--o Total outstanding dues of creditors other than micro enterprises l �} * ) and small enterprises - 11613.87 16009.56 .: ..ff! iv) Other financial liabilities � CHIN1 16390.59 20066.97 CJ·•, � b) Other current liabilities ' �/·--·<\. 10060.42 3320.40 c:?.,..;,·-............. •·· 0red Acee . c) Provisions I�(� )� 764.58 897.30 - d) Current tax liabilities (net) 18.72 18.72 Sub tit(�f;:<ir�li'a>b.l ities 80963.53 300483.47 (:/ "fC JJ TOT AL EQUITY �. .oILITIES 719653.66 840633.97
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- Notes: 2) SI. No. A B C BALRAMPUR CHIN! MILLS LIMITED Regd. Office: FMC F ortuna, 2nd fl oor, 234/ 3A, A.J.C. B ose R oad, K olkata- 700020 CIN- L154nWB1975PLC030118, Ph one N o. (033) 22874749, Fax N o. (033) 22872887 E-mail: bcml@bcml.in Website: www.chini.com Statement of Unaudited Consolidated Cash Flows Particulars CASH FLOW FROM OPERA TING ACTIVITIES Profit before share of profit of associate, exceptional items and tax Adjustme11ts to reco11cile profit before share of profit of associate, exceptional items a11d tax to 11et cash flow provided by operating activities: Finance costs Depreciation and amortisation expense (Profit) on sale/ discard of property, plant and equipment (net) Sundry debit balances/ advances written off Obsolete stores and spares written off Provision for obsolescence/ non-moving stores and spares utilised Transfer to storage fund for molasses Interest income on financial assets carried at amortised cost Fair value gain on current investments in mutual funds (Gain) on sale of current investments in mutual funds Fair value loss/ (gain) on derivatives - foreign exchange forward contracts Fair value loss on derivatives - interest rate swap Liabilities no longer required written back Share based payments to employees - equity settled Unrealised (gain)/loss on foreign exchange fluctuation (net) Operating profit before working capital changes Adjustments to reconcile operating profit to cash flow provided by changes in working capital: Changes in inventories Changes in biological assets Changes in trade receivables Changes in other current/ non-current financial assets Changes in other current/ non-current assets Withadrawal from/ (Deposit in) escrow account Changes in trade payables Changes in other current financial liabilities Changes in other current liabilities Changes in provisions Cash generated from operations Income tax paid (net of refunds) Net cash generated from operating activities CASH FLOW FROM INVESTING ACTIVITIES Payments to acquire property, plant and equipment (PPE), capital work-in-progress (CWIP) and intangible assets Proceeds from sale of property, plant and equipment Proceeds from sale of non-current investment in equity shares Ba Janee in earmarked account Investment in mutual funds Redemption of investment in mutual funds Fixed deposits placed with banks Fixed deposits redeemed from banks (A) Interest received on fixed deposits and others Net cash (used in) investing activities (B) CASH FLOW FROM FINANCING ACTIVITIES Proceeds from issuance of equity shares on exercise of Half year ended 30-09-2026 (Unaudited) 19617.28 4839.11 8924.07 (19.48) 13.19 - (9.51) 23.50 (836.07) (0.85) (3202) 651.91 229.02 (109.31) 450.15 (20.91) 33720.08 242125.09 (54.77) 14962.07 (156.19) (4251.94) 1202 (23984.40) (1022.95) 6740.01 (131.88) 267957.14 (5830.11) 262127.03 (78601.45) 251.40 714.86 (3475.07) (21978.90) 20116.00 (40023.22) 29046.15 65234 (93297.89) employee stock appreciation rights (ESAR) 3.30 Proceeds from issuance of equity shares on preferential basis 45000.00 Payment towards share issue expenses (276.16) Payment to shareholders for fraction ESAR (0.31) Share application money received on exercise of ESAR, pending for allotment 0.05 Proceeds from term loans 31800.00 Financial assistance from the Government 3426.03 (fin lakhs) Half year ended 30-09-2025 (Unaudited) 13376.79 4789.93 8802.11 (58.07) 0.08 0.78 - 20.00 (10.87) - - (68.96) - (58.14) 614.21 0.04 27407.90 223529.38 (57.34) 4324.45 (382.75) (3459.07) (0.78) (24106.15) 1213.61 1512.70 (303.57) 229678.38 (4277.46) 225400.92 (32105.85) 102.85 - - - - (15.96) 1.65 5.74 (32011.57) 0.42 (0.06) 0.06 14000.00 Repayment of non-current borrowings (4450.00) (4450.00) Proceeds from issue of commercial paper (net) - 9952.95 Repayment of working capital loans (net) (19221201) (204770.48) Interest paid (8558.42) (7408.01) Other borrowing costs (18.87) (24.51) Net cash (used in) financing activities (C) (125286.39) (192699.63) Net changes in cash and cash equivalents (A+B+C) 4354275 689.72 CHI}\, Opening cash and cash equivalents 44.12 35.61:. � �,-- -./ 4; Closing cash and cash equivalents for the purpose of Statement of Unaudited i l � \. \� t-::':-:-:-:-:-:-l-: C ;:; o ;.; n �s -;- o .;;Ii..;; d � at ;:': e ..;; d :- C ;;;; a ;;; s ;.; h :- F � l ,'; o � w ..;; s ---;-:-::-:::--:--:-:-:-:::--:-:::------,:---:-------;--:--:-b,;:=':'==:===43;;;;,;; 5 ,;; 8 ;;; 6·;;; 8 ;;; 7 :!a:====,,;7 ,;; 25 ;;;;;; .3 ;; 8 =l\•d V /j t.; I Footnote: The above Statement of Unaudited Consolidated Cash Flows has been prepared under the "Indirect Method" as set out in the ,;:t,.,)��--.... _.,.,�:.._� Indian Accounting Standard (IND AS) 7 on Statement of Cash Flows. ,,,.(f * . v T
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BALRAMPUR CHINI MILLS LIMITED Regd. Office: FMC Fortuna, 2nd floor, 234/3A, A. J. C. Bose Road, Kolkata - 700020 CIN - L15421WB1975PLC030118, Phone No. (033) 2287 4749, Fax No. (033) 2287 2887 E-mail: bcml@bcml.in Website: www.chini.com 3. The above Statement of Unaudited Consolidated Financial Results of Balrampur Chini Mills Limited ("the Company") for the quarter and six months ended 30th September 2026, along with notes thereupon, including the Statement of Unaudited Consolidated Assets and Liabilities, and the Statement of Unaudited Consolidated Cash Flows, as given in Note 1 and 2 respectively, were reviewed by the Audit Committee and thereafter, approved by the Board of Directors. The results were taken on record at their respective meetings held on 4th November, 2026. The Statutory Auditors have carried out limited review of the above financial results for the quarter and six months ended 30th September, 2026. 4. The Board of Directors have declared an interim dividend of< 4/- (400.00%) per Equity Share of< 1/ each. 5(a) Pursuant to the "BCML Employees Stock Appreciation Rights Plan 2023" ("ESAR 2023" / "Plan"), and the "BCML Restricted Stock Unit Scheme 2025" ("RSU 2025" / "Scheme"), rights/ units have been granted to eligible employees entitling them to subscribe to the Company's equity shares, on or after the respective vesting dates, in accordance with the terms and conditions of the Plan/ Scheme. During the quarter and six months ended 30th September, 2026, the Company has allotted 330289 equity shares of par value of< 1/- each pursuant to the exercise of ESARs. As at 30th September, 2026, 5065 equity shares were pending allotment pursuant to the exercise of ESARs. 5(b) Subsequent to 30th September 2026, further 87132 ESARs were exercised up to 23rd October 2026. During October 2026, the Company has allotted an aggregate of 44287 equity shares of par value of< 1/- each pursuant to the exercise of ESARs. The above allotment includes 5065 equity shares of par value of< 1/ each, which were pending allotment as at 30th September 2026. 6(a) During the six months ended 30th September 2026, the Company has issued and allotted 9316771 equity shares of par value of< 1/- each on a preferential basis for cash at an issue price of< 483/- per equity share (including a securities premium of < 482/- per equity share), aggregating to < 45000.00 lakhs, pursuant to the requisite approvals of the Board of Directors and the Shareholders. 6(b) During the quarter and six months ended 30th September 2026, the Company has utilised < 15062.00 lakhs and < 32136.00 lakhs, respectively, towards the objects of the issue. The unutilised balance of the issue proceeds amounting to < 12864.00 lakhs as at 30th September, 2026 were temporarily invested in bank deposits and money market mutual funds pending utilisation towards the objects of the issue. 7. Consequent to the above allotments, as mentioned in Notes 5(a) and 6(a) above, the paid-up equity share capital of the Company has increased to 211597496 equity shares of par value of < 1/- each as at 30th September 2026. 8. Other income includes net foreign exchange gain/ (loss) of < (1.31) lakhs and < 607.80 lakhs, interest income on fixed deposits with banks of< 649.93 lakhs and< 834.27 lakhs, and income of< 1695.17 lakhs forfeiture of earnest money deposits, respectively, for the quarter and six months ended 30th ember 2026.
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BALRAMPUR CHINI MILLS LIMITED Regd. Office: FMC Fortuna, 2nd floor, 234/3A, A. J. C. Bose Road, Kolkata - 700020 CIN - L15421WB1975PLC030118, Phone No. (033) 2287 4749, Fax No. (033) 2287 2887 E-mail: bcml@bcml.in Website: www.chini.com 9. The consolidated financial results include the results of the Company and its proportionate share in the net profit after tax, other comprehensive income (net) and total comprehensive income of its associate, Auxilo Finserve Private Limited (" AFPL"). 10. Sugar being a seasonal industry, the performance of the Company varies from quarter to quarter and financial results for the quarter as such are not representative of the annual performance of the Company. Place of Signature: Kolkata Date: 4th November, 2026 For and on behalf of the Board of Directors of �=� Balrampur Chini Mills Limited �:4 Chairman and Managing Director
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Annexure-B Composition of re-constituted Committees of the Company w.e.f 4th November, 2026 Name of the Committee Composition after re-constitution Category Audit Committee Dr. Indu Bhushan (Chairperson) Lead Independent Director Ms. Mamta Binani (Member) Independent Director Ms. Veena Hingarh (Member) Independent Director Mr. Chandra Kishore Mishra (Member) Independent Director Ms. Vartika Shukla (Member) Independent Director Nomination and Remuneration Committee Ms. Veena Hingarh (Chairperson) Independent Director Dr. Indu Bhushan (Member) Lead Independent Director Ms. Mamta Binani (Member) Independent Director Ms. Vartika Shukla (Member) Independent Director Risk Management Committee Mr. Chandra Kishore Mishra (Chairperson) Independent Director Dr. Indu Bhushan (Member) Lead Independent Director Ms. Mamta Binani (Member) Independent Director Ms. Veena Hingarh (Member) Independent Director Ms. Vartika Shukla (Member) Independent Director Mr. Vivek Saraogi (Member) Chairman and Managing Director Ms. Avantika Saraogi (Member) Executive Director Mr. Praveen Gupta (Member) Whole-Time Director