NSE: BALMLAWRIE · BSE: 523319
BALMER LAWRIE & CO LTD
Manufactures and sells industrial packaging and greases & lubricants, and provides logistics services, travel & vacations, and logistics infrastructure across six reporting segments. Industrial Packaging is the largest line at 30.1% of segment revenue, followed by Greases & Lubricants at 23.2%, Logistics Services at 20.0%, Travel & Vacations at 13.4%, Logistics Infrastructure at 9.2%, and Others at 4.1%. Travel & Vacations is the most profitable line on a margin basis at 35.5% segment EBIT margin, while Industrial Packaging operates at 6.3%. Total segment revenue for the year ended 31 March 2026 was Rs 2,866.44 crore, against company-level revenue of Rs 2,717.00 crore. Materials are the dominant input cost at 64.2% of revenue, with employees at 9.8% and other opex at 12.0%. FY26 revenue grew 8.0% YoY to Rs 2,717.00 crore with net profit of Rs 270.32 crore. The entity is a Mini Ratna Category I Public Sector Enterprise under the Ministry of Petroleum, with board appointments made by the President of India. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Industrial Packaging (30%), Greases & Lubricants (23%), Logistics Services (20%), Travel & Vacations (13%), Logistics Infrastructure (9%), Others (4%). Diversified multi-segment manufacturing and services PSE with materials-heavy cost structure
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 2,055 | 2,321 | 2,339 | 2,516 | 2,717 |
| EBITDA (ex other income) | 169 | 202 | 305 | 313 | 351 |
| margin % | 8.2 | 8.7 | 13.0 | 12.4 | 12.9 |
| Owners' profit | 138 | 172 | 262 | 266 | 277 |
| EPS, as reported (₹) | 8.07 | 10.05 | 15.30 | 15.55 | 16.18 |
| ROE % · ROCE % | 8.3 · 7.8 | 9.8 · 9.0 | 13.9 · 13.7 | 13.0 · 12.9 | 13.0 · 12.5 |
| Debt / equity (x) | 0.06 | 0.05 | 0.04 | 0.04 | 0.04 |
| Cash from operations | 2 | 208 | 274 | 156 | 289 |
| Capex | (23) | (52) | (53) | (68) | (64) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 639 | 630 | 608 | 681 | 635 | 657 | 744 | 749 |
| Profit before tax | 62 | 68 | 90 | 71 | 55 | 65 | 95 | 78 |
| Net profit | 61 | 62 | 74 | 67 | 38 | 65 | 83 | 71 |
| EPS (₹) | 3.66 | 3.77 | 4.39 | 4.03 | 3.31 | 3.89 | 4.95 | 4.18 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Industrial Packaging | 862 | 29.9 |
| Logistics Services | 574 | 19.9 |
| Logistics Infrastructure | 280 | 9.7 |
| Travel & Vacations | 384 | 13.3 |
| Greases & Lubricants | 666 | 23.1 |
| Others | 118 | 4.1 |
| Total, before eliminations | 2,884 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| 3M INDIA LIMITED | 32,491 | 53.1 | 15.13 | 37.5 | 27.2 | 35.7 | 6.8 | 21.7 |
| GODREJ INDUSTRIES LTD | 31,855 | 27.1 | 1.37 | 13.5 | 10.4 | 6.4 | 19.0 | 27.3 |
| DCM SHRIRAM LIMITED | 14,235 | 9.8 | 1.84 | 10.0 | 11.1 | 9.5 | 11.4 | 11.7 |
| KAMA HOLDINGS LTD. | 6,790 | 7.3 | 0.45 | — | 12.3 | — | 13.5 | 22.4 |
| BALMER LAWRIE & CO LTD ◆ | 2,647 | 9.5 | 1.27 | 6.8 | 13.0 | 11.2 | 12.2 | 14.8 |
| TTK HEALTHCARE LIMITED | 1,448 | 19.6 | 1.30 | — | 5.9 | 7.4 | — | 12.2 |
| EMPIRE INDUSTRIES LTD. | 563 | 10.9 | 1.60 | — | 14.7 | 10.5 | — | 19.5 |
| GILLANDERS ARBUTHNOT LTD | 203 | 11.6 | 0.79 | 10.0 | 3.7 | 3.5 | 0.0 | 9.0 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 9.5 | 11.5 | 5 of 15 | 71% |
| P/B | 1.3 | 1.1 | 8 of 14 | 46% |
| ROCE | 11.2 | 8.4 | 4 of 14 | 77% |
| ROE | 13.0 | 10.7 | 5 of 14 | 69% |
| Debt / Equity | 0.0 | 0.4 | 4 of 13 | 75% |
| EBITDA margin | 14.8 | 20.6 | 10 of 14 | 31% |
| Revenue growth | 10.0 | 11.9 | 8 of 14 | 46% |
| Profit growth | 5.3 | 100.4 | 12 of 13 | 8% |
| Market cap | 2647 | 203 | 5 of 15 | 71% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 22 Oct 2026 · Durg Vijay Singh Deo appointed as additional independent director | management changes | medium | — | — |
| 17 Oct 2026 · Newspaper notice on special window for physical share demat | compliance | minimal | — | — |
| 9 Oct 2026 · Board meeting on 2 Nov 2026 for Q2 results; trading window remains closed | compliance | minimal | — | — |
| 9 Oct 2026 · Board meeting on Nov 2 to consider Q2 FY27 results | results | low | — | — |
| 9 Oct 2026 · Submission of SEBI Regulation 74(5) certificate for Q2 FY26 | compliance | minimal | — | — |
| 6 Oct 2026 · Balmer Lawrie files writ petition in Karnataka HC challenging GST order | regulatory legal | high | — | — |
| 24 Sept 2026 · Trading Window closure from 1st Oct ahead of Q2 results | compliance | minimal | — | — |
| 22 Sept 2026 · 109th AGM voting results: all 7 resolutions passed | board shareholder meetings | low | — | — |
| 22 Sept 2026 · Balmer Lawrie appoints 3 directors - 1 govt nominee, 2 independent | management changes | medium | — | — |
| 22 Sept 2026 · AGM voting results: all 7 resolutions approved | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.