NSE: BLIL · BSE: 532485
BALMER LAWRIE INVSTS. L
Operates as a Government of India holding company under the Ministry of Petroleum and Natural Gas, with operating activity running through its subsidiary Balmer Lawrie & Co. Ltd. On a consolidated basis, FY26 segment revenue of Rs. 2,727.55 crore came from seven reported streams. Industrial Packaging led at Rs. 861.67 crore (29.8% of segment revenue), making steel drums and industrial containers. Greases & Lubricants contributed Rs. 665.79 crore (23.0%), selling lubricating greases to industrial users. Logistics Services earned Rs. 574.20 crore (19.8%) from freight and transportation services. Travel & Vacations brought Rs. 384.05 crore (13.3%) and posted the highest segment EBIT of Rs. 136.41 crore. Logistics Infrastructure contributed Rs. 280.10 crore (9.7%) from warehousing and related infrastructure. Investment business was marginal at Rs. 11.09 crore (0.4%). On a standalone basis, almost all of FY26 income (Rs. 13,474 lakhs out of Rs. 14,604 lakhs total income) came as dividend from the subsidiary. Materials and stores are the dominant cost at 64.0% of consolidated revenue, followed by employee cost at 9.8%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Industrial Packaging (30%), Greases & Lubricants (23%), Logistics Services (20%), Travel & Vacations (13%), Logistics Infrastructure (10%), Others (4%), Investment business (0%). Diversified Government of India holding company with operating subsidiaries in industrial packaging, lubricants, logistics and travel
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 2,106 | 2,328 | 2,348 | 2,526 | 2,728 |
| EBITDA (ex other income) | 211 | 209 | 313 | 322 | 361 |
| margin % | 10.0 | 9.0 | 13.3 | 12.8 | 13.2 |
| Owners' profit | 89 | 111 | 168 | 172 | 178 |
| EPS, as reported (₹) | 39.88 | 49.98 | 75.68 | 0.77 | 8.04 |
| ROE % · ROCE % | 7.9 · — | 9.3 · — | 13.2 · — | 12.4 · — | 12.4 · — |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | 23 | 206 | 269 | 164 | 294 |
| Capex | (23) | (52) | (53) | (68) | (64) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 641 | 642 | 633 | 611 | 683 | 638 | 659 | 746 |
| Profit before tax | 58 | 65 | 70 | 93 | 74 | 58 | 67 | 98 |
| Net profit | 65 | 63 | 64 | 75 | 69 | 57 | 67 | 85 |
| EPS (₹) | 18.56 | 18.23 | 18.79 | 0.22 | 2.01 | 1.66 | 1.93 | 0.24 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Industrial Packaging | 862 | 29.8 |
| Logistics Services | 574 | 19.8 |
| Logistics Infrastructure | 280 | 9.7 |
| Travel & Vacations | 384 | 13.3 |
| Greases & Lubricants | 666 | 23.0 |
| Investment business | 8 | 0.3 |
| Others | 118 | 4.1 |
| Financing business | 3 | 0.1 |
| Total, before eliminations | 2,895 | 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. % |
|---|---|---|---|---|---|---|---|---|
| BAJAJ FINSERV LTD. | 2,64,611 | 26.0 | 1.88 | — | 14.0 | — | 20.0 | 40.8 |
| BAJAJ HOLDINGS & INVS LTD | 1,16,414 | 13.1 | 1.41 | — | 11.9 | — | 21.8 | 92.9 |
| CHOICE INTERNATIONAL LTD | 16,267 | 62.9 | 8.92 | 39.9 | 13.0 | 13.9 | 46.0 | 36.8 |
| EDELWEISS FIN SERV LTD | 11,971 | 16.8 | 2.01 | — | 11.4 | — | 2.2 | 29.3 |
| JM FINANCIAL LIMITED | 10,849 | 10.4 | 0.96 | — | 10.6 | — | 5.1 | 60.3 |
| RANE HOLDINGS LIMITED | 2,078 | 24.6 | 1.46 | 6.0 | 9.6 | 11.7 | 23.7 | 7.5 |
| BF INVESTMENT LIMITED | 1,486 | 3.8 | 0.17 | — | 3.3 | — | 36.0 | 90.4 |
| BALMER LAWRIE INVSTS. L ◆ | 1,384 | 10.7 | 0.62 | — | 12.4 | — | 12.2 | 18.2 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 10.7 | 10.7 | 7 of 13 | 50% |
| P/B | 0.6 | 1.4 | 3 of 14 | 85% |
| ROE | 12.4 | 10.1 | 4 of 14 | 77% |
| EBITDA margin | 18.2 | 29.6 | 9 of 14 | 39% |
| Revenue growth | 22.1 | 18.6 | 5 of 15 | 71% |
| Profit growth | 12.4 | 18.1 | 9 of 15 | 43% |
| Market cap | 1384 | 1203 | 8 of 16 | 53% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 16 Oct 2026 · Newspaper notice on SEBI special window for physical shares demat | compliance | minimal | — | — |
| 9 Oct 2026 · Smt. Sipra Goon appointed as Additional Independent Director | management changes | medium | — | — |
| 9 Oct 2026 · Quarterly compliance certificate from registrar filed with BSE | compliance | minimal | — | — |
| 22 Sept 2026 · Two new Government Nominee Directors appointed at Balmer Lawrie Investments | management changes | medium | — | — |
| 22 Sept 2026 · AGM Voting Results: All 6 Resolutions Passed | compliance | minimal | — | — |
| 22 Sept 2026 · 25th AGM: All 6 resolutions passed including final dividend | board shareholder meetings | medium | — | — |
| 22 Sept 2026 · AGM 2026 results: All 6 resolutions passed, final dividend declared | compliance | minimal | — | — |
| 21 Sept 2026 · 25th AGM proceedings of Balmer Lawrie Investments held on 21 Sep 2026 | board shareholder meetings | medium | — | — |
| 21 Sept 2026 · Balmer Lawrie Investments holds 25th AGM via video conferencing on 21 Sept 2026 | board shareholder meetings | low | — | — |
| 29 Aug 2026 · Notice of 25th AGM on Sep 21, 2026 and e-voting details | 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.