Balmer Lawrie & Company Limited (BALMLAWRIE)
₹159.25 +0.08% last close, 16 Oct
Q2 FY27 results
📅 Next results: 02 Nov 2026 (board meeting)Balmer Lawrie & Company Limited's board meets on 2 Nov 2026 to consider its Q2 FY27 results (July-September 2026).
In its latest reported quarter, Q1 FY27, Balmer Lawrie's revenue was ₹749 Cr (+10.0% year on year, +0.6% on the previous quarter), and net profit ₹70.9 Cr (+5.3% year on year); the operating margin was 13.3%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹749 | +10.0% | +0.6% |
| Operating profit | ₹99.8 | +20.0% | -12.4% |
| Net profit | ₹70.9 | +5.3% | -14.3% |
| Operating margin | 13.3% | — | — |
BALMLAWRIE delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 53.51% of the BALMLAWRIE shares traded on NSE were taken to delivery, against the stock's own 20-session average of 53.48%. That is close to its usual level.
Delivery in the last 5 sessions: 50.6% · 57.6% · 44.2% · 52.6% · 53.5%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Balmer Lawrie & Company Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate, issued by Registrar and Share Transfer Agent KFin Technologies Limited on October 8, 2026, confirms that securities received for dematerialisation were processed and confirmed or rejected within mandated timelines. It also verifies that mutilated certificates were replaced with depository records in the register of members within 15 days.
- Compliance certificate filed for the quarter ended 30th September, 2026
- Issued by Registrar and Share Transfer Agent KFin Technologies Limited dated 08.10.2026
- Confirmation that securities received were processed and the register of members updated within 15 days
Balmer Lawrie & Co. Ltd. has filed a Writ Petition before the High Court of Karnataka on October 5, 2026. The petition challenges an appellate order dated August 17, 2026, regarding tax, interest, and penalty demands for FY 2020-21 under the CGST/KGST Act, 2017. The dispute stems from alleged short declaration of outward supplies in GSTR-3B versus GSTR-1 and alleged excess availment of RCM Input Tax Credit. The exact monetary quantum of the demand was not disclosed in the filing.
- Writ Petition filed on 5th October 2026 via Quick E-Filing System (Ack No. 8202602716)
- Challenges appellate order in Form GST APL-04 dated 17th August 2026
- Pertains to CGST/KGST proceedings under Sections 73 and 50 for FY 2020-21
- Dispute covers alleged GSTR-3B vs GSTR-1 supply mismatches and excess RCM Input Tax Credit
- Specific financial demand quantum was not disclosed in the disclosure
Balmer Lawrie & Co. Ltd. has filed a Writ Petition before the High Court of Karnataka on October 5, 2026. The petition challenges an appellate order dated August 17, 2026, regarding tax, interest, and penalty demands for FY 2020-21 under the CGST/KGST Act, 2017. The dispute stems from alleged short declaration of outward supplies in GSTR-3B versus GSTR-1 and alleged excess availment of RCM Input Tax Credit. The exact monetary quantum of the demand was not disclosed in the filing.
- Writ Petition filed on 5th October 2026 via Quick E-Filing System (Ack No. 8202602716)
- Challenges appellate order in Form GST APL-04 dated 17th August 2026
- Pertains to CGST/KGST proceedings under Sections 73 and 50 for FY 2020-21
- Dispute covers alleged GSTR-3B vs GSTR-1 supply mismatches and excess RCM Input Tax Credit
- Specific financial demand quantum was not disclosed in the disclosure
Balmer Lawrie & Co. Limited shareholders approved the appointments of three directors at the 109th AGM held on September 21, 2026. Shri Aditya Shekhar Singh was appointed as a Government Nominee Director until March 8, 2029 (effective March 18, 2026). Additionally, Adv. Dominic Tadar and CA Vivek Mittal were appointed as Non-Executive Independent Directors for a 3-year term effective August 18, 2026. These appointments regularize board seats per instructions from the Ministry of Petroleum and Natural Gas.
- Shareholder approval granted for 3 director appointments at the 109th AGM on September 21, 2026
- Aditya Shekhar Singh appointed as Government Nominee Director with tenure upto March 8, 2029
- Adv. Dominic Tadar appointed as Non-Executive Independent Director for a period of 3 years
- CA Vivek Mittal appointed as Non-Executive Independent Director for a period of 3 years
Balmer Lawrie & Company Limited held its 109th Annual General Meeting on September 21, 2026, passing all 7 agenda resolutions with overwhelming majority support. The approved resolutions include the adoption of audited financial statements for FY26, declaration of the final dividend, and ratification of statutory auditor remuneration. Key director appointments—including Government Nominee Director Aditya Shekhar Singh and two Independent Directors—were also approved with over 97% to 99.9% voting in favour. Total voter turnout stood at approximately 63.45% of eligible voting capital.
- All 7 resolutions passed with requisite majorities ranging from 97.68% to 99.99% votes cast in favour.
- Declaration of final dividend for FY26 formally approved by 99.9983% of voted shares.
- Adoption of audited financial statements for FY26 passed with 99.9831% approval on 10,84,19,284 total votes polled.
- Appointment of Aditya Shekhar Singh (Government Nominee Director) secured 97.6791% votes in favour, while 84.15% of institutional votes opposed the retirement-by-rotation director re-appointment.
Balmer Lawrie held its 109th Annual General Meeting on September 21, 2026, summarizing its FY 2025-26 performance and operational updates across key divisions. Net turnover rose 8.03% YoY to ₹2,784.60 Cr, with Profit Before Tax reaching ₹330.87 Cr compared to ₹313.79 Cr in FY 2024-25. Strong performances in Travel & Vacations (15% volume growth) and Logistics supported growth, while the Chemicals division reported record turnover and profits. Greases & Lubricants achieved 10% volume growth, but profitability faced headwinds from competition and base oil shortages.
- Net Turnover for FY26 rose 8.03% YoY to ₹2,78,459.58 Lakhs (vs ₹2,57,762.84 Lakhs in FY25)
- PBT increased to ₹33,086.61 Lakhs in FY26 from ₹31,378.99 Lakhs in FY25
- Greases & Lubricants division clocked 10% volume growth, though margins saw pressure
- Travel & Vacations saw a 25% increase in registrations on the Govt travel portal and 15% YoY growth in ticketing volumes
- Reserves and Surplus expanded to ₹1,38,448.31 Lakhs as of March 31, 2026
Balmer Lawrie & Co. Ltd. announced that its Board of Directors approved the appointment of M/s. KPMG Assurance and Consulting Services LLP as the company's Internal Auditor. The appointment covers a three-year period comprising FY 2026-27, FY 2027-28, and FY 2028-29, subject to an annual review. The decision was formalized at an adjourned Board meeting concluded on September 16, 2026. This administrative governance update carries no direct financial or operational impact on current revenue or earnings.
- Appointment of KPMG Assurance and Consulting Services LLP as Internal Auditor
- Term spans 3 financial years: FY 2026-27, FY 2027-28, and FY 2028-29
- Appointment remains subject to an annual review by the Board
- Board meeting adjourned from September 15, 2026, resumed and concluded on September 16, 2026
NSE has imposed a fine of ₹14,19,540 (inclusive of GST) on Balmer Lawrie for the quarter ended June 30, 2026, due to non-compliance with SEBI LODR board composition regulations. The non-compliances include the absence of an Independent Director, Woman Director, Independent Woman Director, and having fewer than 50% Non-Executive Directors. Balmer Lawrie stated that as a Central Public Sector Enterprise (CPSE), board appointments are under the administrative control of the Ministry of Petroleum & Natural Gas. The company has made a representation to NSE seeking a waiver of the penalty.
- NSE imposed a fine of ₹14,19,540 (inclusive of GST) vide communication dated August 25, 2026.
- Non-compliance reported under Regulations 17(1), 18(1), 19(1)/19(2), 20(2)/(2A), 21(2), and 17(2A) for the quarter ended June 30, 2026.
- Board lacked an Independent Director, Woman Director, and Independent Woman Director during the quarter.
- Company has applied to NSE for a fine waiver as director appointments depend on the Administrative Ministry.
Balmer Lawrie has released the notice for its 109th Annual General Meeting (AGM) scheduled for September 21, 2026, alongside its FY 2025-26 Annual Report. Shareholders will vote on the adoption of FY26 financial statements and the approval of a final dividend of ₹4.25 per equity share across 17,10,03,846 shares. The total dividend outflow equates to ~₹72.68 Cr, representing approximately 26.9% of FY26 net profit (₹270.32 Cr). Key agenda items also include the ratification of Government Nominee and Independent Director appointments.
- 109th AGM scheduled to be held on Monday, September 21, 2026, at 11:30 AM IST in Kolkata.
- Proposed final dividend of ₹4.25 per equity share of face value ₹10 each on 17,10,03,846 shares.
- Implies a total dividend cash outflow of ~₹72.68 Cr (~26.9% of FY26 PAT of ₹270.32 Cr).
- Special business includes appointment of Government Nominee Director Shri Aditya Shekhar Singh and two Independent Directors.
BSE Limited has imposed a fine of ₹14,19,540 (inclusive of GST) on Balmer Lawrie & Company Limited via communication dated August 25, 2026. The fine pertains to the quarter ended June 30, 2026, due to non-compliance with SEBI LODR regulations regarding the absence of an Independent Director, Woman Director, and Independent Woman Director. As a Central Public Sector Enterprise under the Ministry of Petroleum & Natural Gas, board appointments are determined by the Government of India. The company has filed a representation seeking a waiver, and the fine is financially immaterial (<0.01% of TTM PAT of ₹274 Cr).
- BSE imposed a fine amounting to ₹14,19,540 (inclusive of GST) on August 25, 2026.
- Violations relate to SEBI LODR Regulations 17(1), 17(2A), 18(1), 19(1)/19(2), 20(2)/(2A), and 21(2) for the quarter ended June 30, 2026.
- The board lacked an Independent Director, Woman Director, and Independent Woman Director during the period under review.
- Balmer Lawrie has requested a waiver from BSE, stating director appointments are under the purview of the Administrative Ministry.
Balmer Lawrie & Company Limited has approved the appointment of Adv. Dominic Tadar and CA Vivek Mittal as Additional Non-Executive Independent Directors effective August 18, 2026. The appointments follow a nomination from the Ministry of Petroleum & Natural Gas dated August 12, 2026, for a tenure of 3 years, subject to shareholder approval at the upcoming 109th AGM. The company has also revised its 109th AGM Notice and FY2025-26 Annual Report to reflect these changes in the directorate.
- Adv. Dominic Tadar appointed as Independent Director for a period of 3 years effective August 18, 2026
- CA Vivek Mittal appointed as Independent Director for a period of 3 years effective August 18, 2026
- Appointments made pursuant to Ministry of Petroleum & Natural Gas letter dated August 12, 2026
- Notice of the 109th AGM and Annual Report for FY2025-26 revised to incorporate the directorate changes
Balmer Lawrie & Company Limited has approved the appointment of Adv. Dominic Tadar and CA Vivek Mittal as Additional Non-Executive Independent Directors effective August 18, 2026. Both directors were nominated by the Ministry of Petroleum & Natural Gas for a 3-year term starting August 12, 2026, subject to shareholder approval. The company will accordingly update the Notice of its 109th Annual General Meeting and the Annual Report for FY2025-26.
- Appointment of 2 Independent Directors: Adv. Dominic Tadar and CA Vivek Mittal
- Nominated for a period of 3 years with effect from August 12, 2026
- Board appointment effective August 18, 2026, subject to shareholder ratification
- Notice of the 109th AGM and FY2025-26 Annual Report revised to reflect board changes
Balmer Lawrie & Company Limited has received an appellate order under the CGST/KGST Act, 2017 from Karnataka GST authorities determining an aggregate demand of ₹18.28 crore for FY 2020-21. The demand comprises tax of ₹8.81 crore, interest of ₹8.59 crore, and a penalty of ₹0.88 crore, arising from alleged outward supply differences between GSTR-3B and GSTR-1 as well as RCM input tax credit. The total demand represents ~6.7% of the company's TTM net profit of ₹274 crore. Management is evaluating further legal remedies, and the order is not expected to materially disrupt ongoing business operations.
- Appellate Authority in Karnataka determined a total demand of ~₹18.28 crore for FY 2020-21.
- Demand consists of Tax of ~₹8.81 crore, Interest of ~₹8.59 crore, and Penalty of ~₹0.88 crore.
- Allegations relate to GSTR-3B vs GSTR-1 outward supply reconciliations and ITC on Reverse Charge Mechanism transactions.
- The ₹18.28 crore demand equals ~6.7% of Balmer Lawrie's TTM net profit of ₹274 crore.
Balmer Lawrie reported a steady start to FY2026-27 with total income rising 9.82% year-on-year to ₹752.54 crore. Profitability growth was more subdued, with Profit After Tax (PAT) increasing by 3.09% to ₹57.66 crore compared to ₹55.93 crore in the same quarter last year. Profit Before Tax (PBT) grew by 4.98% to ₹79.12 crore. The results reflect stable operations across its diversified portfolio of industrial packaging, logistics, and lubricants.
- Net total income increased by 9.82% YoY to ₹752.54 crore for the quarter ended June 30, 2026.
- Profit After Tax (PAT) grew by 3.09% to ₹57.66 crore from ₹55.93 crore in the previous year's corresponding quarter.
- Profit Before Tax (PBT) saw a 4.98% increase, reaching ₹79.12 crore.
- The quarterly revenue of ₹752.54 crore represents approximately 27.7% of the company's TTM revenue of ₹2717 crore.
- The company maintains its Mini Ratna Category-I status with diversified business interests.
Balmer Lawrie & Co. Ltd. has scheduled its 109th Annual General Meeting (AGM) for September 21, 2026. The company has fixed September 14, 2026, as the record date to determine shareholder eligibility for the final dividend for FY 2025-26. If approved at the AGM, the dividend will be paid within 30 days. This follows a fiscal year where the company reported a net profit of ₹270.32 crore on revenue of ₹2717 crore.
- Record date for final dividend eligibility fixed as September 14, 2026
- 109th Annual General Meeting to be held in Kolkata on September 21, 2026
- Dividend payout to be completed within 30 days of the AGM date
- Cut-off date for sending the FY25-26 Annual Report is August 14, 2026
- Remote e-voting period scheduled from September 17 to September 20, 2026
Financial Performance
Revenue Growth by Segment
For H1 FY2026, Logistics Infrastructure grew 12.23% YoY to INR 127.01 Cr, and Logistics Services grew 8.82% YoY to INR 283.72 Cr. Conversely, Industrial Packaging revenue declined 2.04% YoY to INR 453.26 Cr due to intense competition and raw material price volatility. Overall revenue growth for 9M FY2025 was approximately 8%.
Geographic Revenue Split
Not disclosed in available documents, though the company operates across India with key projects in Visakhapatnam, Navi Mumbai, and Andhra Pradesh.
Profitability Margins
Operating Profit Margins (OPM) stood at 11.4% in 9M FY2025, an improvement from the 8-9% range maintained over the previous three financial years. Consolidated Net Profit Before Tax for H1 FY2026 was INR 126.91 Cr, a 7.7% increase from INR 117.84 Cr in H1 FY2025.
EBITDA Margin
Core operating margins improved to 11.4% in 9M FY2025. This was driven by healthy growth in the services segments (Travel and Logistics) which offset the margin pressure in manufacturing segments like Industrial Packaging and Greases.
Capital Expenditure
The company has planned a total capex of INR 569 Cr, including INR 339 Cr for a 200-KLPD grain-based ethanol plant in Andhra Pradesh and INR 230 Cr for a Free Trade Warehousing Zone (FTWZ) at JNPA Navi Mumbai. Normal annual maintenance capex is approximately INR 50-55 Cr.
Credit Rating & Borrowing
ICRA reaffirmed [ICRA]AA+(Stable) for long-term and [ICRA]A1+ for short-term facilities. Interest coverage was 10.7 times in 9M FY2025, down from 14.1 times in FY2024 due to increased finance costs which rose 23.5% YoY to INR 13.82 Cr in H1 FY2026.
Operational Drivers
Raw Materials
Cold-rolled (CR) steel coils for the Industrial Packaging division and Base Oil for the Grease & Lubricants division. These materials are highly volatile and directly impact the 8-9% historical operating margins.
Import Sources
Not specifically disclosed, but the company is exposed to global price movements in steel and petroleum-based products.
Capacity Expansion
Planned expansion includes a 200-KLPD (Kilo Litres Per Day) grain-based ethanol plant and a new warehousing facility at JNPA Navi Mumbai to enhance logistics infrastructure capacity.
Raw Material Costs
Raw material price volatility in steel and base oil exposes the manufacturing verticals to margin contraction. In FY2023, the Industrial Packaging segment was specifically impacted by steel price volatility and declining volumes.
Manufacturing Efficiency
The company maintains a Miniratna-I status, indicating high operational efficiency for a PSU, though the subsidiary VPLPL remains a drag with a net loss of INR 7.42 Cr in H1 FY2026.
Logistics & Distribution
Logistics Services and Infrastructure combined contributed approximately 40% of H1 FY2026 standalone revenue, leveraging the company's established position in freight forwarding and port logistics.
Strategic Growth
Expected Growth Rate
8-9%
Growth Strategy
Growth will be achieved through a mix of debt and internal accruals to fund the INR 569 Cr capex in high-growth sectors like Ethanol production and FTWZ. The company is also increasing its share of private sector clients to reduce dependency on PSU/Government contracts.
Products & Services
Industrial drums/barrels, greases, lubricants, chemicals, air and sea freight forwarding, cold chain logistics, travel ticketing, and vacation packages.
Brand Portfolio
Balmer Lawrie, AVI-OIL (Associate).
New Products/Services
Entry into Ethanol production (200-KLPD) and Free Trade Warehousing Zones are expected to diversify revenue streams and improve the overall operating profile once operationalized in FY2026-27.
Market Expansion
Expansion into the Free Trade Warehousing Zone at JNPA Navi Mumbai and an ethanol plant in Andhra Pradesh.
Market Share & Ranking
Not specifically ranked, but it is a market leader in the industrial packaging (steel drums) and grease segments in India.
Strategic Alliances
Joint Ventures include Balmer Lawrie Van Leer Limited, Balmer Lawrie (UAE) LLC, and PT. Balmer Lawrie Indonesia. Associate: AVI-OIL India (P) Limited.
External Factors
Industry Trends
The industry is shifting toward value-added logistics and green energy (Ethanol). Balmer Lawrie is positioning itself by investing INR 569 Cr in these segments to move away from low-margin traditional manufacturing.
Competitive Landscape
Faces intense competition from unorganized players in the drum manufacturing business and major global oil companies in the lubricants market.
Competitive Moat
The primary moat is its Central Public Sector Undertaking (CPSU) status, which grants it 'preferred partner' status for Government and Defence contracts. This provides a stable revenue base that private competitors cannot easily disrupt.
Macro Economic Sensitivity
Highly sensitive to industrial production growth (for packaging) and international travel trends (for T&V).
Consumer Behavior
Shift toward organized logistics and integrated supply chain solutions is driving demand for the company's infrastructure and FTWZ projects.
Geopolitical Risks
Susceptible to global trade policies affecting container handling and logistics services.
Regulatory & Governance
Industry Regulations
Operations are subject to Ministry of Petroleum and Natural Gas regulations and environmental norms for chemical and manufacturing units.
Environmental Compliance
The ethanol project is a strategic move to align with India's biofuel blending mandates.
Taxation Policy Impact
Current tax liabilities stood at INR 51.15 Cr as of September 2025.
Legal Contingencies
The company faced fines from Stock Exchanges in Q2 FY2026 for non-compliance with SEBI Regulation 17(1) and 19(1)/19(2) regarding the insufficient number of Independent Directors on the Board.
Risk Analysis
Key Uncertainties
The materialization and land allocation for the ethanol project remain a key monitorable risk. The continued weak performance of the subsidiary VPLPL (INR 81 Cr equity investment) impacts consolidated returns.
Geographic Concentration Risk
Heavy reliance on Indian Government and PSU contracts, though expanding into private sectors.
Third Party Dependencies
Dependency on port authorities for logistics infrastructure and land allocation for new projects.
Technology Obsolescence Risk
The shift toward plastic packaging or alternative materials could threaten the traditional steel drum business.
Credit & Counterparty Risk
Strong receivables quality generally, given the high proportion of Government clients, though trade receivables rose to INR 78.33 Cr in H1 FY2026.
