Balmer Lawrie & Company Ltd (BALMLAWRIE)

Services · Diversified · NSE · Updated 2 September 2026

By StockFin Research Team • AI-Assisted Analysis • Source: BSE/NSE Filings

₹176.05 ↓ 19.96% (1Y)

🎯 Key Takeaways

Balmer Lawrie & Company Ltd is navigating a transitional phase marked by governance scrutiny and strategic repositioning amid financial stability. Despite a -19.
Revenue grew 0.6% QoQ to ₹749 in Q1FY27.
⚠️ Material weaknesses in internal financial controls and ongoing investigations into vendor fraud (Rs 16.56 Lakhs) pose execution and compliance risks.

Market Cap

₹3,011

P/E Ratio

10.8

P/B Ratio

1.53

ROE

10.5%

ROCE

16.3%

Debt/Equity

0.04

Div Yield

2.41%

Promoter

0.0%

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📖 The Story

Balmer Lawrie & Company Ltd is navigating a transitional phase marked by governance scrutiny and strategic repositioning amid financial stability. Despite a -19.82% one-year return, the company maintains a strong equity base and proposes consistent dividend payouts, reflecting capital return discipline. Management is advancing sustainability targets with measurable ESG progress, including renewable energy adoption and waste reduction, while addressing material weaknesses in internal controls and past regulatory penalties.

📰 What's Happening

In Q1 FY26, revenue rose to ₹749 Lakhs from ₹635 Lakhs in Q4 FY25, driven by growth in Industrial Packaging and Logistics segments, with operating profit margin expanding to 10.7%. The company declared a final dividend of Rs 4.25 per share at the 109th AGM on 21 September 2026, reappointing key directors including Government Nominee Shri Aditya Shekhar Singh. However, material weaknesses in internal financial controls were disclosed, and an investigation into unauthorized digital coupon redemption (Rs 16.56 Lakhs) remains ongoing. ESG initiatives showed progress with 60% YoY increase in renewable energy use and 16.39 MT waste recovered, supporting its Net Zero by FY2045 target.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue	635	657	744	749
Operating Profit	52	69	86	80
OPM %	8.2%	10.4%	11.5%	10.7%
Net Profit	38	47	65	56
EPS	₹3.31	₹3.89	₹4.95	₹4.18

Revenue has grown sequentially over the past four quarters, rising from ₹635 Lakhs in Sep 2025 to ₹749 Lakhs in Jun 2026, indicating operational momentum. Operating profit margin improved from 8.2% to 11.5% during this period, reflecting better cost management or pricing power. Net profit followed an upward trend, increasing from ₹38 Lakhs to ₹65 Lakhs, though it remains volatile. Despite this, margins are stable and within historical ranges, suggesting no structural profitability crisis, but rather incremental growth in core segments.

🔮 Management Outlook & What's Next

Management has not provided forward guidance beyond stated strategic targets, including Net Zero by FY2045, 50% renewable energy by FY2035, and 25% green revenue by FY2035. The sustainability report confirms these long-term goals but lacks near-term milestones or execution timelines. At the 109th AGM, the focus was on governance compliance, dividend declaration, and director appointments rather than growth projections. No new capital allocation plans or revenue targets were disclosed beyond segment-level emphasis on Industrial Packaging, Greases & Lubricants, and Logistics.

Extracted from official company announcements. Not StockFin.ai's opinion.

🏦 Balance Sheet (₹ Cr)

Item	Mar 2025	Mar 2025	Mar 2026	Mar 2026
Equity Capital	171	171	171	171
Reserves	1,613	1,798	1,773	1,898
Borrowings	124	76	237	220
Total Liabilities	2,904	3,040	3,230	3,349
Fixed Assets	729	736	785	870
Investments	597	633	669	730
Total Assets	2,904	3,040	3,230	3,349

The balance sheet shows a stable capital structure with equity and reserves holding firm at ₹171 Lakhs and ₹1,898 Lakhs respectively as of Mar 2026, while total assets grew to ₹3,349 Lakhs. Borrowings remain low at ₹220 Lakhs, up slightly from ₹76 Lakhs in Mar 2025, indicating minimal debt expansion. The equity ratio remains robust, supporting financial resilience. No active buybacks or deleveraging is underway, and capital allocation appears focused on sustaining operations and ESG initiatives rather than aggressive reinvestment or shareholder returns beyond dividends.

💰 Cash Flow Statement (₹ Cr)

Item	Mar 2025
Operating	+156
Investing	+23
Financing	-189
Net Cash Flow	-10

👥 Shareholding Pattern

Category	Q2FY26	Q3FY26	Q4FY26	Q1FY27
Promoters	0.0%	0.0%	0.0%	0.0%
FII	2.3%	2.2%	2.2%	2.4%
DII	1.8%	1.8%	1.8%	1.8%
Public	27.1%	26.8%	26.6%	26.3%
# Shareholders	1,11,490	1,09,229	1,09,420	1,08,631

Institutional investor interest has slightly declined over the past year, with FII holding dropping from 2.25% in Q2FY26 to 2.16% in Q3FY26, while DII remains flat at 1.79%. Public holding has marginally decreased, but the number of shareholders has increased, suggesting retail participation. No promoter stake is held, and no insider selling or significant institutional accumulation is evident. The stable DII holding may reflect passive or long-term positioning, but the downward trend in FII suggests cautious sentiment among foreign investors.

⚖️ Peer Comparison — Diversified

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
3MINDIA	37,492	61.3	38.4%	28.5%	0.00
DCMSHRIRAM	16,107	11.7	12.1%	18.6%	0.36
NAVA	15,930	21.1	13.3%	11.1%	0.25
IBULLSLTD	5,933	13.6	-2841.4%	-176.9%	-0.95
QUESS	5,652	22.3	27.2%	21.7%	0.00
BALMLAWRIE	3,011	10.8	16.3%	10.5%	0.04
GOCLCORP	1,909	5.6	13.5%	21.6%	0.71
BLUSPRING	1,818	—	3.0%	-2.6%	0.12
TTKHLTCARE	1,596	21.6	8.5%	6.6%	0.02
512014	1,378	53.0	38.2%	25.6%	0.08

🔗 Peer Stock Analyses

3MINDIA DCMSHRIRAM NAVA IBULLSLTD QUESS

⚠️ Risk Factors

1. Material weaknesses in internal financial controls and ongoing investigations into vendor fraud (Rs 16.56 Lakhs) pose execution and compliance risks. 2. Regulatory scrutiny over board composition and past SEBI fines (Rs 197.69 Lakhs) indicate governance vulnerabilities. 3. Dependence on a few key segments (Industrial Packaging, Logistics) without clear diversification strategy beyond ESG-linked growth. 4. No forward guidance or near-term growth targets provided, creating uncertainty on revenue sustainability despite sequential improvements.

📋 Recent Filings

🧠 Analyst's Read

Balmer Lawrie exhibits financial stability and disciplined capital allocation with a strong equity base and consistent dividend policy, but is constrained by governance issues and lack of clear growth visibility. While ESG progress is tangible, execution risks in decarbonization and supply chain compliance remain. Investors should monitor director appointments post-AGM, resolution of internal control weaknesses, and any update on forward-looking growth initiatives to assess operational momentum.

Based on filing content and financial data. Not a recommendation.

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-02.

Editorial & Data Transparency Notice

This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.

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