Balmer Lawrie & Company Limited (BALMLAWRIE)

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Balmer Lawrie & Company Limited (BALMLAWRIE) · mywealthgrid

About

Balmer Lawrie & Company Limited operates as a diversified industrials company with a market capitalization of ₹2,965.65 crore and quarterly standalone revenues near ₹740 crore. Operating margins range from 12.99% to 15.32% with ROE of 13.7%, indicating moderate capital efficiency. The company's exposure across multiple industrial segments requires clarity on business composition and competitive positioning to properly assess its prospects.

Face value: ₹10

Market cap

₹2,724 Cr

P/E

9.8×

P/B

1.3×

Dividend yield

10.7%

ROE

13.7%

ROCE

13.1%

Debt / equity

0.04

OPM

12.9%

EPS (TTM)

₹16.3

Book value

₹121.0

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Stock declined 16.68% year-over-year despite conservative leverage (D/E 0.04) and moderate returns; verify what investor concerns are driving the underperformance
Operating margin volatility from 10.39% (Sep 2025) to 15.32% (Mar 2026) raises questions about earnings sustainability; clarify if improvement reflects structural gains or temporary benefits
Diversified industrials classification provides no clarity on segment mix or competitive positioning; identify which segments are material and whether any face cyclical or structural headwinds
PE of 10.63 appears cheap but may reflect deserved discount if earnings are cyclically elevated; compare current profitability to normalized historical levels

Generated analysis · source review pending

Growth drivers

Operating margin recovery from 10.39% (Sep 2025) to 15.32% (Mar 2026) demonstrates improving operational efficiency; verify if this improvement is sustainable and could expand profits without revenue growth
Conservative capital structure with D/E of 0.04 provides room for acquisitions or organic investments; confirm management's strategy for deploying balance sheet strength into growth initiatives
EPS grew from ₹2.83 (Sep 2025) to ₹5.3 (Mar 2026) despite quarterly revenue near ₹740 Cr, indicating earnings leverage from margin expansion; clarify whether this reflects permanent operational improvements or cyclical benefits
Identify growth tailwinds in diversified portfolio: verify which industrial segments have cyclical recovery potential or secular growth drivers that could drive long-term returns

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹159.3-1.4%1Y

Quick read

rule-based

Pros

+Profit CAGR of 18.2% over the last 5 years
+Almost debt-free (debt/equity 0)
+Dividend yield of 10.7%

Cons

No red flags triggered.

Research score

Structured signal from quality, growth, valuation and momentum.

62/100

Business quality: 50
Growth: 40
Valuation: 96

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
3m India Limited3MINDIA3MINDIA	₹34,798 Cr	₹34,798 Cr	₹4,186 Cr	₹791 Cr	18.1%	₹611 Cr	13.9%	40%	30.5%	19
Godrej Industries LimitedGODREJINDGODREJIND	₹34,340 Cr	₹85,378 Cr	₹23,225 Cr	₹2,419 Cr	10.1%	₹1,176 Cr	10.9%	12.6%	11.6%	1,365
Dcm Shriram LimitedDCMSHRIRAMDCMSHRIRAM	₹14,138 Cr	₹16,950 Cr	₹14,593 Cr	₹1,530 Cr	10.5%	₹1,436 Cr	6%	12%	11.6%	126
Balmer Lawrie & Company LimitedBALMLAWRIEBALMLAWRIE	₹2,724 Cr	₹2,799 Cr	₹2,785 Cr	₹367 Cr	12.9%	₹279 Cr	10%	13.1%	13.7%	35
Ttk Healthcare LimitedTTKHLTCARETTKHLTCARE	₹1,428 Cr	₹1,452 Cr	₹888 Cr	₹38 Cr	3.1%	₹74 Cr	7.7%	8.2%	6%	63
Empire Industries LtdEMPINDEMPIND	₹636 Cr	₹778 Cr	₹498 Cr	₹31 Cr	10.3%	₹23 Cr	5.1%	13.4%	11.2%	143
Panth Infinity LtdPANTHPANTH	₹58 Cr	₹133 Cr	₹30 Cr	₹2 Cr	6.3%	₹1 Cr	4.7%	10%	18.9%	183
Krypton Industries LtdKRYPTONQKRYPTONQ	₹48 Cr	₹69 Cr	₹52 Cr	₹7 Cr	13.1%	₹1 Cr	5.1%	14.4%	8.4%	224
Galactico Corporate Services LtdGALACTICOGALACTICO	₹35 Cr	₹42 Cr	₹24 Cr	₹2 Cr	7.8%	₹2 Cr	6.7%	6.3%	4.8%	-40
Swasti Vinayaka Art And Heritage Corporation LtdSVARTCORPSVARTCORP	₹29 Cr	₹37 Cr	₹8 Cr	₹3 Cr	24.9%	₹2 Cr	18.3%	19.4%	20%	618
Billwin Industries LtdBILLWINBILLWIN	₹19 Cr	—	₹8 Cr	₹1 Cr	10.8%	₹0 Cr	5.8%	—	—	—
HCKK Ventures LtdHCKKVENTUREHCKKVENTURE	₹12 Cr	₹12 Cr	₹0 Cr	₹-0 Cr	-853.3%	₹-1 Cr	-653.3%	-27.3%	-25.1%	0

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	1,716	29	64	1,534	1,529	2,055	2,321	2,339	2,516	2,717
COGS	3	—	—	923	987	1,435	1,624	1,544	1,656	1,772
Gross profit	—	—	—	611	542	620	698	796	860	945
	—	—	—	385	369	406	435	433	483	526
	—	—	—	226	173	214	263	363	377	419
OPM %	—	—	—	14.7%	11.3%	10.4%	11.3%	15.5%	15%	15.4%
Depreciation	24	0	0	52	55	56	57	59	60	76
Interest	5	—	—	15	12	14	18	22	27	33
	1,779	—	—	51	49	37	37	51	50	46
Profit before tax	240	—	—	210	155	182	225	333	340	356
Tax	76	—	—	55	40	47	57	75	81	85
Tax %	31.6%	—	—	26.3%	25.9%	26%	25.5%	22.6%	23.8%	24%
	164	-1	5	155	115	135	168	257	259	270
PAT margin %	9.6%	-3.1%	7.7%	10.1%	7.5%	6.6%	7.2%	11%	10.3%	10%
EPS (₹)	14.4	—	—	9.4	7	8.1	10.1	15.3	15.6	16.2
EPS adjusted (₹)	9.6	-0.1	0.3	9.4	7	8.1	10.1	15.3	15.6	16.2
	139%	—	—	79.5%	85.2%	80.5%	74.6%	55.6%	54.7%	52.5%
Annual report	Annual report for Mar 2016	Annual report for Mar 2017	Annual report for Mar 2018	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	—

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	29	114	114	114	171	171	171	171	171	171	171
Reserves	1,088	1,247	1,343	1,406	1,383	1,371	1,417	1,510	1,650	1,798	1,898
Minority interest	—	—	—	51	44	39	36	31	27	20	14
	—	—	15	78	94	102	95	89	77	76	75
	517	669	719	634	642	696	728	860	948	975	1,191
Total equity & liabilities	1,634	2,030	2,191	2,282	2,334	2,379	2,446	2,662	2,873	3,040	3,349
	373	396	409	567	642	639	767	759	750	737	882
CWIP	5	63	138	117	24	32	11	27	52	67	34
Investments	223	271	293	325	375	387	437	519	566	633	730
	1,032	1,300	1,351	1,273	1,293	1,321	1,231	1,356	1,506	1,604	1,702
Total assets	1,634	2,030	2,191	2,282	2,334	2,379	2,446	2,662	2,873	3,040	3,349

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
Industrial Packaging	861.67	54.04	416.88	123.47	293.41	18.42
Greases & Lubricants	665.79	76.07

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2018	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	39.8%	35.5%	30.2%	30.1%	34%	34.2%	34.8%
EBITDA margin %	—	12.4%	9.2%	8.2%	8.7%	13%	12.4%	12.9%
EBIT margin %	—	9%	5.6%	5.5%	6.3%	10.5%	10%	10.1%
PAT margin %	7.7%	10.1%	7.5%	6.6%	7.2%	11%	10.3%	10%
Working capital
Receivable days	1,544	65	69	56	57	67	69	72
Inventory days	—	57	59	51	46	46	42	35
Payable days	—	88	0	69	68	74	66	71
NWC days	—	35	128	38	34	38	46	35
Leverage
Current ratio	2.21	2.34	2.24	2.31	2.09	2.08	2.27	2.13
Debt to EBITDA	—	0.5	0.73	0.56	0.44	0.25	0.24	0.21
Debt to equity	0.01	0.06	0.07	0.06	0.05	0.04	0.04	0.04
Interest coverage	—	12.7	11.3	11.1	10.2	13.4	11.4	9.6
Asset turnover	0.03	0.66	0.64	0.84	0.87	0.81	0.83	0.81
Return ratios
Return on assets %	0.2%	6.6%	4.8%	5.5%	6.3%	9%	8.5%	8.1%
Return on capital employed %	-0%	10.9%	7.3%	8%	9.3%	14.2%	13.4%	13.1%
Return on equity %	0.3%	10%	7.5%	8.5%	10%	14.1%	13.2%	13.1%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Promoter	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	1.82%	2.13%	2.71%	3.07%	3.22%	3.58%	2.57%	2.34%	2.25%	2.16%	2.21%	2.38%
	2.49%	2.2%	2.09%	1.93%	1.9%	1.89%	1.79%	1.79%	1.79%	1.79%	1.79%	1.79%
	0%	0%	0%	0%	0%	0%	0%	0%	0.02%	0.02%	0.02%	0.02%
	95.69%	95.67%	95.2%	95%	94.88%	94.53%	95.64%	95.87%	95.94%	96.03%	95.98%	95.81%
No. of shareholders	—	—	—	—	—	—	—	—	1,11,490	1,09,229	1,09,420	1,08,631

Promoter holding up 0 percentage points since Sep 2023.

12 deals · 14 Sept 2023 – 11 Jan 2024

Date	Client	Type	Venue	Side	Quantity	Price	Value
11 Jan 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	16,15,475	₹251.54	₹40.64 Cr
11 Jan 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	16,15,475	₹251.70	₹40.66 Cr
26 Dec 2023	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	21,67,136	₹229.91	₹49.82 Cr
26 Dec 2023	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	21,67,136	₹230.11	₹49.87 Cr
22 Dec 2023	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	17,76,525	₹210.12	₹37.33 Cr
22 Dec 2023	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	17,76,525	₹210.14	₹37.33 Cr
22 Dec 2023	QE SECURITIES LLP	Bulk	NSE	Sell	9,05,044	₹213.48	₹19.32 Cr
22 Dec 2023	QE SECURITIES LLP	Bulk	NSE	Buy	8,19,823	₹213.27	₹17.48 Cr
14 Dec 2023	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	8,86,815	₹180.87	₹16.04 Cr
14 Dec 2023	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	8,86,815	₹180.87	₹16.04 Cr

1–10 of 12

1 / 2

Bulk deals are a client trading over 0.5% of the equity in a session, aggregated across their trades; block deals are single negotiated trades in the exchange’s block window. Each is reported by the exchange it was crossed on, so NSE and BSE rows are separate trades rather than the same trade twice.

Mr. Adhip Nath PalchaudhuriExecutive Director-Chairperson-MD
Mr. Raja Mani UthayarajaExecutive Director
Mr. Saurav DuttaExecutive Director
Mr. Abhijit GhoshExecutive Director
Mr. Romon Sebastian LouisExecutive Director
Mr. Aditya Shekhar SinghNon-Executive - Nominee Director
Ms. Kavita BhavsarCompany Secretary & Compliance Officer
Kaustav SenSenior Manager (Legal) and Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 1 fund houses

Held by these funds

of the company's equity

All mutual funds

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

1 schemes

		Shares
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	193	0	0.01%	0%	-0

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Annual reports

Documents link to external sources (exchange filings, company investor pages).

Loading documents…

Events

Upcoming dates and the company’s corporate-action history.

21

Final dividend11 Sept 2026 · ex-date₹4.25
Interim dividend11 Mar 2026 · ex-date₹4.25
Dividend dividend16 Sept 2025 · ex-date₹8.5
Final dividend19 Sept 2024 · ex-date₹8.5
Final dividend20 Sept 2023 · ex-date₹7.5
Final dividend19 Sept 2022 · ex-date₹6.5
Dividend dividend20 Sept 2021 · ex-date₹6
Final dividend17 Sept 2020 · ex-date₹7.5
Final dividend9 Sept 2019 · ex-date₹11
Dividend dividend4 Sept 2018 · ex-date₹10
Dividend dividend6 Sept 2017 · ex-date₹7
Dividend dividend14 Sept 2016 · ex-date₹20
Dividend dividend3 Sept 2015 · ex-date₹18
Dividend dividend9 Sept 2014 · ex-date₹18
Dividend dividend6 Sept 2013 · ex-date₹17.6
Dividend dividend10 Sept 2012 · ex-date₹28
Dividend dividend9 Sept 2011 · ex-date₹26
Dividend dividend7 Sept 2010 · ex-date₹23
Dividend dividend10 Sept 2009 · ex-date₹20
Dividend dividend12 Sept 2008 · ex-date₹17
Dividend dividend17 Sept 2007 · ex-date₹13.5

1

Board meeting to consider results1 Aug 2026

3

Bonus 1:226 Dec 2019 · ex-date
Bonus 3:126 Dec 2016 · ex-date
Bonus 3:423 May 2013 · ex-date

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

9 announcementsExport CSV

16 Sept 2026, 3:18 pmCompany Update

Announcement under Regulation 30 (LODR)-Meeting Updates

Meeting Updates PDF

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Ratio	Mar 2018	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	39.8%	35.5%	30.2%	30.1%	34%	34.2%	34.8%
EBITDA margin %	—	12.4%	9.2%	8.2%	8.7%	13%	12.4%	12.9%
EBIT margin %	—	9%	5.6%	5.5%	6.3%	10.5%	10%	10.1%
PAT margin %	7.7%	10.1%	7.5%	6.6%	7.2%	11%	10.3%	10%
Working capital
Receivable days	1,544	65	69	56	57	67	69	72
Inventory days	—	57	59	51	46	46	42	35
Payable days	—	88	0	69	68	74	66	71
NWC days	—	35	128	38	34	38	46	35
Leverage
Current ratio	2.21	2.34	2.24	2.31	2.09	2.08	2.27	2.13
Debt to EBITDA	—	0.5	0.73	0.56	0.44	0.25	0.24	0.21
Debt to equity	0.01	0.06	0.07	0.06	0.05	0.04	0.04	0.04
Interest coverage	—	12.7	11.3	11.1	10.2	13.4	11.4	9.6
Asset turnover	0.03	0.66	0.64	0.84	0.87	0.81	0.83	0.81
Return ratios
Return on assets %	0.2%	6.6%	4.8%	5.5%	6.3%	9%	8.5%	8.1%
Return on capital employed %	-0%	10.9%	7.3%	8%	9.3%	14.2%	13.4%	13.1%
Return on equity %	0.3%	10%	7.5%	8.5%	10%	14.1%	13.2%	13.1%

Date	Category	Subject	Filing
16 Sept 2026, 3:18 pm	Company Update Meeting Updates	Announcement under Regulation 30 (LODR)-Meeting Updates	PDF

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	150	181	129	194	189	244	2	208	274	156	289
	-71	-117	-19	-137	-60	-80	137	-48	-105	23	-38
	-66	-73	-86	-78	-162	-149	-127	-147	-178	-189	-259
Net cash flow	—	—	24	-21	-34	15	12	12	-9	-10	-7
Free cash flow	—	—	—	—	—	200	-21	155	222	88	226
CFO / Operating profit %	—	—	—	—	99.5%	173.4%	1.4%	102.7%	90%	50%	82.4%

Balmer Lawrie & Company Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Segment results

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Annual reports

Events

21

1

3

Announcements

21

1

3

Not in the F&O segment

Announcements

Annual reports

Segment results

Compounded sales growth

Compounded profit growth

Return on equity

Greases & Lubricants · revenue

Balmer Lawrie & Company Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Annual reports

Events

Dividends21

Board meetings1

Bonus issues3

Announcements

Dividends21

Board meetings1

Bonus issues3

Ratio timeline

Quarterly record

Bulk & block deals

Board and management

Not in the F&O segment

Announcements

Annual reports

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Greases & Lubricants · revenue

21

1

3

21

1

3