NSE:BALMLAWRIE Research Reports

Balmer Lawrie & Company is a 158-year-old Government of India enterprise that has repeatedly turned industrial firsts into enduring market positions - it was the country’s first grease manufacturer in 1934 and remains a leader in steel drums, leather chemicals, and corporate travel for the public sector today. The company operates as a diversified conglomerate under the Ministry of Petroleum and Natural Gas, spanning manufacturing and services, with a Miniratna I status that gives it operational autonomy. Its recurring approach is visible across every business: enter a fragmented or essential industrial niche, build a moat through technical certification and government-customer stickiness, and then extend the model into adjacent services - logistics feeding cold chain, packaging feeding joint ventures, travel feeding events - so that each engine funds the next.

Business segments

Five engines at different stages - a hydrocarbon cash cow, two consumer platforms at national scale, and a green-energy bet under construction - each built with the cash flows of the one before.

1. Logistics: an integrated partner for India’s container and cold-chain movement

Three distinct businesses - container freight stations at major ports, freight forwarding on rail and road, and temperature-controlled warehousing - combine to offer end-to-end logistics under one roof, with the government as its anchor customer.

Portside hubs at three critical gateways - the Logistics Infrastructure (LI) business runs Container Freight Stations at Mumbai, Kolkata, and Chennai, which function as extended arms of the ports to decongest them by stuffing and de-stuffing containers away from the docks.
A rail entry through a leasing partnership - the Logistics Services (LS) unit signed an agreement with GATX India, the country’s largest private railcar lessor, to lease three rakes of BFNS 22.9t wagons for moving finished steel over distances exceeding 1,000 km for SAIL, with plans to carry caustic soda and bulk chemicals next under Indian Railways’ Liberalized Special Freight Train Operator scheme.
Cold chain under a single brand - the Cold Chain business, branded LOGICOLD, operates four temperature-controlled warehouses at Hyderabad, Rai, Patalganga, and Bhubaneshwar, plus a mini-unit at Vijayawada, handling products between -25°C and +25°C and running 24 GPS-enabled reefer vehicles for pan-India distribution.
Digital integration with national platforms - the Logistics Services portal is plugged into the Unified Logistics Interface Platform, giving real-time access to government systems like Vahan, e-Way Bill, and Fast Tag, which speeds up documentation and tracking for its predominantly government and public-sector client base.

2. Industrial Packaging: the steel drum backbone of India’s lubricant and chemical supply chains

With a 40% market share in the 210-litre and 235-litre mild steel drum segment, it is the largest manufacturer in a fiercely fragmented industry where capacity outstrips demand by nearly double.

A drum for every industrial liquid - the product range spans open-head, tight-head, plain, lacquered, composite, galvanized, tall, necked-in, and conical drums, using specialized lacquers and customer-specific paints to serve end-markets from lubricants and agrochemicals to transformer oils and fruit pulp.
Certification as a competitive shield - all six plants hold ISO 9001, ISO 14001, and OHSAS 45001 certifications, and the business carries a Silver Rating from EcoVadis, the global sustainability assessor used by over 300 multinationals, which matters when global chemical and lubricant companies choose packaging partners.
Steel-price exposure is the central risk - the key raw material is steel, and sharp price swings directly squeeze margins in a market already suffering from a supply glut, with 75 players competing and capacity nearly double the demand.

3. Greases & Lubricants: the country’s first grease-maker, now a 250-grade specialty house

Operating under the Balmerol brand, it sells over 250 product grades - including biodegradable and food-grade lubricants - into a market that is the world’s third largest, at roughly 3 billion litres a year.

Eight decades of technical credibility - having pioneered grease manufacturing in India with plants in Sewree (1934) and Kolkata (1937), the business now holds deep affiliations in core sectors like Steel, Railways, Defence, Automobiles, and Mining, where long-term relationships and product approvals act as barriers to entry.
One plant with automotive-grade certification - manufacturing is spread across Kolkata, Silvassa, and Chennai, with the Silvassa unit holding IATF 16949 certification, the quality-management standard specific to the automotive sector, while all units carry integrated management system certifications.
A dual route to market - it sells through a channel network and directly to B2B institutions, while also doing contract manufacturing for original equipment manufacturers, which diversifies its revenue streams and keeps its plants running at higher utilization.
An Indonesian joint venture extends the brand - PT Balmer Lawrie Indonesia, a 50:50 venture, manufactures and sells greases and lubricants in Indonesia, with Balmerol-brand sales now running at around 150-160 kilolitres per month, up from 60-70 kilolitres when it was primarily doing contract manufacturing for the national oil company Pertamina.

4. Travel & Vacations: the government’s travel desk, at national scale

One of India’s largest corporate travel management companies, it derives more than 90% of its business from government and public-sector clients, with a physical presence in over 70 locations and a dedicated self-booking portal for government employees.

A captive digital audience of 194,000 government users - the self-booking portal for government employees had over 194,000 registered users as of March 2024, and a separate Defence Travel System was built specifically for armed-forces personnel, creating high switching costs for its core customer base.
Brick-and-click across the country - the hybrid model combines digital booking tools with counter staff and local partnerships in more than 70 locations, so it can serve both tech-savvy ministries and field offices that still rely on in-person ticketing.
Events as a differentiator - the MICE (Meetings, Incentives, Conferences, Exhibitions) arm managed the 2025 Republic Day Parade logistics for over 5,000 artists performing in a folk-dance event that set a Guinness World Record, demonstrating capabilities that go far beyond air-ticket issuance.
Diversification into the private segment - the business is looking forward to further diversify by integrating international ticketing, hotels and cabs in the portals, capturing new private segment market and venturing into air charter movements.

5. Chemicals: a leather-processing specialist with a green-chemistry edge

Under the Balmol brand, it leads the Indian market in fat liquors and holds a significant share in syntans - the wet-end chemicals that turn raw hides into leather - from a single zero-liquid-discharge plant in Chennai.

Covering the full leather-processing chain - the product range now spans beam-house chemicals (wetting agents, degreasers), tanning agents (syntans, chromium salts), post-tanning chemicals (dyes, fat liquors), and finishing chemicals (binders, topcoats), so it can supply a tannery from raw hide to finished leather.
Technical service centres in every leather cluster - a network of centres across India’s key leather regions provides on-the-ground technical support to tanneries, which is critical because India’s leather industry is dominated by small, unorganised MSMEs that lack in-house chemical expertise.
A metal-free tanning breakthrough - the business developed an eco-friendly tanning process using glutaraldehyde instead of chromium, which has gained market acceptance and helps tanneries meet tightening environmental norms in export markets like Europe.
European compliance as a licence to export - products conform to Europe’s REACH chemical-safety regulations and are certified to ZDHC MRSL Version 3.1 Level 3.0, the textile and leather industry’s zero-discharge standard, which is a prerequisite for any Indian chemical supplier serving export-oriented tanneries.

Group structure and partners

Balmer Lawrie extends its reach through a holding-company structure, two active international joint ventures in packaging and lubricants, and a subsidiary logistics hub - while a legacy oilfield-services business is being wound down.

The holding company is Balmer Lawrie Investments Ltd., and the ultimate parent is the Government of India under the Ministry of Petroleum and Natural Gas.
Balmer Lawrie-Van Leer Limited, a joint venture with Greif International Holding, operates steel drum closure units in Mumbai and Bengaluru and a plastic division across four locations, and is developing a dedicated facility for custom-made components for white goods and the auto industry.
Balmer Lawrie (UAE) LLC acquired 100% of Elegant Industries LLC, the number-two metal packaging player in the region, in August 2022 to rationalize competition, and has major expansion projects lined up for commissioning in 2026.
Avi-Oil India Private Limited, a joint venture with Indian Oil Corporation Limited, Balmer Lawrie & Co. Ltd. and Neden Holding B.V., Netherlands (NYCO Group, France), produces civil and military aviation lubricants, synthetic ester base stocks, and biodegradable lubricants under the NYCOGREEN brand.
The Board approved the closure of the Refinery & Oil Field Services (ROFS) business, with an estimated shutdown date of 30 September 2027, after completing its remaining projects - ending a two-decade run as the pioneer and roughly 60% market-share holder in India’s oily sludge processing niche.

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	586	585	577	638	639	630	608	681	635	657	744	749
Growth YoY Revenue Growth YoY%	6.2	13.7	-5.2	7.7	9.1	7.8	5.5	6.7	-0.5	4.2	22.3	10.0
Expenses ExpensesCr	511	511	485	574	569	546	514	597	568	571	630	649
Operating Profit Operating ProfitCr	75	74	92	64	70	84	95	83	67	86	114	100
OPM OPM%	12.8	12.6	15.9	10.0	11.0	13.3	15.6	12.2	10.6	13.1	15.3	13.3
Other Income Other IncomeCr	13	11	18	12	11	9	18	9	11	7	20	11
Interest Expense Interest ExpenseCr	5	5	6	6	5	9	6	7	7	10	10	13
Depreciation DepreciationCr	14	14	15	15	14	15	16	15	16	18	28	20
PBT PBTCr	69	64	88	56	62	68	90	71	56	65	95	78
Tax TaxCr	21	15	27	11	19	20	31	19	17	18	30	21
PAT PATCr	48	49	61	45	43	48	59	52	38	47	65	56
Growth YoY PAT Growth YoY%	162.7	102.7	145.1	6.9	-8.8	-1.8	-3.8	16.6	-11.2	-2.9	10.9	8.6
NPM NPM%	8.1	8.4	10.6	7.0	6.8	7.6	9.7	7.6	6.0	7.1	8.8	7.5
EPS EPS₹	3.7	3.9	4.3	3.7	3.7	3.8	4.4	4.0	3.3	3.9	5.0	4.2

Quarter

Sep 2023

Dec 2023

Mar 2024

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

Revenue

RevenueCr

586

585

577

638

639

630

608

681

635

657

744

749

Growth YoY

Revenue Growth YoY%

6.2

13.7

-5.2

7.7

9.1

7.8

5.5

6.7

-0.5

4.2

22.3

10.0

Expenses

ExpensesCr

511

485

574

569

546

514

597

568

571

630

649

Operating Profit

Operating ProfitCr

114

100

OPM

OPM%

12.8

12.6

15.9

10.0

11.0

13.3

15.6

12.2

10.6

13.1

15.3

13.3

Other Income

Other IncomeCr

Interest Expense

Interest ExpenseCr

Depreciation

DepreciationCr

PBT

PBTCr

Tax

TaxCr

PAT

PATCr

Growth YoY

PAT Growth YoY%

162.7

102.7

145.1

6.9

-8.8

-1.8

-3.8

16.6

-11.2

-2.9

10.9

8.6

NPM

NPM%

8.1

8.4

10.6

7.0

6.8

7.6

9.7

7.6

6.0

7.1

8.8

7.5

EPS

EPS₹

3.7

3.9

4.3

3.7

3.8

4.4

4.0

3.3

3.9

5.0

4.2

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	586	585	577	638	639	630	608	681	635	657	744	749
Growth YoY Revenue Growth YoY%	6.2	13.7	-5.2	7.7	9.1	7.8	5.5	6.7	-0.5	4.2	22.3	10.0
Expenses ExpensesCr	511	511	485	574	569	546	514	597	568	571	630	649
Operating Profit Operating ProfitCr	75	74	92	64	70	84	95	83	67	86	114	100
OPM OPM%	12.8	12.6	15.9	10.0	11.0	13.3	15.6	12.2	10.6	13.1	15.3	13.3
Other Income Other IncomeCr	13	11	18	12	11	9	18	9	11	7	20	11
Interest Expense Interest ExpenseCr	5	5	6	6	5	9	6	7	7	10	10	13
Depreciation DepreciationCr	14	14	15	15	14	15	16	15	16	18	28	20
PBT PBTCr	69	64	88	56	62	68	90	71	56	65	95	78
Tax TaxCr	21	15	27	11	19	20	31	19	17	18	30	21
PAT PATCr	48	49	61	45	43	48	59	52	38	47	65	56
Growth YoY PAT Growth YoY%	162.7	102.7	145.1	6.9	-8.8	-1.8	-3.8	16.6	-11.2	-2.9	10.9	8.6
NPM NPM%	8.1	8.4	10.6	7.0	6.8	7.6	9.7	7.6	6.0	7.1	8.8	7.5
EPS EPS₹	3.7	3.9	4.3	3.7	3.7	3.8	4.4	4.0	3.3	3.9	5.0	4.2

Quarter

Sep 2023

Dec 2023

Mar 2024

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

Revenue

RevenueCr

586

585

577

638

639

630

608

681

635

657

744

749

Growth YoY

Revenue Growth YoY%

6.2

13.7

-5.2

7.7

9.1

7.8

5.5

6.7

-0.5

4.2

22.3

10.0

Expenses

ExpensesCr

511

485

574

569

546

514

597

568

571

630

649

Operating Profit

Operating ProfitCr

114

100

OPM

OPM%

12.8

12.6

15.9

10.0

11.0

13.3

15.6

12.2

10.6

13.1

15.3

13.3

Other Income

Other IncomeCr

Interest Expense

Interest ExpenseCr

Depreciation

DepreciationCr

PBT

PBTCr

Tax

TaxCr

PAT

PATCr

Growth YoY

PAT Growth YoY%

162.7

102.7

145.1

6.9

-8.8

-1.8

-3.8

16.6

-11.2

-2.9

10.9

8.6

NPM

NPM%

8.1

8.4

10.6

7.0

6.8

7.6

9.7

7.6

6.0

7.1

8.8

7.5

EPS

EPS₹

3.7

3.9

4.3

3.7

3.8

4.4

4.0

3.3

3.9

5.0

4.2

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	1,594	1,705	1,724	1,775	1,534	1,529	2,055	2,321	2,339	2,516	2,717	2,785
Growth Revenue Growth%	-51.1	7.0	1.1	3.0	-13.6	-0.3	34.4	12.9	0.8	7.5	8.0	8.9
Expenses ExpensesCr	1,389	1,495	1,505	1,546	1,345	1,389	1,886	2,119	2,035	2,203	2,366	2,418
Operating Profit Operating ProfitCr	205	211	219	229	189	140	169	202	305	313	351	367
OPM OPM%	12.9	12.4	12.7	12.9	12.3	9.2	8.2	8.7	13.0	12.4	12.9	13.2
Other Income Other IncomeCr	63	56	51	55	51	49	37	37	51	50	46	48
Interest Expense Interest ExpenseCr	5	5	4	7	15	12	14	18	22	27	33	40
Depreciation DepreciationCr	24	26	27	30	52	55	57	57	59	60	76	81
PBT PBTCr	240	236	238	247	173	123	136	164	274	276	288	294
Tax TaxCr	76	81	73	85	55	40	47	57	75	81	85	87
PAT PATCr	164	155	165	161	118	83	89	107	199	195	202	207
Growth PAT Growth%	7.8	-5.6	6.5	-2.3	-26.6	-30.1	7.4	20.5	86.5	-2.3	3.9	2.3
NPM NPM%	10.3	9.1	9.6	9.1	7.7	5.4	4.3	4.6	8.5	7.7	7.5	7.4
EPS EPS₹	2.4	9.1	9.6	9.4	9.4	7.0	8.1	10.1	14.0	15.6	16.2	16.3

Financial Year

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

Revenue

RevenueCr

1,594

1,705

1,724

1,775

1,534

1,529

2,055

2,321

2,339

2,516

2,717

2,785

Growth

Revenue Growth%

-51.1

7.0

1.1

3.0

-13.6

-0.3

34.4

12.9

0.8

7.5

8.0

8.9

Expenses

ExpensesCr

1,389

1,495

1,505

1,546

1,345

1,389

1,886

2,119

2,035

2,203

2,366

2,418

Operating Profit

Operating ProfitCr

205

211

219

229

189

140

169

202

305

313

351

367

OPM

OPM%

12.9

12.4

12.7

12.9

12.3

9.2

8.2

8.7

13.0

12.4

12.9

13.2

Other Income

Other IncomeCr

Interest Expense

Interest ExpenseCr

Depreciation

DepreciationCr

PBT

PBTCr

240

236

238

247

173

123

136

164

274

276

288

294

Tax

TaxCr

PAT

PATCr

164

155

165

161

118

107

199

195

202

207

Growth

PAT Growth%

7.8

-5.6

6.5

-2.3

-26.6

-30.1

7.4

20.5

86.5

-2.3

3.9

2.3

NPM

NPM%

10.3

9.1

9.6

9.1

7.7

5.4

4.3

4.6

8.5

7.7

7.5

7.4

EPS

EPS₹

2.4

9.1

9.6

9.4

7.0

8.1

10.1

14.0

15.6

16.2

16.3

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	1,594	1,705	1,724	1,775	1,534	1,529	2,055	2,321	2,339	2,516	2,717	2,785
Growth Revenue Growth%	-51.1	7.0	1.1	3.0	-13.6	-0.3	34.4	12.9	0.8	7.5	8.0	8.9
Expenses ExpensesCr	1,389	1,495	1,505	1,546	1,345	1,389	1,886	2,119	2,035	2,203	2,366	2,418
Operating Profit Operating ProfitCr	205	211	219	229	189	140	169	202	305	313	351	367
OPM OPM%	12.9	12.4	12.7	12.9	12.3	9.2	8.2	8.7	13.0	12.4	12.9	13.2
Other Income Other IncomeCr	63	56	51	55	51	49	37	37	51	50	46	48
Interest Expense Interest ExpenseCr	5	5	4	7	15	12	14	18	22	27	33	40
Depreciation DepreciationCr	24	26	27	30	52	55	57	57	59	60	76	81
PBT PBTCr	240	236	238	247	173	123	136	164	274	276	288	294
Tax TaxCr	76	81	73	85	55	40	47	57	75	81	85	87
PAT PATCr	164	155	165	161	118	83	89	107	199	195	202	207
Growth PAT Growth%	7.8	-5.6	6.5	-2.3	-26.6	-30.1	7.4	20.5	86.5	-2.3	3.9	2.3
NPM NPM%	10.3	9.1	9.6	9.1	7.7	5.4	4.3	4.6	8.5	7.7	7.5	7.4
EPS EPS₹	2.4	9.1	9.6	9.4	9.4	7.0	8.1	10.1	14.0	15.6	16.2	16.3

Financial Year

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

Revenue

RevenueCr

1,594

1,705

1,724

1,775

1,534

1,529

2,055

2,321

2,339

2,516

2,717

2,785

Growth

Revenue Growth%

-51.1

7.0

1.1

3.0

-13.6

-0.3

34.4

12.9

0.8

7.5

8.0

8.9

Expenses

ExpensesCr

1,389

1,495

1,505

1,546

1,345

1,389

1,886

2,119

2,035

2,203

2,366

2,418

Operating Profit

Operating ProfitCr

205

211

219

229

189

140

169

202

305

313

351

367

OPM

OPM%

12.9

12.4

12.7

12.9

12.3

9.2

8.2

8.7

13.0

12.4

12.9

13.2

Other Income

Other IncomeCr

Interest Expense

Interest ExpenseCr

Depreciation

DepreciationCr

PBT

PBTCr

240

236

238

247

173

123

136

164

274

276

288

294

Tax

TaxCr

PAT

PATCr

164

155

165

161

118

107

199

195

202

207

Growth

PAT Growth%

7.8

-5.6

6.5

-2.3

-26.6

-30.1

7.4

20.5

86.5

-2.3

3.9

2.3

NPM

NPM%

10.3

9.1

9.6

9.1

7.7

5.4

4.3

4.6

8.5

7.7

7.5

7.4

EPS

EPS₹

2.4

9.1

9.6

9.4

7.0

8.1

10.1

14.0

15.6

16.2

16.3

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	29	114	114	114	171	171	171	171	171	171	171
Reserves ReservesCr	1,210	1,247	1,342	1,406	1,383	1,371	1,416	1,510	1,650	1,798	1,898
Current Liabilities Current LiabilitiesCr	463	580	569	518	492	524	526	642	712	697	789
Non Current Liabilities Non Current LiabilitiesCr	96	88	113	194	244	274	296	308	314	354	477
Total Liabilities Total LiabilitiesCr	1,798	2,030	2,191	2,282	2,334	2,379	2,445	2,662	2,873	3,040	3,349
Current Assets Current AssetsCr	1,101	1,252	1,258	1,177	1,151	1,182	1,215	1,335	1,483	1,580	1,683
Non Current Assets Non Current AssetsCr	697	778	933	1,106	1,183	1,197	1,230	1,327	1,390	1,459	1,666
Total Assets Total AssetsCr	1,798	2,030	2,191	2,282	2,334	2,379	2,445	2,662	2,873	3,040	3,349

Financial Year

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

Equity CapitalCr

114

171

Reserves

ReservesCr

1,210

1,247

1,342

1,406

1,383

1,371

1,416

1,510

1,650

1,798

1,898

Current Liabilities

Current LiabilitiesCr

463

580

569

518

492

524

526

642

712

697

789

Non Current Liabilities

Non Current LiabilitiesCr

113

194

244

274

296

308

314

354

477

Total Liabilities

Total LiabilitiesCr

1,798

2,030

2,191

2,282

2,334

2,379

2,445

2,662

2,873

3,040

3,349

Current Assets

Current AssetsCr

1,101

1,252

1,258

1,177

1,151

1,182

1,215

1,335

1,483

1,580

1,683

Non Current Assets

Non Current AssetsCr

697

778

933

1,106

1,183

1,197

1,230

1,327

1,390

1,459

1,666

Total Assets

Total AssetsCr

1,798

2,030

2,191

2,282

2,334

2,379

2,445

2,662

2,873

3,040

3,349

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	29	114	114	114	171	171	171	171	171	171	171
Reserves ReservesCr	1,210	1,247	1,342	1,406	1,383	1,371	1,416	1,510	1,650	1,798	1,898
Current Liabilities Current LiabilitiesCr	463	580	569	518	492	524	526	642	712	697	789
Non Current Liabilities Non Current LiabilitiesCr	96	88	113	194	244	274	296	308	314	354	477
Total Liabilities Total LiabilitiesCr	1,798	2,030	2,191	2,282	2,334	2,379	2,445	2,662	2,873	3,040	3,349
Current Assets Current AssetsCr	1,101	1,252	1,258	1,177	1,151	1,182	1,215	1,335	1,483	1,580	1,683
Non Current Assets Non Current AssetsCr	697	778	933	1,106	1,183	1,197	1,230	1,327	1,390	1,459	1,666
Total Assets Total AssetsCr	1,798	2,030	2,191	2,282	2,334	2,379	2,445	2,662	2,873	3,040	3,349

Financial Year

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

Equity CapitalCr

114

171

Reserves

ReservesCr

1,210

1,247

1,342

1,406

1,383

1,371

1,416

1,510

1,650

1,798

1,898

Current Liabilities

Current LiabilitiesCr

463

580

569

518

492

524

526

642

712

697

789

Non Current Liabilities

Non Current LiabilitiesCr

113

194

244

274

296

308

314

354

477

Total Liabilities

Total LiabilitiesCr

1,798

2,030

2,191

2,282

2,334

2,379

2,445

2,662

2,873

3,040

3,349

Current Assets

Current AssetsCr

1,101

1,252

1,258

1,177

1,151

1,182

1,215

1,335

1,483

1,580

1,683

Non Current Assets

Non Current AssetsCr

697

778

933

1,106

1,183

1,197

1,230

1,327

1,390

1,459

1,666

Total Assets

Total AssetsCr

1,798

2,030

2,191

2,282

2,334

2,379

2,445

2,662

2,873

3,040

3,349

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	150	181	129	194	189	244	2	208	274	156	289
Investing Cash Flow Investing Cash FlowCr	-71	-117	-19	-137	-60	-80	137	-48	-105	23	-38
Financing Cash Flow Financing Cash FlowCr	-66	-73	-86	-78	-162	-149	-127	-147	-178	-189	-259
Net Cash Flow Net Cash FlowCr	13	-9	24	-21	-34	15	12	12	-9	-10	-7
Free Cash Flow Free Cash FlowCr	111	103	26	-1	140	200	-16	158	222	90	225
CFO To PAT CFO To PAT%	91.6	117.2	78.1	120.5	159.6	294.9	2.6	194.4	137.6	80.2	142.9
CFO To EBITDA CFO To EBITDA%	73.2	86.1	58.8	84.7	99.5	173.4	1.4	102.7	90.0	50.0	82.4

Financial Year

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Operating Cash Flow

Operating Cash FlowCr

150

181

129

194

189

244

208

274

156

289

Investing Cash Flow

Investing Cash FlowCr

-71

-117

-19

-137

-60

-80

137

-48

-105

-38

Financing Cash Flow

Financing Cash FlowCr

-66

-73

-86

-78

-162

-149

-127

-147

-178

-189

-259

Net Cash Flow

Net Cash FlowCr

-9

-21

-34

-9

-10

-7

Free Cash Flow

Free Cash FlowCr

111

103

-1

140

200

-16

158

222

225

CFO To PAT

CFO To PAT%

91.6

117.2

78.1

120.5

159.6

294.9

2.6

194.4

137.6

80.2

142.9

CFO To EBITDA

CFO To EBITDA%

73.2

86.1

58.8

84.7

99.5

173.4

1.4

102.7

90.0

50.0

82.4

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	150	181	129	194	189	244	2	208	274	156	289
Investing Cash Flow Investing Cash FlowCr	-71	-117	-19	-137	-60	-80	137	-48	-105	23	-38
Financing Cash Flow Financing Cash FlowCr	-66	-73	-86	-78	-162	-149	-127	-147	-178	-189	-259
Net Cash Flow Net Cash FlowCr	13	-9	24	-21	-34	15	12	12	-9	-10	-7
Free Cash Flow Free Cash FlowCr	111	103	26	-1	140	200	-16	158	222	90	225
CFO To PAT CFO To PAT%	91.6	117.2	78.1	120.5	159.6	294.9	2.6	194.4	137.6	80.2	142.9
CFO To EBITDA CFO To EBITDA%	73.2	86.1	58.8	84.7	99.5	173.4	1.4	102.7	90.0	50.0	82.4

Financial Year

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Operating Cash Flow

Operating Cash FlowCr

150

181

129

194

189

244

208

274

156

289

Investing Cash Flow

Investing Cash FlowCr

-71

-117

-19

-137

-60

-80

137

-48

-105

-38

Financing Cash Flow

Financing Cash FlowCr

-66

-73

-86

-78

-162

-149

-127

-147

-178

-189

-259

Net Cash Flow

Net Cash FlowCr

-9

-21

-34

-9

-10

-7

Free Cash Flow

Free Cash FlowCr

111

103

-1

140

200

-16

158

222

225

CFO To PAT

CFO To PAT%

91.6

117.2

78.1

120.5

159.6

294.9

2.6

194.4

137.6

80.2

142.9

CFO To EBITDA

CFO To EBITDA%

73.2

86.1

58.8

84.7

99.5

173.4

1.4

102.7

90.0

50.0

82.4

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	1,634	2,685	2,476	2,116	1,359	2,205	1,928	1,895	4,083	3,158	2,551	2,685
Price To Earnings Price To Earnings	10.0	17.4	15.0	10.6	8.4	18.3	14.0	11.0	17.0	11.9	9.2	9.6
Price To Sales Price To Sales	1.0	1.6	1.4	1.2	0.9	1.4	0.9	0.8	1.8	1.3	0.9	1.0
Price To Book Price To Book	1.3	2.0	1.7	1.4	0.9	1.4	1.2	1.1	2.2	1.6	1.2	1.3
EV To EBITDA EV To EBITDA	5.7	10.2	9.1	7.6	5.4	12.8	9.7	7.8	12.1	9.0	6.6	6.8
Profitability Ratios Profitability Ratios
GPM GPM%	34.5	32.8	33.6	33.5	35.4	31.0	25.9	26.2	29.9	30.1	30.6	30.6
OPM OPM%	12.9	12.4	12.7	12.9	12.3	9.2	8.2	8.7	13.0	12.4	12.9	13.2
NPM NPM%	10.3	9.1	9.6	9.1	7.7	5.4	4.3	4.6	8.5	7.7	7.5	7.4
ROCE ROCE%	19.7	17.7	16.5	15.9	11.3	8.1	8.8	10.1	15.3	14.6	14.0	14.0
ROE ROE%	13.2	11.4	11.3	10.6	7.6	5.4	5.6	6.4	10.9	9.9	9.8	9.8
ROA ROA%	9.1	7.6	7.5	7.1	5.1	3.5	3.6	4.0	6.9	6.4	6.0	6.0
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Current

Valuation Ratios

Market Cap

Market CapitalizationCr

1,634

2,685

2,476

2,116

1,359

2,205

1,928

1,895

4,083

3,158

2,551

2,685

Price To Earnings

10.0

17.4

15.0

10.6

8.4

18.3

14.0

11.0

17.0

11.9

9.2

9.6

Price To Sales

1.0

1.6

1.4

1.2

0.9

1.4

0.9

0.8

1.8

1.3

0.9

1.0

Price To Book

1.3

2.0

1.7

1.4

0.9

1.4

1.2

1.1

2.2

1.6

1.2

1.3

EV To EBITDA

5.7

10.2

9.1

7.6

5.4

12.8

9.7

7.8

12.1

9.0

6.6

6.8

Profitability Ratios

GPM

GPM%

34.5

32.8

33.6

33.5

35.4

31.0

25.9

26.2

29.9

30.1

30.6

OPM

OPM%

12.9

12.4

12.7

12.9

12.3

9.2

8.2

8.7

13.0

12.4

12.9

13.2

NPM

NPM%

10.3

9.1

9.6

9.1

7.7

5.4

4.3

4.6

8.5

7.7

7.5

7.4

ROCE

ROCE%

19.7

17.7

16.5

15.9

11.3

8.1

8.8

10.1

15.3

14.6

14.0

ROE

ROE%

13.2

11.4

11.3

10.6

7.6

5.4

5.6

6.4

10.9

9.9

9.8

ROA

ROA%

9.1

7.6

7.5

7.1

5.1

3.5

3.6

4.0

6.9

6.4

6.0

Operational Ratios

Solvency Ratios

Liquidity Ratios

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	1,634	2,685	2,476	2,116	1,359	2,205	1,928	1,895	4,083	3,158	2,551	2,685
Price To Earnings Price To Earnings	10.0	17.4	15.0	10.6	8.4	18.3	14.0	11.0	17.0	11.9	9.2	9.6
Price To Sales Price To Sales	1.0	1.6	1.4	1.2	0.9	1.4	0.9	0.8	1.8	1.3	0.9	1.0
Price To Book Price To Book	1.3	2.0	1.7	1.4	0.9	1.4	1.2	1.1	2.2	1.6	1.2	1.3
EV To EBITDA EV To EBITDA	5.7	10.2	9.1	7.6	5.4	12.8	9.7	7.8	12.1	9.0	6.6	6.8
Profitability Ratios Profitability Ratios
GPM GPM%	34.5	32.8	33.6	33.5	35.4	31.0	25.9	26.2	29.9	30.1	30.6	30.6
OPM OPM%	12.9	12.4	12.7	12.9	12.3	9.2	8.2	8.7	13.0	12.4	12.9	13.2
NPM NPM%	10.3	9.1	9.6	9.1	7.7	5.4	4.3	4.6	8.5	7.7	7.5	7.4
ROCE ROCE%	19.7	17.7	16.5	15.9	11.3	8.1	8.8	10.1	15.3	14.6	14.0	14.0
ROE ROE%	13.2	11.4	11.3	10.6	7.6	5.4	5.6	6.4	10.9	9.9	9.8	9.8
ROA ROA%	9.1	7.6	7.5	7.1	5.1	3.5	3.6	4.0	6.9	6.4	6.0	6.0
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Current

Valuation Ratios

Market Cap

Market CapitalizationCr

1,634

2,685

2,476

2,116

1,359

2,205

1,928

1,895

4,083

3,158

2,551

2,685

Price To Earnings

10.0

17.4

15.0

10.6

8.4

18.3

14.0

11.0

17.0

11.9

9.2

9.6

Price To Sales

1.0

1.6

1.4

1.2

0.9

1.4

0.9

0.8

1.8

1.3

0.9

1.0

Price To Book

1.3

2.0

1.7

1.4

0.9

1.4

1.2

1.1

2.2

1.6

1.2

1.3

EV To EBITDA

5.7

10.2

9.1

7.6

5.4

12.8

9.7

7.8

12.1

9.0

6.6

6.8

Profitability Ratios

GPM

GPM%

34.5

32.8

33.6

33.5

35.4

31.0

25.9

26.2

29.9

30.1

30.6

OPM

OPM%

12.9

12.4

12.7

12.9

12.3

9.2

8.2

8.7

13.0

12.4

12.9

13.2

NPM

NPM%

10.3

9.1

9.6

9.1

7.7

5.4

4.3

4.6

8.5

7.7

7.5

7.4

ROCE

ROCE%

19.7

17.7

16.5

15.9

11.3

8.1

8.8

10.1

15.3

14.6

14.0

ROE

ROE%

13.2

11.4

11.3

10.6

7.6

5.4

5.6

6.4

10.9

9.9

9.8

ROA

ROA%

9.1

7.6

7.5

7.1

5.1

3.5

3.6

4.0

6.9

6.4

6.0

Operational Ratios

Solvency Ratios

Liquidity Ratios

	NAVA	SWANCORP	IBULLSLTD	BALMLAWRIE	BLUSPRING	TEXINFRA	SOBME
Market CapitalizationMkt CapCr	15,241	7,993	7,964	2,685	2,392	1,633	1,337
Close PriceClose₹	537.95	255.00	34.15	157.00	160.00	128.18	1,286.15
IndustryIndustry	Diversified	Diversified	Diversified	Diversified	Diversified	Diversified	Diversified
Price To EarningsPE	20.15	38.40	18.16	9.61		175.59	51.51
Price To SalesPS	3.54	1.92	7.23	0.96	0.68	95.97	6.04
RevenueRevenueCr	4,310	4,172	1,101	2,785	3,534	17	222
Revenue Growth TTMRev Gr TTM%	9.0%	-16.7%	165.7%	8.9%	11.8%	5.5%	21.9%
PAT Growth TTMPAT Gr TTM%	-29.9%	-67.1%	367.9%	2.3%	90.7%	329.6%	8.1%

Market CapitalizationMkt CapCr

15,241

7,993

7,964

2,685

2,392

1,633

1,337

Close PriceClose₹

537.95

255.00

34.15

157.00

160.00

128.18

1,286.15

IndustryIndustry

Diversified

Price To EarningsPE

20.15

38.40

18.16

9.61

175.59

51.51

Price To SalesPS

3.54

1.92

7.23

0.96

0.68

95.97

6.04

RevenueRevenueCr

4,310

4,172

1,101

2,785

3,534

222

Revenue Growth TTMRev Gr TTM%

9.0%

-16.7%

165.7%

8.9%

11.8%

5.5%

21.9%

PAT Growth TTMPAT Gr TTM%

-29.9%

-67.1%

367.9%

2.3%

90.7%

329.6%

8.1%

	NAVA	SWANCORP	IBULLSLTD	BALMLAWRIE	BLUSPRING	TEXINFRA	SOBME
Market CapitalizationMkt CapCr	15,241	7,993	7,964	2,685	2,392	1,633	1,337
Close PriceClose₹	537.95	255.00	34.15	157.00	160.00	128.18	1,286.15
IndustryIndustry	Diversified	Diversified	Diversified	Diversified	Diversified	Diversified	Diversified
Price To EarningsPE	20.15	38.40	18.16	9.61		175.59	51.51
Price To SalesPS	3.54	1.92	7.23	0.96	0.68	95.97	6.04
RevenueRevenueCr	4,310	4,172	1,101	2,785	3,534	17	222
Revenue Growth TTMRev Gr TTM%	9.0%	-16.7%	165.7%	8.9%	11.8%	5.5%	21.9%
PAT Growth TTMPAT Gr TTM%	-29.9%	-67.1%	367.9%	2.3%	90.7%	329.6%	8.1%

Market CapitalizationMkt CapCr

15,241

7,993

7,964

2,685

2,392

1,633

1,337

Close PriceClose₹

537.95

255.00

34.15

157.00

160.00

128.18

1,286.15

IndustryIndustry

Diversified

Price To EarningsPE

20.15

38.40

18.16

9.61

175.59

51.51

Price To SalesPS

3.54

1.92

7.23

0.96

0.68

95.97

6.04

RevenueRevenueCr

4,310

4,172

1,101

2,785

3,534

222

Revenue Growth TTMRev Gr TTM%

9.0%

-16.7%

165.7%

8.9%

11.8%

5.5%

21.9%

PAT Growth TTMPAT Gr TTM%

-29.9%

-67.1%

367.9%

2.3%

90.7%

329.6%

8.1%

Balmer Lawrie & Company Ltd

Balmer Lawrie & Company Ltd

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