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Balmer Lawrie Investment Ltd

BLIL

NSE

₹64.41-0.74%19 Oct 2026

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Finance and Investments Others

Balmer Lawrie Investment Ltd

BLIL

NSE

₹64.41

-0.74%

19 Oct 2026

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Finance and Investments Others

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Forensic Report: Accounting quality and red flags.Deep Dive Report: In-depth business analysis.

Balmer Lawrie Investment Ltd is not an operating company - it is a government-created holding shell whose only job is to own a controlling stake in its subsidiary, Balmer Lawrie & Co. Ltd (BL). It came into existence through a restructuring scheme in 2002, when it acquired a 61.80% shareholding in BL from IBP Co. Ltd., and it has remained a Special Purpose Vehicle ever since, with no plants, no products, and no employees of its own except a single Company Secretary on secondment. The recurring approach that explains everything else is this: BLIL exists purely to collect dividends from BL and earn interest on its surplus cash, passing the story of value creation entirely to the operating businesses beneath it.

Business segments

Five distinct operating engines sit inside the subsidiary, Balmer Lawrie & Co. - a steel-barrel manufacturing mainstay, a lubricants business with international reach, two logistics platforms at different stages of maturity, and a corporate-travel unit that has swung from loss to profit - each run as a separate segment with its own assets and customers.

1. Industrial Packaging: the group’s oldest manufacturing engine

A straightforward industrial business that makes and sells steel barrels to external customers, generating steady factory-level profits from dedicated plants.

Makes the containers industry runs on - the segment manufactures steel barrels and other industrial packaging products, serving a broad external customer base that needs durable, standardised containers for chemicals, oils, and bulk goods.
Asset-heavy and self-contained - it operates its own dedicated manufacturing facilities, with Industrial Packaging segment assets of Rs. 41,072 Lakh, meaning the production capability sits entirely within the group’s control rather than being outsourced.
A long-standing cash contributor - this is one of the group’s longest-running manufacturing operations, forming a stable part of the consolidated business across multiple reporting years, which suggests entrenched customer relationships and repeat demand.

2. Greases & Lubricants: specialty manufacturing with an international footprint

A business that makes industrial and automotive greases and lubricants, earning higher segment profit than packaging despite smaller assets - and it reaches into Indonesia through a joint venture.

Higher margin on a lighter asset base - the segment holds assets comparable to Industrial Packaging (Rs. 42,347 Lakh vs. Rs. 41,072 Lakh) yet generates significantly more segment profit, indicating a business that earns more per rupee of factory investment.
International reach through a local partner - the group has a 50:50 joint venture in Indonesia, PT Balmer Lawrie Indonesia, which manufactures and markets greases and lubricants in that country, giving the segment a foothold in a Southeast Asian market without building a wholly-owned operation from scratch.
The Indonesian venture carries risk - PT Balmer Lawrie Indonesia has a negative net worth and its figures are not consolidated, meaning the international exposure comes with financial uncertainty that the parent keeps off its own balance sheet.

3. Logistics Services: freight forwarding without the heavy infrastructure

A lighter-asset logistics business that moves goods for customers through freight forwarding and supply-chain services, earning profit without owning the ships, trucks, or warehouses itself.

Moves cargo, not steel - the segment provides freight forwarding, transportation, and supply-chain logistics services to external customers, acting as an organiser and manager of shipments rather than an owner of transport fleets.
Asset-light compared to its sister segment - with segment assets of roughly Rs. 13,000 Lakh, it operates on a fraction of the capital base of Logistics Infrastructure, yet it generates comparable or higher segment profit, because it earns fees on logistics coordination rather than returns on owned facilities.
A core operating division - management treats this as one of the key performance drivers of BL, reported as a distinct segment alongside the manufacturing businesses, which signals it is not a peripheral activity but central to the group’s identity.

4. Logistics Infrastructure: a port-side multimodal hub still finding its footing

A joint venture that owns a warehousing and rail-linked cargo facility on 53 acres of leased port land - it has the physical assets but is still working through financial strain and operational ramp-up.

Built on a 30-year port lease - the segment’s anchor is Visakhapatnam Port Logistics Park Limited (VPLPL), a 60:40 joint venture with Visakhapatnam Port Authority, sitting on roughly 53 acres of long-term leased land at a natural deep-water port that serves as a gateway to Far-East industrial markets.
A multimodal facility under one roof - the hub combines a Container Freight Station (CFS) for export-import cargo, mechanised warehouses with frozen and chilled storage for 3,780 pallets, an open yard, and a 1.30 km rail siding that can handle up to four rakes per day, offering customs clearance and cargo handling as value-added services.
The CFS licence unlocked new revenue - after receiving its CFS licence in January 2023 and starting operations in March 2023, the facility handled 16,609 TEUs of combined export and import cargo in FY25, generating additional revenue that the hub could not access before.
Utilisation is uneven across the facility - the temperature-controlled warehouse reached 95% utilisation in FY22, but the overall mechanised warehouse averaged only 73% of installed capacity in FY25, and the rail siding handled just 84 rakes in FY25 after a peak of 123 in FY21, showing that different parts of the hub are at very different stages of customer adoption.
Financial viability is under question - the step-down subsidiary’s auditors have flagged continuous losses, weak financial ratios, and negative working capital as a material uncertainty on its ability to continue as a going concern, though management asserts a revival plan and has refinanced its term loan with a lower interest rate and longer repayment tenure.

5. Travel & Vacations: the turnaround in corporate travel

A corporate travel management and ticketing business that went from loss-making to the group’s highest-margin segment in two years, riding the post-pandemic recovery in business travel.

Serves companies, not tourists - the segment provides corporate travel management, ticketing, and holiday services to external customers, positioning it as a business-to-business service rather than a leisure-travel retailer.
The sharpest profit swing in the group - it moved from a segment loss in FY21 and FY22 to a segment profit of over Rs. 8,700 Lakh in FY24, a turnaround that management identifies as one of the key performance drivers of BL.
High margin on significant assets - the segment holds substantial assets of over Rs. 36,000 Lakh, and the profit it now generates on that base makes it one of the most efficient users of capital in the group, because the same infrastructure that was a drag during the travel downturn became a high-margin engine when corporate travel rebounded.

Group structure and partners

BLIL sits at the top of a three-tier structure - it owns BL, which owns a port logistics joint venture and holds stakes in four other entities across India, the UAE, and Indonesia, with the President of India as the ultimate controlling shareholder.

The holding-company pyramid - the President of India holds 59.67% of BLIL, BLIL holds 61.80% of Balmer Lawrie & Co. (BL), and BL in turn holds 60% of Visakhapatnam Port Logistics Park Limited, with the Visakhapatnam Port Authority holding the remaining 40% in exchange for the value of the 30-year land lease.
A network of minority stakes - BL holds a 47.91% interest in Balmer Lawrie Van Leer Ltd (India), a 49% stake in Balmer Lawrie (UAE) LLC (which itself acquired 100% of Elegant Industries LLC in 2022), a 50% stake in PT Balmer Lawrie Indonesia, and a 25% associate stake in Avi Oil India Pvt Ltd, giving the group a spread of interests across industrial packaging, lubricants, and oil without full operational control in any of them.
A cleaned-up legacy - the group has exited two ventures that no longer fit: Transafe Services Ltd, a former 50:50 joint venture, was resolved through insolvency in 2021 with BL’s equity cancelled, and Balmer Lawrie (UK) Ltd, a former wholly-owned subsidiary in marine freight containers and tea warehousing, was dissolved in September 2021 after both its businesses were wound down.

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Mkt Cap

Market Capitalization

₹1,430Cr

Close Price

₹64.41

Industry

Finance and Investments Others

Price To Earnings

10.95

Price To Sales

0.51

Revenue

₹2,795Cr

Rev Gr TTM

Revenue Growth TTM

8.80%

PAT Gr TTM

PAT Growth TTM

3.57%

Consolidated

Standalone

Numbers

Percentage

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	587	587	579	641	642	633	611	683	638	659	746	751
Growth YoY Revenue Growth YoY%	6.3	13.8	-5.1	7.8	9.2	7.8	5.5	6.7	-0.5	4.1	22.1	9.9
Expenses ExpensesCr	511	511	485	574	569	547	514	598	568	571	630	649
Operating Profit Operating ProfitCr	77	76	94	66	73	86	97	86	70	88	116	102
OPM OPM%	13.0	12.9	16.2	10.3	11.3	13.7	15.9	12.6	11.0	13.4	15.6	13.6
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	85	83	103	76	82	84	107	89	75	86	115	95
Tax TaxCr	21	16	27	12	20	20	32	20	18	19	31	22
PAT PATCr	64	68	75	65	63	64	75	69	57	67	85	73
Growth YoY PAT Growth YoY%	80.9	83.0	70.8	12.9	-1.4	-5.8	0.2	7.3	-9.3	4.7	12.4	4.6
NPM NPM%	10.9	11.5	13.0	10.1	9.8	10.1	12.3	10.2	8.9	10.1	11.3	9.7
EPS EPS₹	1.8	1.9	2.1	1.9	18.2	18.8	0.2	2.0	1.7	1.9	0.2	2.0

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	587	587	579	641	642	633	611	683	638	659	746	751
Growth YoY Revenue Growth YoY%	6.3	13.8	-5.1	7.8	9.2	7.8	5.5	6.7	-0.5	4.1	22.1	9.9
Expenses ExpensesCr	511	511	485	574	569	547	514	598	568	571	630	649
Operating Profit Operating ProfitCr	77	76	94	66	73	86	97	86	70	88	116	102
OPM OPM%	13.0	12.9	16.2	10.3	11.3	13.7	15.9	12.6	11.0	13.4	15.6	13.6
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	85	83	103	76	82	84	107	89	75	86	115	95
Tax TaxCr	21	16	27	12	20	20	32	20	18	19	31	22
PAT PATCr	64	68	75	65	63	64	75	69	57	67	85	73
Growth YoY PAT Growth YoY%	80.9	83.0	70.8	12.9	-1.4	-5.8	0.2	7.3	-9.3	4.7	12.4	4.6
NPM NPM%	10.9	11.5	13.0	10.1	9.8	10.1	12.3	10.2	8.9	10.1	11.3	9.7
EPS EPS₹	1.8	1.9	2.1	1.9	18.2	18.8	0.2	2.0	1.7	1.9	0.2	2.0

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	1,783	1,543	1,536	2,061	2,328	2,348	2,526	2,728	2,795
Growth Revenue Growth%		-13.5	-0.5	34.1	13.0	0.8	7.6	8.0	8.8
Expenses ExpensesCr	1,554	1,350	1,416	1,887	2,120	2,035	2,204	2,367	2,418
Operating Profit Operating ProfitCr	229	193	120	173	209	313	322	361	377
OPM OPM%	12.8	12.5	7.8	8.4	9.0	13.3	12.8	13.2	13.5
Other Income Other IncomeCr	63	55	77	37	37	51	50	47	48
Interest Expense Interest ExpenseCr	7	15	12	14	18	22	27	33	40
Depreciation DepreciationCr	30	52	55	57	57	59	60	76	81
PBT PBTCr	290	218	162	186	232	319	350	365	371
Tax TaxCr	88	58	42	49	59	77	84	88	90
PAT PATCr	202	161	121	137	172	242	267	278	281
Growth PAT Growth%		-20.5	-25.0	13.7	25.6	40.4	10.2	4.2	3.6
NPM NPM%	11.3	10.4	7.8	6.7	7.4	10.3	10.6	10.2	10.1
EPS EPS₹	57.9	4.8	3.6	4.0	5.0	7.6	7.7	8.0	5.9

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	1,783	1,543	1,536	2,061	2,328	2,348	2,526	2,728	2,795
Growth Revenue Growth%		-13.5	-0.5	34.1	13.0	0.8	7.6	8.0	8.8
Expenses ExpensesCr	1,554	1,350	1,416	1,887	2,120	2,035	2,204	2,367	2,418
Operating Profit Operating ProfitCr	229	193	120	173	209	313	322	361	377
OPM OPM%	12.8	12.5	7.8	8.4	9.0	13.3	12.8	13.2	13.5
Other Income Other IncomeCr	63	55	77	37	37	51	50	47	48
Interest Expense Interest ExpenseCr	7	15	12	14	18	22	27	33	40
Depreciation DepreciationCr	30	52	55	57	57	59	60	76	81
PBT PBTCr	290	218	162	186	232	319	350	365	371
Tax TaxCr	88	58	42	49	59	77	84	88	90
PAT PATCr	202	161	121	137	172	242	267	278	281
Growth PAT Growth%		-20.5	-25.0	13.7	25.6	40.4	10.2	4.2	3.6
NPM NPM%	11.3	10.4	7.8	6.7	7.4	10.3	10.6	10.2	10.1
EPS EPS₹	57.9	4.8	3.6	4.0	5.0	7.6	7.7	8.0	5.9

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	22	22	22	22	22	22	22	22
Reserves ReservesCr	1,052	1,081	1,076	1,094	1,117	1,199	1,354	1,417
Current Liabilities Current LiabilitiesCr	521	496	527	529	644	714	699	793
Non Current Liabilities Non Current LiabilitiesCr	194	244	274	296	308	314	354	477
Total Liabilities Total LiabilitiesCr	2,420	2,482	2,527	2,575	2,798	3,022	3,201	3,514
Current Assets Current AssetsCr	1,315	1,298	1,329	1,345	1,472	1,632	1,742	1,848
Non Current Assets Non Current AssetsCr	1,106	1,183	1,197	1,230	1,327	1,390	1,459	1,666
Total Assets Total AssetsCr	2,420	2,482	2,527	2,575	2,798	3,022	3,201	3,514

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	22	22	22	22	22	22	22	22
Reserves ReservesCr	1,052	1,081	1,076	1,094	1,117	1,199	1,354	1,417
Current Liabilities Current LiabilitiesCr	521	496	527	529	644	714	699	793
Non Current Liabilities Non Current LiabilitiesCr	194	244	274	296	308	314	354	477
Total Liabilities Total LiabilitiesCr	2,420	2,482	2,527	2,575	2,798	3,022	3,201	3,514
Current Assets Current AssetsCr	1,315	1,298	1,329	1,345	1,472	1,632	1,742	1,848
Non Current Assets Non Current AssetsCr	1,106	1,183	1,197	1,230	1,327	1,390	1,459	1,666
Total Assets Total AssetsCr	2,420	2,482	2,527	2,575	2,798	3,022	3,201	3,514

Consolidated

Standalone

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	177	187	247	23	206	280	164	294
Investing Cash Flow Investing Cash FlowCr	-137	-60	-80	137	-48	-117	9	-35
Financing Cash Flow Financing Cash FlowCr	-61	-159	-153	-148	-145	-172	-183	-265
Net Cash Flow Net Cash FlowCr	-21	-32	14	12	13	-9	-10	-5
Free Cash Flow Free Cash FlowCr	-24	139	204	6	156	228	98	230
CFO To PAT CFO To PAT%	87.5	116.1	204.8	17.0	119.5	115.8	61.5	105.8
CFO To EBITDA CFO To EBITDA%	77.3	96.7	205.9	13.5	98.7	89.5	50.9	81.5

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	177	187	247	23	206	280	164	294
Investing Cash Flow Investing Cash FlowCr	-137	-60	-80	137	-48	-117	9	-35
Financing Cash Flow Financing Cash FlowCr	-61	-159	-153	-148	-145	-172	-183	-265
Net Cash Flow Net Cash FlowCr	-21	-32	14	12	13	-9	-10	-5
Free Cash Flow Free Cash FlowCr	-24	139	204	6	156	228	98	230
CFO To PAT CFO To PAT%	87.5	116.1	204.8	17.0	119.5	115.8	61.5	105.8
CFO To EBITDA CFO To EBITDA%	77.3	96.7	205.9	13.5	98.7	89.5	50.9	81.5

Consolidated

Standalone

Financial Year	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	864	648	1,039	820	787	1,357	1,495	1,451	1,430
Price To Earnings Price To Earnings	6.7	6.1	13.0	9.3	7.1	8.8	8.7	8.1	10.9
Price To Sales Price To Sales	0.5	0.4	0.7	0.4	0.3	0.6	0.6	0.5	0.5
Price To Book Price To Book	0.8	0.6	0.9	0.7	0.7	1.1	1.1	1.0	1.0
EV To EBITDA EV To EBITDA	1.6	0.8	3.8	2.2	1.4	2.4	3.0	2.5	2.8
Profitability Ratios Profitability Ratios
GPM GPM%	38.0	41.2	36.0	30.8	31.3	36.6	36.6	36.0	36.0
OPM OPM%	12.8	12.5	7.8	8.4	9.0	13.3	12.8	13.2	13.5
NPM NPM%	11.3	10.4	7.8	6.7	7.4	10.3	10.6	10.2	10.1
ROCE ROCE%	25.8	19.4	14.6	16.5	20.3	26.3	25.9	26.3	26.3
ROE ROE%	18.8	14.6	11.0	12.3	15.1	19.8	19.4	19.3	19.3
ROA ROA%	8.4	6.5	4.8	5.3	6.2	8.0	8.3	7.9	7.9
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	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	864	648	1,039	820	787	1,357	1,495	1,451	1,430
Price To Earnings Price To Earnings	6.7	6.1	13.0	9.3	7.1	8.8	8.7	8.1	10.9
Price To Sales Price To Sales	0.5	0.4	0.7	0.4	0.3	0.6	0.6	0.5	0.5
Price To Book Price To Book	0.8	0.6	0.9	0.7	0.7	1.1	1.1	1.0	1.0
EV To EBITDA EV To EBITDA	1.6	0.8	3.8	2.2	1.4	2.4	3.0	2.5	2.8
Profitability Ratios Profitability Ratios
GPM GPM%	38.0	41.2	36.0	30.8	31.3	36.6	36.6	36.0	36.0
OPM OPM%	12.8	12.5	7.8	8.4	9.0	13.3	12.8	13.2	13.5
NPM NPM%	11.3	10.4	7.8	6.7	7.4	10.3	10.6	10.2	10.1
ROCE ROCE%	25.8	19.4	14.6	16.5	20.3	26.3	25.9	26.3	26.3
ROE ROE%	18.8	14.6	11.0	12.3	15.1	19.8	19.4	19.3	19.3
ROA ROA%	8.4	6.5	4.8	5.3	6.2	8.0	8.3	7.9	7.9
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	GRANDOAK	PFS	BFINVEST	BLIL	PNBGILTS	FEDDERSHOL	ZSARACOM
Market CapitalizationMkt CapCr	1,713	1,682	1,598	1,430	1,290	1,205	1,073
Close PriceClose₹	33.01	26.19	424.30	64.41	71.67	59.81	9,790.00
IndustryIndustry	Finance and Investments Others	Finance and Investments Others	Finance and Investments Others	Finance and Investments Others	Finance and Investments Others	Finance and Investments Others	Finance and Investments Others
Price To EarningsPE	418.00	7.55	4.10	10.95	6.71	13.75	7.65
Price To SalesPS	6.99	3.53	20.44	0.51	0.74	3.58	6.50
RevenueRevenueCr	245	476	78	2,795	1,740	336	165
Revenue Growth TTMRev Gr TTM%	1,63,186.7%	-22.8%	22.6%	8.8%	-2.7%	-6.8%	326.4%
PAT Growth TTMPAT Gr TTM%	-95.2%	-27.9%	398.7%	3.6%	7.1%	151.8%	438.7%

	GRANDOAK	PFS	BFINVEST	BLIL	PNBGILTS	FEDDERSHOL	ZSARACOM
Market CapitalizationMkt CapCr	1,713	1,682	1,598	1,430	1,290	1,205	1,073
Close PriceClose₹	33.01	26.19	424.30	64.41	71.67	59.81	9,790.00
IndustryIndustry	Finance and Investments Others	Finance and Investments Others	Finance and Investments Others	Finance and Investments Others	Finance and Investments Others	Finance and Investments Others	Finance and Investments Others
Price To EarningsPE	418.00	7.55	4.10	10.95	6.71	13.75	7.65
Price To SalesPS	6.99	3.53	20.44	0.51	0.74	3.58	6.50
RevenueRevenueCr	245	476	78	2,795	1,740	336	165
Revenue Growth TTMRev Gr TTM%	1,63,186.7%	-22.8%	22.6%	8.8%	-2.7%	-6.8%	326.4%
PAT Growth TTMPAT Gr TTM%	-95.2%	-27.9%	398.7%	3.6%	7.1%	151.8%	438.7%

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FY2026

Jun 26