Balmer Lawrie Q1: consolidated PAT ₹70.9 Cr, up 5% YoY on 10% revenue as greases drag bites
PAT +5.3% YoY · revenue +10% · margins compressing
₹748.73 Cr
+10% YoY
₹70.93 Cr
+5.3% YoY
9.34%
-0.4pp YoY
₹4.18
Balmer Lawrie reported a steady, unspectacular first quarter. Consolidated revenue from operations rose ~10% YoY to ₹748.7 Cr (₹680.7 Cr a year ago) but net profit for the period grew only ~5.3% to ₹70.9 Cr, so the bottom line trailed the topline and net margin slipped to 9.5% from 9.8% a year earlier and 10.9% in the March quarter. The sequential fall in PAT (-14% QoQ off ₹82.8 Cr) is the usual Q4-to-Q1 step-down for this diversified PSU and not a fresh deterioration; YoY is the cleaner read, and on that basis this is inline growth rather than a beat. Standalone told a near-identical story — revenue +9.9% to ₹742.1 Cr, PAT +3.1% to ₹57.7 Cr — so the two bases do not diverge materially.
Q1 FY-2027 vs prior quarters
The margin squeeze sits on two lines. First, Greases & Lubricants collapsed: segment revenue fell ~30% YoY to ₹115.1 Cr and segment profit halved to ₹9.3 Cr from ₹19.9 Cr, the single biggest drag on the quarter. Second, consolidated finance costs nearly doubled to ₹12.8 Cr from ₹6.7 Cr. Offsetting these, Industrial Packaging had a strong quarter — revenue up ~28% YoY to ₹308.7 Cr and profit up ~49% to ₹31.2 Cr — while Travel & Vacations (revenue ₹79.5 Cr, +17%) and Logistics Services (₹173.2 Cr, +11%) also grew. So the print is a mix-shift story: packaging and travel carried the topline while the lubricants business and higher interest costs capped profit. Share of JV/associate profit held at ₹14.5 Cr.
The stock went into the print at ₹172.2, down 5.5% over the past month of trading.
For context: revenue is at a 6-quarter high.
Balmer Lawrie is a government enterprise that offers no formal earnings guidance, and no published street consensus for the quarter was available, so the result cannot be graded as a beat or miss against an external bar — it is judged on its own YoY trajectory. Alongside the results the board fixed the 109th AGM for 21 September 2026 and a 14 September record date for the FY26 final dividend. There were no exceptional items in either the current or comparison periods, so reported and underlying growth are the same. Net: revenue momentum intact in the low double digits, but profitability is being held back by the lubricants shortfall and rising finance costs going into Q2.
W1
Greases & Lubricants recovery — segment revenue down 30% YoY to ₹115.1 Cr and profit halved; watch for stabilisation in Q2
W2
Finance costs — nearly doubled YoY to ₹12.8 Cr consolidated; sustained rise would keep capping PBT
W3
Net margin trajectory — 9.5% this quarter vs 10.9% in Q4; watch whether packaging strength can lift it back
Clean digital PDF, ₹ Lakhs. No exceptional items. Consolidated PAT ₹70.93 Cr = profit for period (incl ₹14.47 Cr share of JV/associates and ₹0.48 Cr NCI loss); attributable-to-owners ₹71.41 Cr (EPS ₹4.18). Consolidated tax same absolute figure as standalone (₹21.46 Cr). Finance costs nearly doubled YoY (cons ₹12.84 Cr vs ₹6.73 Cr).