Sector Alpha Week of 2026-07-31
Sector Alpha — machine-written from the numbers · Data as of 2026-07-31

Balmer Lawrie & Company Ltd

BALMLAWRIE
Diversified

Balmer Lawrie & Company Ltd's earnings have outrun its stock. EPS grew +4.1% in a year against a −17.3% price move.

Biggest watch item: margins are the best this company has ever printed — every ratio flatters at record profitability, so the whole story leans on margins holding.

The price is in a downtrend (39 weeks in) while the P/E sits at the 6th percentile of its own 10-year range. Underneath, the last four quarters read improving — profit +6.0% year on year, and 94% of the last 3 years' profit arrived as cash. What settles it: the next one or two quarters of delivery.

Stage
Consistent
partial read
Price
₹172
−17.3% 1Y
P/E
10.6×
6th pctile
of its own 10-year range
Revenue (Jun 26)
₹749 Cr
+10.0% YoY
Profit (Jun 26)
₹71.0 Cr
+6.0% YoY
Operating margin
13.0%
+1.0 pp YoY
ROCE
15%
FY26
Cash conversion
94%
of profit, last 3 FY
Withheld from this page: Part of this page is deliberately not drawn: its two data sources disagree by up to 28% on reported income across 14 comparable periods, so nothing from the second source is placed here — the quarterly PEG curve, the quarterly return curves, the annual return-on-invested-capital overlay, the total-debt and debt-to-equity series and the F-score and the return-on-invested-capital reading are absent for that reason. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data. The quarterly history also begins where the primary source begins: 6 earlier quarters the second source carries are not spliced in front of it. Extending a reported profit series is stricter than showing a ratio chart — it needs a source that has been checked.
01 · Price story

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Balmer Lawrie & Company Ltd trades at ₹172, in a downtrend and 39 weeks into that stage. That is −6.4% against its own 200-day average. It sits at 20% of a 52-week range of ₹157 to ₹231. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (7 weeks and counting).

Today the stock is in a downtrend — week 39 of stage 4, confirmed. At ₹172 it trades −6.4% versus its 200-day average and sits at 20% of its 52-week range (₹157–₹231).

Jul 26: ₹172 Weekly closing price (₹) with 50- and 200-day averages; shaded bands mark the price stage (grey base, green advance, amber top, red decline). 3-year window.
−6.4% versus the 200-day line, week 39 of stage 4
Price50-day avg200-day avg
S2S4S4₹329₹274₹219₹165₹110₹172₹184Jul 23May 24Feb 25Nov 25Jul 26
S2S4S4₹329₹274₹219₹165₹110₹172₹184Jul 23Feb 25Jul 26
Beating or trailing, week by week since 2016 Each cell is one week from 2016 to now (548 weeks): the stock's trailing 13-week return minus the NIFTY 500's, green ahead / red behind (±25% ramp). Grey cells are the 13-week warm-up or weeks where the NIFTY 500 reading is not held.
trailing 13-week return vs the NIFTY 500
Mar 16Jul 26

Against the market, two honest reads. Cumulative: over the last 10.4 years the stock moved +91% while the NIFTY 500 moved +276% — behind the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (7 weeks and counting; last ahead the week of 2026-06-24) — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

02 · Valuation

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Balmer Lawrie & Company Ltd trades at 10.6× P/E, near the bottom of its own range — cheaper only 6% of the time. Its long-run median P/E is 13.5×, measured across 10.4 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 10.6× is near the bottom of its own range — cheaper only 6% of the time, against a long-run median of 13.5× measured over 10.4 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

One caveat before moving on: margins are the best this company has ever printed — cheap against its own history on record margins is not the same thing as cheap. If profitability mean-reverts, today's multiple is higher than it looks.

P/E 10.6× vs a 13.5× long-run median P/E, weekly (left axis); earnings per share, trailing twelve months, weekly (right axis). 10.4-year window; loss-period spikes above 24× shown pinned at the top. The eps (ttm) bars are red where the reading is lower than the quarter before.
near the bottom of its own range — cheaper only 6% of the time
P/EMedianEPS (TTM) (quarterly)
25.4×₹17.620.7×₹13.216.1×₹8.811.5×₹4.46.8×₹0.0×10.60×₹16Mar 16Oct 18Jun 21Jan 24Jul 26
25.4×₹17.620.7×₹13.216.1×₹8.811.5×₹4.46.8×₹0.0×10.60×₹16Mar 16Jun 21Jul 26
P/E
10.6×
6th percentile of 10y

Why the multiple sits where it does: over the past year annual EPS moved +4.1% against a −17.3% price move — earnings outran the price, pushing the multiple DOWN its own range.

The price move, decomposed: over 5y, of the +4.9%/yr price move, ~+18.2%/yr came from earnings growth and ~−13.3 pp from the multiple (compressing); over 10y, of the +5.1%/yr price move, ~+6.2%/yr came from earnings growth and ~−1.1 pp from the multiple (compressing). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is low against its own past, so the story rests on the earnings line underneath it, not the multiple.

A quarterly PEG curve, which only the second data source carries, is not drawn on this page: its two data sources disagree by up to 28% on reported income across 14 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

03 · Stage: Consistent

Stage: Consistent Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Balmer Lawrie & Company Ltd reads as consistent on its fundamental arc. Consistent — revenue, profit and EPS growth have stayed positive through the window, with ROCE at 15.0% and holding. The read is built from 8 quarters across 4 curves, on partial evidence.

Growth, year by year: revenue +8.5% in FY26, profit +4.2% Year-over-year growth per fiscal year, %: revenue (left axis); net profit and EPS (right axis — profit growth swings far wider). Zero line drawn.
Revenue YoYProfit YoYEPS YoY
41%46%16%27%−8.4%7.4%−33%−12%−58%−31%%%8.5%4.2%FY16FY21FY26
41%46%16%27%−8.4%7.4%−33%−12%−58%−31%%%8.5%4.2%FY16FY21FY26
Three growth curves, twelve quarters Year-on-year growth of trailing-twelve-month revenue (left axis), profit and EPS (right axis — they swing far wider), % at each quarter-end. A missing point means that reading is not held for the quarter.
the trajectory the stage is read from · revenue stabilising, profit stabilising
RevenueProfitEPS
9.3%36%7.9%26%6.4%16%5.0%5.5%3.5%−4.7%%%8.9%3.8%3%Sep 23Dec 24Jun 26
9.3%36%7.9%26%6.4%16%5.0%5.5%3.5%−4.7%%%8.9%3.8%3%Sep 23Dec 24Jun 26
ROCE Annual readings — the quarterly balance-sheet pieces this curve needs are not held for this stock, so the returns read moves once a year and carries less weight in the call.
the return curve, annual readings
ROCE
16%15%13%11%9.5%%15%FY23FY24FY26
16%15%13%11%9.5%%15%FY23FY24FY26
Revenue growth
Steady high
latest +8.9% · span +3.9% to +8.9%
Profit growth
Steady high
latest +3.8% · span −1.9% to +33.5%
EPS growth
Steady high
latest +3.0% · span −0.6% to +32.2%
ROCE
Rising
latest 15.0% · span 10.0%–16.0%

Why it matters: steady curves with healthy returns are the compounding setup — the risk is the price, not the business.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

A partial read: at least one curve is short, or the returns curve is not the computed quarterly series — hold the stage word a little more loosely.

Compound annual growth rate (%) Compound annual growth rate over each window, %. Revenue, profit and EPS from fiscal-year figures; share price is the price CAGR over the same spans. A dash = that window is not held, or the base was a loss.
1yr3yr5yr10yr
Revenue+8.5%+5.5%+12.2%+5.5%
Profit+4.2%+17.1%+18.6%+5.1%
EPS+4.1%+17.2%+18.1%+5.4%
Share price−17.3%+4.9%+4.9%+5.1%
Revenue YoY (Jun 26)
+10.0%
latest quarter vs a year ago
Profit YoY (Jun 26)
+6.0%
latest quarter vs a year ago
Revenue 10y
5.5%
long-run compound pace
04 · 4-Factor Sector Score

4-Factor Sector Score

53.8/100 — rank 8 of 20 in Diversified · 82% evidence confidence

Balmer Lawrie & Company Ltd scores 53.8 out of 100 against the 20 companies it is compared with in Diversified, ranking 8. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 16.6 + 15.3 + 14.5 + 7.4 = 53.8. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

05 · Revenue

Revenue Revenue is the top line: everything the company billed its customers in the period.

Balmer Lawrie & Company Ltd reported ₹749 Cr of revenue in the Jun 26 quarter, +10.0% year on year. That is the 3rd straight quarter of year-on-year growth. Over 10 years it has compounded at 5.5% a year. The last full year, FY26, came in at ₹2,717 Cr. The last four reported quarters add to ₹2,785 Cr.

FY26 revenue came in at ₹2,717 Cr (+8.5% on the year), capping 10 years at 5.5% compound. The latest quarter (Jun 26) printed ₹749 Cr, +10.0% year on year — the 3rd consecutive quarter of year-over-year growth.

FY26 revenue ₹2,717 Cr (+8.5% YoY) Revenue bars, ₹ Cr (left); YoY growth-% line (right). 11-year window. A bar is red when it is lower than the year before.
5.5% a year over 10 years
RevenueYoY growth
2.9k41%2.2k16%1.5k−8.4%734−33%0−58%₹ Cr%₹2,7178.5%FY16FY21FY26
2.9k41%2.2k16%1.5k−8.4%734−33%0−58%₹ Cr%₹2,7178.5%FY16FY21FY26
Jun 26: ₹749 Cr (+10.0% YoY) Quarterly revenue bars, ₹ Cr (left); YoY growth-% line (right). Last 12 quarters. A bar is red when it is lower than the quarter before.
3rd straight quarter of growth
Revenue (quarterly)YoY growth
80925%60717%4048.6%2020.7%0−7.3%₹ Cr%₹74910%Sep 23Dec 24Jun 26
80925%60717%4048.6%2020.7%0−7.3%₹ Cr%₹74910%Sep 23Dec 24Jun 26

Pace check: the last four quarters averaged +9.0% growth against the decade's 5.5% — the current year is running faster than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +8.9% over the last 4 quarters against +8.0%/yr over the last 8 — stabilising; TTM profit +3.8% vs +1.7%/yr — stabilising.

06 · Operating margin

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Balmer Lawrie & Company Ltd's operating margin is 13.0% in the Jun 26 quarter, +1.0 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 13 fiscal years the operating margin has ranged 7.0% to 13.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 13.0%, +1.0 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 7.0%–13.0%, and FY26's 13.0% is the top of that band — a record year.

Why the margin moved: operating margin went +1.1 pp year on year while gross margin went +1.1 pp — the gain came mostly from the gross line: input costs and pricing.

Worth repeating from the valuation section: cheap against its own history on record margins is not the same thing as cheap — a record margin flatters every ratio built on top of it.

FY26: 13.0% Operating margin by fiscal year, %, line (left); year-on-year change in the margin, in percentage points, line (right). 13-year window.
the widest a 7.0–13.0% band over 13 years
operating marginYoY change (pp)
13%6.7%12%4.1%10%1.5%8.3%−1.1%6.5%−3.7%%%13%1%FY14FY20FY26
13%6.7%12%4.1%10%1.5%8.3%−1.1%6.5%−3.7%%%13%1%FY14FY20FY26
Jun 26: 13.0% operating margin (+1.0 pp YoY) Quarterly operating margin, %, line (left); year-on-year change in the margin, in percentage points, line (right). Last 12 quarters. Operating profit as a share of revenue, per quarter.
Operating marginYoY change (pp)
16%7.7%15%5.1%13%2.5%11%−0.1%9.5%−2.7%%%13%1%Sep 23Dec 24Jun 26
16%7.7%15%5.1%13%2.5%11%−0.1%9.5%−2.7%%%13%1%Sep 23Dec 24Jun 26
07 · Net profit

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Balmer Lawrie & Company Ltd earned ₹71.0 Cr of net profit in the Jun 26 quarter, +6.0% year on year. It is the 3rd consecutive quarter of growth. Full-year FY26 profit was ₹270 Cr. The 10-year compound rate is 5.1%. That is 9.5% of the quarter's revenue. The same quarter a year earlier earned ₹67.0 Cr.

Jun 26 profit was ₹71.0 Cr, +6.0% year on year — the 3rd consecutive quarter of growth. On the full year, FY26 printed ₹270 Cr (+4.2%), and the 10-year compound rate is 5.1%.

FY26 profit ₹270 Cr (+4.2% YoY) Net profit bars, ₹ Cr (left); YoY growth-% line (right). 11-year window. A bar is red when it is lower than the year before.
5.1% a year over 10 years
Net profitYoY growth
29246%21927%1467.4%73−12%0−31%₹ Cr%₹2704.2%FY16FY21FY26
29246%21927%1467.4%73−12%0−31%₹ Cr%₹2704.2%FY16FY21FY26
Jun 26: ₹71.0 Cr (+6.0% YoY) Quarterly net profit bars, ₹ Cr (left); YoY growth-% line (right). Last 12 quarters. A bar is red when it is lower than the quarter before.
3rd straight quarter of growth
Net profit (quarterly)YoY growth
9096%6768%4539%2211%0−18%₹ Cr%₹716%Sep 23Dec 24Jun 26
9096%6768%4539%2211%0−18%₹ Cr%₹716%Sep 23Dec 24Jun 26

Why profit moved: revenue contributed +10.0% and the margin +1.0 pp — the quarter was revenue-led, with the margin roughly flat.

Pace comparison, last four quarters: profit +3.3% vs revenue +9.0%. Profit is growing slower than sales — costs are eating the growth before it reaches the bottom line.

08 · Cash flow — the router

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 94% of Balmer Lawrie & Company Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹289 Cr of operating cash against ₹270 Cr of profit. After ₹189 Cr of capital spending, ₹100 Cr was left as free cash.

FY26: operating cash of ₹289 Cr against reported profit of ₹270 Cr, leaving free cash of ₹100 Cr after ₹189 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 94% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

FY26: CFO ₹289 Cr vs profit ₹270 Cr Operating cash flow and net profit by fiscal year, ₹ Cr; the line is free cash flow (CFO minus capital spending). 11-year window, annual resolution.
94% of 3-year profit arrived as cash
Operating cashNet profitFree cash
33923913938−62₹ Cr₹289₹270₹100FY16FY21FY26
33923913938−62₹ Cr₹289₹270₹100FY16FY21FY26
FY26: CFO = 107% of profit (three-year rate 94%) Operating cash as a share of net profit, per fiscal year, % (line). Dashed line = 100% — every unit of profit arriving as cash.
Conversion100%
229%168%107%45%−16%%107%FY16FY21FY26
229%168%107%45%−16%%107%FY16FY21FY26

Why conversion sits at 94%: the cash cycle held roughly steady between FY21 and FY26 — so conversion tracks profitability rather than the cycle.

Router verdict: the bigger cash user is investment — capital spending ran 1.7× depreciation over three years, so the next section's job is to check what that build-out is buying.

09 · Where the cash goes

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Balmer Lawrie & Company Ltd's cash conversion cycle runs 35 days in FY26, up from 28 days in FY21. Capital spending ran ₹324 Cr over the last 3 years. At FY26 sales of ₹2,717 Cr each day of that cycle holds about ₹7.4 Cr, so roughly ₹261 Cr sits inside the business at any moment.

FY26: debtors at 72 days, inventory at 35 days — roughly 1.2 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 35 days, looser than FY21's 28.

The full loop: cash goes out to suppliers and production on day 0; stock waits 35 days to sell; customers pay about 72 days after that; and suppliers themselves are paid at 71 days — netting out to the 35-day cycle.

In money terms: at FY26 sales of ₹2,717 Cr, each day of the cycle holds about ₹7.4 Cr — so the 35-day loop keeps roughly ₹261 Cr sitting inside the business at any moment.

FY26: a 35-day cash cycle Debtor days, inventory days, payable days and the cash conversion cycle by fiscal year. 13-year window.
+7 days vs FY21
Cash cycleInventory daysDebtor daysPayable days
1571116519−27days35d35d72d71dFY14FY17FY20FY23FY26
1571116519−27days35d35d72d71dFY14FY20FY26

On the investment side: capital spending of ₹324 Cr over the last 3 fiscal years against ₹195 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹34.0 Cr (FY26) — capacity paid for but not yet earning.

FY26: capex ₹189 Cr, work-in-progress ₹34.0 Cr Capital spending per fiscal year, ₹ Cr (bars); capital work-in-progress, ₹ Cr (line). Quarterly capital-spending history is not held for India — annual is the honest resolution.
a build-out
CapexWork-in-progress
21711614−88−189₹ Cr₹189₹34FY16FY18FY21FY23FY26
21711614−88−189₹ Cr₹189₹34FY16FY21FY26

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

10 · Return on capital

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Balmer Lawrie & Company Ltd earns a ROCE of 15% in FY26. That is up from a trough of 8% in FY21. A return-on-invested-capital spread against the cost of capital is not computable from what is held here. The wiring behind it is 9.9% net margin on 0.81× asset turns.

FY26 ROCE is 15%, recovered from a FY21 trough of 8% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY26): 9.9% net margin × 0.81× asset turns × 1.62× balance-sheet leverage ≈ 13.0% on equity. Margin does its share; leverage is a meaningful part of the equation.

FY26: ROCE 15% Return on capital employed by fiscal year, % (line). 13-year window, dips included. Dashed line = the 12.0% cost of capital used on this page.
the climb back from FY21's 8%
ROCEWACC
23%19%15%11%6.9%%15%FY14FY17FY20FY23FY26
23%19%15%11%6.9%%15%FY14FY20FY26

The quarterly return curves and the return-on-invested-capital overlay, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 28% on reported income across 14 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

11 · Debt

Debt Debt-to-equity says how much of the business is funded by borrowings; interest cover says how many times operating profit pays the interest bill. Low and high, respectively, is the safe corner.

Balmer Lawrie & Company Ltd carries ₹220 Cr of borrowings against ₹2,069 Cr of equity in FY26, a debt-to-equity of 0.11. Operating profit covers the interest bill 11×. Over 5 years borrowings went from ₹125 Cr to ₹220 Cr. Capital spending ran ₹324 Cr across the last 3 of those years.

FY26: borrowings of ₹220 Cr against equity of ₹2,069 Cr — a debt-to-equity of 0.11. Operating profit covers the interest bill 11×. Over 5 years borrowings went from ₹125 Cr to ₹220 Cr while capital spending ran ₹324 Cr in just the last 3 — part of the build-out is riding on borrowed money.

FY26: borrowings ₹220 Cr at 0.11× equity Borrowings by fiscal year, ₹ Cr (bars); debt-to-equity, × (line). 13-year window. Quarterly balance-sheet history is not held for India — annual is the honest resolution.
the debt trajectory
BorrowingsDebt-to-equity
2380.21×1780.15×1190.10×590.04×0−0.02×₹ Cr×₹2200.11×FY14FY17FY20FY23FY26
2380.21×1780.15×1190.10×590.04×0−0.02×₹ Cr×₹2200.11×FY14FY20FY26

The total-debt and debt-to-equity series, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 28% on reported income across 14 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

12 · Ownership

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

No holder of Balmer Lawrie & Company Ltd moved a full percentage point over the last two years — the register is quiet. Domestic institutions moved −0.1 points over the same window, to 1.8%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Foreign institutions: −0.7 points over 8 quarters to 2.4%; Domestic institutions: −0.1 points over 8 quarters to 1.8%.

Fiscal-year ends: promoters +0.0 pts from Mar 24 to Mar 26 Shareholding at each fiscal-year end (March quarter), % of the company. 3 year-ends held.
Foreign inst.Domestic inst.Public
103%76%49%22%−5.7%%2.2%1.8%96.0%Mar 24Mar 25Mar 26
103%76%49%22%−5.7%%2.2%1.8%96.0%Mar 24Mar 25Mar 26
A quiet register: no holder moved a full point in two years Shareholding by holder class, % of the company, quarterly, last 13 quarters.
Foreign inst.Domestic inst.Public
104%76%49%22%−5.7%%2.4%1.8%95.8%Jun 23Dec 24Jun 26
104%76%49%22%−5.7%%2.4%1.8%95.8%Jun 23Dec 24Jun 26
13 · Safety line

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Balmer Lawrie & Company Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

14 · Related companies · Diversified
CompanyScorePrice stageGrowth & earnings/35Capital efficiency/25Valuation/20Relative strength/20
1Indiabulls LimitedIBULLSLTD 61.6/100Mixed-positive evidence67% evidence LEADER 18.3/35 Revenue 100% · PAT 100% · OPM change 28 pp 71% evidence 14.2/25 ROCE 16.2% · OPM 43% 76% evidence 10.6/20 P/E 13.2× · PEG — 15% evidence 18.5/20 RS sector 45.4% · RS bench 50.9% · 1Y 82.1%12 of 12 weeks ahead 100% evidence
Exact sum: 18.3 + 14.2 + 10.6 + 18.5 = 61.6 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2BCL Industries LtdBCLIND 61.0/100Mixed-positive evidence83% evidence FADING 19.3/35 Revenue -0.8% · PAT 21.1% · OPM change 2 pp 83% evidence 14.4/25 ROCE 13.9% · OPM 9% 95% evidence 13.1/20 P/E 9.4× · PEG — 50% evidence 14.2/20 RS sector -0.4% · RS bench 4.6% · 1Y -17.6%9 of 12 weeks ahead 100% evidence
Exact sum: 19.3 + 14.4 + 13.1 + 14.2 = 61 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
33M India Ltd3MINDIA 59.1/100Mixed-positive evidence90% evidence TURNING 17.6/35 Revenue 11.5% · PAT -7.5% · OPM change -1.8 pp 88% evidence 20.0/25 ROCE 40.5% · OPM 17.2% 100% evidence 11.7/20 P/E 63.8× · PEG 1.25 100% evidence 9.8/20 RS sector -3.7% · RS bench 3.4% · 1Y 10.8%2 of 10 weeks ahead 70% evidence
Exact sum: 17.6 + 20 + 11.7 + 9.8 = 59.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4Grasim Industries LtdGRASIM 57.6/100Mixed-positive evidence78% evidence LEADER 22.9/35 Revenue 18.1% · PAT 32.8% · OPM change 1 pp 83% evidence 12.8/25 ROCE 8% · OPM 21% 76% evidence 6.7/20 P/E 42.2× · PEG — 50% evidence 15.2/20 RS sector 2.2% · RS bench 6.9% · 1Y 14.5%11 of 12 weeks ahead 100% evidence
Exact sum: 22.9 + 12.8 + 6.7 + 15.2 = 57.6 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5Sobhagya Mercantile Ltd512014 56.7/100Mixed-positive evidence71% evidence ASLEEP 18.6/35 Revenue 49.3% · PAT 41.8% · OPM change -3.7 pp 83% evidence 18.5/25 ROCE 23.4% · OPM 10.9% 76% evidence 9.7/20 P/E 43.3× · PEG — 15% evidence 9.9/20 RS sector -1% · RS bench 3.7% · 1Y 62.5%6 of 12 weeks ahead 100% evidence
Exact sum: 18.6 + 18.5 + 9.7 + 9.9 = 56.7 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6Texmaco Infrastructure & Holdings LtdTEXINFRA 55.9/100Mixed-positive evidence76% evidence LEADER 24.3/35 Revenue 9.9% · PAT 100% · OPM change 78.8 pp 83% evidence 5.5/25 ROCE 1.4% · OPM -41.9% 95% evidence 8.7/20 P/E 133× · PEG — 15% evidence 17.4/20 RS sector 7.9% · RS bench 12.9% · 1Y 15.7%8 of 12 weeks ahead 100% evidence
Exact sum: 24.3 + 5.5 + 8.7 + 17.4 = 55.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
7Kalind Ltd526935 55.2/100Mixed-positive evidence67% evidence BASING 23.6/35 Revenue — · PAT — · OPM change 21 pp 52% evidence 18.2/25 ROCE 32% · OPM 63% 76% evidence 10.6/20 P/E 21.8× · PEG — 50% evidence 2.8/20 RS sector -84.1% · RS bench 2% · 1Y -44.6%1 of 12 weeks ahead 100% evidence
Exact sum: 23.6 + 18.2 + 10.6 + 2.8 = 55.2 · Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -84.1% and the one-year return is -44.6%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
8Balmer Lawrie & Company Ltdthis pageBALMLAWRIE 53.8/100Mixed-positive evidence82% evidence ASLEEP 16.6/35 Revenue 8.9% · PAT 3.8% · OPM change 1 pp 95% evidence 15.3/25 ROCE 14.6% · OPM 13% 76% evidence 14.5/20 P/E 10.6× · PEG — 50% evidence 7.4/20 RS sector -13.8% · RS bench -9.4% · 1Y -20.2%2 of 12 weeks ahead 100% evidence
Exact sum: 16.6 + 15.3 + 14.5 + 7.4 = 53.8 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
9Tube Investments of India LtdTIINDIA 46.1/100Mixed-negative evidence96% evidence ASLEEP 18.6/35 Revenue 17.4% · PAT 6.1% · OPM change 2 pp 88% evidence 17.9/25 ROCE 17.1% · OPM 9% 100% evidence 2.0/20 P/E 80.6× · PEG 9.63 100% evidence 7.6/20 RS sector -9.1% · RS bench -4.8% · 1Y -4.5%9 of 12 weeks ahead 100% evidence
Exact sum: 18.6 + 17.9 + 2 + 7.6 = 46.1 · Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression.
10Nurture Well Industries Ltd531889 45.0/100Mixed-negative evidence71% evidence ASLEEP 15.8/35 Revenue 34% · PAT 27% · OPM change -9.1 pp 83% evidence 15.0/25 ROCE 22.9% · OPM 0.2% 76% evidence 11.5/20 P/E 8.6× · PEG — 15% evidence 2.7/20 RS sector -21.8% · RS bench -18.1% · 1Y 23.1%0 of 12 weeks ahead 100% evidence
Exact sum: 15.8 + 15 + 11.5 + 2.7 = 45 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
11Bluspring Enterprises LtdBLUSPRING 43.0/100Thin evidence · provisional57% evidence TURNING 18.4/35 Revenue 11.8% · PAT 90.6% · OPM change 0.7 pp 71% evidence 3.5/25 ROCE 5.1% · OPM 2.2% 95% evidence 8.9/20 P/E 114× · PEG — 15% evidence 12.2/20 RS sector — · RS bench 51.5% · 1Y 23.7%10 of 10 weeks ahead 25% evidence
Exact sum: 18.4 + 3.5 + 8.9 + 12.2 = 43 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
12Nava LtdNAVA 41.7/100Mixed-negative evidence89% evidence ASLEEP 9.8/35 Revenue 7.8% · PAT -27.6% · OPM change -5 pp 88% evidence 14.3/25 ROCE 12.8% · OPM 32% 100% evidence 13.1/20 P/E 20.5× · PEG 1.16 65% evidence 4.5/20 RS sector -13.4% · RS bench -9.3% · 1Y -9.6%3 of 12 weeks ahead 100% evidence
Exact sum: 9.8 + 14.3 + 13.1 + 4.5 = 41.7 · Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
13Swan Corp LtdSWANCORP 35.8/100Thin evidence · provisional58% evidence ASLEEP 15.1/35 Revenue -11.5% · PAT -69% · OPM change -31.6 pp 62% evidence 6.3/25 ROCE 3.9% · OPM -30% 76% evidence 10.1/20 P/E 35.2× · PEG — 15% evidence 4.3/20 RS sector -29.3% · RS bench -22.8% · 1Y -35%0 of 10 weeks ahead 70% evidence
Exact sum: 15.1 + 6.3 + 10.1 + 4.3 = 35.8 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
14Andrew Yule & Company LtdANDREWYU 34.7/100Thin evidence · provisional55% evidence TURNING 13.2/35 Revenue -4.8% · PAT -80% · OPM change -9 pp 62% evidence 3.5/25 ROCE -6.3% · OPM -52% 76% evidence 10.0/20 P/E — · PEG — 0% evidence 8.0/20 RS sector -37% · RS bench 13.8% · 1Y -5.2%10 of 11 weeks ahead 70% evidence
Exact sum: 13.2 + 3.5 + 10 + 8 = 34.7 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
15Integrated Industries LtdIIL 64.5/100Thin evidence · provisional50% evidence 20.6/35 Revenue 60.5% · PAT 94.6% · OPM change 2 pp 53% evidence 16.7/25 ROCE 30.5% · OPM 11% 57% evidence 11.0/20 P/E 11.6× · PEG — 15% evidence 16.2/20 RS sector 51.9% · RS bench 63.7% · 1Y 114.3%11 of 12 weeks ahead to 2026-03-08 70% evidence
Exact sum: 20.6 + 16.7 + 11 + 16.2 = 64.5 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
16Arunis Abode LtdARUNIS 50.8/100Thin evidence · provisional45% evidence 15.3/35 Revenue 100% · PAT 100% · OPM change -17.7 pp 40% evidence 9.4/25 ROCE -5.3% · OPM 28.5% 57% evidence 9.4/20 P/E 62.5× · PEG — 15% evidence 16.7/20 RS sector 131.3% · RS bench 136.7% · 1Y 395.6%12 of 12 weeks ahead to 2026-03-08 70% evidence
Exact sum: 15.3 + 9.4 + 9.4 + 16.7 = 50.8 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
17Piramal Enterprises Ltd(Merged)PEL 47.8/100Thin evidence · provisional41% evidence 19.0/35 Revenue 13.3% · PAT 100% · OPM change -0.7 pp 27% evidence 11.8/25 ROCE 6.8% · OPM 65.1% 57% evidence 9.6/20 P/E 49× · PEG — 15% evidence 7.4/20 RS sector -20.3% · RS bench 1% · 1Y -12.1%6 of 12 weeks ahead to 2025-09-24 70% evidence
Exact sum: 19 + 11.8 + 9.6 + 7.4 = 47.8 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
18Bharat Global Developers LtdBGDL 46.9/100Thin evidence · provisional47% evidence 15.6/35 Revenue -74% · PAT -80% · OPM change 4.2 pp 53% evidence 10.8/25 ROCE 11.3% · OPM — 46% evidence 8.5/20 P/E 291× · PEG — 15% evidence 12.0/20 RS sector 165.8% · RS bench -70.1% · 1Y -17.1%0 of 12 weeks ahead to 2026-03-08 70% evidence
Exact sum: 15.6 + 10.8 + 8.5 + 12 = 46.9 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
19Rossell India LtdROSSELLIND 41.1/100Thin evidence · provisional47% evidence 14.5/35 Revenue 4.8% · PAT -41.1% · OPM change 0.1 pp 36% evidence 11.0/25 ROCE 6.4% · OPM 10.7% 71% evidence 10.8/20 P/E 11.8× · PEG — 15% evidence 4.8/20 RS sector -28.8% · RS bench -19.6% · 1Y -35%0 of 12 weeks ahead to 2026-03-29 70% evidence
Exact sum: 14.5 + 11 + 10.8 + 4.8 = 41.1 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
20Kesar Enterprises LtdKESAR 33.6/100Thin evidence · provisional42% evidence 14.2/35 Revenue -55.3% · PAT -80% · OPM change 7.4 pp 40% evidence 5.9/25 ROCE -26.2% · OPM 2.8% 57% evidence 10.0/20 P/E — · PEG — 0% evidence 3.5/20 RS sector -44.4% · RS bench -39.4% · 1Y -66.4%0 of 12 weeks ahead to 2026-03-08 70% evidence
Exact sum: 14.2 + 5.9 + 10 + 3.5 = 33.6 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step curve the sector itself is placed on — basing, turning, breaking out, leader, fading, asleep — read from how many weeks running it has led NIFTY 500 and whether that lead is widening or shrinking. It describes where the PRICE stands, not the earnings trajectory and not a recommendation, and it is left blank for a company whose weekly history is too short or too stale to read.

15 · Frequently asked questions

Frequently asked questions

What is Balmer Lawrie & Company Ltd's share price today?

Balmer Lawrie & Company Ltd trades at ₹172, −17.3% over the past year. The company is valued at ₹2,945 Cr. The stock sits at 20% of its 52-week range of ₹157–₹231, −6.4% versus its 200-day average. On the tape, the price is in a downtrend, 39 weeks in. — as of 31 July 2026.

What were Balmer Lawrie & Company Ltd's latest quarterly results?

Balmer Lawrie & Company Ltd reported revenue of ₹749 Cr and net profit of ₹71.0 Cr for the Jun 26 quarter. Revenue rose 10.0% and profit rose 6.0% year on year. Earnings per share were ₹4.18. The operating margin was 13.0%, 1.0 pp higher than a year earlier. — as of 31 July 2026.

What is Balmer Lawrie & Company Ltd's revenue?

Balmer Lawrie & Company Ltd reported revenue of ₹749 Cr in the Jun 26 quarter, +10.0% year on year. For the full FY26 fiscal year, revenue was ₹2,717 Cr (+8.5%). Over the last 10 years revenue compounded at 5.5% a year. — as of 31 July 2026.

What is Balmer Lawrie & Company Ltd's profit?

Balmer Lawrie & Company Ltd earned ₹71.0 Cr of net profit in the Jun 26 quarter, +6.0% year on year — the 3rd straight quarter of growth. Full-year FY26 profit was ₹270 Cr. The operating margin ran 13.0% in the latest quarter. — as of 31 July 2026.

What is Balmer Lawrie & Company Ltd's market cap?

Balmer Lawrie & Company Ltd's market capitalisation is ₹2,945 Cr at a share price of ₹172. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 31 July 2026.

What is Balmer Lawrie & Company Ltd's P/E ratio?

Balmer Lawrie & Company Ltd trades at a P/E of 10.6×, at the 6th percentile of its own 10-year range, against a long-run median of 13.5×. This is a comparison with the stock's own history, not a value call — as of 31 July 2026.

Does Balmer Lawrie & Company Ltd pay a dividend?

Yes — Balmer Lawrie & Company Ltd's dividend payout was 26% of profit in FY26, and it recorded a payout in each of its last 13 reported fiscal years. This page holds the payout ratio, not a per-share amount. — as of 31 July 2026.

Is Balmer Lawrie & Company Ltd overvalued?

On its own history, Balmer Lawrie & Company Ltd looks cheap against its own history: its P/E of 10.6× has been cheaper only 6% of the time in 10 years (long-run median 13.5×). That is a percentile read against the stock's own past, not a price opinion or a direction call. One caveat: margins are the best this company has ever printed — cheap on record margins is not the same thing as cheap. — as of 31 July 2026.

Is Balmer Lawrie & Company Ltd growing?

Yes — Balmer Lawrie & Company Ltd is growing: latest-quarter revenue +10.0% year on year, profit +6.0%, and the margin +1.0 pp at 13.0%. The 10-year compound rates are 5.5% (revenue) and 5.1% (profit). The earnings engine currently reads: improving — as of 31 July 2026.

How is Balmer Lawrie & Company Ltd performing?

Balmer Lawrie & Company Ltd is in a downtrend, 39 weeks in. Its latest quarter's revenue rose 10.0% and profit rose 6.0% year on year. Against the NIFTY 500 it has been behind on a trailing-13-week view for 7 weeks. This describes what the data did, not a rating. — as of 31 July 2026.

What stage is Balmer Lawrie & Company Ltd in?

Consistent — revenue, profit and EPS growth have stayed positive through the window, with ROCE at 15.0% and holding. The read comes from the last 12 quarters of growth (revenue growth +8.9% latest, profit growth +3.8% latest, eps growth +3.0% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 31 July 2026.

Is Balmer Lawrie & Company Ltd in an uptrend?

No — the price is in a downtrend (week 39 of stage 4), trading −6.4% versus its 200-day average and at 20% of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 31 July 2026.

Is Balmer Lawrie & Company Ltd beating the market?

Not lately — on a trailing-13-week view Balmer Lawrie & Company Ltd is currently behind the NIFTY 500 (7 weeks and counting; last ahead the week of 2026-06-24), the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 10.4 years the stock moved +91% against the NIFTY 500's +276% — behind the index over the full window. — as of 31 July 2026.

Will Balmer Lawrie & Company Ltd's share price go up?

This page publishes no price forecast for Balmer Lawrie & Company Ltd. What it measures instead: the share price is ₹172, the price is in a downtrend 39 weeks in. Its P/E of 10.6× sits at the 6th percentile of its own 10-year range. — as of 31 July 2026.

Does Balmer Lawrie & Company Ltd have too much debt?

No — Balmer Lawrie & Company Ltd's debt-to-equity is 0.11, and operating profit covers the interest bill 11×. FY26 borrowings were ₹220 Cr against equity of ₹2,069 Cr. The returns on this page are earned, not borrowed — as of 31 July 2026.

What is Balmer Lawrie & Company Ltd's capex?

Balmer Lawrie & Company Ltd spent ₹324 Cr on capital expenditure over the last 3 fiscal years, a figure derived from the change in fixed assets plus depreciation. In FY26 alone that was ₹189 Cr, with ₹34.0 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 31 July 2026.

What is Balmer Lawrie & Company Ltd's cash flow?

Balmer Lawrie & Company Ltd generated ₹289 Cr of operating cash flow in FY26 and ₹100 Cr of free cash flow after ₹189 Cr of capital spending. Reported profit that year was ₹270 Cr, so operating cash ran ahead of profit. Cash-flow resolution for India is annual. — as of 31 July 2026.

Is Balmer Lawrie & Company Ltd's profit real cash?

Yes — over the last 3 fiscal years, 94% of Balmer Lawrie & Company Ltd's reported profit arrived as operating cash. In FY26, operating cash was ₹289 Cr against reported profit of ₹270 Cr. The cash then goes mostly into building capacity. Cash-flow resolution is annual — as of 31 July 2026.

Where is Balmer Lawrie & Company Ltd in its business cycle?

Balmer Lawrie & Company Ltd's FY26 operating margin was 13.0%, against a 13-year band of 7.0%–13.0%: the top of the band — a record year. Record profitability is late-cycle territory: every ratio flatters at the top, and the story leans on margins holding. The latest quarter ran 13.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 31 July 2026.

What could break the Balmer Lawrie & Company Ltd story?

Biggest watch item: margins are the best this company has ever printed — every ratio flatters at record profitability, so the whole story leans on margins holding. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 31 July 2026.

Is Balmer Lawrie & Company Ltd a stock worth studying right now?

This is not investment advice. The machine read: Balmer Lawrie & Company Ltd's earnings have outrun its stock. EPS grew +4.1% in a year against a −17.3% price move. The sharpest open question: the next one or two quarters of delivery. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 31 July 2026.

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