Balmer Lawrie Investments logistics services leads Q2 growth

Balmer Lawrie Investments Limited’s logistics services revenue rose 87% year on year to Rs 238.76 crore in the quarter ended September 30, 2026, while profit before interest and tax (PBIT) increased 143% to Rs 44.08 crore. The segment recorded the fastest revenue and PBIT growth among the group’s major operating divisions disclosed for the quarter.

How fast did Balmer Lawrie Investments’ logistics services business grow in Q2?

Balmer Lawrie Investments’ logistics services revenue increased from Rs 127.85 crore in the corresponding quarter ended September 30, 2025, to Rs 238.76 crore in the September 2026 quarter. The Rs 110.91 crore increase equates to about 87% year-on-year growth, ahead of every other major operating segment listed in the consolidated segment statement.

The business also expanded sequentially from Rs 173.17 crore in the preceding quarter ended June 30, 2026. The resulting Rs 65.59 crore increase was about 38% quarter on quarter, while group net sales and income from operations rose about 7%, from Rs 751.14 crore to Rs 803.15 crore.

Balmer Lawrie Investments reported total segment revenue of Rs 841.26 crore for the September 2026 quarter before eliminating Rs 38.11 crore of inter-segment revenue. Logistics services was the second-largest disclosed segment by revenue, behind Industrial Packaging at Rs 246.61 crore and ahead of Greases & Lubricants at Rs 162.38 crore.

Did Balmer Lawrie Investments’ logistics services profit rise with revenue?

Yes, Balmer Lawrie Investments’ logistics services PBIT rose to Rs 44.08 crore in the September 2026 quarter from Rs 18.11 crore a year earlier. The Rs 25.97 crore increase represents growth of about 143%, exceeding the segment’s revenue growth rate and the PBIT growth reported by the other major segments.

The segment’s PBIT was also higher than Rs 26.44 crore in the June 2026 quarter. That was a quarter-on-quarter increase of Rs 17.64 crore, or about 67%, while the group’s total segment PBIT increased from Rs 107.46 crore to Rs 118.50 crore before finance costs.

At Rs 44.08 crore, logistics services produced the largest segment PBIT in the quarter. It exceeded Travel & Vacations at Rs 33.79 crore and Greases & Lubricants at Rs 20.54 crore, while its Rs 44.08 crore represented about 37% of total segment PBIT of Rs 118.50 crore before the group’s Rs 11.35 crore finance cost.

How did logistics services compare with Balmer Lawrie Investments’ other segments?

Balmer Lawrie Investments’ logistics services was the only major segment to report revenue growth above 80% in the September 2026 quarter. Industrial Packaging, the largest revenue segment, rose about 17% year on year to Rs 246.61 crore, while Logistics Infrastructure rose about 13% to Rs 78.88 crore and Greases & Lubricants increased about 3% to Rs 162.38 crore.

Travel & Vacations moved in the opposite direction, with revenue declining about 3% to Rs 80.48 crore from Rs 83.00 crore a year earlier. Investment business revenue also declined from Rs 3.09 crore to Rs 2.56 crore, while the Others segment increased 23% to Rs 31.59 crore but recorded a PBIT loss of Rs 9.77 crore, compared with a Rs 12.44 crore loss a year earlier.

For the six months ended September 30, 2026, logistics services revenue reached Rs 411.93 crore, compared with Rs 283.72 crore in the previous-year period. Its six-month PBIT rose to Rs 70.52 crore from Rs 40.95 crore, while Industrial Packaging retained higher half-year revenue of Rs 555.27 crore but reported PBIT of Rs 46.99 crore.

What do Balmer Lawrie Investments’ segment assets and liabilities show?

Balmer Lawrie Investments reported logistics services assets of Rs 339.40 crore as at September 30, 2026, compared with Rs 255.02 crore a year earlier and Rs 290.62 crore at June 30, 2026. The Rs 84.38 crore year-on-year increase coincided with the segment’s Rs 110.91 crore increase in quarterly revenue over the same comparison.

Logistics services liabilities stood at Rs 253.28 crore at September 30, 2026, up from Rs 182.14 crore a year earlier and Rs 220.80 crore three months earlier. The filing does not explain the reasons for the movements in segment assets or liabilities, so the disclosed figures do not establish whether working capital, investment, financing or another factor drove the changes.

For the consolidated group, total assets were Rs 3,782.24 crore at September 30, 2026, compared with Rs 3,514.38 crore at March 31, 2026. Total equity and liabilities also stood at Rs 3,782.24 crore, including Rs 990.05 crore of current liabilities and Rs 485.66 crore of non-current liabilities, which are broader measures than the logistics services segment balances.

Conclusion

Balmer Lawrie Investments’ September-quarter segment disclosure shows that logistics services was the largest contributor to the group’s segment PBIT and the fastest-growing major business by both revenue and PBIT. Industrial Packaging remained larger by quarterly revenue, but its Rs 15.84 crore PBIT was below the Rs 44.08 crore reported by logistics services.

The next results will show whether the sequential rise from Rs 173.17 crore of logistics services revenue in June 2026 to Rs 238.76 crore in September 2026 continues. The filing provides no segment-specific target, expansion plan or management guidance, and does not explain the increase in logistics services assets and liabilities.