Balmer Lawrie recommends ₹4.25 per share dividend for FY26

Balmer Lawrie & Co. Ltd. has recommended a dividend of ₹4.25 per equity share for the financial year ended March 31, 2026. The decision was taken during the Board of Directors' adjourned meeting held on May 17, 2026, under Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015.

The proposed dividend applies to 17,10,03,846 equity shares of ₹10 each. The payout will be finalized only upon declaration by the shareholders at the company's ensuing Annual General Meeting. Once approved, the dividend is expected to be paid within 30 days from the date of such declaration.

Meeting Details

The board meeting, which was adjourned previously, resumed at 11:30 a.m. and concluded at 5:10 p.m. on May 17, 2026. The recommendation of the dividend was a key agenda item during this session. The disclosure was made further to the company's earlier intimations dated May 5, 2026 and May 15, 2026.

Dividend Summary

The following table outlines the key details of the recommended dividend:

Particulars: Details Dividend per Share: ₹4.25 Face Value: ₹10 Total Equity Shares: 17,10,03,846 Financial Year: FY26 Payment Timeline: Within 30 days of AGM declaration

Balmer Lawrie & Co . Ltd., a Government of India Enterprise, held its adjourned Board Meeting on 17th May, 2026, approving the audited standalone and consolidated financial statements for the financial year ended 31st March, 2026. The financial results were certified by Chairman & Managing Director Adhip Nath Palchaudhuri and Director (Finance) & CFO Saurav Dutta, with the audit conducted by B Chhawchharia & Co., Chartered Accountants (Firm Registration No.: 305123E), Kolkata.

Standalone Financial Performance

The standalone financial results for the financial year ended 31st March, 2026, as reported under Regulation 33 of the SEBI (LODR) Regulations, 2015, are presented below:

Particulars: Audited Figures (₹ in Lakhs) Turnover / Total Income: 2,78,459.58 Total Expenditure: 2,45,372.97 Net Profit/(Loss): 24,567.69 Earnings Per Share: 14.37 Total Assets: 2,56,474.66 Total Liabilities: 1,00,925.97 Net Worth: 1,55,548.69

Consolidated Financial Performance

The consolidated financial results for the financial year ended 31st March, 2026, encompassing the Group, its subsidiary, associate, and joint ventures, are as follows:

Particulars: Audited Figures (₹ in Lakhs) Turnover / Total Income: 2,76,334.95 Total Expenditure: 2,47,575.44 Net Profit/(Loss): 20,240.59 Earnings Per Share: 16.18 Total Assets: 3,34,935.43 Total Liabilities: 1,26,618.70 Net Worth: 2,08,316.73

The consolidated results include the Group's share of net profit after tax of Rs 6,791.26 Lakhs from 3 joint ventures and 1 associate. The subsidiary, M/s Visakhapatnam Port Logistics Park Limited (VPLPL), reported total assets of Rs 15,196.85 Lakhs, total revenues of Rs 1,896.63 Lakhs, a net loss after tax of Rs 1,570.78 Lakhs, and cash inflows (net) of Rs 63.17 Lakhs. The auditors of VPLPL noted material uncertainty regarding the subsidiary's ability to continue as a going concern due to continuous financial losses, weak financial ratios, and negative working capital; however, financial statements have been prepared on a going concern basis based on management's confirmation on business revival.

Key Audit Matters and Emphasis of Matter

The statutory auditors identified three key audit matters: suspected fraud involving vendor payments, evaluation of uncertain tax positions, and long-outstanding trade receivable balances. On the vendor fraud matter, the Branch Auditor of the Northern Region identified additional transactions aggregating to Rs 162.42 Lakhs (pertaining to financial years 2022-23 to 2024-25) that appeared doubtful. This is in continuation of suspected vendor payments of Rs 190.25 Lakhs reported in the previous year. The management has recognised Rs 162.42 Lakhs as recoverable from the concerned vendors and simultaneously created a provision for the same. An external firm has been appointed to conduct an independent investigation, the outcome of which remains awaited.

The auditors also drew attention to several emphasis of matter items. An additional impairment loss of Rs 14.50 Lakhs relating to the dry warehouse and cold storage facility at AMTZ Vizag was recognised, while the Board-approved closure of SBU ROFS resulted in an impairment loss of Rs 806.64 Lakhs based on an independent valuation, bringing the aggregate impairment loss to Rs 821.14 Lakhs disclosed as a separate line item under Other Expenses. Additionally, a provision amounting to 75.72% of the Company's investment in VPLPL was made, considering the substantial erosion in VPLPL's net worth, which has declined by nearly 73%. Sundry creditors for expenses of Rs 322.57 Lakhs in the E&P Division, Kolkata, remain unpaid due to ongoing litigation.

Suspected Fraud and Internal Control Weaknesses

Beyond the vendor payment irregularities, the auditors flagged a separate matter involving suspected misuse or unauthorised redemption of digital loyalty coupons under the Balmerol Connect Plus Programme for SBU – Greases & Lubricants, involving an approximate amount of ₹16.56 Lakhs. An internal committee has been constituted by management to investigate this matter. The Branch Auditor of the Western Region reported a deficiency in the design and operating effectiveness of controls over issuance, monitoring, reconciliation, and redemption of these digital loyalty coupons.

Consequently, the auditors issued a Qualified Opinion on internal financial controls, citing two material weaknesses: inadequate controls over customer and vendor balance confirmations including unallocated receipts, and the control deficiency related to digital loyalty coupon redemption. The disputed statutory dues of Sales Tax, Service Tax, Cess, and Central Excise aggregating to Rs 11,950.54 Lakhs (Previous Year: Rs 10,876.22 Lakhs) remain undisputed. Fines of Rs 67.15 Lakhs were imposed by stock exchanges for non-compliance with Regulation 17(1) of the Listing Regulations for multiple quarters; the Company has made representations to the exchanges requesting waiver of these fines.

Government Grant and Other Regulatory Matters

The Company received a Grant-in-Aid of Rs 671.59 Lakhs from the Ministry of Food Processing Industries (MoFPI) for setting up integrated cold chain facilities at Rai, Haryana and Patalganga, Maharashtra. This has been accounted for under Ind AS 20 as deferred income, with Rs 37.80 Lakhs (Previous Year: Rs 52.47 Lakhs) credited to the statement of profit and loss during the year. The auditors confirmed no material misstatement or deviation in the valuation of investments held by the gratuity trust, no cash losses were incurred during the year, and no unspent amounts towards Corporate Social Responsibility remained at year-end. The Company's accounting software maintained an audit trail throughout the year in compliance with statutory requirements.

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