balmer lawrie & co has notified the stock exchanges regarding a change in its senior management personnel. The disclosure was made under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company confirmed that Shri Sushil Dugar has ceased to be part of the Senior Management of Balmer Lawrie & Co. Ltd. as defined under Regulation 16(1)(d) of the Listing Regulations.

Change in Role

The cessation follows a change in the role of Shri Sushil Dugar. He has transitioned from the position of Chief Operating Officer (Logistics Services) to Officer on Special Duty. This change in designation resulted in his removal from the list of Senior Management personnel disclosed by the company earlier.

Effective Date

The change in the senior management list became effective from May 19, 2026. The company stated that the transition was an internal realignment of roles.

Balmer Lawrie & Co . Ltd., a Miniratna I diversified Government of India Enterprise under the Ministry of Petroleum and Natural Gas, announced its audited standalone and consolidated financial results for the financial year ended 31st March, 2026. The Board of Directors approved the results during its meeting held on 17th May, 2026. The statutory audit was conducted by B Chhawchharia & Co, Chartered Accountants, who issued a Qualified Opinion on internal financial controls while expressing an unmodified opinion on the financial statements themselves.

Full Year and Quarterly Financial Highlights

The net income for FY 2025-26 stood at Rs 2784.60 crores, registering a growth of 8.03% over the levels achieved in FY 2024-25. The Profit Before Tax (PBT) increased by 5.44% to Rs 330.87 crores, while the net profit (PAT) grew by 5.53% to Rs 245.68 crores. The Board has recommended a final dividend of 42.50% for FY 2025-26, in addition to an interim dividend of 42.50% declared and paid in March 2026, bringing the total dividend for the year to 85%.

For the fourth quarter of FY 2025-26, total income increased by 21.56% to Rs 791.28 crores compared to Rs 650.92 crores in the same period last year. The quarterly performance is summarised below:

Standalone Financial Performance

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

The standalone branches situated in Northern, Southern and Western Regions reflected total assets of Rs 162,648.90 Lakhs and total revenues of Rs 237,265.57 Lakhs for the year, as audited by respective branch auditors.

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:

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 the quarters ended 31st March 2025, 30th June 2025, 30th September 2025, and 31st December 2025; 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.