BGR Energy Systems Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2025 • Construction and EPC Contracts Segment: 76.2% • Capital Goods Segment: 23.8%
AI Sector View
AI GENERATEDConstruction
Construction fundamentals are strong, led by government and infrastructure spending. Capital expenditure was up 66% YoY (2026-06), cement output grew 13.1% YoY (2026-07), and the sector also benefits from improving housing and GFCF conditions. FPI flows turned supportive with INR 1720 crore net inflow over 3 months to 2026-08-31 from INR -9439 crore in the prior 3 months, reinforcing the positive view.
PROS
- Company is almost debt free
- Working capital cycle has improved - days down from -181 to -1232
- Company generates healthy free cash flow
CONS
- Net worth is negative - accumulated losses have eroded equity
- Company is loss-making at the operating / net level
- Operating cash flow has been negative in recent years
- Company has a low return on equity of -48.6% over last 3 years
- Company has a low return on capital employed of -17.1%
- Interest coverage is weak at -0.6x - earnings barely cover interest
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| LT | 3989.15 | 33.08 | 548853.62 | 0.95 | 4988.03 | 15.51 | 67941.74 | 6.69 | 15.98 | 12.00 |
| RVNL | 205.95 | 47.74 | 42940.99 | 0.34 | 159.52 | 18.73 | 4321.23 | 10.55 | 10.81 | 4.41 |
| KPIL | 1410.25 | 21.19 | 24083.20 | 0.78 | 311.53 | 45.85 | 6407.97 | 3.84 | 18.95 | 8.77 |
| IRB | 19.18 | 24.28 | 23165.60 | 1.36 | 3062.70 | 1412.58 | 21372.72 | 918.25 | 7.72 | 53.93 |
| CEMPRO | 1234.85 | 35.26 | 21213.19 | 0.24 | 140.83 | 2.64 | 2720.92 | 7.02 | 33.53 | 10.09 |
| ENGINERSIN | 276.40 | 19.81 | 15534.85 | 1.81 | 157.94 | 141.49 | 819.84 | -5.80 | 30.94 | 20.61 |
| TECHNOE | 969.70 | 26.16 | 11277.57 | 0.72 | 93.33 | -31.44 | 630.34 | 19.84 | 14.86 | 15.79 |
| IRCON | 118.30 | 21.25 | 11126.30 | 1.61 | 92.03 | -43.92 | 1955.83 | 9.49 | 10.15 | 9.81 |
| KEC | 407.85 | 19.61 | 10856.97 | 1.35 | 72.62 | -41.72 | 5023.54 | 0.01 | 16.35 | 5.79 |
| AFCONS | 284.95 | 72.43 | 10480.02 | 0.70 | 30.30 | -77.95 | 2671.00 | -20.75 | 12.88 | 9.42 |
| WELENT | 741.55 | 33.58 | 10264.08 | 0.40 | 56.36 | -44.29 | 773.72 | -8.44 | 16.44 | 19.49 |
| BGRENERGY | 245.25 | 0.00 | 1769.76 | 0.00 | -223.29 | 16.07 | 15.79 | -82.18 | -24.65 | -647.63 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 145 | 235 | 462 | 170 | 174 | 83 | 66 | 130 | 89 | 83 | 78 | 50 | 16 | |
| 169 | 263 | 911 | 8 | 177 | 151 | 258 | 432 | 194 | 140 | 265 | 284 | 323 | |
| Operating Profit | -24 | -28 | -449 | 162 | -3 | -78 | -192 | -302 | -105 | -56 | -187 | -234 | -102 |
| OPM % | -16.59% | -11.98% | -97.04% | 95.34% | -1.82% | -94.60% | -290.66% | -232.31% | -118.81% | -67.83% | -241.08% | -466.98% | -647.63% |
| Other Income | 4 | 1 | 11 | 96 | 17 | 5 | 1 | 187 | 25 | 12 | 22 | 70 | 84 |
| Interest | 100 | 102 | 117 | 126 | 122 | 122 | 143 | 213 | 182 | 15 | 24 | 604 | 204 |
| Depreciation | 4 | 3 | 3 | 3 | 3 | 3 | 3 | 4 | 3 | 3 | 3 | 3 | 1 |
| -123 | -133 | -559 | 129 | -112 | -193 | -336 | -332 | -266 | -63 | -193 | -771 | -223 | |
| Tax % | 25.50% | 19.50% | -23.75% | 0.02% | -0.00% | -0.00% | -0.00% | -0.00% | -0.00% | -0.00% | -0.00% | -0.00% | -0.00% |
| Net Profit | 0 | 0 | 0 | 0 | -112 | -193 | -336 | -332 | -266 | -63 | -193 | -771 | -223 |
| -13 | -15 | -96 | 18 | -16 | -27 | -47 | -46 | -37 | -9 | -27 | -106 | -3 | |
| Equity Capital | 72 | 72 | 72 | 72 | 72 | 72 | 72 | 72 | 72 | 72 | 72 | 72 | 72 |
| Reserves | 0 | 0 | 0 | -733 | 0 | 0 | 0 | -1,680 | 0 | 0 | 0 | -2,933 | 0 |
| Promoter Pledge % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 3,244 | 3,441 | 3,298 | 3,273 | 2,692 | 1,140 | 1,221 | 806 | 1,012 | 452 | 227 | |
| 2,830 | 2,993 | 2,892 | 2,905 | 2,441 | 1,295 | 1,085 | 1,085 | 1,348 | 1,019 | 1,012 | |
| Operating Profit | 420 | 448 | 429 | 399 | 300 | -128 | 148 | -228 | -227 | -356 | — |
| OPM % | 13 | 13 | 13 | 12 | 11 | -11 | 12 | -28 | -22 | -79 | — |
| Other Income | 7 | 0 | 23 | 32 | 48 | 27 | 13 | 50 | 109 | 210 | 187 |
| Interest | 358 | 323 | 347 | 343 | 344 | 329 | 364 | 399 | 445 | 600 | 847 |
| Depreciation | 24 | 24 | 25 | 28 | 35 | 31 | 27 | 17 | 13 | 13 | 9 |
| 38 | 121 | 37 | 28 | -80 | -487 | -243 | -644 | -685 | -973 | -1,249 | |
| Tax % | 66 | 29 | 85 | 46 | 88 | 24 | 24 | 24 | -11 | 0 | 0 |
| Net Profit | 13 | 85 | 5 | 15 | -10 | -368 | -185 | -488 | -761 | -973 | -1,249 |
| EPS | 0 | 0 | 0 | 0 | 0 | -51 | -25 | -67 | -105 | -135 | — |
| Dividend Payout % | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | — |
| Minority Interest | 4 | -12 | 11 | 4 | 7 | 4 | 2 | 3 | 3 | 1 | 1 |
| Share of Associates | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Adjusted EPS | 2 | 10 | 2 | 3 | -0 | -51 | -25 | -67 | -105 | -135 | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- -18%
- 5 Years:
- -30%
- 3 Years:
- -28%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
STOCK PRICE CAGR
- 10 Years:
- 8%
- 5 Years:
- 35%
- 3 Years:
- 54%
- 1 Year:
- 25%
RETURN ON EQUITY
- 10 Years:
- -20%
- 5 Years:
- -42%
- 3 Years:
- -49%
- Last Year:
- 0%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| LIABILITIES | - | - | - | - | - | - | - | - | - | - |
| Equity Capital | 72 | 72 | 72 | 72 | 72 | 72 | 72 | 72 | 72 | 72 |
| 1,168 | 1,242 | 1,251 | 1,155 | 1,107 | 698 | 505 | 20 | -733 | -1,680 | |
| 1,859 | 1,652 | 2,058 | 2,224 | 2,130 | 1,938 | 1,878 | 1,610 | 1,398 | 3,037 | |
| Trade Payables | 1,516 | 1,412 | 1,389 | 1,378 | 1,165 | 1,273 | 853 | 1,158 | 1,203 | 1,281 |
| 2,076 | 2,048 | 2,007 | 1,875 | 1,771 | 1,408 | 2,051 | 2,020 | 2,418 | 1,992 | |
| Total Liabilities | 6,691 | 6,426 | 6,777 | 6,704 | 6,245 | 5,389 | 5,360 | 4,880 | 4,358 | 4,701 |
| ASSETS | - | - | - | - | - | - | - | - | - | - |
| 494 | 488 | 493 | 493 | 403 | 370 | 336 | 322 | 297 | 283 | |
| 1 | 1 | 1 | 1 | 0 | 1 | 1 | 1 | 2 | 2 | |
| 26 | 61 | 44 | 37 | 44 | 47 | 39 | 42 | 43 | 15 | |
| 0 | 0 | 0 | 0 | 21 | 9 | 0 | 0 | 580 | 357 | |
| Cash & Bank | 556 | 532 | 372 | 396 | 381 | 354 | 274 | 297 | 90 | 78 |
| 5,614 | 5,344 | 5,866 | 5,777 | 5,395 | 4,609 | 4,711 | 4,218 | 3,346 | 3,966 | |
| Total Assets | 6,691 | 6,426 | 6,777 | 6,704 | 6,245 | 5,389 | 5,360 | 4,880 | 4,358 | 4,701 |
| Total Debt | 2,303 | 2,001 | 2,228 | 2,259 | 2,130 | 1,938 | 1,878 | 1,841 | 1,830 | 3,470 |
| Net Working Capital | 1,144 | 696 | 207 | -45 | -120 | -72 | -142 | -152 | -503 | -1,527 |
| Contingent Liabilities | 722 | 1,097 | 1,021 | 1,174 | 1,106 | 1,149 | 856 | 1,165 | 1,442 | 2,080 |
| Book Value per Share | 164.85 | 175.03 | 176.30 | 163.05 | 163.37 | 106.72 | 79.97 | 12.73 | -91.58 | -222.86 |
| Face Value | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -82 | 545 | 24 | 250 | 370 | 469 | 327 | 304 | 150 | -1,857 | |
| Cash from Investing | -19 | -18 | -31 | -25 | 42 | -1 | 8 | -2 | 0 | 2 |
| Cash from Financing | -117 | -534 | -91 | -232 | -413 | -459 | -370 | -306 | -143 | 1,883 |
| -218 | -7 | -98 | -7 | -1 | 10 | -35 | -4 | 8 | 28 | |
| Free Cash Flow | -170 | 528 | 1 | 224 | 370 | 469 | 327 | 304 | 150 | -1,857 |
| OCF / Net Profit | -6.20 | 6.40 | 4.35 | 16.57 | -38.62 | -1.27 | -1.77 | -0.62 | -0.20 | 1.91 |
| Cumulative 5-Year FCF | 0 | 0 | 0 | 0 | 952 | 1,592 | 1,391 | 1,695 | 1,620 | -607 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| PER SHARE | ||||||||||
| EPS (₹) | 2.43 | 10.10 | 2.27 | 2.67 | -0.40 | -50.51 | -25.37 | -67.21 | -105.07 | -134.76 |
| Book Value (₹) | 164.85 | 175.03 | 176.30 | 163.05 | 163.37 | 106.72 | 79.97 | 12.73 | -91.58 | -222.86 |
| Dividend per Share (₹) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash EPS (₹) | 5.08 | 15.19 | 4.28 | 5.99 | 3.50 | -46.81 | -21.87 | -65.28 | -103.58 | -133.06 |
| PROFITABILITY | ||||||||||
| Operating Margin % | 12.91% | 12.98% | 13.01% | 12.20% | 11.13% | -11.25% | 12.15% | -28.31% | -33.19% | -125.11% |
| Net Margin % | 0.40% | 2.47% | 0.17% | 0.46% | -0.36% | -32.32% | -15.17% | -60.50% | -75.15% | -215.06% |
| ROE % | 1.10% | 6.95% | 0.43% | 1.23% | -0.81% | -37.80% | -27.49% | -145.84% | 0.00% | 0.00% |
| ROCE % | 11.62% | 13.14% | 11.37% | 10.70% | 7.85% | -5.28% | 4.69% | -11.17% | -15.49% | -24.65% |
| 0.20% | 1.30% | 0.08% | 0.22% | -0.15% | -6.33% | -3.45% | -9.53% | -16.47% | -21.48% | |
| EFFICIENCY | ||||||||||
| Debtor Days | 283 | 253 | 285 | 328 | 256 | 270 | 230 | 318 | 227 | 378 |
| Inventory Days | 4 | 5 | 6 | 5 | 5 | 15 | 13 | 18 | 15 | 24 |
| Payable Days | 277 | 314 | 280 | 258 | 283 | 658 | 511 | 653 | 511 | 866 |
| 10 | -56 | 11 | 75 | -22 | -374 | -268 | -316 | -269 | -464 | |
| FINANCIAL HEALTH | ||||||||||
| Debt to Equity (x) | 1.94x | 1.58x | 1.75x | 1.92x | 1.81x | 2.52x | 3.26x | 20.04x | -2.77x | -2.16x |
| Interest Coverage (x) | 1.11x | 1.37x | 1.11x | 1.08x | 0.77x | -0.48x | 0.33x | -0.61x | -0.54x | -0.62x |
| 1.29x | 1.17x | 1.04x | 0.99x | 0.97x | 0.98x | 0.97x | 0.97x | 0.89x | 0.73x | |
| GROWTH | ||||||||||
| Revenue Growth % | -3.65% | 6.09% | -4.14% | -0.77% | -17.75% | -57.66% | 7.11% | -33.95% | 25.56% | -55.30% |
| Operating Profit Growth % | 109.22% | 6.62% | -4.18% | -6.93% | -24.98% | -142.80% | 215.69% | -253.86% | 0.58% | -56.83% |
| Net Profit Growth % | 110.19% | 547.91% | -93.58% | 176.05% | -163.38% | -3748.59% | 49.73% | -163.45% | -55.97% | -27.90% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | -56.32% | -28.25% | |
| VALUATION | ||||||||||
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | -0.38x | -0.37x |
| Dividend Yield % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | -8.77x | -11.20x |
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-01 - BGR Energy Systems Limited has informed the Exchange regarding a press release dated September 01, 2026, titled "Copy of the Newspaper Publication - Notice of 40th Annual General Meeting ".
2026-08-31 - BGR Energy Systems Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 22, 2026
2026-07-31 - BGR Energy Systems Limited has informed the Exchange about Copy of Newspaper Publication of Un-audited financial results for the quarter ended 30th June 2026
2026-07-30 - BGR Energy Systems Limited has informed the Exchange about Corporate Insolvency Resolution Process
2026-07-29 - BGR Energy Systems Limited has informed the Exchange about Loan Agreements
2026-07-29 - BGR Energy Systems Limited has informed the Exchange regarding the Amendment to AOA/MOA of the company.
2026-07-29 - BGR Energy Systems Limited has informed the Exchange about change in Management
2026-07-29 - BGR Energy Systems Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-07-07 - BGR Energy Systems Limited has informed the Exchange about Certificate under SEBI (Depositories and Participants) Regulations, 2018
News
Recent coverage and analyst commentary for BGRENERGY
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