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 | 3915.00 | 32.47 | 538651.57 | 0.97 | 4988.03 | 15.51 | 67941.74 | 6.69 | 15.98 | 12.00 |
| RVNL | 205.00 | 47.52 | 42742.91 | 0.35 | 159.52 | 18.73 | 4321.23 | 10.55 | 10.81 | 4.41 |
| KPIL | 1435.05 | 21.56 | 24506.71 | 0.77 | 311.53 | 45.85 | 6407.97 | 3.84 | 18.95 | 8.77 |
| IRB | 19.64 | 24.86 | 23721.19 | 1.32 | 3062.70 | 1412.58 | 21372.72 | 918.25 | 7.72 | 53.93 |
| CEMPRO | 1244.10 | 35.53 | 21372.09 | 0.24 | 140.83 | 2.64 | 2720.92 | 7.02 | 33.53 | 10.09 |
| ENGINERSIN | 269.20 | 19.30 | 15130.18 | 1.86 | 157.94 | 141.49 | 819.84 | -5.80 | 30.94 | 20.61 |
| TECHNOE | 972.50 | 26.24 | 11310.13 | 0.72 | 93.33 | -31.44 | 630.34 | 19.84 | 14.86 | 15.79 |
| WELENT | 782.75 | 35.45 | 10834.34 | 0.38 | 56.36 | -44.29 | 773.72 | -8.44 | 16.44 | 19.49 |
| KEC | 406.45 | 19.54 | 10819.70 | 1.35 | 72.62 | -41.72 | 5023.54 | 0.01 | 16.35 | 5.79 |
| IRCON | 113.20 | 20.33 | 10646.64 | 1.68 | 92.03 | -43.92 | 1955.83 | 9.49 | 10.15 | 9.81 |
| AFCONS | 253.95 | 64.55 | 9339.89 | 0.79 | 30.30 | -77.95 | 2671.00 | -20.75 | 12.88 | 9.42 |
| BGRENERGY | 235.75 | 0.00 | 1701.21 | 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 | -448 | 162 | -3 | -69 | -192 | -302 | -105 | -56 | -187 | -234 | -307 |
| OPM % | -16.59% | -11.98% | -97.04% | 95.34% | -1.82% | -83.35% | -290.66% | -232.31% | -118.81% | -67.83% | -241.08% | -466.98% | -1943.95% |
| 4 | 1 | 11 | 96 | 17 | 1 | 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 |
| Profit before Tax | -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 |
| -12.68 | -14.81 | -95.66 | 18.08 | -15.72 | -26.68 | -46.58 | -45.77 | -36.74 | -8.63 | -26.72 | -106.42 | -31.06 |
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 | 413 | 448 | 406 | 368 | 251 | -156 | 136 | -279 | -336 | -566 | -785 |
| OPM % | 12.74% | 13.01% | 12.32% | 11.24% | 9.33% | -13.66% | 11.10% | -34.56% | -33.19% | -125.11% | -345.93% |
| 7 | 21 | 4 | 32 | 48 | 27 | 13 | 50 | 109 | 206 | 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 |
| Profit before Tax | 38 | 121 | 37 | 28 | -80 | -487 | -243 | -644 | -685 | -973 | -1,249 |
| Tax % | 65.66% | 29.39% | 85.37% | 45.68% | 87.99% | 24.44% | 23.72% | 24.31% | -10.99% | -0.00% | -0.00% |
| Net Profit | 13 | 85 | 5 | 15 | -10 | -368 | -185 | -488 | -761 | -973 | -1,249 |
| EPS | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -50.51 | -25.37 | -67.21 | -105.07 | -134.76 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | — |
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:
- 7%
- 5 Years:
- 32%
- 3 Years:
- 52%
- 1 Year:
- 1%
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 72 | 72 | 72 | 72 | 72 | 72 | 72 | 72 | 72 | 72 |
| Minority Interest | 53 | 65 | 57 | 16 | -12 | -35 | -40 | -43 | -45 | -32 |
| 1,168 | 1,242 | 1,251 | 1,155 | 1,107 | 698 | 505 | 20 | -733 | -1,680 | |
| 2,782 | 2,114 | 2,300 | 2,350 | 2,215 | 2,047 | 1,973 | 1,942 | 1,935 | 3,548 | |
| Trade Payables | 1,516 | 1,412 | 1,389 | 1,378 | 1,165 | 1,273 | 853 | 1,158 | 1,203 | 1,281 |
| 1,100 | 1,522 | 1,708 | 1,732 | 1,698 | 1,334 | 1,997 | 1,731 | 1,926 | 1,513 | |
| Total Liabilities | 6,691 | 6,426 | 6,777 | 6,704 | 6,245 | 5,389 | 5,360 | 4,880 | 4,358 | 4,701 |
| 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 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -80 | 566 | 68 | 263 | 381 | 469 | 300 | 268 | 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 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-11 - BGR Energy Systems Limited has informed the Exchange regarding Addendum to the none of 40th Annual General Meeting to be held on September 22, 2026
2026-09-11 - BGR Energy Systems Limited has informed the Exchange about General Updates
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
News
Recent coverage and analyst commentary for BGRENERGY
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