Brahmaputra Infrastructure Ltd.

•

brahmaputragroup.comBSE: -NSE: BRAHMINFRA

Market Cap₹ 477 Cr.

Current Price

High / Low₹ 184 / 151

Stock P/E7.8

Book Value₹ 125

Price to Book0.39

Dividend Yield0.00 %

ROCE10.8 %

ROE11.0 %

Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2025 • EPC Divison: 90.7% • Real Estate Division: 9.3%

AI Sector View

AI GENERATED

Construction

Buy

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.

Confidence

80%

View full sector analysis →

PROS

Company has delivered good profit growth of 91.7% CAGR over last 5 years
Working capital cycle has improved - days down from 120 to 49
Company generates healthy free cash flow
Attractively priced for its growth - PEG of 0.1

CONS

Recent results are weak - TTM profit is down 18.1% versus prior year
Company has a low return on capital employed of 9.1%
Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -1.01x)
Company has a low return on equity of 8.9% over last 3 years
Effective tax rate is unusually low at 6.0% - earnings may be flattered

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

ConstructionInfrastructureEngineering - Construction

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	LT	3966.00	32.89	545668.49	0.96	4988.03	15.51	67941.74	6.69	15.98	12.00
2.	RVNL	212.00	49.14	44202.43	0.33	1595.20	1087.26	43212.30	1005.52	10.81	4.41
3.	KPIL	1406.55	21.14	24020.01	0.78	311.53	45.85	6407.97	3.84	18.95	8.77
4.	IRB	19.65	24.87	23733.27	1.32	3062.70	1412.58	21372.72	918.25	7.72	53.93
5.	CEMPRO	1296.70	37.03	22275.70	0.23	140.83	2.64	2720.92	7.02	33.53	10.09
6.	ENGINERSIN	279.45	20.03	15706.27	1.79	157.94	141.49	819.84	-5.80	30.94	20.61
7.	TECHNOE	979.25	26.42	11388.64	0.71	93.33	-31.44	630.34	19.84	14.86	15.79
8.	WELENT	813.00	36.82	11253.04	0.37	56.36	-44.29	773.72	-8.44	16.44	19.49
9.	IRCON	119.20	21.41	11210.95	1.59	92.03	-43.92	1955.83	9.49	10.15	9.81
10.	KEC	408.35	19.63	10870.28	1.35	72.62	-41.72	5023.54	0.01	16.35	5.79
11.	AFCONS	292.55	74.36	10759.54	0.68	303.00	120.52	26710.00	692.49	12.88	9.42
12.	BRAHMINFRA	164.25	7.81	476.63	0.00	16.48	9.57	110.80	20.95	10.78	22.70

Detailed Comparison with:

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
	53	60	52	54	78	31	29	103	92	90	92	92	111
	45	50	38	45	66	28	28	72	70	68	71	73	91
Operating Profit	8	10	14	9	12	4	2	31	22	22	21	18	20
OPM %	15.87%	17.18%	26.86%	17.22%	15.42%	11.82%	5.12%	30.28%	23.71%	24.68%	22.84%	20.13%	18.15%
	0	0	0	0	0	0	0	0	0	0	0	0	0
Interest	4	6	9	4	4	4	4	9	4	5	4	4	5
Depreciation	0	0	0	0	0	0	0	0	0	0	0	0	0
Profit before Tax	4	4	6	5	9	1	1	22	17	17	17	17	20
Tax %	13.98%	7.04%	4.86%	14.01%	21.69%	33.90%	44.64%	-2.21%	13.76%	14.78%	11.88%	11.97%	18.05%
Net Profit	0	0	0	0	7	0	0	22	15	15	15	15	16
	1.22	1.32	1.82	1.55	2.40	0.13	0.11	7.59	5.18	5.04	5.21	5.09	5.68

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
	224	214	247	238	150	142	160	179	220	242	385
	180	171	210	200	129	137	131	142	178	194	303
Operating Profit	44	43	37	38	21	4	29	36	42	48	82
OPM %	19.64%	20.27%	15.06%	16.01%	13.68%	3.13%	17.99%	20.37%	19.17%	20.02%	21.28%
	12	9	12	16	19	18	5	0	1	5	0
Interest	41	39	39	48	35	17	20	23	23	20	18
Depreciation	15	13	9	7	5	4	3	2	2	1	1
Profit before Tax	0	1	1	-0	0	0	11	11	19	32	71
Tax %	-178.57%	25.73%	-17.02%	55.38%	-279.20%	123.40%	36.32%	5.40%	9.78%	6.02%	14.34%
Net Profit	1	1	1	-0	1	-0	7	11	17	30	61
EPS	0.00	0.00	0.00	0.00	0.43	-0.01	-0.01	3.70	5.92	10.22	—
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:: -1%
5 Years:: 10%
3 Years:: 15%

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: 89%
3 Years:: 61%

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: —
1 Year:: —

RETURN ON EQUITY

10 Years:: 3%
5 Years:: 6%
3 Years:: 9%
Last Year:: 11%

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
	29	29	29	29	29	29	29	29	29	29
	93	130	131	131	105	129	110	121	227	257
	465	368	335	325	325	297	285	295	382	341
Trade Payables	72	65	45	46	40	17	20	14	39	60
	51	95	132	148	166	147	127	133	37	10
Total Liabilities	710	686	673	680	665	619	572	593	714	696
	75	64	57	51	47	45	22	21	74	69
	12	6	7	9	67	10	13	22	16	12
	350	335	352	353	315	270	217	178	108	94
	0	0	0	0	0	0	0	0	35	27
Cash & Bank	7	4	2	1	1	1	4	12	17	29
	266	277	255	266	235	293	316	360	463	465
Total Assets	710	686	673	680	665	619	572	593	714	696

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
	35	62	74	6	15	33	-3	29	-127	41
Cash from Investing	22	4	-3	-2	11	-0	24	2	19	17
Cash from Financing	-64	-75	-75	-15	-27	-28	-14	-22	113	-45
	1	-3	-2	-1	-0	-0	2	8	6	12

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 (₹)	0.18	0.36	0.36	-0.07	0.42	-0.04	2.41	3.62	5.92	10.22
Book Value (₹)	42.10	54.77	55.10	55.08	46.06	54.31	47.41	51.05	88.19	98.47
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 (₹)	5.19	4.70	3.46	2.20	2.01	1.43	3.47	4.39	6.51	10.74
PROFITABILITY
Operating Margin %	20.42%	22.55%	17.52%	18.80%	23.43%	18.50%	20.60%	20.64%	19.17%	20.02%
Net Margin %	0.23%	0.49%	0.43%	-0.09%	0.76%	-0.08%	4.43%	5.99%	7.80%	12.25%
ROE %	0.42%	0.74%	0.66%	-0.13%	0.78%	-0.08%	4.77%	7.36%	8.44%	10.95%
ROCE %	7.97%	7.79%	7.98%	9.30%	6.66%	3.49%	6.91%	7.85%	8.58%	10.78%
	0.07%	0.15%	0.15%	-0.03%	0.17%	-0.02%	1.19%	1.84%	2.62%	4.21%
EFFICIENCY
Debtor Days	144	153	133	93	108	96	66	75	65	47
Inventory Days	547	583	508	540	813	754	555	404	238	152
Payable Days	488	579	900	1237	4296	285	111	132	523	986
	203	158	-259	-604	-3375	565	510	346	-220	-787
FINANCIAL HEALTH
Debt to Equity (x)	2.85x	2.17x	2.09x	2.31x	2.88x	2.19x	1.80x	2.21x	0.90x	0.65x
Interest Coverage (x)	1.00x	1.04x	1.02x	0.99x	1.01x	1.03x	1.56x	1.49x	1.84x	2.57x
	1.45x	1.40x	1.29x	0.98x	1.04x	1.06x	1.10x	1.07x	1.38x	1.19x
GROWTH
Revenue Growth %	-19.28%	-4.33%	15.29%	-3.47%	-37.08%	-5.54%	13.00%	11.52%	23.14%	10.16%
Operating Profit Growth %	21.33%	5.64%	-10.42%	3.57%	-21.57%	-25.41%	25.82%	11.70%	17.72%	23.08%
Net Profit Growth %	102.01%	104.52%	0.37%	-119.86%	649.12%	-109.61%	6554.55%	50.56%	60.43%	73.00%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	63.31%	72.70%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	12.28x	3.74x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.82x	0.39x
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	9.80x	5.01x

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	74.05	74.05	74.05	74.05	74.05	74.05	74.05	74.05	74.05
FIIs	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	0.42	0.42	0.42	0.42	0.42	0.42	0.42	0.42	0.00
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	25.53	25.53	25.53	25.53	25.53	25.53	25.53	25.53	25.95

Documents

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