Bharat Road Network Ltd.
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ABOUT
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
- Working capital cycle has improved - days down from -29 to -1902
- Company generates healthy free cash flow
CONS
- Company is loss-making at the operating / net level
- Operating cash flow has been negative in recent years
- Interest coverage is weak at -31.7x - earnings barely cover interest
- Company has a low return on equity of -22.5% over last 3 years
- Company has a low return on capital employed of -14.0%
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.14x)
* 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 | 303.00 | 120.52 | 26710.00 | 692.49 | 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 |
| BRNL | 17.20 | 0.00 | 144.39 | 0.00 | -87.27 | -753.69 | 47.39 | 2.48 | 16.48 | -154.44 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2 | 2 | 3 | 1 | 1 | 1 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | |
| 3 | 2 | 3 | 1 | 2 | 51 | 256 | 6 | 2 | 2 | 2 | 2 | 155 | |
| Operating Profit | -1 | -0 | -0 | 0 | -1 | -49 | -254 | -4 | -0 | -0 | -0 | -1 | -153 |
| OPM % | -76.00% | -21.43% | -14.18% | 10.34% | -46.21% | -3406.21% | -16840.40% | -284.11% | -23.84% | -32.45% | -30.46% | -55.63% | -8366.63% |
| Other Income | 1 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 1 | 1 | 0 |
| Interest | 8 | 9 | 9 | 9 | 9 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| -8 | -7 | -7 | -7 | -8 | -47 | -252 | -2 | 2 | 1 | 1 | -0 | -153 | |
| Tax % | 25.24% | 25.17% | 27.88% | 26.41% | 25.52% | -0.48% | -0.21% | 33.33% | 25.61% | 8.45% | -31.40% | -37.50% | 0.05% |
| Net Profit | -6 | -6 | -5 | -5 | -6 | -48 | -253 | -2 | 1 | 1 | 1 | -0 | -153 |
| -1 | -1 | -1 | -1 | -1 | -6 | -30 | -0 | 0 | 0 | 0 | -0 | -2 | |
| Equity Capital | 84 | 84 | 84 | 84 | 84 | 84 | 84 | 84 | 84 | 84 | 84 | 84 | 84 |
| Reserves | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 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
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 4 | 14 | 33 | 11 | 7 | 19 | 91 | 27 | 7 | 6 | 6 | |
| 4 | 5 | 15 | 10 | 39 | 64 | 126 | 67 | 10 | 315 | 161 | |
| Operating Profit | 8 | 16 | 52 | 64 | 5 | -15 | -18 | -39 | 5 | -301 | — |
| OPM % | 205 | 110 | 156 | 611 | 80 | -79 | -20 | -144 | 63 | -5,091 | — |
| Other Income | 8 | 7 | 33 | 64 | 37 | 30 | 17 | 2 | 7 | 8 | 4 |
| Interest | 8 | 13 | 11 | 44 | 2 | 22 | 27 | 31 | 34 | 9 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 0 | 3 | 41 | 20 | 3 | -37 | -341 | -97 | -30 | -310 | -150 | |
| Tax % | 0 | 20 | 29 | 30 | 31 | 17 | 6 | 17 | 26 | 1 | 0 |
| Net Profit | 0 | 2 | 29 | 14 | 2 | -31 | -322 | -80 | -22 | -308 | -150 |
| EPS | 0 | 1 | 0 | 0 | 0 | -4 | -38 | -10 | -3 | -37 | — |
| Dividend Payout % | 0 | 0 | 29 | 29 | 0 | 0 | 0 | 0 | 0 | 0 | — |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share of Associates | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Adjusted EPS | 0 | 0 | 3 | 2 | 0 | -4 | -38 | -10 | -3 | -37 | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- -6%
- 5 Years:
- -2%
- 3 Years:
- -60%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- -11%
- 3 Years:
- -26%
- 1 Year:
- -15%
RETURN ON EQUITY
- 10 Years:
- -10%
- 5 Years:
- -21%
- 3 Years:
- -23%
- Last Year:
- -54%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| LIABILITIES | - | - | - | - | - | - | - | - | - | - |
| Equity Capital | 10 | 55 | 84 | 84 | 84 | 84 | 84 | 84 | 84 | 84 |
| -0 | 518 | 1,086 | 1,095 | 1,092 | 1,061 | 739 | 659 | 637 | 329 | |
| 10 | 53 | 50 | 50 | 65 | 59 | 44 | 44 | 0 | 0 | |
| Trade Payables | 0 | 0 | 4 | 1 | 2 | 1 | 4 | 4 | 3 | 3 |
| 507 | 100 | 171 | 118 | 222 | 303 | 367 | 317 | 341 | 348 | |
| Total Liabilities | 527 | 726 | 1,394 | 1,347 | 1,465 | 1,509 | 1,237 | 1,107 | 1,065 | 763 |
| ASSETS | - | - | - | - | - | - | - | - | - | - |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| 431 | 643 | 1,114 | 1,240 | 1,144 | 1,085 | 892 | 761 | 696 | 414 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4 | 4 | |
| Cash & Bank | 0 | 16 | 7 | 0 | 0 | 14 | 12 | 67 | 67 | 68 |
| 96 | 67 | 273 | 107 | 320 | 409 | 332 | 279 | 298 | 278 | |
| Total Assets | 527 | 726 | 1,394 | 1,347 | 1,465 | 1,509 | 1,237 | 1,107 | 1,065 | 763 |
| Total Debt | 513 | 150 | 133 | 120 | 143 | 325 | 310 | 307 | 264 | 264 |
| Net Working Capital | 12 | 27 | 142 | 14 | -4 | 223 | 154 | 237 | -1 | -31 |
| Contingent Liabilities | 0 | 0 | 3 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book Value per Share | 9.73 | 104.84 | 139.32 | 140.42 | 140.10 | 136.43 | 98.04 | 88.46 | 85.84 | 49.13 |
| Face Value | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -4 | -19 | -15 | -25 | -67 | -102 | 50 | -53 | -1 | -4 | |
| Cash from Investing | -77 | -114 | -530 | 76 | 51 | -57 | -9 | 87 | 45 | 3 |
| Cash from Financing | 81 | 148 | 533 | -54 | 16 | 161 | -42 | -34 | -44 | 0 |
| -1 | 16 | -12 | -4 | -0 | 1 | -1 | 0 | 0 | -0 | |
| Free Cash Flow | -4 | -19 | -15 | -25 | -67 | -103 | 50 | -53 | -1 | -4 |
| OCF / Net Profit | -16.31 | -8.69 | -0.53 | -1.74 | -29.95 | 3.32 | -0.16 | 0.66 | 0.06 | 0.01 |
| Cumulative 5-Year FCF | 0 | 0 | 0 | 0 | -131 | -230 | -160 | -198 | -175 | -111 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| PER SHARE | ||||||||||
| EPS (₹) | 0.27 | 0.40 | 3.44 | 1.70 | 0.27 | -3.68 | -38.38 | -9.55 | -2.63 | -36.71 |
| Book Value (₹) | 9.73 | 104.84 | 139.32 | 140.42 | 140.10 | 136.43 | 98.04 | 88.46 | 85.84 | 49.13 |
| Dividend per Share (₹) | 0.00 | 0.00 | 1.00 | 0.50 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash EPS (₹) | 0.28 | 0.40 | 3.45 | 1.71 | 0.27 | -3.67 | -38.37 | -9.54 | -2.62 | -36.70 |
| PROFITABILITY | ||||||||||
| Operating Margin % | 205.40% | 109.90% | 155.60% | 611.35% | 80.27% | -79.31% | -19.88% | -144.34% | -37.57% | -5224.91% |
| Net Margin % | 7.08% | 15.41% | 86.75% | 135.65% | 33.75% | -161.73% | -353.13% | -299.85% | -300.42% | -5216.97% |
| ROE % | 0.00% | 0.76% | 3.32% | 1.22% | 0.19% | -2.66% | -32.74% | -10.24% | -3.02% | -54.39% |
| ROCE % | 1.89% | 2.52% | 5.12% | 4.94% | 0.41% | -1.09% | -24.09% | -6.08% | 0.45% | -36.23% |
| 0.06% | 0.35% | 2.73% | 1.04% | 0.16% | -2.08% | -23.47% | -6.84% | -2.03% | -33.70% | |
| EFFICIENCY | ||||||||||
| Debtor Days | 688 | 258 | 302 | 925 | 575 | 180 | 27 | 62 | 187 | 240 |
| Inventory Days | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Payable Days | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 688 | 258 | 302 | 925 | 575 | 180 | 27 | 62 | 187 | 240 | |
| FINANCIAL HEALTH | ||||||||||
| Debt to Equity (x) | 52.69x | 0.26x | 0.11x | 0.10x | 0.12x | 0.28x | 0.38x | 0.41x | 0.37x | 0.64x |
| Interest Coverage (x) | 1.04x | 1.21x | 4.58x | 1.46x | 2.61x | -0.69x | -11.42x | -2.15x | 0.13x | -31.71x |
| 1.84x | 1.49x | 2.03x | 1.15x | 0.99x | 2.53x | 1.82x | 2.83x | 1.00x | 0.92x | |
| GROWTH | ||||||||||
| Revenue Growth % | -63.17% | 271.71% | 133.42% | -68.42% | -36.59% | 186.17% | 377.69% | -70.70% | -72.53% | -19.59% |
| Operating Profit Growth % | -76.95% | 98.87% | 230.50% | 24.06% | -91.67% | -382.74% | -19.76% | -112.73% | 111.97% | -6608.38% |
| Net Profit Growth % | 104.31% | 709.40% | 1213.74% | -50.63% | -84.22% | -1471.36% | -943.01% | 75.12% | 72.47% | -1296.32% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 72.47% | -1296.32% | |
| 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 | 0.67x | 0.59x |
| 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 | 146.63x | -1.46x |
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-08-26 - Bharat Road Network Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-18 - Bharat Road Network Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-17 - Srei Venture Capital Trust Infrastructure Project Development Capital has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
2026-08-14 - Bharat Road Network Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-08-13 - Srei Venture Capital Trust infrastructure Project Development Fund has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
2026-08-07 - Bharat Road Network Limited has informed the Exchange about Resignation of Director/KMP/SMP
2026-08-06 - Bharat Road Network Limited has informed the Exchange regarding Change in Director(s) of the company.
2026-08-01 - Bharat Road Network Limited has informed the Exchange regarding Change in Director(s) of the company.
2026-07-15 - Bharat Road Network Limited has informed the Exchange about Action(s) initiated or orders passed
News
Recent coverage and analyst commentary for BRNL
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