BGR Energy Systems Ltd

₹ 327 -4.99%

01 Jun 10:41 a.m.

About

Incorporated in 1985, BGR Energy Systems
Ltd in the business of Supply of systems and Equipment and Turnkey Engineering project contracting^[1]

Key Points

Business Overview:^[1]^[2]^[3]
BESL is a part of BGR family. It is a manufacturer of capital equipment for Power Plants, Petrochemical Industries, Refineries, Process Industries and undertakes turnkey
Balance of Plant and Engineering. Majority of the company's projects are in the BTG (Boiler, Turbine & Generator) and BOP segments
for the power sector. BESL does design at offices, manufacturing at factories and project sites, civil and mechanical construction, erection and commissioning of equipment’s /
packages.

Website BSE NSE - BE

Market Cap ₹ 2,363 Cr.
Current Price ₹ 327
High / Low ₹ 491 / 94.0
Stock P/E
Book Value ₹ -360
Dividend Yield 0.00 %
ROCE -22.3 %
ROE %
Face Value ₹ 10.0

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Pros

Debtor days have improved from 204 to 115 days.

Cons

Company has low interest coverage ratio.
The company has delivered a poor sales growth of -23.4% over past five years.
Contingent liabilities of Rs.990 Cr.
Promoters have pledged 58.8% of their holding.
Company's cost of borrowing seems high
Promoter holding has decreased over last 3 years: -24.0%
Working capital days have increased from 82.0 days to 1,534 days

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
	107	145	235	462	170	174	83	66	129	89	83	78	50
	312	168	263	907	4	175	150	257	422	191	137	263	275
Operating Profit	-205	-23	-27	-445	166	-2	-68	-191	-293	-102	-54	-186	-225
OPM %	-192%	-16%	-12%	-96%	98%	-1%	-82%	-289%	-227%	-115%	-65%	-239%	-448%
	26	4	1	10	96	9	0	-6	182	24	10	19	69
Interest	99	100	102	117	126	122	122	143	213	182	15	24	604
Depreciation	5	4	3	3	3	3	3	3	4	3	3	3	3
Profit before tax	-282	-122	-132	-555	133	-118	-192	-343	-328	-263	-62	-193	-762
Tax %	-25%	-26%	-20%	24%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	-211	-91	-106	-688	133	-118	-192	-343	-328	-263	-62	-193	-762
EPS in Rs	-29.23	-12.60	-14.74	-95.31	18.43	-16.30	-26.59	-47.54	-45.51	-36.45	-8.55	-26.77	-105.58
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	3,365	3,238	3,438	3,298	3,229	2,692	1,140	1,221	806	1,012	451	300
	3,052	2,880	3,103	2,923	2,891	2,461	1,290	1,084	1,076	1,328	1,004	866
Operating Profit	313	358	335	375	339	231	-151	137	-270	-315	-553	-567
OPM %	9%	11%	10%	11%	10%	9%	-13%	11%	-33%	-31%	-123%	-189%
	1	6	20	2	1	41	6	12	51	97	185	123
Interest	211	291	264	288	270	302	300	359	399	445	600	825
Depreciation	25	23	24	25	28	35	30	27	17	13	13	11
Profit before tax	79	50	68	64	41	-64	-475	-236	-635	-677	-981	-1,280
Tax %	46%	46%	35%	49%	29%	-121%	-25%	-25%	-25%	11%	0%	0%
	42	27	44	32	29	14	-355	-178	-479	-752	-981	-1,280
EPS in Rs	5.84	3.77	6.12	4.49	4.03	1.87	-49.25	-24.68	-66.32	-104.23	-135.95	-177.35
Dividend Payout %	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%

Compounded Sales Growth
10 Years:	-21%
5 Years:	-23%
3 Years:	-28%
TTM:	-34%

Compounded Profit Growth
10 Years:	%
5 Years:	%
3 Years:	%
TTM:	-31%

Stock Price CAGR
10 Years:	12%
5 Years:	40%
3 Years:	89%
1 Year:	209%

Return on Equity
10 Years:	%
5 Years:	%
3 Years:	%
Last Year:	%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	72	72	72	72	72	72	72	72	72	72	72	72
Reserves	1,272	1,261	1,305	1,333	1,334	1,345	991	810	331	-416	-1,393	-2,672
	2,117	2,303	2,001	2,228	2,259	2,143	1,943	1,878	1,845	1,833	3,471	4,535
	2,734	2,704	2,808	2,830	2,840	2,555	2,291	2,520	2,634	2,794	2,483	2,308
Total Liabilities	6,196	6,340	6,187	6,463	6,505	6,116	5,296	5,281	4,881	4,283	4,633	4,243
	178	179	172	178	177	163	130	96	84	60	46	19
CWIP	5	0	0	0	0	0	0	0	0	0	0	0
Investments	364	364	364	364	364	359	360	360	360	361	361	359
	5,650	5,797	5,650	5,921	5,964	5,593	4,807	4,825	4,437	3,862	4,226	3,865
Total Assets	6,196	6,340	6,187	6,463	6,505	6,116	5,296	5,281	4,881	4,283	4,633	4,243

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	151	-82	591	26	257	369	467	334	305	150	-1,859	-22
	-11	-19	-17	-31	-26	42	-1	8	-2	-0	2	2
	-130	-106	-534	-91	-232	-413	-459	-370	-306	-143	1,883	-9
Net Cash Flow	10	-207	40	-96	-1	-2	8	-28	-4	7	26	-29
Free Cash Flow	139	-101	574	-5	231	368	466	342	303	150	-1,857	-23
CFO/OP	116%	-23%	188%	11%	79%	163%	-310%	224%	-100%	-39%	337%	6%

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Debtor Days	262	296	230	332	327	119	259	218	306	209	289	115
Inventory Days	7	4	12	9	7	10	25	18	28	19	11	6
Days Payable	167	220	242	212	223	263	581	484	621	430	754	609
Cash Conversion Cycle	102	81	-1	128	111	-134	-297	-248	-287	-202	-454	-488
Working Capital Days	62	63	4	-14	-34	-46	-51	-73	-122	-145	-1,143	1,534
ROCE %	9%	10%	9%	11%	9%	5%	-5%	4%	-9%	-12%	-21%	-22%

Insights

In beta

Mar 2015

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Construction and EPC Contracts Revenue Contribution
%

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xxx.xx	xxx.xx	xx.xx	xxx.xx	xxx.xx	xxx.xx	xxx.xx	xxx.xx	xxx.xx	xxx.xx	xxx.xx
x,xxx	x,xxx	x,xxx	x,xxx	x,xxx	x,xxx	x,xxx	x,xxx	x,xxx	x,xxx	xxx
xxx,xxx	xxx,xxx	xxx,xxx	xxx,xxx	xxx,xxx	xxx,xxx	xx,xxx	xxx,xxx	xxx,xxx	xx,xxx	xx,xxx
x,xxx		xxx		x,xxx	xxx	xxx	xxx	xxx

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Debtors Turnover (Excluding Retention)
Days

Number of Employees
Count

Order Book
₹ Lakhs

Water Treatment Vessels Sold (EED)
Tonnes

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
	75.00%	75.00%	75.00%	51.01%	51.01%	51.01%	51.01%	51.01%	51.01%	51.01%	51.01%	51.01%
	0.03%	0.02%	0.01%	0.08%	0.17%	0.15%	0.00%	0.02%	0.01%	0.09%	0.05%	0.10%
	0.26%	0.26%	0.26%	0.26%	0.26%	0.26%	0.26%	0.14%	0.14%	0.00%	0.00%	0.00%
	24.72%	24.73%	24.74%	48.67%	48.57%	48.59%	48.73%	48.83%	48.86%	48.90%	48.95%	48.89%
No. of Shareholders	77,841	77,344	76,821	96,618	93,739	90,458	84,011	75,717	73,319	71,751	69,300	68,589

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	75.00%	75.00%	75.00%	75.00%	75.00%	75.00%	75.00%	51.01%	51.01%	51.01%
	0.75%	1.91%	1.02%	0.00%	0.00%	0.85%	0.00%	0.08%	0.02%	0.10%
	3.57%	3.57%	2.27%	1.19%	0.26%	0.25%	0.26%	0.26%	0.14%	0.00%
	0.00%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
	20.68%	19.51%	21.71%	23.81%	24.74%	23.90%	24.74%	48.67%	48.83%	48.89%
No. of Shareholders	93,733	85,402	83,099	79,729	78,017	80,697	79,009	96,618	75,717	68,589

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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BGR Energy Systems Ltd

BGR Energy Systems Ltd

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Insights

Shareholding Pattern

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