Bharat Road Network Ltd

Bharat Road Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents

Bharat Road Network Ltd

₹ 18.5 1.20%
11 Mar - close price
brnl.in BSE: 540700 NSE: BRNL
About

Incorporated in 2006, Bharat Road Network Ltd is in the business of designing, building, operating, maintaining and carrying out all other activities pertaining to road projects, under the aforesaid SPV model[1]

Key Points

Business Overview:[1]
BRNL is an Indian road BOT company specializing in developing, implementing, operating, and maintaining highways and road projects. It functions as a developer and operator for such projects on a BOT basis in Kerala and Maharashtra, partnering with experienced local EPC players in the respective project locations.

Website BSE NSE
  • Market Cap ₹ 155 Cr.
  • Current Price ₹ 18.5
  • High / Low ₹ 37.0 / 17.2
  • Stock P/E 72.6
  • Book Value ₹ 49.4
  • Dividend Yield 0.00 %
  • ROCE -36.2 %
  • ROE -54.4 %
  • Face Value ₹ 10.0
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Pros

  • Stock is trading at 0.37 times its book value

Cons

  • The company has delivered a poor sales growth of -2.39% over past five years.
  • Company has a low return on equity of -18.4% over last 3 years.
  • Earnings include an other income of Rs.7.27 Cr.
  • Company has high debtors of 234 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

Industrials Construction Construction Civil Construction

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025
2.97 1.84 1.75 1.54 2.61 1.44 1.44 1.44 1.51 1.51 1.51 1.51 1.51
23.14 26.84 3.09 1.88 2.97 1.28 2.10 50.83 255.80 5.79 1.86 2.00 1.96
Operating Profit -20.17 -25.00 -1.34 -0.34 -0.36 0.16 -0.66 -49.39 -254.29 -4.28 -0.35 -0.49 -0.45
OPM % -679.12% -1,358.70% -76.57% -22.08% -13.79% 11.11% -45.83% -3,429.86% -16,840.40% -283.44% -23.18% -32.45% -29.80%
-6.09 0.80 1.30 1.69 1.63 1.88 1.93 1.97 1.99 2.02 2.01 1.92 1.32
Interest 7.80 7.87 8.19 8.77 8.53 8.95 9.48 0.00 0.00 0.00 0.00 0.00 0.00
Depreciation 0.01 0.01 0.02 0.02 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01
Profit before tax -34.07 -32.08 -8.25 -7.44 -7.27 -6.92 -8.22 -47.43 -252.31 -2.27 1.65 1.42 0.86
Tax % -25.18% -15.84% -25.21% -25.13% -27.79% -26.45% -25.55% 0.51% 0.21% -33.48% 25.45% 9.15% -31.40%
-25.49 -27.01 -6.16 -5.56 -5.25 -5.10 -6.12 -47.66 -252.85 -1.52 1.22 1.30 1.13
EPS in Rs -3.04 -3.22 -0.73 -0.66 -0.63 -0.61 -0.73 -5.68 -30.12 -0.18 0.15 0.15 0.13
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
10.94 10.43 3.84 14.28 33.33 10.53 6.67 19.10 91.24 26.74 7.35 5.91 6.04
9.66 9.28 3.58 5.32 14.85 10.13 12.05 46.14 113.79 67.48 9.24 314.53 11.61
Operating Profit 1.28 1.15 0.26 8.96 18.48 0.40 -5.38 -27.04 -22.55 -40.74 -1.89 -308.62 -5.57
OPM % 11.70% 11.03% 6.77% 62.75% 55.45% 3.80% -80.66% -141.57% -24.72% -152.36% -25.71% -5,222.00% -92.22%
0.02 33.09 3.50 2.38 30.84 63.95 10.74 11.89 -291.07 -25.53 6.51 7.91 7.27
Interest 51.37 40.54 50.43 8.59 8.77 43.96 2.04 22.02 27.46 30.82 34.44 9.48 0.00
Depreciation 0.00 0.01 0.01 0.01 0.03 0.05 0.04 0.04 0.06 0.07 0.06 0.06 0.04
Profit before tax -50.07 -6.31 -46.68 2.74 40.52 20.34 3.28 -37.21 -341.14 -97.16 -29.88 -310.25 1.66
Tax % 0.00% 0.00% 0.00% 19.71% 28.63% 29.79% 31.40% -16.98% -5.55% -17.49% -26.14% -0.68%
-50.07 -6.31 -46.68 2.20 28.92 14.28 2.25 -30.89 -322.20 -80.17 -22.07 -308.15 2.13
EPS in Rs -50.07 -6.31 -46.68 0.40 3.44 1.70 0.27 -3.68 -38.38 -9.55 -2.63 -36.71 0.25
Dividend Payout % 0.00% 0.00% 0.00% 0.00% 29.03% 29.39% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Compounded Sales Growth
10 Years: -6%
5 Years: -2%
3 Years: -60%
TTM: 4%
Compounded Profit Growth
10 Years: %
5 Years: %
3 Years: %
TTM: 101%
Stock Price CAGR
10 Years: %
5 Years: -11%
3 Years: -15%
1 Year: -48%
Return on Equity
10 Years: %
5 Years: -10%
3 Years: -18%
Last Year: -54%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Sep 2025
Equity Capital 10.00 10.00 10.00 54.65 83.95 83.95 83.95 83.95 83.95 83.95 83.95 83.95 83.95
Reserves -67.55 -73.86 -120.54 518.28 1,085.63 1,094.85 1,092.20 1,061.37 739.09 658.70 636.67 328.53 331.05
434.41 376.76 512.71 149.95 133.00 120.00 142.52 325.17 310.46 307.43 263.58 263.58 263.58
8.20 6.00 4.68 3.02 84.54 35.04 132.02 34.06 122.96 93.57 125.38 133.70 134.05
Total Liabilities 385.06 318.90 406.85 725.90 1,387.12 1,333.84 1,450.69 1,504.55 1,256.46 1,143.65 1,109.58 809.76 812.63
0.01 0.01 0.02 0.05 0.17 0.13 0.09 0.36 0.31 0.29 0.26 0.20 0.18
CWIP 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
Investments 371.00 308.51 311.23 643.15 1,114.00 1,239.86 1,144.27 1,084.93 892.14 760.97 696.30 413.78 404.79
14.05 10.38 95.60 82.70 272.95 93.85 306.33 419.26 364.01 382.39 413.02 395.78 407.66
Total Assets 385.06 318.90 406.85 725.90 1,387.12 1,333.84 1,450.69 1,504.55 1,256.46 1,143.65 1,109.58 809.76 812.63

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
-3.10 -2.46 -4.44 -19.13 -15.32 -24.87 -67.46 -102.49 50.23 -53.21 -1.34 -3.56
-61.85 101.07 -77.19 -113.65 -530.22 75.61 51.41 -56.77 -9.07 87.35 45.35 3.23
61.32 -98.06 81.04 148.46 533.49 -54.33 16.01 160.63 -42.17 -33.85 -43.85 0.00
Net Cash Flow -3.63 0.56 -0.59 15.68 -12.04 -3.59 -0.04 1.37 -1.01 0.29 0.17 -0.34

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Debtor Days 156.14 211.72 801.29 301.10 474.07 349.75 598.12 150.40 22.20 48.46 197.65 234.07
Inventory Days
Days Payable
Cash Conversion Cycle 156.14 211.72 801.29 301.10 474.07 349.75 598.12 150.40 22.20 48.46 197.65 234.07
Working Capital Days -9.34 -9,792.36 1,173.89 300.33 1,486.72 493.25 -197.00 4,002.96 568.18 2,036.98 -4,452.01 -7,183.89
ROCE % 0.38% 9.93% 1.05% 2.03% 4.87% 4.94% 0.41% -1.09% -1.40% -3.54% 0.45% -36.23%

Insights

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Mar 2014Mar 2015Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Consolidated Toll Revenue
₹ Crore

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Number of Operational BOT Projects
Count
Total Lane Kilometers
Lane Km
Total Project Cost (TPC) of Portfolio
₹ Crore
Average Daily Revenue (ADR)
₹ Lakhs

Shareholding Pattern

Numbers in percentages

Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
53.76% 53.76% 53.76% 53.76% 52.23% 52.10% 51.97% 51.97% 51.97% 51.97% 51.97% 51.97%
0.00% 0.00% 0.00% 0.00% 0.06% 0.00% 0.01% 0.00% 0.00% 0.01% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.11% 0.11% 0.11% 0.11% 0.11%
46.24% 46.24% 46.24% 46.24% 47.70% 47.89% 48.04% 47.92% 47.92% 47.91% 47.92% 47.92%
No. of Shareholders 21,82521,86923,59925,67051,89652,53451,03850,49251,19552,76354,58153,152

* 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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