Bharat Road Network Ltd

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

Bharat Road Network Ltd

₹ 23.6 -4.76%
10 Oct - 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 ₹ 198 Cr.
  • Current Price ₹ 23.6
  • High / Low ₹ 53.9 / 17.4
  • Stock P/E 1.18
  • Book Value ₹ 39.4
  • Dividend Yield 0.00 %
  • ROCE 15.1 %
  • ROE 53.7 %
  • Face Value ₹ 10.0
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Pros

  • Company has reduced debt.
  • Stock is trading at 0.60 times its book value
  • Company is expected to give good quarter
  • Company has delivered good profit growth of 53.9% CAGR over last 5 years

Cons

  • The company has delivered a poor sales growth of -1.72% over past five years.
  • Company has a low return on equity of -20.9% over last 3 years.
  • Contingent liabilities of Rs.2,330 Cr.
  • Company might be capitalizing the interest cost

* 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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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025
68 67 97 94 99 91 97 93 103 76 232 47 46
14 23 167 109 47 98 49 49 53 68 54 42 18
Operating Profit 54 44 -70 -15 52 -7 49 44 50 8 177 5 28
OPM % 79% 66% -72% -16% 53% -7% 50% 47% 48% 11% 76% 11% 61%
11 6 -5 2 2 2 2 5 5 5 7 6 5
Interest 46 45 46 46 47 48 47 46 46 5 1 1 0
Depreciation 13 13 15 15 16 16 16 34 21 18 18 18 19
Profit before tax 6 -9 -136 -74 -9 -68 -12 -31 -13 -10 165 -8 14
Tax % -60% -0% -6% -7% -22% -3% -16% -6% -16% 2% 0% -10% 3%
0 -9 -128 -69 -7 -66 -10 -30 -11 -10 164 -7 13
EPS in Rs -0.41 -1.53 -15.83 -7.20 -1.40 -6.64 -1.87 -3.42 -1.85 -0.85 20.20 -0.57 1.22
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

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 8 1 142 153 401 299 210 216 326 380 274 401
10 9 4 173 172 248 116 163 266 322 242 218 183
Operating Profit -0 -1 -3 -32 -18 153 184 46 -50 4 138 57 219
OPM % -1% -11% -388% -22% -12% 38% 61% 22% -23% 1% 36% 21% 55%
0 33 4 1 98 48 34 35 -133 14 11 206 22
Interest 51 41 50 31 44 205 193 167 182 184 188 54 8
Depreciation 0 0 0 0 0 34 36 39 43 57 82 74 72
Profit before tax -51 -8 -50 -62 35 -37 -12 -125 -408 -222 -121 134 161
Tax % 0% 0% 0% 1% 33% 16% 9% -5% -5% -8% -6% -2%
-61 -26 -93 -62 23 -44 -13 -119 -389 -205 -113 136 160
EPS in Rs -60.76 -26.42 -92.54 -11.40 2.78 -4.56 -1.90 -13.61 -44.83 -24.96 -13.34 16.81 20.00
Dividend Payout % 0% 0% 0% 0% 36% -11% 0% 0% 0% 0% 0% 0%
Compounded Sales Growth
10 Years: 42%
5 Years: -2%
3 Years: 8%
TTM: 4%
Compounded Profit Growth
10 Years: 22%
5 Years: 54%
3 Years: 37%
TTM: 245%
Stock Price CAGR
10 Years: %
5 Years: -5%
3 Years: -13%
1 Year: -52%
Return on Equity
10 Years: %
5 Years: -21%
3 Years: -21%
Last Year: 54%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Equity Capital 10 10 10 55 84 84 84 84 84 84 84 84
Reserves 0 -4 -77 386 979 928 917 802 425 218 106 247
462 567 885 559 1,041 1,372 1,556 1,539 1,492 1,413 1,328 434
43 56 18 231 465 581 767 717 845 991 1,216 670
Total Liabilities 516 629 837 1,231 2,569 2,965 3,324 3,143 2,846 2,706 2,734 1,435
2 2 2 25 893 869 1,689 1,661 1,629 1,536 1,453 578
CWIP 55 160 303 420 542 797 100 132 158 242 347 1
Investments 374 381 361 449 562 523 486 426 206 119 120 116
86 86 171 337 573 776 1,048 924 853 810 814 740
Total Assets 516 629 837 1,231 2,569 2,965 3,324 3,143 2,846 2,706 2,734 1,435

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
19 -32 -35 -9 143 296 238 51 22 259 264 71
-46 38 -215 -333 -1,031 -365 -157 168 196 81 -208 -62
52 -30 264 353 881 86 -86 -199 -233 -250 -114 -68
Net Cash Flow 25 -24 14 11 -7 17 -5 20 -15 90 -57 -59

Ratios

Consolidated Figures in Rs. Crores / View Standalone

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 100 85 1,124 12 247 90 144 236 233 66 0 1
Inventory Days
Days Payable
Cash Conversion Cycle 100 85 1,124 12 247 90 144 236 233 66 0 1
Working Capital Days -1,244 -1,877 -754 -103 -393 -93 10 -32 -235 -411 -845 -467
ROCE % -0% 6% 0% -3% 5% 7% 7% 1% -4% -2% 4% 15%

Shareholding Pattern

Numbers in percentages

1 Recently
Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025
53.76% 53.76% 53.76% 53.76% 53.76% 53.76% 52.23% 52.10% 51.97% 51.97% 51.97% 51.97%
0.00% 0.00% 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%
46.24% 46.24% 46.24% 46.24% 46.24% 46.24% 47.70% 47.89% 48.04% 47.92% 47.92% 47.91%
No. of Shareholders 21,18921,84021,82521,86923,59925,67051,89652,53451,03850,49251,19552,763

* 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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