Bharat Road Network Ltd
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]
- Market Cap ₹ 176 Cr.
- Current Price ₹ 21.0
- High / Low ₹ 53.9 / 17.4
- Stock P/E 1.05
- Book Value ₹ 39.4
- Dividend Yield 0.00 %
- ROCE 15.2 %
- ROE 54.2 %
- Face Value ₹ 10.0
Pros
- Company has reduced debt.
- Stock is trading at 0.53 times its book value
- Company is expected to give good quarter
- Company has delivered good profit growth of 54.1% CAGR over last 5 years
Cons
- Company has a low return on equity of -20.8% over last 3 years.
- Contingent liabilities of Rs.1,616 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
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
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 | 458 | 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 | 241 | 219 |
OPM % | -1% | -11% | -388% | -22% | -12% | 38% | 61% | 22% | -23% | 1% | 36% | 52% | 55% |
0 | 33 | 4 | 1 | 98 | 48 | 34 | 35 | -133 | 14 | 11 | 22 | 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: | 49% |
5 Years: | 9% |
3 Years: | 28% |
TTM: | 4% |
Compounded Profit Growth | |
---|---|
10 Years: | 22% |
5 Years: | 54% |
3 Years: | 37% |
TTM: | 245% |
Stock Price CAGR | |
---|---|
10 Years: | % |
5 Years: | -10% |
3 Years: | -15% |
1 Year: | -59% |
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 | 579 | |
CWIP | 55 | 160 | 303 | 420 | 542 | 797 | 100 | 132 | 158 | 242 | 347 | 0 |
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 | 364 | 71 | |
-46 | 38 | -215 | -333 | -1,031 | -365 | -157 | 168 | 196 | 81 | -208 | -40 | |
52 | -30 | 264 | 353 | 881 | 86 | -86 | -199 | -233 | -250 | -214 | -68 | |
Net Cash Flow | 25 | -24 | 14 | 11 | -7 | 17 | -5 | 20 | -15 | 90 | -57 | -37 |
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 | 0 | |||||||||||
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 | -265 |
ROCE % | -0% | 6% | 0% | -3% | 5% | 7% | 7% | 1% | -4% | -2% | 4% | 15% |
Documents
Announcements
- Announcement under Regulation 30 (LODR)-Newspaper Publication 2d
- Announcement under Regulation 30 (LODR)-Newspaper Publication 14 Aug
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Intimation Regarding The Date Of 18Th Annual General Meeting Of The Company
12 Aug - Q1 FY26 results show losses, audit qualification, going concern doubts, and appointment of secretarial auditor.
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Announcement under Regulation 30 (LODR)-Change in Management
12 Aug - Q1 FY25-26 results approved; auditors note defaults, interest non-recognition, going concern doubts, and legal issues.
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Board Meeting Outcome for Outcome Of Board Meeting - Board Meeting Dated 12Th August, 2025
12 Aug - Q1 FY26 results show losses, defaults, going concern doubts, legal issues, and auditor's qualified opinion.
Annual reports
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Financial Year 2024
from bse
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Financial Year 2023
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Financial Year 2022
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Financial Year 2021
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Financial Year 2020
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Financial Year 2019
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Financial Year 2018
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Financial Year 2017
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Financial Year 2016
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Financial Year 2015
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Financial Year 2014
from bse
Concalls
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May 2018TranscriptPPT
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Feb 2018Transcript PPT
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Nov 2017TranscriptPPT
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.