Bharat Road Network Ltd

₹ 20.6 -0.24%

01 Aug - close price

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 ₹ 173 Cr.
Current Price ₹ 20.6
High / Low ₹ 54.0 / 20.0
Stock P/E 1.27
Book Value ₹ 39.4
Dividend Yield 0.00 %
ROCE 15.2 %
ROE 52.3 %
Face Value ₹ 10.0

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Pros

Company has reduced debt.
Stock is trading at 0.52 times its book value
Company is expected to give good quarter
Company has delivered good profit growth of 57.0% 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

Industrials Construction Construction Civil Construction

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Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025
	43.77	68.18	66.62	97.35	94.19	98.57	91.01	97.47	92.67	103.06	76.21	231.67	47.26
	17.01	14.27	22.74	167.31	109.25	46.61	97.66	48.62	49.12	53.34	67.88	54.45	42.01
Operating Profit	26.76	53.91	43.88	-69.96	-15.06	51.96	-6.65	48.85	43.55	49.72	8.33	177.22	5.25
OPM %	61.14%	79.07%	65.87%	-71.86%	-15.99%	52.71%	-7.31%	50.12%	46.99%	48.24%	10.93%	76.50%	11.11%
	-142.05	11.25	5.52	-5.10	2.48	1.97	2.15	2.32	4.93	4.65	4.61	6.56	5.98
Interest	44.70	46.46	44.91	46.44	46.08	47.02	47.87	47.09	46.21	46.47	5.17	1.32	1.18
Depreciation	12.67	13.18	13.32	14.93	15.33	16.18	15.57	16.41	33.76	20.95	17.62	17.64	17.93
Profit before tax	-172.66	5.52	-8.83	-136.43	-73.99	-9.27	-67.94	-12.33	-31.49	-13.05	-9.85	164.82	-7.88
Tax %	-6.93%	-60.33%	-0.11%	-6.29%	-6.87%	-22.44%	-2.75%	-16.38%	-5.81%	-16.09%	2.44%	0.32%	-9.64%
	-302.52	0.35	-8.83	-127.85	-68.91	-7.19	-66.07	-10.31	-29.65	-10.96	-10.08	164.29	-7.12
EPS in Rs	-35.79	-0.41	-1.53	-15.83	-7.20	-1.40	-6.64	-1.87	-3.42	-1.85	-0.85	20.20	-0.57
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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
	10	8	1	142	153	401	299	210	216	326	380	458
	10	9	4	173	172	248	116	163	266	322	242	218
Operating Profit	-0	-1	-3	-32	-18	153	184	46	-50	4	138	241
OPM %	-1%	-11%	-388%	-22%	-12%	38%	61%	22%	-23%	1%	36%	52%
	0	33	4	1	98	48	34	35	-133	14	11	22
Interest	51	41	50	31	44	205	193	167	182	184	188	54
Depreciation	0	0	0	0	0	34	36	39	43	57	82	74
Profit before tax	-51	-8	-50	-62	35	-37	-12	-125	-408	-222	-121	134
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
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
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:	21%

Compounded Profit Growth
10 Years:	22%
5 Years:	57%
3 Years:	37%
TTM:	220%

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:	52%

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%

Shareholding Pattern

Numbers in percentages

	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 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	21,189	21,840	21,825	21,869	23,599	25,670	51,896	52,534	51,038	50,492	51,195	52,763

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Jun 2025
	65.10%	53.76%	53.76%	53.76%	53.76%	53.76%	52.23%	51.97%	51.97%
	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.06%	0.00%	0.01%
	3.16%	1.47%	1.33%	0.79%	0.00%	0.00%	0.00%	0.11%	0.11%
	31.74%	44.77%	44.91%	45.45%	46.24%	46.24%	47.70%	47.92%	47.91%
No. of Shareholders	14,356	12,372	12,287	17,044	21,907	21,825	51,896	51,195	52,763

* 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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