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 ₹ 196 Cr.
- Current Price ₹ 24.0
- High / Low ₹ 63.1 / 21.0
- Stock P/E 1.44
- Book Value ₹ 39.4
- Dividend Yield 0.00 %
- ROCE 15.2 %
- ROE 52.3 %
- Face Value ₹ 10.0
Pros
- Company has reduced debt.
- Stock is trading at 0.61 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
Sector: Infrastructure Developers & Operators Industry: Construction
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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: | -9% |
| 3 Years: | -9% |
| 1 Year: | -62% |
| 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 | 5,451 | 33 | -274 | -47 | 10 | 188 | 26 | -217 | -481 | -55 |
| ROCE % | -0% | 6% | 0% | -3% | 5% | 7% | 7% | 1% | -4% | -2% | 4% | 15% |
Documents
Announcements
- Announcement under Regulation 30 (LODR)-Newspaper Publication 15 May
-
Board Meeting Outcome for Outcome Of Board Meeting Dated 13Th May, 2025
13 May - Audited FY25 results with qualified opinion, defaults, going concern doubts, and ongoing restructuring discussions.
-
Announcement under Regulation 30 (LODR)-Cessation
13 May - Mr. Brahm Dutt ceased as Independent Director and Chairman after completing 5-year term on 13 May 2025.
-
Board Meeting Intimation for To Inter Alia, Consider And Approve The Audited Standalone And Consolidated Financial Results Of The Company For The
Financial Year Ended On 31St March, 2025.
6 May - Board meeting on May 13 to approve FY25 audited results; trading window closed from April 1.
-
Announcement under Regulation 30 (LODR)-Resignation of Director
11 Apr - Resignation of Dr. Tuk Tuk Ghosh Kumar from the board.
Annual reports
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Financial Year 2024
from bse
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Financial Year 2023
from bse
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Financial Year 2022
from bse
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Financial Year 2021
from bse
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Financial Year 2020
from bse
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Financial Year 2019
from bse
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Financial Year 2018
from bse
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Financial Year 2017
from bse
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Financial Year 2016
from bse
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Financial Year 2015
from bse
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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.