Bharat Road Network Ltd

₹ 19.0 0.96%

12 Jun - 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 ₹ 160 Cr.
Current Price ₹ 19.0
High / Low ₹ 26.5 / 16.6
Stock P/E
Book Value ₹ 48.0
Dividend Yield 0.00 %
ROCE -6.48 %
ROE -8.08 %
Face Value ₹ 10.0

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Pros

Stock is trading at 0.40 times its book value

Cons

Company has low interest coverage ratio.
The company has delivered a poor sales growth of -5.93% over past five years.
Company has a low return on equity of -0.38% over last 3 years.
Contingent liabilities of Rs.2,330 Cr.
Company might be capitalizing the interest cost
Earnings include an other income of Rs.30.9 Cr.

* 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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Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
	94	99	91	97	93	103	76	232	47	46	17	42	49
	109	47	98	49	49	53	68	54	42	18	64	8	88
Operating Profit	-15	52	-7	49	44	50	8	177	5	28	-47	34	-40
OPM %	-16%	53%	-7%	50%	47%	48%	11%	76%	11%	61%	-276%	82%	-81%
	2	2	2	2	5	5	5	7	6	5	67	8	-48
Interest	46	47	48	47	46	46	5	1	1	0	0	0	0
Depreciation	15	16	16	16	34	21	18	18	18	19	7	17	22
Profit before tax	-74	-9	-68	-12	-31	-13	-10	165	-8	14	12	25	-110
Tax %	-7%	-22%	-3%	-16%	-6%	-16%	2%	0%	-10%	3%	1%	-1%	0%
	-69	-7	-66	-10	-30	-11	-10	164	-7	13	12	25	-110
EPS in Rs	-7.20	-1.40	-6.64	-1.87	-3.42	-1.85	-0.85	20.20	-0.57	1.22	0.57	2.19	-7.51
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	8	1	142	153	401	299	210	216	326	380	274	154
	9	4	173	172	248	116	163	266	322	242	218	179
Operating Profit	-1	-3	-32	-18	153	184	46	-50	4	138	57	-24
OPM %	-11%	-388%	-22%	-12%	38%	61%	22%	-23%	1%	36%	21%	-16%
	33	4	1	98	48	34	35	-133	14	11	206	31
Interest	41	50	31	44	205	193	167	182	184	188	54	0
Depreciation	0	0	0	0	34	36	39	43	57	82	74	66
Profit before tax	-8	-50	-62	35	-37	-12	-125	-408	-222	-121	134	-59
Tax %	0%	0%	1%	33%	16%	9%	-5%	-5%	-8%	-6%	-2%	1%
	-26	-93	-62	23	-44	-13	-119	-389	-205	-113	136	-59
EPS in Rs	-26.42	-92.54	-11.40	2.78	-4.56	-1.90	-13.61	-44.83	-24.96	-13.34	16.81	-3.53
Dividend Payout %	0%	0%	0%	36%	-11%	0%	0%	0%	0%	0%	0%	0%

Compounded Sales Growth
10 Years:	70%
5 Years:	-6%
3 Years:	-22%
TTM:	-44%

Compounded Profit Growth
10 Years:	5%
5 Years:	12%
3 Years:	23%
TTM:	-121%

Stock Price CAGR
10 Years:	%
5 Years:	-11%
3 Years:	-16%
1 Year:	-16%

Return on Equity
10 Years:	-12%
5 Years:	-23%
3 Years:	0%
Last Year:	-8%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	10	10	55	84	84	84	84	84	84	84	84	84
Reserves	-4	-77	386	979	928	917	802	425	218	106	247	319
	567	885	559	1,041	1,372	1,556	1,539	1,492	1,413	1,328	434	434
	56	18	231	465	581	767	717	845	991	1,216	670	599
Total Liabilities	629	837	1,231	2,569	2,965	3,324	3,143	2,846	2,706	2,734	1,435	1,436
	2	2	25	893	869	1,689	1,661	1,629	1,536	1,453	578	501
CWIP	160	303	420	542	797	100	132	158	242	347	1	0
Investments	381	361	449	562	523	486	426	206	119	120	116	93
	86	171	337	573	776	1,048	924	853	810	814	740	842
Total Assets	629	837	1,231	2,569	2,965	3,324	3,143	2,846	2,706	2,734	1,435	1,436

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	-32	-35	-9	143	296	238	51	22	259	264	71	-126
	38	-215	-333	-1,031	-365	-157	168	196	81	-208	-62	328
	-30	264	353	881	86	-86	-199	-233	-250	-114	-68	-80
Net Cash Flow	-24	14	11	-7	17	-5	20	-15	90	-57	-59	122
Free Cash Flow	-133	-178	-349	-0	-25	82	66	-6	251	160	19	-133
CFO/OP	3,500%	1,157%	26%	-801%	198%	130%	114%	-47%	6,047%	191%	128%	474%

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Debtor Days	85	1,124	12	247	90	144	236	233	66	0	1	3
Inventory Days
Days Payable
Cash Conversion Cycle	85	1,124	12	247	90	144	236	233	66	0	1	3
Working Capital Days	-1,877	-754	-103	-393	-93	10	-32	-235	-411	-845	-467	-138
ROCE %	6%	0%	-3%	5%	7%	7%	1%	-4%	-2%	4%	15%	-6%

Insights

In beta

Mar 2014

Mar 2015

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

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Consolidated Toll Revenue
₹ Crore

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	xx,xxx.xx	x,xxx.xx	x,xxx.xx	x,xxx.xx	x,xxx.xx	x,xxx.xx	x,xxx.xx	x,xxx.xx		x,xxx.xx
		xxx.xx	xxx.xx	xxx.xx	xxx.xx	xxx.xx	xxx.xx	xxx.xx		xx.xx

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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

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
	53.76%	53.76%	53.76%	52.23%	52.10%	51.97%	51.97%	51.97%	51.97%	51.97%	51.97%	51.97%
	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%	0.11%
	46.24%	46.24%	46.24%	47.70%	47.89%	48.04%	47.92%	47.92%	47.91%	47.92%	47.92%	47.92%
No. of Shareholders	21,869	23,599	25,670	51,896	52,534	51,038	50,492	51,195	52,763	54,581	53,152	52,422

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	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%	0.00%
	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%	47.92%
No. of Shareholders	14,356	12,372	12,287	17,044	21,907	21,825	51,896	51,195	52,422

* 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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Documents

Announcements

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Annual reports

DRHP

Concalls

May 2018
Transcript
PPT
Feb 2018
Transcript PPT
Nov 2017
Transcript
PPT