Bharat Road Network Limited

: BRNL · Civil Construction

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Snapshot

Unlock Bharat Road Network Limited's vital signs

Growth · Profitability · Valuation · Strength · Conviction

Company Overview

Business

Bharat Road Network Ltd is an Indian infrastructure company focused on the development, operation, and maintenance of highway and road projects. It operates primarily through a Build-Operate-Transfer (BOT) model, collaborating with local engineering, procurement, and construction partners.

Geography mix

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Business Model

The company generates revenue by developing and operating road infrastructure projects under the BOT model, where it recovers investments through toll collections or annuity payments over the concession period.

Growth Outlook

Growth is driven by the expansion of the national highway network and the government's continued focus on infrastructure development through public-private partnerships.

Key Risks

  • Regulatory and Policy Risk. Changes in government infrastructure policies or delays in regulatory approvals can significantly impact project timelines and profitability.
  • Execution and Operational Risk. The company faces risks related to project cost overruns, delays in construction, and the efficient maintenance of road assets.
  • Traffic Volume Risk. Revenue from BOT projects is highly sensitive to actual traffic volumes, which may fall short of projections due to economic downturns or alternative route availability.
  • Interest Rate Risk. As a capital-intensive business, the company is vulnerable to fluctuations in interest rates which affect the cost of debt servicing for long-term projects.

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Key Metrics

REVENUE

₹154 Cr

TTM · consolidated

-43.7%YoY

NET PROFIT

₹-59 Cr

TTM · consolidated

-143.7%YoY

EPS

₹-7.10

TTM · consolidated

-111.3%YoY

RETURN ON EQUITY

-17.1%

TTM · consolidated

-77.5 ppYoY

RETURN ON CAPITAL EMPLOYED

-7.1%

TTM · consolidated

-20.8 ppYoY

P/E

-2.5x

Q4 FY26 · consolidated

-2.5 vs 3.0x5Y avg

EV/EBITDA

72.2x

Q4 FY26 · consolidated

72.2 vs 21.0x5Y avg

EBITDA MARGIN

4.2%

TTM · consolidated

-91.4 ppYoY

NET PROFIT MARGIN

-225.3%

Q4 FY26 · consolidated

-210.2 ppYoY

DEBT TO EQUITY

1.1x

Q4 FY26 · consolidated

-0.23xYoY

Peers · Civil Construction

CompanyMkt CapP/EEV/EBITDARev Gr YoYEBITDA MgnROEROCE1Y Return
Bharat Road Network LimitedBRNL
₹145 Cr-2.4469.87-43.7%4.2%-17.1%-7.1%-9.4%
IL&FS Engineering and Construction Company LimitedIL&FSENGG
₹464 Cr354.10254.66-41.5%6.5%0.0%-0.1%+10.1%
Vishnu Prakash R Punglia LimitedVPRPL
₹401 Cr-2.04-7.63-43.3%-19.3%-27.9%-21.7%-75.1%
Markolines Pavement Technologies LimitedMARKOLINES
₹382 Cr12.628.4413.1%14.7%21.7%+2.4%
Zodiac EnergyZODIAC
₹374 Cr15.429.0011.1%21.7%22.1%-36.1%
GVK Power & Infrastructure LimitedGVKPIL
₹335 Cr-53.00-181.56-100.0%-355.6%0.6%-0.7%-34.0%

As of Q4 FY26

Financials