Intimation for Earnings Call Transcript.
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B.R.Goyal Infrastructure held its maiden earnings call covering H1 FY26 results. Consolidated revenue touched a record INR342 crores (vs INR213 crores YoY), with EBITDA at INR27 crores (8.03% margin) and PAT of INR16 crores (vs INR6 crores). Order book surged 73% YoY to INR1,535 crores, while H1 work execution rose 54% to INR360 crores. Management guided 35-40% revenue growth in FY26 (target INR700-750 crores) with EBITDA margin expanding to 11-13% in FY26 and 13-14% in FY27. The company is diversifying into higher-margin wastewater treatment (18-20% EBITDA) and exploring HAM projects. Bid pipeline stands at INR2,500 crores with a strike rate of 15-20%. Capex of INR16 crores was incurred; operating cash flow is expected to turn positive by 31 March 2026.
A robust 73% YoY order book growth combined with explicit margin expansion guidance (from 8% to 11-13%) and diversification into higher-margin wastewater is constructive for shareholders. Risks include modest debt increase tied to growth and working capital needs, though leverage stays below industry average.