Bharat Road Network Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 26, 2025
BRNL · price
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The Board of Bharat Road Network Limited (BRNL) approved unaudited standalone and consolidated financial results for Q1 FY26 (quarter ended June 30, 2025). On a standalone basis, the company reported revenue from operations of Rs. 150.86 lakhs and a profit after tax of Rs. 122.30 lakhs, compared to a loss of Rs. 612.48 lakhs in the same quarter last year. On a consolidated basis, revenue stood at Rs. 4,624.58 lakhs with a profit after tax of Rs. 1,335.01 lakhs, aided by Rs. 18,392.16 lakhs gain on cessation of control over subsidiary Solapur Tollways. The Board also fixed September 26, 2025 as the date for the 18th AGM (via video conferencing) and approved M/s M.R. & Associates as the new Secretarial Auditor for a 5-year term (FY26–FY30). The auditor issued a qualified review report, flagging that BRNL has not recognized interest of about Rs. 3,957.34 lakhs on a defaulted loan of Rs. 19,357.73 lakhs, leading to an overstatement of profit. The auditor also flagged material uncertainty on the company's ability to continue as a going concern due to loan defaults and significant losses, alongside PMLA search proceedings and asset freezes at subsidiary Guruvayoor Infrastructure (GIPL).
The headline profit numbers look positive, but they are overstated because the company has stopped booking interest on a defaulted loan of over Rs. 193 crore. The auditor's going-concern warning, ongoing PMLA case at GIPL, and termination of two associate projects signal serious financial stress. Shareholders should view the apparent turnaround with caution and watch for updates on loan restructuring and the sub-judice matters.