B.R.GOYAL INFRASTRUCTURE LIMIT

Executes civil infrastructure contracts across four lines of business: road EPC construction, building EPC, toll collection on national highways and expressways, and wastewater/underground sewerage (entered in FY26 with a ₹167 crore Tamil Nadu order). It also runs an RMC (ready-mix concrete) unit that supports its own projects. Road EPC and toll work is done for central and state government clients — primarily NHAI and state expressway authorities such as UPEIDA — while wastewater is won from state and municipal bodies. As of March 31, 2026 the order book spans 37 projects in 9 states. Sub-contracting and project execution costs dominate the cost stack at 81.2% of FY26 revenue, with materials at 11.8% and employee cost at 3.8%. Blended FY26 EBITDA margin stood at 9.13%, with EPC margin around 14% and toll collection margin around 4%. Recent toll wins include a ₹377.54 crore Bundelkhand Expressway user-fee contract (2 years) and a ₹118.02 crore NHAI contract at Kathpur Fee Plaza (1 year).