BSE: 544335
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). AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Road EPC, Toll collection, Wastewater/sewerage, Building EPC, RMC and real estate. Civil construction and EPC contractor with an annuity-style toll-collection arm and a newly added wastewater vertical
Exhibit 1: Financial summary, FY25–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY25 | FY26 |
|---|---|---|
| Revenue | 510 | 820 |
| EBITDA (ex other income) | — | — |
| margin % | — | — |
| Owners' profit | — | — |
| EPS, as reported (₹) | 13.41 | 23.87 |
| ROE % · ROCE % | — · 13.6 | — · 19.3 |
| Debt / equity (x) | — | — |
| Cash from operations | (36) | 2 |
| Capex | (24) | (39) |
Exhibit 2: Quarterly performance, last 4 quarters
| ₹ crore | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|
| Revenue | 213 | 352 | 342 | 478 |
| Profit before tax | 8 | 23 | 22 | 41 |
| Net profit | — | — | — | — |
| EPS (₹) | 3.49 | 10.21 | 8.55 | 15.32 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| LARSEN & TOUBRO LTD. | 5,04,226 | 30.4 | 3.92 | 18.4 | 14.7 | 11.9 | 16.0 | 12.5 |
| RAIL VIKAS NIGAM LIMITED | 37,739 | 42.0 | 3.84 | 27.2 | 8.9 | 7.5 | 5.8 | 7.5 |
| KALPATARU PROJECT INT LTD | 22,629 | 19.9 | 2.93 | 10.3 | 13.3 | 15.0 | 16.0 | 10.0 |
| CEMINDIA PROJECTS LIMITED | 20,566 | 34.2 | 8.57 | 17.5 | 24.9 | 31.7 | 29.8 | 10.5 |
| IRB INFRA DEV LTD. | 19,228 | 14.7 | 0.92 | 9.4 | 4.1 | 2.5 | 7.6 | 55.6 |
| NBCC (INDIA) LIMITED | 19,035 | 25.7 | 5.92 | 15.5 | 23.1 | 29.7 | 13.5 | 9.6 |
| ENGINEERS INDIA LTD | 14,062 | 17.9 | 4.47 | 15.7 | 22.0 | 26.5 | 4.6 | 20.1 |
| TECHNO ELEC & ENG CO. LTD | 9,758 | 22.6 | 2.35 | 16.0 | 11.4 | 12.4 | 29.6 | 20.4 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 5.2 | 13.5 | 14 of 101 | 87% |
| ROCE | 17.2 | 10.0 | 28 of 107 | 75% |
| Market cap | 465 | 465 | 54 of 107 | 50% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 5 Oct 2026 · RTA certifies dematerialisation compliance for Sep 2026 quarter | compliance | minimal | — | — |
| 23 Sept 2026 · Trading window closed from Oct 1 till H2 FY26 results | compliance | minimal | — | — |
| 21 Sept 2026 · Schedule of Arihant Bharat Connect Conference on 25 September 2026 | board shareholder meetings | low | — | — |
| 10 Sept 2026 · BRGIL bags Rs 52.40 cr NHAI order for Khambara fee collection | business updates | high | — | — |
| 4 Sept 2026 · B.R.Goyal Infra gets Rs 108.68 cr NHAI toll collection order at Chillakallu | business updates | high | — | — |
| 1 Sept 2026 · B.R.Goyal raises Rs 2.5 Cr inter-corporate deposit for working capital | credit debt | medium | — | — |
| 29 Aug 2026 · BRGIL 21st AGM: All 5 resolutions passed unanimously | board shareholder meetings | low | — | — |
| 27 Aug 2026 · 21st AGM held on 27 Aug 2026; final dividend for FY26 proposed, directors re-appointed | board shareholder meetings | low | — | — |
| 26 Aug 2026 · B.R.Goyal Infra bags Rs 120 cr NHAI order for Surapattu Fee Plaza in Tamil Nadu | business updates | high | — | — |
| 25 Aug 2026 · BR Goyal Infra wins Rs 151 crore NHAI toll collection contract | compliance | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.