NSE: BCPL · BSE: 542057
BCPL RAILWAY INFRA LTD
Designs, supplies and erects 25 KV overhead electrification (OHE) and allied electrical works for Indian Railways, primarily for divisions of Eastern Railway. In FY26 the Railway Overhead Electrification segment contributed Rs 84.19 crore of revenue and Rs 9.91 crore of EBIT, supported by small-value contracts recently won from Eastern Railway's Sealdah and Howrah divisions (Rs 4.25 crore, Rs 4.62 crore and Rs 4.51 crore orders for OHE reliability, platform extensions, and anti-climbing devices respectively). A new Edible Oils segment launched during the year contributed Rs 129.33 crore of revenue and Rs 6.47 crore of EBIT in FY26, making it the larger of the two operating segments by revenue. A Merchant Exports line is present in the segment list but reported nil revenue in FY26. The cost structure is dominated by 'other operating expenses' at 87.5% of revenue, with employee cost at 3.6% and depreciation at 1.0%; reported materials cost is nil, suggesting execution work is largely routed through subcontractors and other operating heads. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Edible Oils (61%), Railway Overhead Electrification (39%), Merchant Exports (0%). Small-cap contractor for railway electrification with a newly added edible oils trading line
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 105 | 123 | 88 | 161 | 210 |
| EBITDA (ex other income) | 10 | 10 | 8 | 10 | 15 |
| margin % | 9.1 | 8.3 | 8.6 | 6.0 | 7.2 |
| Owners' profit | 8 | 8 | 5 | 7 | 6 |
| EPS, as reported (₹) | 4.43 | 4.80 | 3.25 | 3.97 | 3.85 |
| ROE % · ROCE % | 9.5 · 14.5 | 8.8 · 13.8 | 5.5 · 8.5 | 5.1 · 9.3 | 6.6 · 13.0 |
| Debt / equity (x) | 0.03 | 0.03 | 0.41 | 0.76 | 0.71 |
| Cash from operations | 6 | 1 | (3) | (6) | (1) |
| Capex | (3) | (2) | (5) | (37) | (3) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 27 | 38 | 78 | 67 | 58 | 27 | 58 | 75 |
| Profit before tax | 2 | 1 | 0 | 0 | 4 | 1 | 4 | 5 |
| Net profit | 2 | 0 | 1 | 1 | 3 | 1 | 3 | 4 |
| EPS (₹) | 1.15 | 0.58 | 1.08 | 0.73 | 1.93 | 0.69 | 0.50 | 1.81 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Railway Overhead Electrification | 84 | 39.3 |
| Edible Oils | 95 | 44.4 |
| Edible Oil | 35 | 16.3 |
| Total, before eliminations | 213 | 100.0 |
Exhibit 4: 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. | 4,98,723 | 30.1 | 3.88 | 18.2 | 14.7 | 11.9 | 16.0 | 12.5 |
| RAIL VIKAS NIGAM LIMITED | 39,032 | 43.4 | 3.98 | 28.1 | 8.9 | 7.5 | 5.8 | 7.5 |
| KALPATARU PROJECT INT LTD | 23,895 | 21.0 | 3.09 | 10.8 | 13.3 | 15.0 | 16.0 | 10.0 |
| IRB INFRA DEV LTD. | 21,100 | 16.2 | 1.01 | 9.8 | 4.1 | 2.5 | 7.6 | 55.6 |
| NBCC (INDIA) LIMITED | 19,980 | 27.0 | 6.21 | 16.4 | 23.1 | 29.7 | 13.5 | 9.6 |
| CEMINDIA PROJECTS LIMITED | 19,499 | 32.4 | 8.13 | 16.6 | 24.9 | 31.7 | 29.8 | 10.5 |
| ENGINEERS INDIA LTD | 16,254 | 20.7 | 5.17 | 18.1 | 22.0 | 26.5 | 4.6 | 20.1 |
| TECHNO ELEC & ENG CO. LTD | 10,966 | 25.4 | 2.64 | 18.0 | 11.4 | 12.4 | 29.6 | 20.4 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 13.2 | 14.6 | 45 of 101 | 56% |
| P/B | 1.1 | 1.4 | 36 of 85 | 58% |
| ROCE | 7.4 | 10.0 | 63 of 107 | 42% |
| ROE | 6.6 | 9.1 | 53 of 87 | 40% |
| Debt / Equity | 0.7 | 0.4 | 68 of 87 | 22% |
| EBITDA margin | 10.3 | 12.4 | 53 of 88 | 40% |
| Revenue growth | 12.2 | 6.2 | 32 of 86 | 62% |
| Profit growth | 654.9 | 2.7 | 4 of 84 | 96% |
| Market cap | 109 | 468 | 74 of 107 | 31% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 6 Oct 2026 · Reg 74(5) certificate filed; no demat requests in Q2 FY27 | compliance | minimal | — | — |
| 5 Oct 2026 · BCPL Railway Infra bags Rs 37.26 cr order from Eastern Railway | business updates | high | — | — |
| 1 Oct 2026 · BCPL sets up wholly owned real estate subsidiary AJU Real Estate | strategic transactions | medium | — | — |
| 26 Sept 2026 · Trading window will be closed for designated persons and their immediate relatives from 1.10.2026 till 48 hours form the declaration of financial results for the period ended 30.09.2026 | compliance | minimal | — | — |
| 23 Sept 2026 · BCPL Railway Infra bags Rs 6.22 cr order from Eastern Railway | business updates | medium | — | — |
| 23 Sept 2026 · Board approves new wholly owned subsidiary for real estate consultancy | strategic transactions | medium | — | — |
| 19 Sept 2026 · Board to consider new wholly owned subsidiary in real estate advisory | strategic transactions | medium | — | — |
| 10 Sept 2026 · BCPL emerges L1 bidder for Eastern Railway Howrah order worth Rs 5.89 cr | business updates | medium | — | — |
| 7 Sept 2026 · BCPL emerges L1 for Rs 54.74 cr Eastern Railway order | business updates | high | — | — |
| 5 Sept 2026 · BCPL emerges L1 bidder for Rs 37.36 cr Eastern Railway order | business updates | medium | — | — |
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.