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NSE:BRNL

BHARAT ROAD NETWORK LTD

Services › Transport Infrastructure
₹13.62
at close · 27 Oct 2026
▼ 1.24 (-8.34%)

Latest filings

  1. Annual Report and 19th AGM Notice submitted for FY 2025-26 · Board & Shareholder Meetings
  2. BRNL 19th AGM: Both resolutions passed with requisite majority · Compliance
  3. 19th AGM proceedings: two resolutions passed with requisite majority · Board & Shareholder Meetings
All filings ↓
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Snapshot

What the business is, and whether it's a good one at a fair price.

AI · written from filings

Builds and operates road infrastructure assets under India's hybrid annuity model, with revenue earned from toll collection and government annuity payments on completed road projects. The business is run through project-specific subsidiaries, including Guruvayoor Infrastructure (GIPL), Orissa Steel Expressway (OSEPL), and previously Solapur Tollways (STPL). STPL entered the Corporate Insolvency Resolution Process on 20 December 2024 and BRNL has ceased control over it, booking an exceptional gain of Rs. 18,392.16 lakhs from the deconsolidation in 9M FY26. FY26 consolidated revenue was Rs. 154.30 crore and total assets stood at Rs. 1,435.51 crore. The asset-heavy model shows up in depreciation at 42.5% of revenue. The company defaulted on repayment of Rs. 19,357.72 lakhs of financial assistance due on 31 March 2025, with auditors flagging material uncertainty on going concern; a partial payment of Rs. 8,000 lakhs was made in December 2025.

Operating scale
FY26 consolidated revenue
Rs. 154.30 croreFY26
9M FY26 consolidated revenue from operations
Rs. 10,539.82 lakhs9M FY26
Total assets
Rs. 1,435.51 croreFY26
Exceptional gain from STPL deconsolidation
Rs. 18,392.16 lakhs9M FY26
Defaulted financial assistance
Rs. 19,357.72 lakhsDue 31 March 2025
Depreciation as % of revenue
42.5%FY26
Who pays it
Road users paying tolls and government/NHAI paying annuity instalments under HAM concessions
Biggest cost
Depreciation on road assets, at 42.5% of revenue in FY26
Kind of business
Asset-heavy, project-based road infrastructure under hybrid annuity model
Where it sits
Small road-asset player operating toll/annuity road SPVs (GIPL, OSEPL) with promoter Srei Infrastructure Finance holding 19.81%
Market Cap
₹114 Cr
P / E (TTM)
—
EV / EBITDA
—
Div Yield
—
Growth
-5.9%▼
Revenue 5y CAGR
PAT — · EBITDA -39.8%
Quality
-1.5%·
ROCE (5y median)
ROE -39.6% (5y median) · margin 4.2%
Leverage
0.81·
Debt / Equity · moderate
Net debt ₹308 Cr
Revenue FY21→FY26
0.7×▼
Margin +18.2 pts
₹210 Cr → ₹154 Cr
Moves on a normal day
1.09%·
Median daily move
Last 267 sessions · the yardstick for filing-day moves
Where it sits among 14 Transport Infrastructure peersBar = share of peers beaten · tick = industry median · latest reported figures
P/B#1/11
ROCE#13/14
ROE#10/11
Debt / Equity#10/11
EBITDA margin#15/15
Revenue growth#9/12
Profit growth#13/13

Scorecard

Measured from the filed financials, judged against its Transport Infrastructure peers · as of FY26 — not investment advice

Strengths
Negative working-capital cycle — the business is funded by its suppliers
Concerns
Revenue shrinking over 5 years (−6% a year)
Negative returns on capital — −1.5% (5-year median)
#13 of 14 in Transport Infrastructure on the latest reported figures · down from 1.6% in FY21
Carries more debt than its peers — 0.81× equity
higher than 90% of its 11 Transport Infrastructure peers

Charts

How has the market priced it — with filings on the timeline?

BRNL · price

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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.

Peers

How does it stack up on valuation, returns and growth?

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Financials

Quarterly & annual P&L, balance sheet, cash flow, ratios and segments.

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Ownership

Who owns it — and is the promoter stake clean?

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Common questions

Answered from BHARAT ROAD NETWORK LTD's filed financials and exchange disclosures

What does BHARAT ROAD NETWORK LTD do?

BHARAT ROAD NETWORK LTD is a Transport Infrastructure company listed on NSE and BSE, trading under the symbol BRNL.

Is BHARAT ROAD NETWORK LTD profitable?

No. Over the trailing twelve months BHARAT ROAD NETWORK LTD reported a net loss of ₹160 Cr on revenue of ₹155 Cr.

Does BHARAT ROAD NETWORK LTD pay a dividend?

Not in the latest reported year — BHARAT ROAD NETWORK LTD's dividend payout for FY26 was nil.

Is BHARAT ROAD NETWORK LTD debt-free?

No. It reported borrowings of ₹434 Cr on its 31 Mar 2026 balance sheet, or net debt of ₹308 Cr after cash. Debt stands at 0.81× equity. That is higher than 90% of its 11 Transport Infrastructure peers.

How much does the BHARAT ROAD NETWORK LTD share price move in a day?

On a typical session BHARAT ROAD NETWORK LTD moves 1.09% — that is the median absolute close-to-close move across its last 267 trading days. MarketPing measures each filing's price reaction against it.

Where can I track BHARAT ROAD NETWORK LTD's announcements?

Every NSE and BSE filing by BHARAT ROAD NETWORK LTD appears on this page, AI-summarised, alongside the price reaction that followed it. Follow the company to get each new filing on WhatsApp within minutes.

Figures are as last reported and may lag the latest filing. Not investment advice.