NSE: BRNL · BSE: 540700
BHARAT ROAD NETWORK LTD
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Toll collection and annuity receipts from road projects under Hybrid Annuity Model, Subsidiary project SPVs. Asset-heavy, project-based road infrastructure under hybrid annuity model
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 216 | 326 | 380 | 274 | 154 |
| EBITDA (ex other income) | (56) | 3 | 138 | 57 | (24) |
| margin % | (25.7) | 1.0 | 36.3 | 20.6 | (15.8) |
| Owners' profit | (376) | (210) | (112) | 141 | (30) |
| EPS, as reported (₹) | (46.30) | (24.45) | (13.49) | 16.22 | (7.08) |
| ROE % · ROCE % | (64.6) · (4.0) | (51.4) · (1.5) | (39.6) · 4.3 | 32.3 · 23.4 | (11.1) · (6.3) |
| Debt / equity (x) | 2.48 | 3.10 | 4.64 | 1.03 | 0.81 |
| Cash from operations | 22 | 259 | 365 | 71 | (126) |
| Capex | (28) | (8) | (104) | (52) | (7) |
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 | 76 | 48 | 47 | 46 | 17 | 42 | 49 | 47 |
| Profit before tax | (10) | 165 | (8) | 14 | 12 | 25 | (110) | (87) |
| Net profit | (10) | 164 | (7) | 13 | 12 | 25 | (110) | (87) |
| EPS (₹) | (1.21) | 19.57 | (0.85) | 1.59 | 1.44 | 3.00 | (13.13) | (10.40) |
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. % |
|---|---|---|---|---|---|---|---|---|
| BF UTILITIES LIMITED | 1,695 | 10.7 | 1.45 | 4.0 | 16.7 | 13.2 | 9.4 | 79.0 |
| INNOVISION LIMITED | 437 | 15.5 | 1.48 | 8.3 | 12.4 | 15.1 | — | (2.5) |
| ATLANTAA LIMITED | 279 | — | 1.30 | 10.4 | (0.8) | (0.2) | (3.5) | 42.3 |
| SADBHAV ENGINEERING LTD | 124 | 4.1 | — | 4.5 | (1025.5) | 9.1 | (15.4) | 79.9 |
| BHARAT ROAD NETWORK LTD ◆ | 114 | — | 0.21 | 65.0 | (11.1) | (6.3) | (5.9) | (141.8) |
| SADBHAV INFRA PROJ LTD. | 81 | 46.2 | — | 5.7 | (7.8) | 12.0 | (9.6) | 73.7 |
| GAYATRI HIGHWAYS LIMITED | 39 | — | — | 11.8 | 0.2 | 8.1 | (29.1) | 14.6 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/B | 0.2 | 1.4 | 1 of 11 | 100% |
| ROCE | (6.3) | 6.7 | 13 of 14 | 8% |
| ROE | (11.1) | 12.4 | 10 of 11 | 10% |
| Debt / Equity | 0.8 | 0.4 | 10 of 11 | 10% |
| EBITDA margin | (141.8) | 39.5 | 15 of 15 | 0% |
| Revenue growth | 2.5 | 13.2 | 9 of 12 | 27% |
| Profit growth | (753.7) | 10.2 | 13 of 13 | 0% |
| Market cap | 114 | 312 | 11 of 15 | 29% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 6 Oct 2026 · Annual Report and 19th AGM Notice submitted for FY 2025-26 | board shareholder meetings | medium | — | — |
| 2 Oct 2026 · BRNL 19th AGM: Both resolutions passed with requisite majority | compliance | minimal | — | — |
| 1 Oct 2026 · 19th AGM proceedings: two resolutions passed with requisite majority | board shareholder meetings | low | — | — |
| 29 Sept 2026 · Trading window closed for insiders ahead of Q2 FY27 results | compliance | minimal | — | — |
| 7 Sept 2026 · AGM notice and annual report dispatch completed for FY26 | compliance | minimal | — | — |
| 5 Sept 2026 · 19th AGM on Sep 30, 2026; seeks approval for Rs 18 crore related party deals | board shareholder meetings | low | — | — |
| 26 Aug 2026 · BRNL informs about 19th AGM newspaper notice to shareholders | compliance | minimal | — | — |
| 18 Aug 2026 · Newspaper publication of Q1 FY27 unaudited financial results | compliance | minimal | — | — |
| 17 Aug 2026 · Promoter Group Confirms No New Share Encumbrances for FY26 | ownership changes | medium | — | — |
| 14 Aug 2026 · BRNL Q1 loss widens sharply; auditor flags going concern uncertainty | results | high | — | — |
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.