NSE: BRAHMINFRA · BSE: 535693
BRAHMAPUTRA INFRA L
Builds roads, bridges, railways, tunnels, river protection works, institutional buildings and urban infrastructure across 10 states anchored in Northeast India, with three decades of execution experience. EPC contracts generated the bulk of FY26 revenue of ₹365.47 crore, while a real estate portfolio — City Center Mall Guwahati, Brahmaputra Industrial Park and Spanish Garden — contributes the remainder at ~85% EBIT margins. Construction materials were 73.9% of revenue in FY26. The order book stood at ₹1,600+ crore at year-end (4.46x revenue), split across buildings ₹405 cr, roads and bridges ₹498 cr, railways and tunnels ₹400 cr, and river protection ₹250 cr. Customers are central and state government agencies — North East Frontier Railway, NHIDCL, Ministry of Road Transport and various state PWDs. Recent order wins include a ₹137.60 crore railway contract (Kokrajhar-Gelephu link) with HBMCPL JV, a ₹114.24 crore ROB contract with North Central Railway, an ₹82 crore staff quarters contract via NCDC JV, and a ₹70.18 crore Mizoram highway project. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. EPC Division (90%), Real Estate and Other Income (10%). Cyclical, asset-heavy civil EPC contractor with a small high-margin real estate tail
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 160 | 179 | 220 | 242 | 365 |
| EBITDA (ex other income) | 30 | 36 | 42 | 49 | 83 |
| margin % | 18.6 | 20.3 | 19.2 | 20.0 | 22.8 |
| Owners' profit | 7 | 11 | 17 | 30 | 60 |
| EPS, as reported (₹) | 2.44 | 3.70 | 5.92 | 10.23 | 20.53 |
| ROE % · ROCE % | 4.3 · 11.4 | 7.1 · 12.9 | 9.9 · 8.4 | 10.4 · 10.2 | 17.3 · 16.0 |
| Debt / equity (x) | 1.31 | 1.46 | 1.24 | 0.58 | 0.37 |
| Cash from operations | 10 | (5) | (127) | 65 | 8 |
| Capex | 0 | 0 | (1) | 0 | 0 |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 78 | 31 | 29 | 103 | 92 | 90 | 92 | 92 |
| Profit before tax | 9 | 1 | 1 | 22 | 17 | 17 | 17 | 17 |
| Net profit | 7 | 0 | 0 | 22 | 15 | 15 | 15 | 15 |
| EPS (₹) | 2.40 | 0.13 | 0.11 | 10.23 | 5.18 | 5.04 | 5.21 | 5.09 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| EPC Division | 88 | 23.7 |
| Real Estate and Other Income | 6 | 1.7 |
| EPC | 262 | 71.0 |
| Real Estate and Other | 4 | 1.1 |
| Real Estate and other income | 9 | 2.4 |
| Total, before eliminations | 369 | 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) | 6.9 | 14.6 | 19 of 101 | 82% |
| P/B | 1.2 | 1.4 | 40 of 85 | 52% |
| ROCE | 12.8 | 10.0 | 42 of 107 | 61% |
| ROE | 17.3 | 9.1 | 15 of 87 | 84% |
| Debt / Equity | 0.4 | 0.4 | 46 of 87 | 48% |
| EBITDA margin | 22.6 | 12.4 | 15 of 88 | 84% |
| Revenue growth | (11.1) | 6.2 | 69 of 86 | 20% |
| Profit growth | (33.5) | 2.7 | 57 of 84 | 33% |
| Market cap | 413 | 468 | 56 of 107 | 48% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 25 Sept 2026 · Trading window closed from Oct 1 ahead of Sept quarter results | compliance | minimal | — | — |
| 23 Sept 2026 · Analyst and Institutional Investor Meet with Arihant Capital on Sep 28, 2026 | board shareholder meetings | low | — | — |
| 17 Sept 2026 · Declared L-1 lowest bidder for Rs. 89.73 crore Punjab bridge project | business updates | high | — | — |
| 17 Sept 2026 · BIL declared L-1 bidder for Rs. 89.73 Cr bridge project in Punjab | business updates | medium | — | — |
| 11 Sept 2026 · Secured Rs 46.63 Cr contract from Northeast Frontier Railway | business updates | high | — | — |
| 4 Sept 2026 · Order book at Rs 1,600 Cr; targets Rs 2,500 Cr by year-end | business updates | high | — | — |
| 3 Sept 2026 · Brahmaputra Infra to hold virtual analyst meet on 9 Sept 2026 | board shareholder meetings | low | — | — |
| 2 Sept 2026 · AGM extended by 3 months to 31 Dec 2026 after floods in Assam | board shareholder meetings | medium | — | — |
| 2 Sept 2026 · August 2026 update: Rs 2000 cr tender pipeline, Q2 targets met, margins up | business updates | medium | — | — |
| 28 Aug 2026 · Received Rs. 115.90 Mn LOA from Assam Govt for healthcare project | 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.