Bharat Road Network Limited (BRNL)

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Bharat Road Network Limited (BRNL) · mywealthgrid

About

Bharat Road Network Limited: small-cap civil construction company (market cap ₹146.41 Cr) operating through multiple group entities. Recent quarters show significant profitability stress—consolidated net losses ₹197.5 Cr in Mar–Jun 2026 against ₹96.3 Cr revenue indicate project execution or financial stability issues.

Face value: ₹10

Market cap

₹134 Cr

P/E

—

P/B

0.3×

Dividend yield

ROE

-8.1%

ROCE

-6.8%

Debt / equity

1.08

OPM

-15.8%

EPS (TTM)

₹-16.0

Book value

₹48.0

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Acute profitability crisis: consolidated net losses ₹197.5 Cr in Mar–Jun 2026 against ₹96.3 Cr combined revenue; operating margins -80.96% to -154.46% indicate cost overruns, contract disputes or large provisions

High leverage with negative returns: D/E 1.08, ROE -8.08%, OPM -15.81% create debt-servicing risk given operational stress

Revenue volatility and execution risk: consolidated quarterly revenue ₹17–₹50 Cr, operating margins -154% to +81%, indicate project concentration, execution variability or large one-time charges

Verify: contingent liabilities from recent losses, provision adequacy, working capital in pipeline, whether Dec 2025 ₹25.22 Cr profit was replicable or one-time settlement

Generated analysis · source review pending

Growth drivers

Reversion to prior profitability: Dec 2025 delivered ₹25.22 Cr profit on ₹42.05 Cr revenue (81.57% OPM) proving operation is cash-generative; recovery to that execution level drives earnings expansion

Group entity scaling: consolidated revenue (₹40–₹50 Cr quarterly) substantially exceeds standalone (₹1.5–₹1.8 Cr), indicating subsidiary or joint venture operations that could drive growth if margin headwinds reverse

Infrastructure capex cycle: civil construction demand links to Government and private sector capex spending; verify BRNL's order book, bid pipeline and positioning in high-margin segments

Generated analysis · source review pending

2,229 historical price candles were omitted because the exchange source has not been verified.

₹16.0-2.6%1Y

Quick read

rule-based

Pros

No positive flags triggered.

Cons

−Low return on equity of 0.2% (3-yr avg)
−Revenue shrank over the last 5 years (-5.9% a year)
−Weak interest coverage of -2955.5×

Research score

Structured signal from quality, growth, valuation and momentum.

39/100

Business quality: 9
Growth: 8
Valuation: 100

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Screen this industry Compare top 5 side-by-side

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	299	210	216	326	380	274	154
	111	163	266	322	242	218	179
	189	46	-50	4	138	57	-24
OPM %	63.1%	22%	-23%	1.3%	36.3%	20.6%	-15.8%
Depreciation	36	39	43	57	82	74	66
Interest	193	167	182	184	188	54	0
	29	35	-133	14	11	206	31
Profit before tax	-12	-125	-408	-222	-121	134	-59
Tax	1	-6	-19	-17	-8	-2	0
Tax %	9.4%	-5%	-4.7%	-7.6%	-6.5%	-1.6%	0.6%
	-13	-119	-389	-205	-113	136	-59
PAT margin %	-4.3%	-56.7%	-179.6%	-62.9%	-29.8%	49.6%	-38.5%
EPS (₹)	-1.5	-14.2	-46.3	-24.5	-13.5	16.2	-7.1
EPS adjusted (₹)	-1.9	-13.6	-44.8	-25	-13.3	16.8	-3.5
Annual report	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	—

₹ Cr	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	10	84	84	84	84	84	84	84	84	84
Reserves	-66	979	928	917	802	425	218	106	247	319
Minority interest	0	112	107	110	105	93	97	96	91	132
	875	1,004	1,360	1,470	1,413	1,492	1,239	1,328	434	434
	16	390	487	743	739	752	1,067	1,120	578	467
Total equity & liabilities	835	2,569	2,965	3,324	3,143	2,846	2,706	2,734	1,435	1,436
	0	868	834	1,645	1,661	1,629	1,536	1,453	578	501
CWIP	—	—	—	—	—	0	0	0	0	0
Investments	380	562	523	486	426	206	119	120	116	93
	455	1,140	1,608	1,193	1,056	1,011	1,052	1,161	741	842
Total assets	835	2,569	2,965	3,324	3,143	2,846	2,706	2,734	1,435	1,436

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	—	—	—	—	—	—
EBITDA margin %	61.4%	22.4%	40.5%	3.9%	36.3%	20.6%	-15.8%
EBIT margin %	49.2%	3.5%	20.7%	-13.5%	14.7%	-6.4%	-58.3%
PAT margin %	-4.3%	-56.7%	-179.6%	-62.9%	-29.8%	49.6%	-38.5%
Working capital
Receivable days	144	236	233	66	0	1	3
Inventory days	—	0	0	0	0	0	0
Payable days	6	3	14	5	6	6	7
NWC days	—	233	218	61	-6	-4	-4
Leverage
Current ratio	1.16	1.22	0.88	0.8	0.49	0.8	1.58
Debt to EBITDA	8	30.18	17.03	96.98	9.65	7.67	—
Debt to equity	1.47	1.59	2.93	4.1	6.99	1.31	1.08
Interest coverage	0.9	0.3	0.3	-0.1	0.4	3.5	-2,955.5
Asset turnover	0.09	0.07	0.08	0.12	0.14	0.19	0.11
Return ratios
Return on assets %	-0.4%	-3.8%	-13.7%	-7.6%	-4.1%	9.5%	-4.1%
Return on capital employed %	6.5%	1.6%	2.3%	-1%	3.8%	15.9%	-6.8%
Return on equity %	-1.3%	-13.4%	-76.3%	-67.9%	-59.6%	41.2%	-14.8%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	53.76%	53.76%	52.23%	52.1%	51.97%	51.97%	51.97%	51.97%	51.97%	51.97%	51.97%	51.73%
FII	0%	0%	0.06%	0%	0.01%	0%	0%	0.01%	0%	0%	0%	0%
	0.28%	0.28%	0.11%	0.11%	0.11%	0.11%	0.11%	0.11%	0.11%	0.11%	0.11%	0.17%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	45.96%	45.96%	47.6%	47.79%	47.91%	47.92%	47.92%	47.91%	47.92%	47.92%	47.92%	48.1%
No. of shareholders	—	—	—	—	—	—	—	—	54,581	53,152	52,422	51,502

Promoter holding down 2.03 percentage points since Sep 2023.

19 deals · 28 Jan 2022 – 5 Aug 2025

Date	Client	Type	Venue	Side	Quantity	Price	Value
5 Aug 2025	VISTAR FINANCIERS PRIVATE LIMITED	Bulk	NSE	Sell	4,37,478	₹19.69	₹0.86 Cr
23 Jan 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	7,04,883	₹87.36	₹6.16 Cr
23 Jan 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	7,04,883	₹87.24	₹6.15 Cr
20 Jan 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	4,26,874	₹72.28	₹3.09 Cr
20 Jan 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	4,26,874	₹72.18	₹3.08 Cr
4 Jan 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	9,48,954	₹65.00	₹6.17 Cr
4 Jan 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	9,48,954	₹64.98	₹6.17 Cr
24 Nov 2022	VEENA RAJESH SHAH	Bulk	NSE	Sell	7,86,574	₹39.47	₹3.10 Cr
24 Nov 2022	VEENA RAJESH SHAH	Bulk	NSE	Buy	7,86,574	₹39.20	₹3.08 Cr
15 Sept 2022	VEENA RAJESH SHAH	Bulk	NSE	Sell	5,23,673	₹40.03	₹2.10 Cr

1–10 of 19

1 / 2

Ms. Manta DeyNon-Executive - Independent Director
Mr. Shree Ram TewariNon-Executive - Independent Director
Mr. Rajesh LihalaNon-Executive - Independent Director
Mr. Jaydeep ChakrabortyNon-Executive - Independent Director
Mr. Anirup SenChief Executive Officer
Ms. Manisha ChandaliaChief Financial Officer
Ms. Ankita RathiCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

No fund holdings on record

No scheme among the 32 fund houses on record reported a position in Bharat Road Network Limited. Portfolios are published monthly by each AMC; coverage is still partial.

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Annual reports

Documents link to external sources (exchange filings, company investor pages).

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Events

Upcoming dates and the company’s corporate-action history.

3

Dividend dividend5 Dec 2019 · ex-date₹0.5
Final dividend19 Sept 2018 · ex-date₹0.5
Interim dividend16 Nov 2017 · ex-date₹0.5

1

Board meeting to consider results14 Aug 2026

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

49 announcementsExport CSV

1 Oct 2026, 12:07 amAGM/EGM

Shareholder Meeting / Postal Ballot-Outcome of AGM

AGM PDF

29 Sept 2026, 4:16 pmInsider Trading / SAST

Closure of Trading Window

Closure of Trading Window PDF

7 Sept 2026, 2:31 pmCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

5 Sept 2026, 10:49 pmAGM/EGM

Intimation Pursuant To Regulation 34 Of SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015 - Submission Of 19Th AGM Notice And Annual Report For The Financial Year 2025-26

AGM PDF

26 Aug 2026, 10:54 pmCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

18 Aug 2026, 8:13 pmCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

14 Aug 2026, 10:03 pmBoard Meeting

Board Meeting Outcome for Outcome Of Board Meeting Held On 14.08.2026

Outcome of Board Meeting PDF

9 Aug 2026, 5:26 pmBoard Meeting

Board Meeting Intimation for Consideration And Approval Of The Unaudited Standalone And Consolidated Financial Results Of The Company For The Quarter Ended On 30Th June, 2026.

Exchange filing PDF

Date	Category	Subject	Filing
1 Oct 2026, 12:07 am	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Outcome of AGM	PDF
29 Sept 2026, 4:16 pm	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window	PDF

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Ratio	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	—	—	—	—	—	—
EBITDA margin %	61.4%	22.4%	40.5%	3.9%	36.3%	20.6%	-15.8%
EBIT margin %	49.2%	3.5%	20.7%	-13.5%	14.7%	-6.4%	-58.3%
PAT margin %	-4.3%	-56.7%	-179.6%	-62.9%	-29.8%	49.6%	-38.5%
Working capital
Receivable days	144	236	233	66	0	1	3
Inventory days	—	0	0	0	0	0	0
Payable days	6	3	14	5	6	6	7
NWC days	—	233	218	61	-6	-4	-4
Leverage
Current ratio	1.16	1.22	0.88	0.8	0.49	0.8	1.58
Debt to EBITDA	8	30.18	17.03	96.98	9.65	7.67	—
Debt to equity	1.47	1.59	2.93	4.1	6.99	1.31	1.08
Interest coverage	0.9	0.3	0.3	-0.1	0.4	3.5	-2,955.5
Asset turnover	0.09	0.07	0.08	0.12	0.14	0.19	0.11
Return ratios
Return on assets %	-0.4%	-3.8%	-13.7%	-7.6%	-4.1%	9.5%	-4.1%
Return on capital employed %	6.5%	1.6%	2.3%	-1%	3.8%	15.9%	-6.8%
Return on equity %	-1.3%	-13.4%	-76.3%	-67.9%	-59.6%	41.2%	-14.8%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Larsen & ToubroLTLT	₹5,05,996 Cr	₹6,27,679 Cr	₹2,90,137 Cr	₹28,950 Cr	10.2%	₹16,590 Cr	6.6%	15.4%	15.5%	-142
Rail Vikas Nigam LimitedRVNLRVNL	₹41,075 Cr	₹45,888 Cr	₹20,825 Cr	₹891 Cr	3.8%	₹900 Cr	4.3%	10.2%	9%	66
Kalpataru Projects International LimitedKPILKPIL	₹23,167 Cr	₹26,474 Cr	₹27,380 Cr	₹2,277 Cr	8.3%	₹1,136 Cr	3.8%	20.3%	14.6%	-94
Nbcc (India) LimitedNBCCNBCC	₹20,898 Cr	₹20,898 Cr	₹12,752 Cr	₹656 Cr	4.8%	₹743 Cr	5.8%	29.3%	26.2%	-7,663
Irb Infrastructure Developers LimitedIRBIRB	₹20,533 Cr	₹40,541 Cr	₹7,686 Cr	₹4,182 Cr	52.1%	₹954 Cr	11.1%	6.1%	4.2%	67
Cemindia Projects LimitedCEMPROCEMPRO	₹20,254 Cr	₹21,120 Cr	₹10,185 Cr	₹1,058 Cr	10.2%	₹602 Cr	5.9%	44.8%	28.2%	-110
Engineers India LimitedENGINERSINENGINERSIN	₹17,577 Cr	₹17,577 Cr	₹3,878 Cr	₹750 Cr	17.7%	₹784 Cr	17.6%	28.8%	23.8%	-22
Techno Electric & Engineering Company LimitedTECHNOETECHNOE	₹11,614 Cr	₹11,686 Cr	₹3,356 Cr	₹469 Cr	14.2%	₹431 Cr	14.6%	13.6%	12%	-33
Ircon International LimitedIRCONIRCON	₹10,369 Cr	₹16,033 Cr	₹9,241 Cr	₹771 Cr	8.4%	₹524 Cr	6.5%	7.8%	9.2%	-469
Rites LimitedRITESRITES	₹10,068 Cr	₹10,068 Cr	₹2,458 Cr	₹555 Cr	22.9%	₹417 Cr	18.8%	19.3%	15.4%	-2,276
Welspun Enterprises LimitedWELENTWELENT	₹10,026 Cr	₹11,998 Cr	₹3,544 Cr	₹716 Cr	20.7%	₹308 Cr	10.9%	17.3%	12.5%	-422
Kec International LimitedKECKEC	₹9,912 Cr	₹15,015 Cr	₹23,506 Cr	₹1,599 Cr	7.1%	₹554 Cr	2.6%	23.1%	10.5%	-132

₹ Cr	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	-9	143	296	238	51	22	259	365	71	-126
	-333	-1,031	-365	-157	168	196	44	-208	-40	328
	353	881	86	-86	-199	-233	-213	-214	-68	-80
Net cash flow	11	-7	17	-5	20	-15	90	-57	-37	122
Free cash flow	—	—	—	—	37	-6	251	260	19	-133
CFO / Operating profit %	—	—	—	129.4%	109.5%	25.1%	—	264.7%	126.2%	—

Bharat Road Network Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Annual reports

Events

Dividends3

Board meetings1

Announcements

Dividends3

Board meetings1

Ratio timeline

Not in the F&O segment

No fund holdings on record

Announcements

Annual reports

Quarterly record

Bulk & block deals

Board and management

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Return on equity

3

1

3

1