Bharat Road Network Ltd
NSE: BRNL BSE: 540700
Incorporated in 2006, Bharat Road Network Ltd is in the business of designing, building, operating, maintaining and carrying out all other activities pertaining to road projects, under the aforesaid SPV model[1]
₹19.8
52W: ₹16.6 — ₹26.5
PE 77.9 · Book ₹49.4 · -60% vs bookMarket Cap₹166 Cr
Stock P/E77.9Price to Earnings
ROCE36.2%Return on Capital
ROE54.4%Return on Equity
Div. Yield0%Face Value ₹10
Strengths
- +Stock is trading at 0.40 times its book value
Weaknesses
- −The company has delivered a poor sales growth of -2.39% over past five years.
- −Company has a low return on equity of -18.4% over last 3 years.
- −Earnings include an other income of Rs.7.27 Cr.
- −Company has high debtors of 234 days.
Shareholding Pattern
Promoters51.97%
FIIs0%
DIIs0.11%
Public47.92%
| Category | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoters | 52.1% | 51.97%▼0.1 | 51.97% | 51.97% | 51.97% | 51.97% | 51.97% | 51.97% |
| FIIs | 0% | 0.01%▲0.0 | 0%▼0.0 | 0% | 0.01%▲0.0 | 0%▼0.0 | 0% | 0% |
| DIIs | 0% | 0% | 0.11%▲0.1 | 0.11% | 0.11% | 0.11% | 0.11% | 0.11% |
| Public | 47.89% | 48.04%▲0.1 | 47.92%▼0.1 | 47.92% | 47.91%▼0.0 | 47.92%▲0.0 | 47.92% | 47.92% |
Financial Statements
| Metric | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1.54 | 2.61 | 1.44 | 1.44 | 1.44 | 1.51 | 1.51 | 1.51 | 1.51 | 1.51 |
| Expenses | 1.88 | 2.97 | 1.28 | 2.1 | 50.83 | 255.8 | 5.79 | 1.86 | 2 | 1.96 |
| Operating Profit | -0.34 | -0.36 | 0.16 | -0.66 | -49.39 | -254.29 | -4.28 | -0.35 | -0.49 | -0.45 |
| OPM % | -22.08% | -13.79% | 11.11% | -45.83% | -3429.86% | -16840.4% | -283.44% | -23.18% | -32.45% | -29.8% |
| Net Profit | -5.56 | -5.25 | -5.1 | -6.12 | -47.66 | -252.85 | -1.52 | 1.22 | 1.3 | 1.13 |
| EPS ₹ | -0.66 | -0.63 | -0.61 | -0.73 | -5.68 | -30.12 | -0.18 | 0.15 | 0.15 | 0.13 |
AI Insights
Revenue Trend
TTM revenue at ₹6.04Cr, up 2.2% YoY. OPM at -92.22%.
Debt Position
Borrowings at ₹263.58Cr. Debt-to-equity ratio: 0.80x. Moderate leverage.
Institutional Flow
DIIs: 0.11% (+0.11pp change). FIIs: 0% (+0.00pp change). Promoters hold 51.97%.
Margin & Efficiency
ROCE declining from 0.38% (Mar 2014) to -36.23% (Mar 2025). Working capital days: -7183.89.
Valuation
PE 77.9x with 36.2% ROCE. Price is -60% above book value of ₹49.4. Dividend yield: 0%.
Recent Announcements
- Board Meeting Outcome for Outcome For Board Meeting Held On 30Th April, 2026 30 Apr - Amitabh Kumar Jha appointed Managing Director from 1 May 2026 for three years, subject to shareholder approval.
- Announcement under Regulation 30 (LODR)-Demise 18 Apr - Chairman and Independent Director Prof. Santanu Ray died on 18 April 2026, ceasing committee roles immediately.
- Closure of Trading Window 1 Apr - Trading window closed from 1 April 2026 until 48 hours after annual audited FY2025-26 results announcement.
- Announcement under Regulation 30 (LODR)-Newspaper Publication 17 Feb - Newspaper Publication for unaudited financial results for quarter and nine months ended 31st December, 2025
- Board Meeting Outcome for Outcome Of Board Meeting Dated 13.02.2026 13 Feb - Board approved Q3/9M FY26 results; auditors qualified; Rs.6,142.30 lakh unpaid interest; default, going-concern doubt, ED search at subsidiary.
- Financial Year 2025 from bse
- Financial Year 2024 from bse
- Financial Year 2023 from bse