Brgoyal Infrastructure Ltd

BSE: 544335

₹ 190-3.16%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 453 crWebsite: www.brginfra.inUpdated: 24 Oct 2026

About

B.R.Goyal Infrastructure is a civil construction company. It builds roads and buildings under EPC contracts, runs toll collection contracts and, since FY26, does wastewater treatment work. Revenue from operations was ₹820 Cr in FY26, up from ₹510 Cr in FY25. The company had 37 ongoing projects as of March 2026, and its unexecuted order book was ₹1,720.72 Crore as of 31 August 2026.^[1][2]

Order book

The unexecuted order book was ₹1,720.72 Crore as of 31 August 2026, up 40% from ₹1,235.00 Crore as of 31 March 2026.^[2]
The order book was ₹1,235 Cr as of March 2026, down from ₹1,313 Cr as of March 2025. Management linked the fall to faster execution and a move to bidding for larger projects.^[1]
Order book mix as of March 31, 2026: roads ₹758 Cr, toll collection contracts ₹240 Cr, wastewater ₹162 Cr and buildings ₹75 Cr.^[1]
The order book was ₹1,535 Cr as of September 30, 2025, compared with ₹887 Cr as of September 30, 2024. Book-to-bill was about 4.2x in H1 FY26.^[3]
Management's first priority for FY27 is to grow the order book to about ₹2,000 Cr.^[1]

Business segments

EPC contracts for roads, highways, bridges, buildings and wastewater brought in ₹371 Cr of revenue in FY25. The EPC segment's ROCE was 16.21%.^[4]
Toll collection contracts brought in ₹135 Cr of revenue in FY25. The segment's ROCE was 24.07%.^[4]
EBITDA margin was about 14% for EPC in FY26, up from 12-13% in FY25. For toll collection it was about 4% in FY26, up from about 3% in FY25.^[1]
The company entered wastewater treatment and underground sewage work in FY26. It is executing this work on a subcontracting or name-lending basis while it builds credentials. Segment margin was 15-20% in FY26.^[1]
Management's long-term revenue mix target is about 40% EPC (roads and buildings), 20-25% wastewater and 35-40% toll collection.^[1]

Operations

The company had 37 ongoing projects as of March 2026. It works in 9 states; in 2015-16 it worked only in Madhya Pradesh.^[1]
Its ready-mix concrete (RMC) plant in Indore has a capacity of 1.80 lakh m³ a year. The plant produced 52,823 m³ in FY25, up from 36,671 m³ in FY24.^[4]
The RMC plant ran at 66% utilisation in FY26, up from 64% in FY25.^[1]
Its bid capacity, the technical qualification limit for projects, was about ₹2,000 Cr as of March 2026.^[1]

Order inflow and bidding

New orders worth ₹926.00 Crore were won between April 1 and August 31, 2026.^[2]
Order inflow was ₹582.45 Cr in H1 FY26.^[3]
In FY26, the company won 10-15% of the EPC contracts it bid for and more than 70% of the toll collection contracts it bid for.^[1]
About ₹2,500 Cr of projects have been identified for bidding, and ₹1,500 Cr has already been bid (as of the Q4 FY26 call).^[1]
The company bid for two wastewater contracts worth about ₹500 Cr with BUIDCO in Bihar. It came L2 on one and L3 on the other, with bids within 1.5% of the lowest bidder.^[1]

Customers and markets

The company ran 10 toll collection contracts for NHAI across MP, MH, UP, Haryana, Gujarat, Chhattisgarh and Odisha (as of Q1 FY26).^[4]
About 50% of the pending order book came from Maharashtra (as of H1 FY26).^[3]
The company won a wastewater project in Tamil Nadu worth about ₹167 crores, funded by the World Bank.^[1][3]

Expansion plans

The company plans to bid for PPP, BOT and TOT model projects in FY27, as NHAI monetises 17 road projects.^[1]
It plans to bid for large TOT toll packages worth ₹1,500-2,000 Cr each, covering 15-20 toll plazas with 15-20 year concessions.^[1]
Management said the bank guarantee limit would be raised from ₹225 Cr to ₹325 Cr to support order book growth (Q2 FY26 call).^[3]

Recent developments

The company acquired a 10% stake in Virtuoso Infra Meditech LLP. The LLP is developing about 3-3.5 lakh sq ft of saleable real estate in Indore, with estimated revenue of about ₹150 Cr.^[1]
India Ratings upgraded the company's short-term bank loan facility rating to IND A2 from IND A3+ (reported in the Q4 FY26 call).^[1]
The board approved a preferential issue of convertible warrants of up to ₹13.09 Cr. The money is expected to be deployed over 10-12 months.^[1]

Market Cap

₹453 Cr

High / Low

₹205 / 89

Stock P/E

10.1

Price / Book

2.0

Book Value

₹115

EPS

₹18.8

No. of Shares

2.38 Cr

ROCE

21.7%

ROE

17.8%

OPM

8.6%

Debt / Equity

0.28

Sales

₹820 Cr

Net Profit

₹45 Cr

Promoter holding

73.6%

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