Brahmaputra Inf. — Q4 FY26 earnings call

Call held 1 Jun 2026

Management summary

Brahmaputra Infrastructure Limited reported a landmark FY26 with significant financial growth, including a 50% increase in revenue and a 100% rise in PAT. The company's strong execution capabilities and strategic focus on Northeast India, coupled with a robust order book of ₹1600 crores, position it for sustained growth. Plans for a new ₹500 crore retail destination project further strengthen its real estate portfolio and long-term value creation.

Highlights

  • Revenue from operations grew 50% YoY to ₹365 crores in FY26, demonstrating strong execution capabilities.

  • EBITDA increased by 71% YoY to ₹83.45 crores, with margins expanding by 280 basis points to 22.83% due to operational efficiency.

  • Profit after tax (PAT) doubled to ₹59.61 crores in FY26, reflecting a 100% YoY growth.

  • The company ended FY26 with a robust order book of ₹1600 crores, providing strong revenue visibility for 4.46 times FY26 revenue.

  • Strategic diversification of workflow mitigated monsoon impact, leading to a 2.6x improvement in Q2 and Q3 revenues compared to the previous year.

Key financials

2 periods

Q4 FY26

  • Revenue
    ₹93.93 Cr
  • PAT
    ₹14.78 Cr
  • EPS
    ₹5.09

FY26

  • Revenue from Operations
    ₹365 Cr
    YoY +50%
  • EBITDA
    ₹83.45 Cr
    YoY +71%
  • EBITDA Margin
    22.8%
  • PAT
    ₹59.61 Cr
    YoY +100%
  • PAT Margin
    16.3%
  • EPS
    ₹20.54

What they filed

Q1 FY27: revenue up 20.7%, net profit up 6.7% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue32 32 103 92 91 +184%93 +191%94 −9%111 +21%
EBITDA5 4 31 22 23 +360%22 +450%21 −32%25 +14%
Net profit0 0 22 15 15 15 15 −32%16 +7%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Segment breakdown

Share of FY26 Revenue
₹369.39 Cr Total
  • EPC Infrastructure ₹349.81 Cr 94.7%
  • Real Estate Assets ₹19.58 Cr 5.3%

Order book

high confidence

Total value

₹1,600 Cr

as of 2026-03-31 quantified

Execution

60% of current order book expected to be executed in the coming year, 40% to spill over to the next year. Average execution period of 2-3 years.

Composition

Mix 4 segments
  • Buildings 25.3%
  • Roads and Bridges 31.1%
  • Railways and Tunnels 25%
  • River Protection Work 15.6%

Share of order book by segment

Pipeline

L1 awaiting loa

Bidding pipeline of INR3000 crores currently, with an annual target of INR7000-8000 crores.

The order book reflects a well-diversified mix across segments and geographies, reducing project concentration risk and supporting steady execution.

Source: Prepared remarks

Capital allocation

medium confidence
  • Debt Debt disclosed
    Well, the shares have been pledged in 2014, and in the regular consortium meetings, we have a word with our lenders to release the same. And we are working on that, and we hope so in next year or two, we get released all the pledge because earlier there was a higher debt in the company. Now, there is a lowering down. You will see in next year or two the release of the pledge of these shares. We are working on that.
  • Liquidity Liquidity disclosed The company expects to support required cash flows for new projects through a mix of surety bonds, bank guarantees, and strategic joint ventures.
    So, we are we have applied and also received surety bonds are now accepted across all departments. So, with surety bonds -- with the mix of surety bonds and bank guarantees, we expect to support the required cash flows for these new projects. Also, we have a strategic model wherein we have joint ventures with other companies. So we have a mix of different tools through which we plan to support the new projects we plan to acquire in the next few years. So, surety bonds, bank guarantees, and strategic partnerships through joint ventures.

Guidance & targets

Order Book Execution

  • Order Book Execution Rate Order Book Execution · coming year · High confidence 60%
    So, approximately we have a balance order book of INR1600 crores, out of which we expect in the coming year, 60% approximately of this balance order book should be executed in the coming year. 40% of it will be spilled over into the next year.

    — Umang Prithani

Real Estate Project

  • New Retail Destination Project Value Real Estate Project · next four to five years · Medium confidence ₹500 crores
    So, in the coming year, we are planning another retail destination, a mix of commercial and residential in Guwahati itself, in the format of an open plaza shopping destination. And this project will be built phase-wise with the approx. total value accumulated to about INR500 crores in the next four to five years, phase-wise.

    — Umang Prithani

  • New Retail Destination Leasable Area Real Estate Project · Medium confidence 4 lakh square feet
    So, the area would be approx. -- it's still under planning phase, but the commercial leasable area is expected to be about 4 lakh square feet.

    — Umang Prithani

Revenue Growth

  • Revenue Growth Rate Revenue Growth · next two, three years · High confidence 50%
    So, based on our past growth rates, we are expecting the same kind of momentum. In fact, we will be we are positive and we'll be very happy if we are able to achieve like last from last year to this year, we have had about 50% growth rate in revenue. If we are able to maintain that over the next two, three years, that would put us in a very, very good position in the next three years. So, our target is to maintain the same growth percentage and ensure that we are able to maintain the same rate of profitability as well.

    — Umang Prithani

Profitability

  • Profitability Rate Profitability · next two, three years · High confidence maintain same rate
    So, our target is to maintain the same growth percentage and ensure that we are able to maintain the same rate of profitability as well.

    — Umang Prithani

Overall Momentum

  • Growth Momentum Overall Momentum · next five years · Medium confidence maintain same kind of momentum
    Our effort is and intention and expectation is for the next five years, given the current scale we are in, for the next five years, we hope that we will maintain the same kind of momentum.

    — Umang Prithani

Real Estate Revenue

  • Real Estate Revenue Jump Real Estate Revenue · by the end of the year, after new project launch · Medium confidence jump
    So, maybe in the next four to five months, we will launch the project. So, this year you should see by the end of the year, we're expecting to see a jump in the real estate revenues, but after the new project is launched.

    — Umang Prithani

What to watch in Q1 FY27

Promoter Share Pledge Release

next year or two
Current Shares pledged since 2014
Target Release of pledge

Why it matters

Indicates improved financial health and potential positive signal for investors regarding corporate governance.

Well, the shares have been pledged in 2014, and in the regular consortium meetings, we have a word with our lenders to release the same. And we are working on that, and we hope so in next year or two, we get released all the pledge because earlier there was a higher debt in the company.

Risks & concerns

  • Monsoon impact on project execution

    low

    Historically, heavy rainfall in Q2 and Q3 constrained performance, but the company proactively diversified workflow and improved resource utilization in FY26 to mitigate this.

    Management acknowledged

  • Challenging terrains and environments in Northeast

    low

    The Northeast region presents complex terrains and challenging environments, which the company addresses with its specialized engineering capabilities, turning it into a competitive advantage.

    Management acknowledged

Q&A highlights

8 direct
Order book execution timeline Direct
So, approximately we have a balance order book of INR1600 crores, out of which we expect in the coming year, 60% approximately of this balance order book should be executed in the coming year. 40% of it will be spilled over into the next year.

Clarifies the expected revenue realization from the current order book over the next two fiscal years.

Asked by Urmish Shah

Segmental margins and HAM model for roads Direct
So, they all vary between 13% to 20%. So, certain niche works, we get 18%, 19%. The general infrastructure works, 11%, 12%, 13%. So, the average we get about 15% in the EPC sector. ... No, these are all EPC. EPC or item rate. None of the road projects are on a HAM model.

Provides insight into the profitability of different EPC segments and confirms the company's contract model for road projects.

Asked by Urmish Shah

Promoter share pledge despite debt reduction Direct
Well, the shares have been pledged in 2014, and in the regular consortium meetings, we have a word with our lenders to release the same. And we are working on that, and we hope so in next year or two, we get released all the pledge because earlier there was a higher debt in the company. Now, there is a lowering down. You will see in next year or two the release of the pledge of these shares. We are working on that.

Addresses a potential concern regarding corporate governance and indicates a future positive development regarding promoter holdings.

Asked by Urmish Shah

Competitive edge in real estate and rental income targets Direct
So, naturally, the relationships with vendors we have, the trust that the vendors and the brands have, if they want to enter Northeast, they have historically enjoyed the association with us. So, if we plan another project, the differentiation we have is our vendor relationships, our understanding of the demand of the ecosystem in Northeast. ... So, over the next five years, we are in line to achieve the number that you have mentioned in this new shopping destination.

Explains the company's unique advantage in the Northeast real estate market and confirms the target for rental income from new projects.

Asked by Himanshu Bisani

Company vision and growth drivers for the next 3-5 years Direct
So, I think as we all know, the Central Government has significantly increased its focus in the Northeast and its infrastructure spending. So, companies -- there are very few companies that are, you know, have a very strong embedded experience in the Northeast. So, we stand to benefit from all the infrastructure spending that is expected to happen in the next 10 years.

Outlines the strategic rationale for focusing on the Northeast and the expected benefits from government infrastructure spending.

Asked by Himanshu Bisani

Lack of Q4 revenue visibility despite new orders Direct
So, as you can see, most of the orders that we have received in the last four to six months. So, as you know, these are all EPC contracts. EPC requires us to do the designing part as well of these works. So, it takes about six to seven months for the revenue recognition to come from the new orders.

Explains the typical project lifecycle for EPC contracts, clarifying why recent order wins don't immediately translate to revenue.

Asked by Bhavin Shah

Breakdown of the bidding pipeline Direct
Pipeline, I'll have to see the numbers, I don't have it in hand. But you can say that about 40% of the works would be building-related works, 20% would be protection-related works, and then 40% would be road works.

Provides a high-level composition of the potential future order inflows, indicating areas of focus.

Asked by Aniket Redkar

Technical nature of projects and higher margins in Northeast Direct
So, one part of it is the technical nature of the projects, the other part is the region where we operate in. So, in Northeast, usually because it's a niche, it's a smaller market than mainland India, it requires a specific sort of operational expertise. So, the projects we take up in Northeast usually because it carries specialized knowledge, we have higher margins.

Highlights the company's competitive advantage and margin sustainability derived from specialized expertise in the Northeast region.

Asked by Disha Jain

2 min read 5 chapters

Detailed narrative

Strong FY26 Financial Performance

Brahmaputra Infrastructure Limited delivered a landmark financial year in FY26, with revenue from operations growing 50% year-on-year to ₹365 crores. This robust top-line growth translated into a 71% increase in EBITDA, reaching ₹83.45 crores, and a significant expansion in EBITDA margins by 280 basis points to 22.83%. The company's profit after tax (PAT) doubled to ₹59.61 crores, reflecting a 100% year-on-year growth, with PAT margins strengthening to 16.31%.

Robust Order Book and Execution Strategy

The company concluded FY26 with a strong order book of ₹1600 crores, providing revenue visibility equivalent to 4.46 times its FY26 revenue. This order book is diversified across Buildings (₹405 crores), Roads and Bridges (₹498 crores), Railways and Tunnels (₹400 crores), and River Protection Work (₹250 crores). Management expects approximately 60% of this order book to be executed in the coming year, with the remainder spilling into the next. The bidding pipeline currently stands at ₹3000 crores, with an annual target of ₹7000-8000 crores, primarily comprising building, protection, and road works.

Strategic Real Estate Portfolio Expansion

Alongside its EPC business, the company maintains a profitable real estate and operating asset portfolio, with the City Center Mall in Guwahati being a flagship asset. The real estate segment contributed ₹19.58 crores in revenue and ₹16.70 crores in profitability in FY26, with improved margins. The company plans to launch a new retail destination, a mix of commercial and residential, in Guwahati within the next four to five months. This project, valued at approximately ₹500 crores over the next four to five years, is expected to have a commercial leasable area of about 4 lakh square feet and significantly boost real estate revenues by year-end.

Northeast India Focus and Competitive Advantage

Brahmaputra Infrastructure's deep regional expertise and strong institutional relationships in Northeast India are key differentiators. The company's specialized engineering capabilities in river and slope protection works, crucial for the region's terrain, provide a niche execution profile and higher margins (18-19% for niche works, 11-13% for general infrastructure). This focus allows the company to identify and execute projects efficiently, maintain cost discipline, and deliver healthy margins, creating a meaningful competitive advantage over generic EPC contractors.

Outlook and Growth Drivers

Management is optimistic about the long-term infrastructure opportunities in Northeast India, driven by government initiatives like PM Gati Shakti, Bharatmala, and border connectivity projects. The company aims to maintain its 50% revenue growth rate and profitability levels over the next two to three years, leveraging its proven ability to execute in complex environments. Funding for new projects will be supported by a mix of surety bonds, bank guarantees, and strategic joint ventures, ensuring robust cash flow management.

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