Detailed Narrative
Strong H1 FY26 Performance and Order Book Growth
B.R.Goyal Infrastructure Limited achieved its highest ever H1 consolidated turnover of ₹342 crores in H1 FY26, marking a robust 60.56% year-on-year growth compared to ₹213 crores in H1 FY25. This performance was supported by efficient execution and higher toll collection contracts. The company's order book as of September 30, 2025, stood at ₹1,535 crores, representing an impressive 73% growth from ₹887 crores on September 30, 2024. New orders worth ₹582.45 crores were secured during H1 FY26, contributing to this strong pipeline.
Profitability Improvement and Margin Outlook
The company demonstrated significant profitability improvement, with Profit After Tax (PAT) increasing to ₹16 crores in H1 FY26 from ₹6 crores in H1 FY25. EBITDA for H1 FY26 was ₹27 crores, translating to an EBITDA margin of 8.03%. Management guided for a consolidated EBITDA margin of 11-13% for the full FY26, with potential to reach 15-20% if more water-infra orders are secured. Segment-wise, wastewater projects are expected to yield 18-20% EBITDA and 12-15% PAT, while toll collection contracts are projected at 2-4% EBITDA and 1.5-3% PAT.
Strategic Diversification and Project Pipeline
B.R.Goyal Infra has strategically diversified into the wastewater treatment segment, securing approximately ₹162 crores in orders. The company's overall bid pipeline stands at around ₹2,500 crores, with specific targets of ₹500 crores for new toll plazas and ₹700-750 crores for water/wastewater projects. The management highlighted a shift in government payment mechanisms for schemes like Jal Jeevan Mission, where the central government now directly pays contractors, reducing payment risk. The company is also exploring new geographies like Bihar for wastewater projects.
Capital Expenditure and Debt Management
The company incurred a capital expenditure of approximately ₹16 crores (including GST) in H1 FY26, primarily for plant, machinery, construction equipment, and vehicles. This capex is aimed at ensuring smooth and fast project execution. Debt increased by ₹7 crores, from ₹70 crores to ₹77 crores, mainly to fund this capex. Management stated that the debt-to-equity ratio remains below the industry average, providing ample headroom for future growth. The working capital cycle is maintained at a healthy 45-60 days.
RMC Division and Real Estate Contribution
The Ready-Mix Concrete (RMC) division, based in Indore, has an installed capacity of 1.7-1.8 lakh cubic meters per annum and operates at 70-75% utilization. While H1 utilization was lower due to monsoons, it is expected to increase to 65% in H2 FY26. The company also generates revenue from real estate, having completed its first private industrial park and launched two plotting projects in Indore. The remaining available real estate area is approximately 1.6 lakh square feet.