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    B.R.Goyal Infra.

    544335
    Construction·14 Nov 2025
    Management Summary

    B.R.Goyal Infra reported a strong H1 FY26 with record turnover and significant PAT growth, driven by robust order inflows and efficient execution. The order book expanded by 73% YoY, providing substantial revenue visibility. While operating cash flow was negative in H1 due to project investments, management anticipates it will turn positive by the fiscal year-end, maintaining a positive outlook for the infrastructure sector.

    Highlights

    5

    • Highest ever H1 consolidated turnover of ₹342 crores, reflecting 60.56% YoY growth from ₹213 crores in H1 FY25.

    • Profit after tax (PAT) grew to ₹16 crores in H1 FY26, up from ₹6 crores in H1 FY25, indicating strong profitability improvement.

    • Order book grew 73% YoY to ₹1,535 crores as of September 30, 2025, providing strong revenue visibility for the next two years.

    • Secured new orders worth ₹582.45 crores in H1 FY26 across roads, buildings, wastewater, and toll collection.

    • Successful diversification into the wastewater treatment segment, with an order book of ₹162 crores in this segment.

    Concerns

    2

    • Operating cash flow was negative in H1 FY26 due to investments in new projects, though management expects it to turn positive by March 2026.

    • Absolute receivables increased, but management clarified it's proportional to increased turnover and working capital cycle remains stable at 45-60 days.

    What Changed2

    vs Q4 FY26

    Guidance items6 → 11 (+5)Risks discussed4 → 3 (-1)

    Key financials

    Single quarter

    06 metrics
    1. 01Revenue from Operations₹342 Cr+60.6%YoY
    2. 02EBITDA₹27 Cr
    3. 03EBITDA Margin8.0%
    4. 04Profit After Tax₹16 Cr+1.7%YoY
    5. 05Capex (basic)₹13.5 Cr

    Order Book

    high confidence

    Total Value

    ₹ 1,535 crores

    as of 2025-09-30

    quantified
    73.0% YoY

    Inflow this qtr

    ₹ 582.45 crores

    Execution

    Between 12 months to 36 months, with majority around 18-24 months for current order book.

    Composition

    Mix4 segments
    • Road EPC65.1%
    • Building EPC6.5%
    • Wastewater10.4%
    • Toll Collection17.9%

    Share of order book by segment

    Pipeline

    L1 awaiting loa

    Overall bided projects, new plazas, and water/wastewater projects in pipeline.

    "The company has a strong order book providing clear visibility for the next two years and is confident in delivering consistent growth."

    Source:
    Prepared remarks

    Capital allocation

    3
    high confidence
    CategoryHeadline
    Capex

    ₹16 crores

    Debt

    Gross ₹77 crores

    Liquidity

    Liquidity disclosed

    Working capital cycle is around 45-60 days. Operating cash flow was negative in H1 due to project investments but is expected to be positive by March 2026. Bank guarantee limit enhancement from INR 100 crores to INR 325 crores is being pursued.

    Guidance & targets

    11
    CategoryTargetPriority
    Revenue
    Revenue Growth
    35-40%
    		High
    Revenue
    H2 FY26 Turnover
    ₹400-450 crores
    		High
    Revenue
    FY26 Turnover
    ₹700-750 crores
    		High
    Revenue
    Revenue Growth
    15-20%
    		High
    Profitability
    EBITDA Margin (Consolidated)
    11-13%
    		High
    Profitability
    EBITDA Margin (Wastewater)
    18-20%
    		High
    Profitability
    PAT (Wastewater)
    12-15%
    		High
    Profitability
    EBITDA Margin (Toll Collection)
    2-4%
    		High
    Profitability
    PAT (Toll Collection)
    1.5-3%
    		High
    Order Book
    Order Book Value
    ₹2,000 crores
    		High
    Order Inflow
    New Orders from Pipeline
    ₹500 crores
    		Medium

    Operating Cash Flow

    by March 31, 2026
    CurrentNegative in H1 FY26
    TargetPositive by March 31, 2026

    Why it matters

    Verifies management's expectation of improved cash generation and financial health by fiscal year-end.

    So, positively, on 31st March, my operating cash flow will be positive.

    How to verify

    capital_allocation.liquidity.notes

    Risks & concerns

    3
    RiskSeverity

    Payment delays from government schemes (Jal Jeevan/AMRUT)

    Past issues due to payment mechanism changes, but new mechanism (central government directly paying contractors) is expected to resolve this for future projects. — Analyst acknowledged

    medium

    Working capital stretch due to increased receivables

    Receivables increased in absolute terms but not as a percentage of turnover; working capital cycle remains stable at 45-60 days, no significant challenge expected. — Analyst downplayed

    low

    Negative operating cash flow in H1 FY26

    Negative OCF is due to investments in new projects and WIP; expected to turn positive by March 31, 2026, as realizations begin. — Analyst acknowledged

    low

    Q&A highlights

    8

    “we look at three different aspects when we are bidding for a plaza. First, we collect our data manually... Then, we match those data with the banking which has been done in the past from that plaza and the data provided by the government authorities. We compile these three data and then we make our numbers and that is how we bid our project cost.”

    Provides insight into the company's rigorous data-driven approach for bidding on toll collection contracts, including manual data collection and cross-verification.

    asked by Tej Pal Singh

    2 min read5 chapters

    Detailed Narrative

    01

    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.

    02

    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.

    03

    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.

    04

    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.

    05

    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.

    This is an AI-generated summary of a publicly available earnings call transcript. It is for informational purposes only and does not constitute investment advice, a recommendation, or an endorsement. inve.money is not a SEBI-registered investment advisor. Please consult a qualified financial advisor before making any investment decisions.