Concall AI

B.R.Goyal Infra. — Q4 FY26 earnings call

Call held 2 Jun 2026

Management summary

B.R.Goyal Infrastructure Limited delivered a strong FY26, with revenue growing 61% YoY to INR820 crores and PAT increasing 77.8% YoY to INR44.92 crores, driven by robust execution and margin expansion. The company's order book stood at INR1,235 crores as of March 31, 2026, diversified across roads, buildings, wastewater, and toll collection. Management highlighted strategic entry into the wastewater segment, a maiden dividend, and plans for continued 20-25% annual growth, focusing on larger projects and PPP opportunities.

Highlights

Revenue from operations grew 61% YoY to INR820 crores in FY26, demonstrating strong execution.
EBITDA increased 82% YoY to INR75 crores in FY26, with EBITDA margin improving by 105 bps to 9.13%.
PAT grew 77.8% YoY to INR44.92 crores in FY26, reflecting strong profitability.
Order book stood at approximately INR1,235 crores as of March 31, 2026, providing strong revenue visibility.
Strategically entered the wastewater treatment segment with a significant INR167 crore project in Tamil Nadu.

Concerns

Analyst noted a marginal decrease in the reported order book from INR1,313 crores last year to INR1,235 crores this year, though management clarified it's due to higher execution speed and bidding for larger projects.
Increased competition in the wastewater segment, with 15-20 players bidding for INR200 crore projects, potentially impacting future margins or win rates.

Key financials

2 periods

H2

FY26 Revenue from Operations
₹478 Cr
YoY +61%
FY26 EBITDA
₹47.48 Cr
YoY +61%
FY26 PAT
₹28.72 Cr
YoY +49.5%
FY26 EBITDA Margin
9.9%

FY26

Revenue from Operations
₹820 Cr
YoY +61%
EBITDA
₹75 Cr
YoY +82%
EBITDA Margin
9.1%
PAT
₹44.92 Cr
YoY +77.8%
PAT Margin
5.5%

What they filed

Q4 FY26: revenue up 36.8%, net profit up 61.1% against the same quarter last year.

₹ Cr · quarterly

Line item	Q2 FY24	Q4 FY24	Q2 FY25	Q4 FY25	Q2 FY26	Q4 FY26
Revenue	226	353	205	297	329 +46%	483 +37%
Expenses	219	327	193	268	301	436
EBITDA	7	25	12	29	28 +300%	47 +88%
Margin	3%	7%	6%	10%	8%	10%
Other income	3	4	2	3	1	3
Interest	3	4	4	2	3	5
Depreciation	2	2	3	5	4	5
Profit before tax	5	23	8	26	22 +340%	40 +74%
Tax rate	24%	24%	23%	26%	27%	29%
Net profit	4	18	6	19	16 +300%	29 +61%
EPS	4.74	20.41	3.47	7.97	6.77	12.00

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

FY26 EPC Road-End Building
₹395 Cr Revenue
FY26 EPC Ready-Mix Concrete
₹20 Cr Revenue
FY26 Wastewater
₹6 Cr Revenue
FY26 Toll Collection Contract
₹388 Cr Revenue
FY26 Revenue Composition - Roads
49% Share of Total
FY26 Revenue Composition - RMC
3% Share of Total
FY26 Revenue Composition - Toll Collection
47% Share of Total

Order book

high confidence

Total value

₹1,235 Cr

as of 2026-03-31 quantified

Composition

Mix 4 segments

Road projects ₹758 Cr 61.4%
Building projects ₹75 Cr 6.1%
Wastewater treatment projects ₹162 Cr 13.1%
Toll collection contracts ₹240 Cr 19.4%

Share of order book by segment, derived from disclosed amounts

Pipeline

L1 awaiting loa

Approximately INR1,500 crores to INR2,000 crores already bidded

Management clarified that the order book decrease is due to bidding for higher scale projects and faster execution, with a significant pipeline already bidded.

Source: Prepared remarks

Capital allocation

high confidence

Debt Debt disclosed
- New borrowing Board approved preferential issue of convertible warrants aggregating up to INR13.09 crores to support further growth initiatives and strengthen the company's capital base. ₹13.09 Cr
- New borrowing Board proposed enhancement of borrowing limits to support larger project opportunities and long-term expansion plans.
The Board has also approved a preferential issue of convertible warrants aggregating up to INR13.09 crores to support further growth initiatives and strengthen the company's capital base. Additionally, the Board has proposed enhancement of borrowing limits to support larger project opportunities and long-term expansion plans.
Dividend ₹0.25/share (final)

the Board has recommended a maiden dividend of 0.25% per share, equivalent to 2.5% of the face value of INR10 per share.
M&A Virtuoso Infra Meditech LLP Acquisition · Closed

Aligns with strategy for exploring selective inorganic growth opportunities and expanding infrastructure ecosystem.
Acquired 10% stake. Estimated revenue for BRG from this project is INR150 crores over 2-2.5 years.

Another important milestone during the year was the acquisition of 10% stake in Virtuoso Infra Meditech LLP, which aligns with our strategy for exploring selective inorganic growth opportunities and expanding our infrastructure ecosystem.

Guidance & targets

Revenue

Annual Revenue Growth Rate Revenue · annual · Medium confidence 20-25%

Sir, we expect around a 20% to 25% growth rate, trying to maintain that.

— Yash Goyal

Profitability

EBITDA Margin Profitability · current year · Medium confidence 10-11%

Previously 9% → 10-11%

So basically if we say so instead of 9% our target is 10% to 11% target for the current year.

— Management

Order Book

Additional Order Book Increment Order Book · next year (FY27) · Medium confidence INR2,000 crores

like our top utmost priority is order book increment, which is like we want near about more like we already have INR1,200 crores of orders, in the next INR2,000 crores of orders we want.

— Yash Goyal

Project Mix

EPC Road & Building Share of Revenue Project Mix · next 5 years · Medium confidence 40%

we are trying to stay around 40% in EPC road and building from revenue.

— Dasharath Tomar
Wastewater Share of Revenue Project Mix · next 5 years / near future · Medium confidence 20-25%

In wastewater, near about 20% to 25% for wastewater... you can say that near about 20% to 25% of our revenue in the near future will come from wastewater.

— Dasharath Tomar / Yash Goyal
Toll Collection Share of Revenue Project Mix · next 5 years · Medium confidence 35-40%

remaining 35% to 40% in toll collection contracts.

— Dasharath Tomar

What to watch in Q1 FY27

Order Book Inflow from Pipeline

next quarter

Current INR1,500-2,000 crores bidded pipeline

Target Conversion of bidded pipeline into confirmed orders

Why it matters

Indicates future revenue visibility and success in securing larger projects.

And right now, as we speak, already we have an approximately order pipeline bidded which is not yet opened, around INR1,500 crores to INR2,000 crores already bidded.

Risks & concerns

Increased competition in wastewater segment
medium

Management noted 15-20 players bidding for INR200 crore projects in wastewater, indicating high competition.

Management acknowledged
Operational challenges in wastewater projects
medium

Management highlighted operational challenges in municipal corporation limits for wastewater projects, leading to a slow expansion strategy.

Management acknowledged
Order book decrease
low

Analyst noted a marginal decrease in the order book from INR1,313 crores to INR1,235 crores, but management clarified it's due to strategic shift to higher-scale projects and faster execution, with a significant pipeline.

Analyst downplayed
Crude price volatility impacting margins
low

Analyst raised concern about crude price volatility, but management stated price escalation clauses in contracts mitigate this risk, with impact limited to 1-1.5 months.

Analyst acknowledged

Q&A highlights

5 direct

Acquisition of 10% stake in Virtuoso Infra Meditech LLP Direct

So, there is a built-up area being built in a very prime location of Indore where the land was purchased from the government directly and a building is going to be constructed of nearly about a saleable area of near about 3 to 3.5 lakh square feet of area. ... The company is going to have an estimated revenue of near about INR150 crores for the overall construction and sale of the said building.

Clarifies the nature and financial potential of a new strategic investment in real estate.

Asked by Ojasvi Mohta

Observed decrease in order book and bidding strategy Partial

No, sir, there is no slowdown in the tender process. Actually, why do you see a decrease in that is the reason that we are now bidding for a higher scale of projects. And right now, as we speak, already we have an approximately order pipeline bidded which is not yet opened, around INR1,500 crores to INR2,000 crores already bidded.

Addresses analyst concern about order book decline, explaining it's a strategic shift to larger projects and faster execution, with a strong pipeline.

Asked by Ojasvi Mohta

Operating cash flow improvement Direct

Regarding operating cash flow, last year in the last quarter, we planned and brought the IPO, and that fund came in at that time. That's why you will see the operating cash flow was negative at that time because execution was done but we couldn't convert it into billing at the WIP level. In the current year, when that money came and was deployed properly into projects, and returns started coming from there, it converted into positive cash flow in the current year.

Provides a clear explanation for the significant turnaround in operating cash flow, linking it to IPO fund deployment.

Asked by Yash Parkar

Use of funds from preferential issue and enhanced borrowing limits Direct

Basically, when we saw the projects recently, we changed our focus to bid for projects above INR200 crores. We are going for large ticket size projects. So, we looked at this plan for what my working capital requirement will be in the next one year and where I can fulfill it from. ... I chose to go with share warrants where I feel my fund requirement will come after 10 to 12 months.

Clarifies the strategic rationale behind the preferential issue and borrowing limit enhancement, linking it to funding larger project opportunities.

Asked by Shravan Modi

Wastewater segment EBITDA margin and strategy for L1 bids Partial

Sir, actually, the problem with wastewater is right now that we don't have credentials. So, we are doing it on a subcontracting basis or on a, like, name lending basis. So, if we're trying to close the orders as soon as possible, so that our credentials increase and we can directly bid for different projects. Also, we've already planned with two or three of our strategic business partners to bid in wastewater.

Explains the current limitations and future strategy for the high-margin wastewater segment, including the need to build credentials and partner for direct bids.

Asked by Urmish Shah

Confidence in EBITDA margin despite crude price volatility Direct

What happened is that there is a different, different organizations which presented their cases to different, different government organizations where we are executing. And some has already given the SOP, like there's a clause of force majeure in our contract, sir. So, the price escalation is already in part as a part of agreement and the relaxation for sudden increase in these prices of crude, fuel, everything has already been intimated and we are going to get the price variations.

Reassures investors about margin protection mechanisms (price escalation clauses) in contracts against raw material price fluctuations.

Asked by Darshan Chandra

Biggest opportunity and risk for the company Direct

Sir, if we talk about opportunity, like toll collection contracts were started by the company in 2023, '24. Now we are seeing new opportunities in large toll collection contracts, like the TOT model we are talking about. ... If we talk about challenges, execution challenges do come on site, but now the company has almost 40 years of experience. So, we have overcome that.

Identifies large TOT model toll collection contracts and BOT models as key opportunities, while downplaying execution challenges due to extensive experience.

Asked by Yash Parkar

2 min read 6 chapters

Detailed narrative

Robust Financial Performance in FY26

B.R.Goyal Infrastructure Limited reported strong financial results for FY26, with revenue from operations growing 61% year-on-year to INR820 crores, up from INR510 crores in FY25. This growth was driven by higher execution in EPC business and increased contribution from toll collection contracts. Profit After Tax (PAT) also saw a significant increase of 77.8% year-on-year, reaching INR44.92 crores compared to INR25.27 crores in FY25, reflecting improved profitability.

Margin Expansion and Operational Efficiency

The company demonstrated enhanced profitability, with EBITDA (excluding other income) increasing by 82% year-on-year to INR75 crores from INR41 crores in FY25. This resulted in an EBITDA margin improvement of 105 basis points, reaching 9.13%, attributed to better operating leverage, improved project mix, and procurement efficiencies. PAT margin also improved by 52 basis points to 5.48%, further underscoring the company's focus on efficient operations.

Diversified and Healthy Order Book

As of March 31, 2026, B.R.Goyal Infrastructure Limited maintained a healthy order book of approximately INR1,235 crores, providing strong revenue visibility across its various business segments. The order book comprises INR758 crores from road projects, INR75 crores from building projects, INR162 crores from wastewater treatment projects, and INR240 crores from toll collection contracts. Management also highlighted a robust bidding pipeline of INR1,500-2,000 crores for new projects.

Strategic Entry into Wastewater and PPP Segments

In FY26, the company strategically entered the wastewater treatment and underground sewage infrastructure segment, securing a significant project in Tamil Nadu valued at approximately INR167 crores. While currently operating on a subcontracting basis due to lack of direct credentials, the company aims for wastewater to contribute 20-25% of its revenue in the near future. Additionally, B.R.Goyal Infrastructure is actively pursuing Public-Private Partnership (PPP) and Hybrid Annuity Model (HAM) projects, leveraging its financial strength to bid for projects up to INR1,000 crores.

Capital Allocation for Growth and Shareholder Returns

The Board approved a preferential issue of convertible warrants aggregating up to INR13.09 crores to support future growth initiatives and strengthen the capital base, particularly for larger ticket size projects. The company also announced a maiden dividend of 0.25% per share, equivalent to 2.5% of the face value of INR10, demonstrating a commitment to shareholder value. A 10% stake acquisition in Virtuoso Infra Meditech LLP, a real estate company, is expected to generate INR150 crores in revenue for BRG.

Future Outlook and Growth Targets

Management expressed confidence in maintaining an annual revenue growth rate of 20-25%. For the current year (FY27), the company targets an EBITDA margin of 10-11% and aims to secure an additional INR2,000 crores in orders. The long-term project mix target includes EPC Road & Building at ~40%, Wastewater at ~20-25%, and Toll Collection at ~35-40%, reflecting a strategic diversification across high-growth infrastructure segments and geographies.

This is an AI-generated summary of a publicly available earnings call transcript.

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