B.R.Goyal Infra. financials

Indore-based EPC infrastructure contractor building roads, highways, bridges and buildings, with NHAI toll-collection contracts, RMC manufacturing and residential plotting projects across nine Indian states.

Market cap: ₹437 Cr
Sector: Construction
Calls analysed: 2

Latest concall · Q4 FY26 · call held 02 Jun 2026

B.R.Goyal Infra. Q4 FY26

FY26 Revenue from Operations ₹820 cr +61%FY26 EBITDA ₹75 cr +82%FY26 EBITDA Margin 9.13% FY26 PAT ₹44.92 cr +78%

What went well

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.

What to watch

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.

Read the full call →

What B.R.Goyal Infra. does

B.R.Goyal Infrastructure is an EPC (design, procurement, construction) contractor that executes road, highway, bridge and building projects for government and private clients, and has recently entered wastewater treatment and underground sewage infrastructure, currently on a subcontracting basis. It also operates toll-collection contracts awarded by NHAI, runs a ready-mix-concrete (RMC) manufacturing plant in Indore that sells externally and feeds its own projects, and develops residential plotted townships in Indore under the BRG Hill View brand. Work spans government agencies (NHAI, NHIDCL, MoRTH, PWD, IMC, IDA, MPBDC, MSIDC) and private infrastructure developers across Chhattisgarh, Gujarat, Madhya Pradesh, Maharashtra, Manipur, Mizoram, Rajasthan, Tamil Nadu and Uttar Pradesh.

Segments

EPC Contracts
Toll Collection Contracts (TCC)
RMC Manufacturing
Residential Plotting Projects
Water Management & Treatment

Ongoing projects: 37 (across 9 states)
Completed projects: 40+
Toll collection contracts (NHAI): 7
Employee strength: 1,100+
Machinery & vehicles fleet: 230+ (excavators, pavers, millers, trucks, etc.)
RMC manufacturing capacity: 1.80 lakh m³/year (Indore plant, 66% utilisation in FY26)

Founded 2005Headquarters Indore, Madhya Pradesh, IndiaEmployees 1,100 (FY26) Company website

Guidance record · Q4 FY26

what the last two calls moved 13 tracked 3 delivered 3 missed 7 open

Revenue Growth delivered said Q2 FY26 Promised: 35% to 40% growth on top line (INR700 crores to INR750 crore) Q4 FY26: Achieved. FY26 revenue grew 61% YoY to INR 820 crores, exceeding the guided range of 35-40% growth and the absolute target of INR 700-750 crores.
Consolidated EBITDA Margin missed said Q2 FY26 Promised: 11% to 13% on a consolidated basis Q4 FY26: Missed. FY26 consolidated EBITDA margin was 9.13%, below the guided range of 11-13%.
Revenue Growth revised up said Q2 FY26 Promised: For FY '27, we are expecting growth in 15% to 20% Q4 FY26: Revised Up. Management raised the annual growth rate guidance to 20-25% from the previous 15-20%.

All 13 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

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.

Performance +20.1% 1Y

1Y: ₹154 on 10 Sept 2025 → ₹185. High ₹199.5 (17 Aug 2026), low ₹91.34 (4 Mar 2026).

How the price took the results

close before → close after

Q4 FY26: +7.2%; 2 Jun
Q2 FY26: −2.1%; 14 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Balance sheet

Year ending	FY21	FY22	FY23	FY24	FY25	FY26
Equity capital	₹9 Cr	₹9 Cr	₹9 Cr	₹9 Cr	₹24 Cr	₹24 Cr
Reserves	₹71 Cr	₹79 Cr	₹95 Cr	₹117 Cr	₹221 Cr	₹250 Cr
Borrowings	₹65 Cr	₹53 Cr	₹41 Cr	₹49 Cr	₹76 Cr	₹75 Cr
Other liabilities	₹49 Cr	₹57 Cr	₹51 Cr	₹62 Cr	₹112 Cr	₹94 Cr
Total liabilities	₹194 Cr	₹198 Cr	₹195 Cr	₹236 Cr	₹432 Cr	₹443 Cr
Fixed assets	₹49 Cr	₹54 Cr	₹47 Cr	₹55 Cr	₹81 Cr	₹99 Cr
Capital work in progress	₹7 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹2 Cr
Investments	₹0 Cr	₹0 Cr	₹2 Cr	₹5 Cr	₹6 Cr	₹5 Cr
Other assets	₹137 Cr	₹144 Cr	₹146 Cr	₹175 Cr	₹346 Cr	₹337 Cr
Total assets	₹194 Cr	₹198 Cr	₹195 Cr	₹236 Cr	₹432 Cr	₹443 Cr

How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Mar 2026

Since Mar 2025, the public added +4.59 pp while DIIs trimmed −2.93 pp. The shareholder count shrank 12% to 1,199.

Promoters: 73.6%
FIIs: 0.4%
DIIs: 7.5%
Public: 18.5%

Since Mar 2025

Public +4.59 pp
DIIs −2.93 pp
FIIs −2.16 pp

How it drifted, 3 quarters

Over this window the public went from 13.9% to 18.5% — +4.6 pp.

Mar '25Sep '25Mar '26

Who was buying across the market this quarter →

Who bought this quarter

since Sep 2025

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

Aarth AIF Growth Fund AIF +0.44 pp 1.77% held
Yash Goyal +0.27 pp 0.39% held
Utpal Goyal +0.21 pp 0.21% held

The same filing shows 0 holders trimming and 0 off the list — both are in the register beside this.

Who is on the register

Named in the Mar 2026 filing

Every holder of B.R.Goyal Infra. above SEBI's 1% disclosure line, and what changed since Sep 2025.

Holder	Stake	Change
Brijkishore Goyal	20.62%	unchanged
Gopal Goyal	20.62%	unchanged
Rajendra Kumar Goyal	20.62%	unchanged
B.R.Goyal Holdings Private Limited	7.35%	unchanged
Balkrishna Goyal	3.76%	unchanged
Mavira Growth Opportunities Fund AIF	2.58%	unchanged
Aarth AIF Growth Fund AIF	1.77%	+0.44 pp
Negen Undiscovered Value Fund AIF	1.61%	unchanged
Yash Goyal	0.39%	+0.27 pp
Utpal Goyal	0.21%	+0.21 pp
Balkrishna Goyal Huf	0.01%	unchanged
Rajendra Kumar Goyal Huf	0.01%	unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

All earnings calls (2)

Read the Q4 FY26 call →

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