BRNL
Bharat Road Network financials
- Market cap
- ₹140 Cr
- Sector
- Construction
What Bharat Road Network Limited does
Bharat Road Network Limited is a road Build-Operate-Transfer (BOT) company in India focused on the development, implementation, operation and maintenance of roads/highway projects. It submits bids for projects floated by NHAI on a BOT model, and once awarded, each concession is mandatorily executed through a dedicated Special Purpose Vehicle (SPV) that the company sponsors and funds. Beyond financing its SPVs, the company performs Project Management functions for them across the life of each project, including Project Management Consultancy, Operation & Maintenance, Toll Management, Major Maintenance and repair, Claim and Insurance Management, Debt Syndication, and Engineering/Design and Legal Advisory services.
Segments
- Road BOT/concession SPVs
- Project management & O&M services to SPVs
- Road BOT project SPVs (subsidiary/associate)
- 4 — Orissa Steel Expressway, Guruvayoor Infrastructure, Mahakaleshwar Tollways, Kurukshetra Expressway
Quarterly results
Q1 FY27: revenue up 0.0%, net profit down 15400.0% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1 | 2 | 2 | 2 | 2 +100% | 2 +0% | 2 +0% | 2 +0% |
| EBITDA | -49 | -254 | -4 | 0 | 0 +100% | 0 +100% | -1 +75% | -153 |
| Net profit | -48 | -253 | -2 | 1 | 1 +102% | 1 +100% | 0 +100% | -153 −15400% |
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 −18.2% 1Y
1Y: ₹20.45 on 10 Sept 2025 → ₹16.73. High ₹25.62 (17 Nov 2025), low ₹16.65 (10 Sept 2026).
Financials, as filed
Revenue grew 0.0% a year over 2 years, FY24 to FY26. Operating margin held at -12.5%.
| Year ending | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | ₹8 Cr | ₹6 Cr | ₹8 Cr |
| Operating profit | ₹-1 Cr | ₹-308 Cr | ₹-1 Cr |
| Operating margin | -12.5% | -5133.3% | -12.5% |
| Interest | ₹35 Cr | ₹9 Cr | ₹0 Cr |
| Depreciation | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Net profit | ₹-22 Cr | ₹-309 Cr | ₹3 Cr |
| Net margin | -275.0% | -5150.0% | 37.5% |
| Cash from operations | ₹-1 Cr | ₹-4 Cr | ₹-17 Cr |
| Free cash flow | ₹-1 Cr | ₹-4 Cr | ₹-17 Cr |
| ROCE | 0.0% | -36.0% | 1.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹84 Cr | ₹84 Cr | ₹84 Cr | ₹84 Cr | ₹84 Cr | ₹84 Cr |
| Reserves | ₹1.1k Cr | ₹739 Cr | ₹659 Cr | ₹637 Cr | ₹329 Cr | ₹332 Cr |
| Borrowings | ₹325 Cr | ₹310 Cr | ₹307 Cr | ₹264 Cr | ₹434 Cr | ₹264 Cr |
| Other liabilities | ₹34 Cr | ₹123 Cr | ₹94 Cr | ₹125 Cr | ₹759 Cr | ₹53 Cr |
| Total liabilities | ₹1.5k Cr | ₹1.3k Cr | ₹1.1k Cr | ₹1.1k Cr | ₹1.6k Cr | ₹733 Cr |
| Fixed assets | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹553 Cr | ₹0 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Investments | ₹1.1k Cr | ₹892 Cr | ₹761 Cr | ₹696 Cr | ₹106 Cr | ₹392 Cr |
| Other assets | ₹419 Cr | ₹364 Cr | ₹382 Cr | ₹413 Cr | ₹947 Cr | ₹341 Cr |
| Total assets | ₹1.5k Cr | ₹1.3k Cr | ₹1.1k Cr | ₹1.1k Cr | ₹1.6k Cr | ₹733 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 Jun 2026
Since Jun 2025, promoters trimmed −0.24 pp while the public added +0.19 pp. The shareholder count shrank 2% to 51,502.
- Promoters
- 51.7%
- DIIs
- 0.2%
- Public
- 48.1%
Since Jun 2025
- Promoters −0.24 pp
- Public +0.19 pp
- DIIs +0.05 pp
How it drifted, 12 quarters
Over this window promoters fell from 53.8% to 51.7% — −2.0 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 53.8%, Public 46.2%.Dec '23: Promoters 53.8%, Public 46.2%.Mar '24: Promoters 52.2%, FIIs 0.1%, Public 47.7%.Jun '24: Promoters 52.1%, Public 47.9%.Sep '24: Promoters 52.0%, FIIs 0.0%, Public 48.0%.Dec '24: Promoters 52.0%, DIIs 0.1%, Public 47.9%.Mar '25: Promoters 52.0%, DIIs 0.1%, Public 47.9%.Jun '25: Promoters 52.0%, FIIs 0.0%, DIIs 0.1%, Public 47.9%.Sep '25: Promoters 52.0%, DIIs 0.1%, Public 47.9%.Dec '25: Promoters 52.0%, DIIs 0.1%, Public 47.9%.Mar '26: Promoters 52.0%, DIIs 0.1%, Public 47.9%.Jun '26: Promoters 51.7%, DIIs 0.2%, Public 48.1%.
Who is on the register
Named in the Jun 2026 filing
Every holder of Bharat Road Network Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Srei Venture Capital Trust | 31.92% | −0.24 pp |
| Srei Infrastructure Finance Limited | 19.81% | unchanged |
| Predicate Consultant Private Limited | 11.34% | unchanged |
| Bristi Real-Tech Private Limited | 7.02% | unchanged |
| Gmr Business And Consultancy Llp | 4.77% | unchanged |
| Anilraj Promoters & Fincon Private Limited | 2.09% | unchanged |
| Jhilik Promoters And Fincon Private Limited | 1.35% | unchanged |
| Ospl Infradeal Private Limited | 0.00% | unchanged |
| Manufacturing Value Addition Fund A/C Make In India Fund | 0.00% | 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.
Learn to analyse Bharat Road Network Limited
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