B.R.Goyal Infra. Q2 FY26 Earnings Analysis

Published 14 Aug 2026 | Construction | Market Cap: ₹429 Cr

Price

₹192

Market Cap

₹429 Cr

P/E Ratio

9.6

Earnings Summary

Targeting 35% to 40% revenue growth in the current financial year (FY 2026) with expected turnover between INR 700 crores to INR 750 crores. Targeting 35% to 40% revenue growth for the current fiscal year (FY '26).

📊 Revenue & Sales Performance

→Targeting 35% to 40% revenue growth in the current financial year (FY 2026) with expected turnover between INR 700 crores to INR 750 crores.
→For FY 2027, expecting growth of 15% to 20% with targeted revenue around INR 900 crores.
→Order book as of September 30, 2025 stands at INR 1,535 crores, providing visibility for the next two years.
→A strong order pipeline of INR 2,500 crores in bids submitted, with an expected strike rate of 15% to 20%, leading to approx. INR 500 crores of new orders soon.
→Focus on scaling presence in higher-ticket EPC road projects, wastewater treatment, toll collection, and building sectors to support top-line growth.
→Continuous bidding plans and expansion into new geographies like Bihar expected to potentially alter revenue mix and spur growth.

📈 Profitability & Margins

→Targeting 35% to 40% revenue growth for the current fiscal year (FY '26).
→Expecting EBITDA margins between 11% to 13% consolidated for FY '26.
→For wastewater projects, EBITDA margins targeted around 18% to 20%.
→Projected revenue growth of 15% to 20% for FY '27.
→Order book as of Sep 30, 2025 stands at INR1,535 crores (73% YoY growth), providing two years of visibility.
→Anticipated revenue of INR700-750 crores in FY '26, INR900 crores in FY '27.
→Continued focus on higher-ticket EPC road projects and toll collection contracts with better margins.
→Expansion plans in wastewater, toll collection, and road sectors expected to support sustainable profit growth.
→Operating cash flow expected to turn positive by March 31, 2026, supporting healthier balance sheet and earnings.

🏗️ Capital Expenditure Plans

→The company has undertaken capex of around INR 16 crores recently, partly funded by an IPO proceed of INR 8 crores and a term loan of INR 7 crores for equipment and commercial loans.
→This capex is intended to ensure smooth and fast project execution by investing in plant, machinery, construction equipment, and vehicles.
→There is a focus on expanding bidding capacity for larger projects (e.g., road projects up to INR 600 crores, building projects above INR 100 crores).
→The company is working on adopting green construction materials and energy-efficient equipment, including green steel and FRP made from waste materials, aligned with government approvals.
→No specific future large-scale capital investments are detailed, but the company aims to enhance credentials and scale, including bidding for HAM projects and water infrastructure projects across India.

💰 Fundraising & Capital Structure

→Recent increase in debt by INR 7 crores, from INR 70 crores to INR 77 crores, mainly due to INR 16 crores capex, partly funded by IPO proceeds (INR 8 crores) and term loans (INR 7 crores).
→No current requirement for significant additional working capital debt as mobilization advances and enhanced bank guarantees support operations.
→Bank guarantee limits expected to increase from INR 225 crores to around INR 325 crores within the year, requiring a 5-10% increase in fund base.
→No explicit mention of immediate plans for fresh equity fundraising.
→Overall, BR Goyal Infrastructure is conservatively leveraged with headroom for growth, indicating no urgent need for major new debt or equity infusion at present.

📋 Order Book & Pipeline

→As of September 30, 2025, the unexecuted order book stands at INR 1,535 crores, up 73% from INR 887 crores as of September 30, 2024.
→Order book split:
→ - Road EPC: INR 1,000 crores pending
→ - Building EPC: INR 100 crores pending
→ - Wastewater: INR 160 crores pending
→ - Toll collection: INR 275 crores pending
→Execution timeline averages 12 to 36 months depending on the project.
→For H2 FY26, expected execution of INR 400 to 450 crores orders.
→For FY27, expected execution of INR 800 to 900 crores orders.
→Bid pipeline currently stands at INR 2,500 crores submitted.
→General bid strike rate is 15% to 20%, targeting around INR 500 crores worth of new orders soon.
→New bids in wastewater sector in Bihar total around INR 700 crores (multiple bids).

Key Metrics

Frequently Asked Questions

What were B.R.Goyal Infra. Q2 FY26 results?

What is B.R.Goyal Infra. share price analysis?

B.R.Goyal Infra. currently shows a neutral. The stock trades at a P/E of 9.6 with a market cap of ₹429 Cr. Investors should review the full earnings analysis for detailed insights.

Is B.R.Goyal Infra. planning capital expenditure?

The company has undertaken capex of around INR 16 crores recently, partly funded by an IPO proceed of INR 8 crores and a term loan of INR 7 crores for equipment and commercial loans.

This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.