B.R.Goyal Infrastructure LtdQ3 FY25Construction

B.R.Goyal Infrastructure Ltd

Q3 FY25 Earnings Call Analysis

Management growth scorecard

Revenue

Category 2

Margin

Category 1

Fundraise

Order

Yes

Capex

N/A

2 of 4 growth signals are positive.

Revenue guidance

Category 2

→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.

Category 1

→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.

Get access to all 5 sections — revenue, margin, fundraise, orderbook, and capex — for B.R.Goyal Infrastructure Ltd and 1,400+ other companies.

→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.

Yes

→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).

→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.

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