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BRGoyal Infrastructure Ltd

BRGIL

BSE

₹193.30-0.62%19 Oct 2026

Reports

Construction Civil and Turnkey

BRGoyal Infrastructure Ltd

BRGIL

BSE

₹193.30

-0.62%

19 Oct 2026

SOICxStockScans Reports

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Construction Civil and Turnkey

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Guidance Report: Management guidance vs outcomes.Forensic Report: Accounting quality and red flags.Deep Dive Report: In-depth business analysis.

B.R. Goyal Infrastructure started as a family partnership in 1986 and has spent four decades evolving from a local road contractor into a multi-state infrastructure builder that now also collects tolls, pours concrete, sells plots, and generates wind power. The company listed on the BSE SME platform in January 2025, but its defining trait is older than that: it owns over 230 machines and vehicles, runs its own concrete plant, and keeps design and engineering in-house - a model management says gives it “strategic control of execution = % better margins + faster delivery”. That same instinct to own the means of delivery, rather than rent them, repeats across every business it has entered.

Business segments

Five engines at different stages - a government-contracting core that builds roads and buildings, a toll-collection stream that generates recurring cash, a concrete plant that feeds both itself and the market, a small plotted-development sideline, and a legacy wind turbine - each built with the capabilities of the one before.

1. EPC contracting: the construction engine that everything else rides on

The company designs and builds roads, highways, bridges, buildings, and now wastewater plants for government clients across nine states, using its own fleet and engineers to control the schedule and the margin.

Government is the customer - nearly all work comes from public agencies like NHAI, state public works departments, and municipal corporations, with 36 of 37 ongoing projects being government-funded as of March 2026. The company is qualified to bid directly for road contracts of roughly ₹600-700 crores and building contracts of about ₹150 crores, with an overall bid capacity near ₹2,000 crores.
Roads are the backbone - of the ₹1,235-crore order book at March 2026, roughly ₹758 crores sits in road projects, spanning both asphaltic and concrete construction along with bridges and culverts. The company also executes one Hybrid Annuity Mode project and is qualified for more PPP/HAM work if it chooses to bid.
Ownership of the site is the moat - a dedicated design team, an in-house ready-mix concrete unit, and a fleet of over 230 excavators, pavers, millers, and trucks mean the company does not depend on subcontractors for critical path activities, which it argues yields better margins and faster delivery.
Joint ventures unlock larger tenders - where eligibility rules demand it, the company forms consortiums and JV LLPs with other construction firms, contributing 51% to 70% of the capital and acting as the designated partner, which lets it bid for work it could not access alone.

2. Toll collection: the recurring-cash engine

The company collects tolls at seven NHAI plazas across six states under contracts that convert vehicle traffic into a high-margin, annuity-like revenue stream.

Paid per vehicle, not per project - revenue is recognised on an accrual basis as toll transactions occur at the booth, creating a recurring income stream that is structurally different from the lumpy, milestone-based billing of EPC work.
The bid-win rate tells the story - the company reports a strike rate above 70% on toll-collection tenders, compared with 10-15% in road-building bids, because bidding capacity is limited only by net worth rather than technical pre-qualification thresholds.
Contracts are won in clusters - during FY26 alone, it secured five NHAI toll plazas - Kathpur (₹91.7 crores), Simliya (₹86.7 crores), Aashpur (₹70.4 crores), Khambara (₹47.8 crores), and Paraghat (₹33.3 crores) - taking the toll order book to ₹240 crores by March 2026. The business employs close to 600 people to operate the booths.
A recent but deliberate addition - the company entered toll collection only in 2023 and formally amended its corporate charter to include it in November 2024, suggesting management sees it as a permanent second leg rather than a temporary diversification.

3. Ready-mix concrete: the plant that feeds the projects

A single high-capacity plant in Indore produces concrete for the company’s own construction sites and for outside buyers, turning a cost centre into a revenue line.

Backward integration with a shop window - established in 2008, the plant has an installed capacity of 1.80 lakh cubic metres per year, which management says is the highest among all players in its area. It supplies the company’s EPC projects, lowering their input cost, and sells the balance to third-party customers on a per-cubic-metre basis.
Utilisation leaves headroom - the plant ran at 66% capacity in FY26, down slightly from 70-75% reported in November 2025, meaning there is built-in volume available if the EPC order book or external demand grows.

4. Residential plotting: a small bet on mid-income land

Two plotted-development projects in Indore sell land parcels to mid-income buyers, generating cash from plot sales with further land available for expansion.

Small scale, simple model - the projects, BRG Hill View I and II, together cover about 2.40 lakh square feet of developed area, with roughly 1.6 lakh square feet still available for sale. Revenue comes directly from plot sales, and the company notes it holds ample land across Madhya Pradesh and Maharashtra for future phases.

5. Wind power: a legacy turbine still spinning

A 1.25 MW wind turbine in Rajasthan, commissioned in 2005, sells electricity to the state grid under a 20-year power purchase agreement at a pre-determined tariff.

Set and forget - the turbine at Jaisalmer has a fixed-price contract with Ajmer Vidyut Vitran Nigam Limited that started in March 2005, and revenue is billed based on meter readings sent to the Rajasthan Electricity Board. It is a small, self-contained asset that predates the company’s broader infrastructure push.

Group structure and partners

The business is run through a parent company with one subsidiary, a web of project-specific joint-venture LLPs, and a promoter holding entity that was restructured into an LLP in FY26.

One subsidiary, multiple JVs - the company holds 51% of BR-DSR Shamshabad Private Limited and participates in four joint-venture LLPs with capital contributions ranging from 33% to 70%, each formed to execute specific construction contracts. A fifth JV, BRGIL and Associates LLP, was approved in May 2025.
A small real-estate sidecar - in FY26, the company acquired a 10% stake in Virtuoso Infra Meditech LLP, an Indore-based builder developing a project with roughly 3-3.5 lakh square feet of saleable area and an estimated total revenue of around ₹150 crores.
Promoter entity simplified - B.R. Goyal Holdings Private Limited was converted into an LLP named B. R. Goyal Holdings LLP on 16 December 2025, and later renamed Shanti Nirman Enterprises LLP on 20 January 2026, with no change in the underlying shareholding or promoter group.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

Charts

Documents

Edit Ratios

Mkt Cap

Market Capitalization

₹461Cr

Close Price

₹193.30

Industry

Construction Civil and Turnkey

Price To Earnings

8.10

Price To Sales

0.56

Revenue

₹820Cr

Rev Gr TTM

Revenue Growth TTM

60.91%

PAT Gr TTM

PAT Growth TTM

77.69%

Consolidated

Standalone

Numbers

Percentage

Quarter	Sep 2023	Mar 2024	Sep 2024	Mar 2025	Sep 2025	Mar 2026
Revenue RevenueCr	237	352	213	297	342	478
Growth YoY Revenue Growth YoY%			-10.0	-15.7	60.7	61.0
Expenses ExpensesCr	229	327	201	268	315	431
Operating Profit Operating ProfitCr	7	25	12	29	27	47
OPM OPM%	3.1	7.1	5.5	9.9	8.0	9.9
Other Income Other IncomeCr	3	4	2	3	2	3
Interest Expense Interest ExpenseCr	3	2	3	2	3	5
Depreciation DepreciationCr	2	4	3	5	4	5
PBT PBTCr	8	27	10	31	26	46
Tax TaxCr	1	5	2	7	6	10
PAT PATCr	4	18	6	19	16	29
Growth YoY PAT Growth YoY%			47.6	8.1	166.4	49.6
NPM NPM%	1.7	5.0	2.9	6.5	4.7	6.0
EPS EPS₹	0.0	0.0	0.0	11.0	8.6	15.3

Quarter	Sep 2023	Mar 2024	Sep 2024	Mar 2025	Sep 2025	Mar 2026
Revenue RevenueCr	237	352	213	297	342	478
Growth YoY Revenue Growth YoY%			-10.0	-15.7	60.7	61.0
Expenses ExpensesCr	229	327	201	268	315	431
Operating Profit Operating ProfitCr	7	25	12	29	27	47
OPM OPM%	3.1	7.1	5.5	9.9	8.0	9.9
Other Income Other IncomeCr	3	4	2	3	2	3
Interest Expense Interest ExpenseCr	3	2	3	2	3	5
Depreciation DepreciationCr	2	4	3	5	4	5
PBT PBTCr	8	27	10	31	26	46
Tax TaxCr	1	5	2	7	6	10
PAT PATCr	4	18	6	19	16	29
Growth YoY PAT Growth YoY%			47.6	8.1	166.4	49.6
NPM NPM%	1.7	5.0	2.9	6.5	4.7	6.0
EPS EPS₹	0.0	0.0	0.0	11.0	8.6	15.3

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue RevenueCr	253	258	225	346	589	510	820
Growth Revenue Growth%		1.8	-12.8	54.0	70.0	-13.4	60.9
Expenses ExpensesCr	234	242	206	320	556	469	745
Operating Profit Operating ProfitCr	19	16	19	27	32	41	75
OPM OPM%	7.5	6.1	8.4	7.7	5.5	8.1	9.1
Other Income Other IncomeCr	3	4	4	7	7	5	4
Interest Expense Interest ExpenseCr	7	6	7	7	7	7	8
Depreciation DepreciationCr	5	5	5	5	5	5	9
PBT PBTCr	10	9	10	22	29	34	63
Tax TaxCr	2	2	3	5	7	9	18
PAT PATCr	8	7	8	17	22	25	45
Growth PAT Growth%		-15.6	14.9	129.3	26.3	15.5	77.7
NPM NPM%	3.1	2.5	3.4	5.0	3.7	5.0	5.5
EPS EPS₹	8.9	7.5	8.6	19.9	12.6	13.4	23.9

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue RevenueCr	253	258	225	346	589	510	820
Growth Revenue Growth%		1.8	-12.8	54.0	70.0	-13.4	60.9
Expenses ExpensesCr	234	242	206	320	556	469	745
Operating Profit Operating ProfitCr	19	16	19	27	32	41	75
OPM OPM%	7.5	6.1	8.4	7.7	5.5	8.1	9.1
Other Income Other IncomeCr	3	4	4	7	7	5	4
Interest Expense Interest ExpenseCr	7	6	7	7	7	7	8
Depreciation DepreciationCr	5	5	5	5	5	5	9
PBT PBTCr	10	9	10	22	29	34	63
Tax TaxCr	2	2	3	5	7	9	18
PAT PATCr	8	7	8	17	22	25	45
Growth PAT Growth%		-15.6	14.9	129.3	26.3	15.5	77.7
NPM NPM%	3.1	2.5	3.4	5.0	3.7	5.0	5.5
EPS EPS₹	8.9	7.5	8.6	19.9	12.6	13.4	23.9

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital Equity CapitalCr	9	9	9	9	9	24
Reserves ReservesCr	65	71	79	96	118	205
Current Liabilities Current LiabilitiesCr	103	74	67	49	66	83
Non Current Liabilities Non Current LiabilitiesCr	31	40	49	44	47	61
Total Liabilities Total LiabilitiesCr	208	194	203	197	239	373
Current Assets Current AssetsCr	149	130	135	133	160	256
Non Current Assets Non Current AssetsCr	59	64	68	64	80	117
Total Assets Total AssetsCr	208	194	203	197	239	373

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital Equity CapitalCr	9	9	9	9	9	24
Reserves ReservesCr	65	71	79	96	118	205
Current Liabilities Current LiabilitiesCr	103	74	67	49	66	83
Non Current Liabilities Non Current LiabilitiesCr	31	40	49	44	47	61
Total Liabilities Total LiabilitiesCr	208	194	203	197	239	373
Current Assets Current AssetsCr	149	130	135	133	160	256
Non Current Assets Non Current AssetsCr	59	64	68	64	80	117
Total Assets Total AssetsCr	208	194	203	197	239	373

Consolidated

Standalone

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	7	8	27	23	12	-36	2
Investing Cash Flow Investing Cash FlowCr	-3	-7	0	2	-13	-19	-35
Financing Cash Flow Financing Cash FlowCr	-4	-1	-19	-19	1	92	-2
Net Cash Flow Net Cash FlowCr	0	0	8	6	0	36	-36
Free Cash Flow Free Cash FlowCr	4	0	26	25	0	-58
CFO To PAT CFO To PAT%	94.1	121.8	356.4	131.1	54.5	-144.1	4.3
CFO To EBITDA CFO To EBITDA%	38.5	50.9	142.6	85.1	36.8	-88.4	2.6

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	7	8	27	23	12	-36	2
Investing Cash Flow Investing Cash FlowCr	-3	-7	0	2	-13	-19	-35
Financing Cash Flow Financing Cash FlowCr	-4	-1	-19	-19	1	92	-2
Net Cash Flow Net Cash FlowCr	0	0	8	6	0	36	-36
Free Cash Flow Free Cash FlowCr	4	0	26	25	0	-58
CFO To PAT CFO To PAT%	94.1	121.8	356.4	131.1	54.5	-144.1	4.3
CFO To EBITDA CFO To EBITDA%	38.5	50.9	142.6	85.1	36.8	-88.4	2.6

Consolidated

Standalone

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr						258	263	461
Price To Earnings Price To Earnings						10.2	5.9	8.1
Price To Sales Price To Sales						0.5	0.3	0.6
Price To Book Price To Book						1.1	1.0	1.7
EV To EBITDA EV To EBITDA						6.4		6.8
Profitability Ratios Profitability Ratios
GPM GPM%	57.0	9.6	18.6	16.1	11.4	16.4
OPM OPM%	7.5	6.1	8.4	7.7	5.5	8.1	9.1	9.1
NPM NPM%	3.1	2.5	3.4	5.0	3.7	5.0	5.5	5.5
ROCE ROCE%	13.6	10.5	12.4	19.8	20.0	13.8
ROE ROE%	10.6	8.2	8.6	16.5	17.3	11.0
ROA ROA%	3.8	3.4	3.7	8.8	9.1	6.8
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr						258	263	461
Price To Earnings Price To Earnings						10.2	5.9	8.1
Price To Sales Price To Sales						0.5	0.3	0.6
Price To Book Price To Book						1.1	1.0	1.7
EV To EBITDA EV To EBITDA						6.4		6.8
Profitability Ratios Profitability Ratios
GPM GPM%	57.0	9.6	18.6	16.1	11.4	16.4
OPM OPM%	7.5	6.1	8.4	7.7	5.5	8.1	9.1	9.1
NPM NPM%	3.1	2.5	3.4	5.0	3.7	5.0	5.5	5.5
ROCE ROCE%	13.6	10.5	12.4	19.8	20.0	13.8
ROE ROE%	10.6	8.2	8.6	16.5	17.3	11.0
ROA ROA%	3.8	3.4	3.7	8.8	9.1	6.8
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	IL&FSENGG	UNIVASTU	HRS	BRGIL	MARKOLINES	HILINFRA	GANESHIN
Market CapitalizationMkt CapCr	515	496	492	461	393	382	368
Close PriceClose₹	39.29	137.77	255.00	193.30	176.81	53.25	84.00
IndustryIndustry	Construction Civil and Turnkey	Construction Civil and Turnkey	Construction Civil and Turnkey	Construction Civil and Turnkey	Construction Civil and Turnkey	Construction Civil and Turnkey	Construction Civil and Turnkey
Price To EarningsPE	48.51	18.20	76.58	8.10	14.56	14.35	3.93
Price To SalesPS	2.80	1.56	7.28	0.56	1.12	0.48	0.36
RevenueRevenueCr	184	318	68	820	352	799	1,034
Revenue Growth TTMRev Gr TTM%	-33.5%	106.7%	60.4%	60.9%	6.6%	59.7%	77.1%
PAT Growth TTMPAT Gr TTM%	187.9%	81.2%	98.3%	77.7%	9.5%	1.1%	93.1%

	IL&FSENGG	UNIVASTU	HRS	BRGIL	MARKOLINES	HILINFRA	GANESHIN
Market CapitalizationMkt CapCr	515	496	492	461	393	382	368
Close PriceClose₹	39.29	137.77	255.00	193.30	176.81	53.25	84.00
IndustryIndustry	Construction Civil and Turnkey	Construction Civil and Turnkey	Construction Civil and Turnkey	Construction Civil and Turnkey	Construction Civil and Turnkey	Construction Civil and Turnkey	Construction Civil and Turnkey
Price To EarningsPE	48.51	18.20	76.58	8.10	14.56	14.35	3.93
Price To SalesPS	2.80	1.56	7.28	0.56	1.12	0.48	0.36
RevenueRevenueCr	184	318	68	820	352	799	1,034
Revenue Growth TTMRev Gr TTM%	-33.5%	106.7%	60.4%	60.9%	6.6%	59.7%	77.1%
PAT Growth TTMPAT Gr TTM%	187.9%	81.2%	98.3%	77.7%	9.5%	1.1%	93.1%