Bharat Road Network financials and balance sheet

NSE: BRNLBSE: 540700Transport InfrastructureSmall Cap

₹13.62₹0.61 (4.29%)BSE ₹14.10

Share price at the NSE close on 23 Oct 2026. Previous close ₹14.23.

52-week range of traded prices to 23 Oct 2026

₹13.20Low, 23 Oct 2026₹26.50High, 24 Nov 2025

Market cap: ₹114 Cr2,519th largest listed
P/E: Lossover the last 12 months
P/B: 0.3
Dividend yield: Nonein the last 12 months
ROE: −36.6%
ROCE: −19.9%
Debt to equity: 0.81
Volume, NSE: 53,84772.5% delivered

9 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Bharat Road Network annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

Peak revenue ₹401 Cr, year to Mar 2019A loss in the year to Mar 2026, −₹59 Cr

Operating and net margin, per cent

Operating margin
Net margin

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue154
Employee costs−4.7
Other expenses−174
Operating profit−24
Depreciation−66
Other income+31
One-off items0.0
Finance costs0.0
Profit before tax−59
Tax−0.3
Net profit−59

What the company owns

Plant, investments and other assets₹1,084 Cr
Cash and bank₹350 Cr
Receivables₹1 Cr

What pays for it: net worth and liabilities

Net worth₹534 Cr
Other liabilities₹463 Cr
Borrowings₹434 Cr
Owed to suppliers₹3 Cr

Profit and loss

Consolidated, ₹ crore, years to March.Bharat Road Network quarterly results

₹ crore	Mar 2018	Mar 2019Filed 6 Jun	Mar 2020Filed 25 Jul	Mar 2021Filed 6 Jul	Mar 2022Filed 15 Jun	Mar 2023Filed 26 May	Mar 2024Filed 26 Jul	Mar 2025Filed 21 Sep	Mar 2026Filed 30 May
Revenue from operations	153	401	299	210	216	326	380	274	154
	109	226	116	163	129	314	242	218	179
Materials and goods bought	–	0	0	0	0	0	0	0	0
Employee costs	–	14	14	14	14	13	11	6	5
Other expenses	–	212	102	149	115	301	231	212	174
Operating profit before depreciation	44	175	184	47	88	13	138	57	−24
Operating margin	28.8%	43.7%	61.4%	22.3%	40.5%	3.9%	36.3%	20.6%	−15.8%
Materials, % of revenue	–	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Employee costs, % of revenue	–	3.4%	4.7%	6.5%	6.4%	3.9%	2.8%	2.2%	3.1%
Other expenses, % of revenue	–	52.9%	33.9%	71.2%	53.1%	92.2%	61.0%	77.2%	112.7%
Depreciation and amortisation	0	34	36	39	43	57	82	74	66
Operating profit after depreciation	44	142	147	7	45	−44	56	−18	−90
Other income	98	48	29	35	10	24	11	206	31
Finance costs	44	205	193	167	182	184	188	54	0
Profit before one-off items and tax	97	−15	−17	−124	−127	−204	−121	134	−59
One-off items	0	0	0	0	−143	−10	0	0	0
Profit before tax	97	−15	−17	−124	−270	−214	−121	134	−59
	12	6	1	−6	−19	−17	−8	−2	0
Current tax	9	4	1	0	0	0	0	0	0
Deferred tax	3	2	0	−6	−19	−17	−8	−2	0
Share of profit of joint ventures and associates	−63	−22	5	−1	−137	−8	–	–	–
	23	−44	−13	−119	−389	−205	−113	136	−59
Belonging to the company's shareholders	–	−38	−16	−114	−376	−210	−112	141	−30
Belonging to outside owners of subsidiaries	–	−5	3	−5	−12	4	−1	−5	−30
Other comprehensive income	–	0	0	0	0	0	1	1	0
Total comprehensive income	–	−44	−13	−118	−388	−205	−113	137	−59
Net margin	15.1%	−10.8%	−4.3%	−56.7%	−179.6%	−62.9%	−29.8%	49.6%	−38.5%
Net margin without joint ventures and associates	56.0%	−5.3%	−6.0%	−56.3%	−116.1%	−60.3%	–	–	–

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the year to Mar 2018 they do not, so they are left blank. Belonging to the company's shareholders is left blank for the year to Mar 2018: the filing's earnings per share does not match the profit it states, and cannot be multiplied back into the owners' profit because the share it leaves the other owners is more than 10 points from the share the company's other periods state.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 6 Jun	Mar 2020Filed 25 Jul	Mar 2021Filed 6 Jul	Mar 2022Filed 15 Jun	Mar 2023Filed 26 May	Mar 2024Filed 26 Jul	Mar 2025Filed 21 Sep	Mar 2026Filed 30 May
	1,118	1,111	991	602	400	286	422	534
	1,012	1,001	886	509	302	190	331	403
Share capital	84	84	84	84	84	84	84	84
Reserves	928	917	802	425	218	106	247	319
Belonging to outside owners of subsidiaries	107	110	105	93	97	96	91	132
	1,360	1,470	1,413	1,492	1,239	1,328	434	434
Repayable after a year	1,310	1,470	1,413	1,338	1,239	949	171	171
Repayable within a year	50	0	0	155	0	379	264	264
	506	613	532	631	718	1,171	629	500
Trade payables	1	2	1	5	4	4	3	3
Other financial liabilities	450	607	528	465	712	787	361	157
Other liabilities	5	4	3	7	1	1	1	1
Provisions	0	0	0	0	0	0	0	76
	1,342	1,599	1,619	1,613	1,589	1,278	383	401
Other financial liabilities	15	108	145	226	305	281	71	71
Provisions	11	16	62	49	45	47	142	159
Deferred tax	5	5	–	0	0	0	0	–
Total assets	2,965	3,324	3,143	2,846	2,706	2,734	1,435	1,436
	2,485	2,612	2,494	2,293	2,135	2,166	933	643
Plant in use, after depreciation	1	1	2	2	2	2	1	2
Intangible assets	833	1,644	1,605	1,562	1,506	1,424	552	474
Goodwill	35	44	54	65	28	27	25	25
Intangible assets being developed	797	100	132	158	242	347	1	0
Property held to earn rent	0	0	0	0	0	0	0	0
Investments	457	419	348	186	98	98	98	93
Loans given	0	49	54	0	0	0	0	0
Other financial assets	242	257	207	207	207	208	207	2
Deferred tax	–	–	1	20	37	45	47	47
Other assets	120	98	91	93	15	15	2	–
	480	712	649	553	572	568	501	792
Trade receivables	99	118	135	138	59	0	1	1
Cash and cash equivalents	29	24	44	29	120	62	4	126
Other bank balances	0	0	13	12	82	192	202	224
Current investments	66	67	78	20	20	22	18	0
Loans given	262	350	146	116	50	50	49	132
Other financial assets	6	132	211	215	212	214	214	285
Tax paid in advance	2	3	5	6	6	4	4	14
Other assets	16	18	16	17	23	23	11	10
Net debt	1,266	1,379	1,278	1,431	1,018	1,052	211	84

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the year to Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 6 Jul	Mar 2022Filed 15 Jun	Mar 2023Filed 26 May	Mar 2024Filed 26 Jul	Mar 2025Filed 21 Sep	Mar 2026Filed 30 May
	51	22	259	365	71	−126
	53	25	264	372	259	−60
	−63	110	207	166	−1	−67
Receivables	−30	−20	88	−1	−1	−67
Payables	−34	130	119	167	0	0
Tax paid	−1	−1	0	1	−1	−10
Interest paid	0	0	0	−9	−16	−28
Capital spending	15	28	8	104	52	7
Free cash flow	37	−6	251	260	19	−133
	168	196	44	−208	−40	328
Interest received	3	13	8	7	12	0
Dividends received	0	0	0	0	0	25
	−199	−233	−213	−214	−68	−80
Borrowings raised	−16	28	−98	−290	53	0
Borrowings repaid	0	−75	19	206	−115	0
Interest paid	−172	−176	−170	−130	−6	−80
Dividends paid	0	0	0	0	0	0
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	0	0	0
Net change in cash	20	−15	90	−57	−37	122

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.Bharat Road Network dividend history

₹ per share	Mar 2018	Mar 2019Filed 6 Jun	Mar 2020Filed 25 Jul	Mar 2021Filed 6 Jul	Mar 2022Filed 15 Jun	Mar 2023Filed 26 May	Mar 2024Filed 26 Jul	Mar 2025Filed 21 Sep	Mar 2026Filed 30 May
Earnings per share	₹3.28	−₹5.19	−₹1.54	−₹14.15	−₹46.30	−₹24.45	−₹13.49	₹16.22	−₹7.08
Diluted earnings per share	₹3.28	−₹5.19	−₹1.54	−₹14.15	−₹46.30	−₹24.45	−₹13.49	₹16.22	−₹7.08
Dividend per share	₹1.00	₹0.50	–	–	–	–	–	–	–
Book value per share	–	₹120.50	₹119.27	₹105.58	₹60.64	₹36.02	₹22.64	₹39.40	₹47.96
Shareholder yield	–	–	–	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Market cap at the year end (₹ crore)	1,622	771	277	241	241	220	468	243	142

Ratios

Consolidated, years to March.Bharat Road Network PE ratio and valuation

Ratio	Mar 2018	Mar 2019Filed 6 Jun	Mar 2020Filed 25 Jul	Mar 2021Filed 6 Jul	Mar 2022Filed 15 Jun	Mar 2023Filed 26 May	Mar 2024Filed 26 Jul	Mar 2025Filed 21 Sep	Mar 2026Filed 30 May
Revenue growth	–	162.0%	−25.5%	−30.0%	3.3%	50.8%	16.4%	−27.8%	−43.7%
Operating profit growth	–	297.0%	4.8%	−74.5%	87.1%	−85.4%	977.3%	−58.9%	–
	–	−3.8%	−1.6%	−12.1%	−53.9%	−51.7%	−45.5%	54.2%	−8.1%
	–	–	2.2 pts	−10.5 pts	−41.8 pts	2.3 pts	6.2 pts	99.7 pts	−62.3 pts
From the net margin	–	–	1.7 pts	−14.6 pts	−26.5 pts	34.0 pts	27.9 pts	124.8 pts	−74.4 pts
From asset turnover	–	–	0.6 pts	5.2 pts	−4.4 pts	−12.5 pts	−4.4 pts	−4.5 pts	3.7 pts
From borrowing	–	–	−0.1 pts	−1.1 pts	−10.9 pts	−19.3 pts	−17.3 pts	−20.6 pts	8.5 pts
Return on capital employed	–	5.7%	5.7%	0.3%	2.1%	−2.7%	3.5%	−2.0%	−9.3%
Cash conversion	–	–	–	–	–	–	–	52.4%	–
Interest cover	1.0	0.7	0.8	0.0	0.2	–	0.3	–	–
Debt to equity	–	1.22	1.32	1.43	2.48	3.10	4.64	1.03	0.81
Receivable days	–	90	144	236	233	66	0	1	3
Working capital days	–	−64	10	−32	26	−411	−481	−116	486
Asset turnover	–	0.14	0.10	0.06	0.07	0.12	0.14	0.13	0.11
Assets per rupee of net worth	–	2.93	3.12	3.43	4.29	6.84	11.05	8.00	3.91
Sales per rupee of plant	–	320.20	253.88	130.69	142.02	202.18	221.74	289.45	96.19
Capital spending to depreciation	–	–	–	0.37	0.66	0.15	1.27	0.70	0.11
Plant being built, % of plant in use	–	–	–	–	0.0%	0.0%	0.0%	0.0%	0.0%

Interest cover is left blank for the years to Mar 2023, Mar 2025 and Mar 2026: operating profit after depreciation is a loss, and a loss covers no interest bill. No balance sheet is on record for the year to Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: −2.1%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	–	−5.9%	−22.1%
Return on equity, average	–	−21.0%	0.2%
Return on capital employed, average	–	−1.7%	−2.6%
Operating margin, average	26.9%	17.1%	13.7%
Net margin, average	−35.3%	−52.2%	−6.2%
Asset turnover, average	–	0.11	0.13
Debt to equity, average	–	2.41	2.16

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	592	310	−126
Cash from investing	320	80	328
Cash from financing	−809	−363	−80
Capital spending	200	163	7
Dividends paid	0	0	0
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings raised	470	343	0
Borrowings repaid	415	321	0

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	4	4	6	6	6	4
Altman Z-scorePublished threshold 1.1	–	2.03	1.98	1.65	0.38	0.02	−1.03	1.30	2.40
Beneish M-scorePublished threshold −1.78	–	–	–	−2.57	−2.90	−3.56	−4.09	−1.05	−1.65
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	−10.44	−20.27	−18.32	−9.93	5.04	−18.24
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	45.23	44.47	−1.24	−108.11	−115.53	121.26	72.19
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	42.95	37.89	2.76	0.78	−0.02	−4.32	51.98
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	–	0.00	0.00	0.00	0.00	0.00
Effective tax ratePublished threshold 17.16 per cent	11.88	–	–	–	–	–	–	−1.56	–
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	–	–	−2.30	–

A threshold marked as ours has no published figure; it is the line we read the check against.