Brahmaputra Infrastructure Limited

Industrials — Engineering & Construction · NSE

₹184.00−₹4.59 (−2.43%)

DalalBaazaar Score

75 / 100

🟢 Good

Verdict

REASONABLE

Risk

Moderate

Driven by micro-cap size, which brings thin liquidity.

In simple words: Strong business and financial position, with modest growth. Nothing obvious stands out as stretched — the usual checks on business quality and management still apply.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:10 pm

Constructive picture on fundamentals. Profitability, leverage and growth metrics are broadly healthy on this snapshot. That said, valuation should still be checked against direct sector peers (not just the generic P/E bands used here) before treating this as a buy signal.

Understanding the Business

Company site ↗

The 60-second version of Brahmaputra Infrastructure Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Brahmaputra Infrastructure Limited, together with its subsidiaries, operates as an infrastructure company in India. The company operates through two segments: EPC Division and Real Estate Division.

IndustryEngineering & Construction

SectorIndustrials

Annual revenue₹365 Cr

How does it make money?

Turns over ₹365 Cr a year. Of every ₹100 of sales, about ₹16 reaches shareholders as profit, with ₹24 left at the operating level before interest, tax and depreciation.

EBITDA margin23.9%

Net margin16.3%

Who are its competitors?

The closest listed comparisons in its industry are LARSEN & TOUBRO LTD., ADANI PORT & SEZ LTD, SIEMENS LTD. These are the companies its valuation and returns are measured against elsewhere in this report.

LARSEN & TOUBRO LTD.P/E 30.1x · ROE 15.2%

ADANI PORT & SEZ LTDP/E 29.9x · ROE 14.1%

SIEMENS LTDP/E 88.8x · ROE 10.5%

What is its competitive advantage?Some evidence

ROCE of 16.0% is above what capital typically costs, which suggests some pricing power, though not yet the sustained, wide gap that marks a durable advantage.

ROCE16.0%

ROE17.3%

Peer median ROE14.1%

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved +109% while net margin moved +167% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+109%

Margin effect+167%

DalalBaazaar Score

75/ 100

Good

Weighted across six categories. Every point is explained below.

✓ Beta of 0.45 — historically steadier than the index
✗ Micro Cap: thinner liquidity and sharper drawdowns are normal
✗ Profits have swung sharply from year to year — earnings are hard to forecast

Quality vs. Valuation

Company Quality

79/ 100

Good

How good the business is, ignoring the share price entirely.

Valuation

85/ 100

Cheap

What you are being asked to pay, ignoring how good the business is.

A good business currently available at an undemanding price — the combination this framework is built to look for.

Historical Valuation

Current P/E

8.5x

Sector Median

30.1x

median of 3 sector peers

🟢Against its sector it trades 72% below the peer median of 30.1x.

vs. its own history

Not enough price and earnings history

vs. sector peers

Cheap

30.1x median of 3 peers · -72%

vs. generic bands

Cheap

Below 15x

P/E (Trailing)

8.5x

P/B

1.55x

EV/EBITDA

7.3x

PEG

0.11

Dividend Yield

None

What's Good / What's Bad

🟢 What's Going Well4

Debt is being paid down
Total debt is down 62% over 3 years.
Return on equity is rising
ROE has improved from 7.1% to 17.3%.
Return on capital is rising
ROCE has improved from 12.5% to 16.0%.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention0

Nothing stands out as clearly deteriorating on the years of data available.

Red Flags

1 item require attention · 1 high

🔴Profit up while operating cash flow fallsFinancial
Reported profit rose but cash generated by operations declined — worth checking whether earnings are being supported by non-cash items or working capital.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Deleveraging frees up earnings
Debt is down 62% over 3 years. Every rupee of interest not paid drops to the bottom line, so profit can grow even if revenue does not.
Cheaper than its peers
It trades 72% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.
Self-funding with balance-sheet headroom
Positive free cash flow of ₹8 Cr alongside low debt means growth, buybacks or dividends need no outside money — and a downturn can be absorbed rather than refinanced.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

Earnings are hard to forecast
Profit has swung sharply from year to year, so any single year — good or bad — is a weak guide to the next. Cyclical earnings deserve lower multiples for that reason.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Revenue growth stays above 21% a year✓ 27.9% CAGR
Latest reported year was 18.1%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 22%✓ 23.9%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Free cash flow remains positive✓ ₹8 Cr
Profit that never becomes cash eventually stops being profit.
4Debt / EBITDA stays below 2x✓ 1.5x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
5ROCE stays above 13%✓ 16.0%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

10 / 10 checks passed

✓ Strong return on equity (ROE ≥ 15%)
✓ Strong return on capital employed (ROCE ≥ 15%)
✓ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✓ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✓ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high

Price history

Quick Metrics

7 good · 4 neutral · 0 weak

Market Cap

₹534 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

8.5x

Cheap

Cheap against the generic band

P/B Ratio

1.55x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹21.63

Profitable

Profitable on a per-share basis

ROE

17.3%

Strong

Strong capital efficiency

ROCE

16.0%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

0.41x

Low

Conservative leverage

Revenue Growth (YoY)

18.1%

Healthy

Healthy top-line growth

Profit Growth (YoY)

9.7%

Modest

Slow profit growth

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

₹8 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

CMP

₹184

Operating Margin

20.5%

Good

Healthy core-business profitability

Net Margin

16.0%

Good

Strong bottom-line conversion

Current Ratio

1.40

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.45

Defensive

Steadier than the market

52W Range Position

81%

Mid-range

Technical Snapshot

RSI (14)

75.2

Overbought zone

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹175 Cr	₹212 Cr	₹242 Cr	₹365 Cr	+27.9%
EBITDA	₹42 Cr	₹62 Cr	₹53 Cr	₹87 Cr	+27.8%
EBITDA Margin	23.9%	29.1%	22.0%	23.9%	—
PAT (Net Profit)	₹11 Cr	₹17 Cr	₹30 Cr	₹60 Cr	+77.3%
EPS	₹3.69	₹5.91	₹10.23	₹20.53	+77.3%
ROE	7.1%	6.7%	10.4%	17.3%	—
ROCE	12.5%	7.7%	9.9%	16.0%	—
Total Debt	₹333 Cr	₹231 Cr	₹186 Cr	₹127 Cr	-27.4%
Free Cash Flow	₹27 Cr	-₹127 Cr	₹65 Cr	₹8 Cr	-34.3%

🟢 Revenue has grown at 27.9% a year over 3 years.

🟢 EBITDA has grown at 27.8% a year over 3 years.

🟡 EBITDA Margin has held roughly flat at 23.9% over 3 years.

🟢 PAT (Net Profit) has grown at 77.3% a year over 3 years.

🟢 EPS has grown at 77.3% a year over 3 years.

🟢 ROE has risen from 7.1% to 17.3% over 3 years (+10.2 pts).

🟢 ROCE has risen from 12.5% to 16.0% over 3 years (+3.5 pts).

🟢 Total Debt has shrunk at 27.4% a year over 3 years.

🔴 Free Cash Flow has shrunk at 34.3% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹717 Cr

Total Liabilities

₹371 Cr

Total Debt

₹127 Cr

Cash & Equivalents

₹20 Cr

Operating Cash Flow

₹8 Cr

Capex

—

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

77.0%

Peer Comparison

Company	P/E	ROE
LARSEN & TOUBRO LTD.	30.1x	15.2%
ADANI PORT & SEZ LTD	29.9x	14.1%
SIEMENS LTD	88.8x	10.5%

Recent News

4 mixed2 general

Brahmaputra Infrastructure Share Price Rise Streak Explained

Univest, 14 OctPrice move

🟡Mixed / dependsA price move, which is not by itself a change in the business. Worth finding the cause before reading it as either good or bad.

Brahmaputra Infra Climbs as JV Leads Rs 89.73 Cr Bridge Bid

Equitypandit, 09 OctPartnership

🟡Mixed / dependsA partnership, whose value depends entirely on terms that a headline will not carry. Worth reading the filing before assuming either way.

BRAHMINFRA Stock Price and Chart — NSE:BRAHMINFRA

TradingView, 19 Aug

Brahmaputra Infrastructure L-1 for ₹78.09 Crore; Shares Fall 0.50%

HDFC Sky, 20 AugPrice move

🟡Mixed / dependsA price move rather than a change in the business. If the figures on this page have not moved, the fall is either an opportunity or news they have yet to catch up with.

Brahmaputra Infrastructure Share Price update after rise

Univest, 29 SeptPrice move

🟡Mixed / dependsA price move, which is not by itself a change in the business. Worth finding the cause before reading it as either good or bad.

Brahmaputra Infrastructure Limited (BRAHMINFRA) Company Information

Simply Wall Street, 26 Aug

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.
RSI is in overbought territory — momentum entries here carry more short-term pullback risk.

DalalBaazaar Thesis

🟢Business QualityStrong17.1/20

🟢Financial HealthStrong15.4/20

🟢GrowthStrong14.9/20

🟢ProfitabilityStrong12/15

🟢ValuationAttractive11/15

🔴RiskHigh4.4/10

Attractive on both counts

A good business currently available at an undemanding price — the combination this framework exists to look for. The work left is qualitative: whether the advantage the numbers imply is one you can identify and expect to last. 1 high-severity red flag sits above this conclusion and should be read first.

This thesis breaks if

✓Revenue growth stays above 21% a year27.9% CAGR
✓EBITDA margin holds above 22%23.9%
✓Free cash flow remains positive₹8 Cr
✓Debt / EBITDA stays below 2x1.5x
✓ROCE stays above 13%16.0%