B.R.Goyal Infrastructure Limited

Industrials — Engineering & Construction · BSE

₹194.50−₹7.60 (−3.76%)

DalalBaazaar Score

66 / 100

🟢 Good

Verdict

REASONABLE

Risk

Moderate

Driven by negative free cash flow, micro-cap size, which brings thin liquidity.

In simple words: Strong business and financial position, with both sales and profits growing well. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:01 pm

Understanding the Business

Company site ↗

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

What does this company do?

B.R.Goyal Infrastructure Limited, an infrastructure development company, engages in the execution of engineering, procurement and construction (EPC) projects in India.

IndustryEngineering & Construction

SectorIndustrials

Employees1,202

Annual revenue₹428 Cr

How does it make money?

Turns over ₹428 Cr a year. Of every ₹100 of sales, about ₹10 reaches shareholders as profit, with ₹18 left at the operating level before interest, tax and depreciation. Each of its 1,202 employees supports ₹35.6 lakh of revenue a year, the signature of a people-led business.

Revenue / employee₹35.6 lakh

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.

Compared side by side in Peers ↓

What is its competitive advantage?Some evidence

ROCE of 19.2% is above what capital typically costs, which suggests some pricing power, though not yet the sustained, wide gap that marks a durable advantage.

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 +29% while net margin moved +101% 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+29%

Margin effect+101%

DalalBaazaar Score

66/ 100

Good

Weighted across six categories. Every point is explained below.

✗ Micro Cap: thinner liquidity and sharper drawdowns are normal
✗ Trading within 10% of its 52-week high — entries here carry more pullback risk
✗ Negative free cash flow means dependence on external funding

Quality vs. Valuation

Company Quality

68/ 100

Good

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

Valuation

86/ 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

7.8x

2Y Median

11.5x

23 monthly readings · mean 11.6x · range 7.0x–17.3x

Sector Median

30.1x

median of 3 sector peers

🟢Current valuation is approximately 32% below its 2y median of 11.5x. Cheaper than its own history, which is worth a reason too: the market may be pricing in something the backward-looking numbers do not show.

🟢Against its sector it trades 74% below the peer median of 30.1x.

vs. its own history

Cheap

11.5x median over 23 months · -32%

vs. sector peers

Cheap

30.1x median of 3 peers · -74%

vs. generic bands

Cheap

Below 15x

EV/EBITDA

6.8x

PEG

0.21

What's Good / What's Bad

🟢 What's Going Well3

Margins are improving
EBITDA margin is up from 9.9% to 18.3% over 3 years.
Very low debt
Debt/Equity of 0.28x leaves the balance sheet with plenty of headroom.
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

4 items require attention · 4 high

🔴Debt has risen sharplyFinancial
Total debt is up 84% over 3 years, from ₹42 Cr to ₹76 Cr.
🔴Free cash flow negative for 3 yearsFinancial
The business has not covered its capital spending from operations for several years running, which has to be funded externally.
🔴Receivables growing faster than salesFinancial
Receivables up 126% against revenue up 29% — sales are being booked faster than they are collected.
🔴Inventory building faster than salesFinancial
Inventory up 162% against revenue up 29% — stock may not be moving.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Capital compounds at a high rate
ROCE of 19.2% means each rupee reinvested earns well above what capital costs. If the company can keep deploying at this rate, growth creates value rather than just consuming cash.
Margin expansion has further to run
EBITDA margin has risen from 9.9% to 18.3%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Priced below its own history
The stock trades 32% below its own median multiple. If the business performs as it has and simply re-rates back to normal, that gap is return on its own.
Cheaper than its peers
It trades 74% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.
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?

Sales are being booked faster than collected
Receivables are up 126% against revenue up 29%. If customers keep taking longer to pay, reported profit will not turn into cash — and write-offs follow if some never do.
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.
Several serious flags at once
4 high-severity checks triggered. Individually each has an explanation; together they raise the chance that something structural is wrong rather than a one-off.

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

1EBITDA margin holds above 16%✓ 18.3%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Free cash flow remains positive✗ -₹37 Cr
Profit that never becomes cash eventually stops being profit.
3Revenue growth stays above 7% a year✓ 8.7% CAGR
Latest reported year was 61.0%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
4Debt / EBITDA stays below 2x✓ 1.0x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
5ROCE stays above 16%✓ 19.2%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

8 / 11 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
✓ Short-term technical trend isn't bearish

Price history

Quick Metrics

7 good · 3 neutral · 1 weak

Market Cap

₹463 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

7.8x

Cheap

Cheap against the generic band

P/B Ratio

1.69x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹24.8

Profitable

Profitable on a per-share basis

ROE

17.9%

Strong

Strong capital efficiency

ROCE

19.2%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

0.28x

Low

Conservative leverage

Revenue Growth (YoY)

61.0%

Healthy

Healthy top-line growth

Profit Growth (YoY)

61.5%

Healthy

Profits growing at a healthy clip

Dividend Yield

0.13%

Modest

Small cash return — most of the return has to come from the price

Free Cash Flow

-₹70 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

ROA

10.4%

Good

Assets are working hard

Operating Margin

9.5%

Average

Average margins

Net Margin

5.5%

Average

Average bottom-line conversion

Current Ratio

3.30

Comfortable

Healthy short-term liquidity

52W Range Position

91%

Near high

Near its 52-week high

Technical Snapshot

SMA 20 / SMA 50

190.9 / 189.5

Bullish alignment (short > long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

55.6

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹333 Cr	₹427 Cr	₹364 Cr	₹428 Cr	+8.7%
EBITDA	₹33 Cr	₹38 Cr	₹45 Cr	₹78 Cr	+33.6%
EBITDA Margin	9.9%	8.9%	12.5%	18.3%	—
PAT (Net Profit)	₹17 Cr	₹22 Cr	₹25 Cr	₹45 Cr	+37.3%
EPS	₹7.27	₹9.18	₹13.41	—	—
ROE	16.5%	17.3%	11.0%	16.4%	—
ROCE	19.0%	19.6%	13.8%	19.2%	—
Total Debt	₹42 Cr	₹49 Cr	₹70 Cr	₹76 Cr	+22.4%
Free Cash Flow	₹15 Cr	-₹4 Cr	-₹60 Cr	-₹37 Cr	—

🟢 Revenue has grown at 8.7% a year over 3 years.

🟢 EBITDA has grown at 33.6% a year over 3 years.

🟢 EBITDA Margin has risen from 9.9% to 18.3% over 3 years (+8.4 pts).

🟢 PAT (Net Profit) has grown at 37.3% a year over 3 years.

🟡 ROE has held roughly flat at 16.4% over 3 years.

🟡 ROCE has held roughly flat at 19.2% over 3 years.

🔴 Total Debt has grown at 22.4% a year over 3 years.

🔴 Free Cash Flow has turned negative, from ₹15 Cr to -₹37 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹458 Cr

Total Liabilities

₹184 Cr

Cash & Equivalents

₹8 Cr

Operating Cash Flow

₹2 Cr

Capex

-₹39 Cr

Shareholding (proxy)

Institutional Holding

4.3%

Insider Holding

75.2%

Corporate Actions

Dividend Rate

₹0.25

Ex-Dividend Date

20 Aug 2026

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

1 positive1 mixed4 general

B.R.Goyal Infrastructure Ltd. Share Price Live Today

CNBC TV18, 16 Oct

B.R.GOYAL INFRASTRUCTURE LIMIT Share Price - Live BRGIL Stock Price & Chart

Upstox, 16 Oct

B.R. Goyal Infrastructure Order Book Rises 40% To ₹1,720.72 Crore

HDFC Sky, 24 SeptOrder win

🟢Potentially positiveOrder wins add to future revenue, though the effect depends on the contract's size against annual sales and on when it is executed.

B.R.Goyal Infrastructure terminates KCL sewerage sub-contract

scanx.trade, 25 Jul

Stock Alert: GK Energy, Juniper Green Energy, Vikram Solar, B R Goyal Infra

Business Standard, 27 Aug

B.R.Goyal Infrastructure Share Price Rises 12.09% Today

Univest, 03 AugPrice 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.

Watch Items

Trading very close to its 52-week high — momentum-driven entries here carry more mean-reversion risk.
Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

StrongFinancial Health · Growth · Profitability · Valuation

MiddlingBusiness Quality

WeakRisk

Points for each in the Score ↑

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. 4 high-severity red flags sit above this conclusion and should be read first.

1 of 5 tripwires tripped — Free cash flow remains positive · see Key things to watch ↑