Bharat Road Network Ltd. (BRNL) AI Stock Analysis

• Market Cap: ₹1.98B
• Dividend Yield: N/A
• Average Volume (3M): 39.85K
• Price to Earnings (P/E): 1.2
• Beta (1Y): 1.27
• Revenue Growth: -43.40%
• EPS Growth: N/A
• Country: IN
• Employees: 166
• Sector: Services
• Sector Strength: N/A
• Industry: Industrial - Infrastructure Operations
• EPS (TTM): 1.22
• Shares Outstanding: 83,950,000
• 10 Day Avg. Volume: 9,482
• 30 Day Avg. Volume: 39,855
• PEG Ratio: >-0.01
• Price to Book (P/B): 0.79
• Price to Sales (P/S): 0.96
• P/FCF Ratio: 10.63
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0

• Rating: 65 Neutral
• Price Target: ₹26.00 ▲(11.59% Upside)

The stock's overall score is driven by its strong valuation, indicating potential undervaluation, and positive technical indicators suggesting short-term momentum. However, financial performance challenges, including high leverage and inconsistent revenue growth, weigh down the score.

Bharat Road Network Ltd. Business Overview & Revenue Model

Company Description

Bharat Road Network Ltd. (BRNL) is a prominent infrastructure development company in India, primarily engaged in the construction and maintenance of roads and highways. The company focuses on the development of toll-based road projects and operates in the transportation sector, contributing significantly to the nation's infrastructure growth. BRNL offers services that encompass project development, design, construction, and operation of road networks, aiming to enhance connectivity and facilitate economic growth across regions.

How the Company Makes Money

Bharat Road Network Ltd. generates revenue primarily through toll collection from the highways and roads it develops and operates. The company's revenue model is heavily reliant on long-term concession agreements with the government, allowing them to collect tolls over specified periods. Additionally, BRNL may earn income through project execution fees and operational services for maintaining the roads. The company often partners with government bodies and financial institutions to secure funding and support for infrastructure projects, which also aids in enhancing its revenue streams. Factors contributing to its earnings include the growth in vehicular traffic, government initiatives to improve road infrastructure, and efficient management of operational costs.

Bharat Road Network Ltd. Financial Statement Overview

Summary

Bharat Road Network Ltd. faces challenges in achieving stable profitability and maintaining financial health. While there are signs of improvement in net income and free cash flow, high leverage and inconsistent revenue growth pose significant risks. The company's focus should be on improving operational efficiencies and managing debt levels to enhance financial stability and shareholder value.

Income Statement

Bharat Road Network Ltd. has experienced significant volatility in its revenue and profitability metrics over recent years. The net profit margin improved substantially in the latest year, turning positive after a series of losses, indicating a potential turnaround. However, the negative EBIT and fluctuating EBITDA margins reflect operational inefficiencies and cost management challenges. Revenue growth has been inconsistent, with significant declines in recent periods.

Balance Sheet

The company exhibits a high debt-to-equity ratio, indicating significant leverage and potential financial risk. Improvements in stockholders' equity are noteworthy, but the equity ratio remains low, suggesting limited asset backing by equity. Return on equity showed improvement due to positive net income in the latest year, but historical losses have impacted overall financial stability.

Cash Flow

Cash flow metrics show some resilience, with consistent operating cash flow generation over the years. The free cash flow growth rate is positive in the latest year, though it has been unstable historically. The company demonstrates an acceptable operating cash flow to net income ratio, suggesting reasonable cash generation relative to earnings. However, the free cash flow to net income ratio reflects potential variability in cash generation capabilities.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	2.17B	2.74B	3.80B	3.26B	2.16B	2.10B
Gross Profit	1.32B	1.27B	2.88B	636.95M	1.39B	1.80B
EBITDA	2.41B	2.62B	1.49B	269.31M	-452.03M	822.61M
Net Income	1.67B	1.41B	-1.12B	-2.10B	-3.76B	-1.14B
Balance Sheet
Total Assets	0.00	14.35B	27.34B	27.06B	28.46B	31.43B
Cash, Cash Equivalents and Short-Term Investments	2.23B	2.23B	2.76B	2.22B	609.29M	1.35B
Total Debt	0.00	4.34B	13.28B	14.13B	14.92B	15.39B
Total Liabilities	-4.22B	10.12B	24.48B	23.07B	22.44B	21.51B
Stockholders Equity	4.22B	3.31B	1.90B	3.02B	5.09B	8.86B
Cash Flow
Free Cash Flow	0.00	246.94M	2.60B	2.51B	-63.20M	512.67M
Operating Cash Flow	0.00	768.53M	3.65B	2.59B	219.49M	512.67M
Investing Cash Flow	0.00	-518.32M	-2.08B	807.52M	1.96B	1.68B
Financing Cash Flow	0.00	-620.46M	-2.14B	-2.50B	-2.33B	-1.99B

Bharat Road Network Ltd. Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 23.30
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:BRNL, the sentiment is Positive. The current price of 23.3 is above the 20-day moving average (MA) of 22.98, above the 50-day MA of 21.59, and below the 200-day MA of 27.57, indicating a neutral trend. The MACD of 0.53 indicates Positive momentum. The RSI at 55.95 is Neutral, neither overbought nor oversold. The STOCH value of 47.24 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:BRNL.

Bharat Road Network Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
INDBANK	72 Outperform	₹1.86B	29.44	―	―	-18.35%	-43.75%
RPPINFRA	68 Neutral	₹5.92B	8.15	―	0.42%	-0.58%	-12.30%
BRNL	65 Neutral	₹1.98B	1.18	―	―	-43.40%	―
Sector *	55 Neutral	$13.29B	17.42	10.03%	0.93%	7.13%	-12.93%

Bharat Road Network Ltd. Corporate Events

Bharat Road Network Resumes Toll Collection at Paliyekkara Plaza

Bharat Road Network Limited announced that the Hon’ble High Court of Kerala has revoked the suspension on the collection of user fees at the Paliyekkara Toll Plaza, effective from October 17, 2025. This decision follows a temporary suspension that was instituted due to a public interest litigation. The revocation allows the company to resume toll collection at the rates that were in effect prior to the suspension, potentially stabilizing revenue streams and reinforcing its operational capabilities in the region.

Bharat Road Network Limited Convenes 18th AGM with Key Financial Discussions

Bharat Road Network Limited held its 18th Annual General Meeting on September 26, 2025, via video conferencing, adhering to guidelines from the Ministry of Corporate Affairs and SEBI. The meeting, chaired by Prof. Santanu Ray, included participation from 79 members and covered the company’s financial and operational performance for the year ending March 31, 2025. The statutory auditors presented a modified opinion on the financial statements, and members were informed about the company’s future outlook. The meeting also facilitated electronic voting for members on the business transacted.

Bharat Road Network Limited Appoints Anirup Sen as CEO

Bharat Road Network Limited has appointed Mr. Anirup Sen as the new Chief Executive Officer, effective September 17, 2025. Mr. Sen brings over 28 years of diverse experience in multinational banks, non-banking financial companies, and infrastructure firms, having held key leadership roles such as CEO and COO in various organizations. His expertise in risk assessment, business development, and strategic operations is expected to enhance the company’s operational efficiency and strategic positioning in the infrastructure sector.

Bharat Road Network Ltd. Managing Director Resigns

Bharat Road Network Limited announced the resignation of Mr. Bajrang Kumar Choudhary as Managing Director effective September 16, 2025, due to personal reasons. Despite stepping down from his executive role, Mr. Choudhary will remain on the Board of Directors, ensuring continuity in leadership. This change in leadership may impact the company’s strategic direction and stakeholder confidence, as the company continues to navigate the competitive infrastructure sector.

Bharat Road Network Limited Announces 18th AGM Notice Publication

Bharat Road Network Limited has announced the publication of a newspaper advertisement related to its 18th Annual General Meeting scheduled for September 26, 2025. The notice, published in ‘Financial Express’ and ‘Aajkaal’, follows the dispatch of the AGM notice and the Annual Report for the fiscal year 2024-25. This announcement is part of the company’s compliance with SEBI regulations, ensuring transparency and communication with stakeholders.

Bharat Road Network Limited Announces 18th AGM with Key Resolutions

Bharat Road Network Limited has announced its 18th Annual General Meeting (AGM) scheduled for September 26, 2025, to be held virtually. Key agenda items include the adoption of financial statements, the reappointment of a director, the appointment of a new secretarial auditor, and the approval of related party transactions. These developments reflect the company’s ongoing efforts to maintain transparency in its operations and ensure compliance with regulatory requirements, potentially impacting its governance and stakeholder relations positively.