BRNL · Bharat Road Network Ltd · Construction Services
BRNL · Bharat Road Network Ltd · Construction Services
As of 05 Nov close
52-week range
46.9% below 52-week high
52-week range: as of 05 Nov 2026 close.
Price chartDaily closes on the stock page.
Weighted combination of 8 measured readings. Not a probability, a rating or a forecast.
Full signal detail →Fundamentals as of 15 Sep 2026 · the company's own latest record is 52 days old
Revenue (latest Q)
₹47 Cr
Revenue YoY
PAT YoY
-1022.2%
Operating margin
Revenue, last 8 quarters
P/E (TTM)
P/B
Not available from data source
P/S (TTM)
0.9
Sector P/E
17.7
Dividend yield
0.0%
| Company | P/E | P/B | Net margin | ROE | D/E | Div. yield |
|---|---|---|---|---|---|---|
| BRNL (this stock) | Not meaningful (earnings negative over the last 12 months) | Not available from data source | -86.3% | -33.3% | 1.08 | 0.0% |
| DLF | 34.5 | 3.5 | +65.8% | +9.8% | 0.01 | +1.2% |
| Lodha Developers | 23.1 | 4.6 | +22.7% | +17.7% | 0.42 | +0.4% |
| Indus Towers | 14.4 | 2.4 | +21.8% | +17.3% | 0.52 | +3.6% |
Promoter
falling 1q
FII
stable
MF
Not available from data source
Insider trades
No insider trades in the last 12 months.
Bulk/block deals
No bulk/block deals in the last 12 months.
News timeline
No related news.
Concalls & investor presentations
AI-generatedNo concall transcripts or investor presentations recorded yet.
AI Summary of Annual Report
AI-generatedThe annual report of Bharat Road Network Limited (BRNL) for FY2025-26 outlines the company's operational and strategic focus areas. The report highlights the company's role as a Build-Operate-Transfer (BOT) entity involved in road and highway development, operation, and maintenance across various Indian states. It discusses the impact of the Corporate Insolvency Resolution Process (CIRP) on a subsidiary, leading to a decline in revenue. The report also mentions the company's cautious approach in managing maintenance projects and its emphasis on technology-driven improvements in toll operations and highway management. Additionally, BRNL outlines its future plans to strengthen financial position through cost optimization, improved revenue collection, and enhanced operational efficiency.
- BRNL operates as a Build-Operate-Transfer (BOT) company focusing on road and highway development, operation, and maintenance across multiple Indian states.
- The company faced revenue decline due to the non-consolidation of a subsidiary under CIRP and toll collection suspensions.
- BRNL is implementing technology-driven improvements in toll operations and highway management to enhance efficiency.
- Future plans include cost optimization, improved revenue collection, and strengthening claims and litigation management frameworks.
Key takeaway: BRNL is navigating challenges related to subsidiary insolvency and operational disruptions while focusing on technology-driven improvements and cost optimization to enhance its financial and operational performance.
The following annual report excerpts provide qualitative strategic context. Do not treat any specific financial figures in these excerpts as authoritative — they may be incorrectly labeled due to PDF table extraction limitations. For precise financial data, refer to the structured fundamentals data above.
Governance disclosures
AI-generatedNeeds attention
Auditor Qualification (6 items); Regulatory Action (5 items); Default / Covenant Breach (6 items); Investigation or enforcement mention (1 item)
Items of these kinds are disclosed in the filings. This is a count of disclosed items. It is not a finding about the company and its cause has not been independently established.
Auditor Qualification
6 occurrencesRecent (last 12 months)
The statutory auditors, M/s. SS Kothari Mehta & Co. LLP, issued a qualified opinion on the Company's standalone and consolidated financial statements for the Financial Year ended 31st March, 2026.
Earlier (1-3 years ago)
The statutory auditors, M/s. SS Kothari Mehta & Co. LLP, issued a qualified opinion on the Company's standalone and consolidated financial statements for the year ended March 31, 2025, citing non-compliance with Ind AS 1 and Ind AS 109 regarding the recognition of interest on ₹7,000 Lakhs and ₹19,357.73 Lakhs, leading to understatement of loss before tax and current liabilities.
The statutory auditors, S.S. Kothari Mehta & Co. LLP, issued a qualified opinion on the Company's standalone and consolidated financial statements for the year ended 31 March 2024, due to non-recognition of interest on ₹7,000 lakhs from July 2019 onwards.
Older (3+ years ago)
The statutory auditors, M/s. S.S. Kothari Mehta & Company, issued a modified opinion on the Company's standalone and consolidated financial statements for the year ended March 31, 2023, due to non-recognition of interest on ₹7,000 lakhs from July 1, 2019, which is not in compliance with Ind AS 1 and Ind AS 109. This resulted in an understatement of loss before tax by ₹220.07 lakhs for the quarter ended March 31, 2023, and ₹892.50 lakhs for the year ended March 31, 2023, along with an understatement of current liabilities by ₹3,349.93 lakhs.
The statutory auditors provided a modified opinion on the company's standalone and consolidated financial statements for the year ended March 31, 2022, due to non-recognition of interest on ₹7,000 lakhs from July 1, 2019, which is not in compliance with Ind AS 1 and Ind AS 109.
The statutory auditors issued a modified opinion on the standalone and consolidated financial statements for the year ended March 31, 2021, due to non-recognition of interest on Rs. 7,000 lakhs from July 1, 2019, which is not in compliance with Ind AS 1 and Ind AS 109. This resulted in an understatement of loss before tax by Rs. 892.05 lakhs and current liabilities by Rs. 1564.93 lakhs.
Regulatory Action
5 occurrencesRecent (last 12 months)
SEBI issued an administrative warning to the company on 12th December, 2023 for non-compliance with Regulation 18(2) of SEBI Listing Obligations and Disclosure Requirements Regulations, 2015.
Earlier (1-3 years ago)
The company received fine letters from BSE Limited and National Stock Exchange of India Limited, imposing a fine of ₹10,000 plus applicable taxes each, for non-compliance with SEBI regulations regarding board meeting frequency.
Older (3+ years ago)
IL&FS Financial Services Limited has filed an application against Bharat Road Network Limited under the Insolvency and Bankruptcy Code, 2016.
The company was fined Rs. 9,67,600 by BSE Limited and National Stock Exchange of India Limited for non-compliance with Regulation 17(1)(c) regarding board composition for periods in March 2020 and June 2020. The company has paid the penalty, but National Stock Exchange has not waived the fine despite the company's request.
The Reserve Bank of India (RBI) informed the company on January 20, 2020, that the company does not meet the criteria to become eligible as a CIC-ND-SI but meets the principle business criteria for FY 2018-19.
Default / Covenant Breach
6 occurrencesRecent (last 12 months)
Corporate Insolvency Resolution Process (CIRP) has been initiated against Solapur Tollways Private Limited (STPL), a material unlisted subsidiary of the company, under section 7 of the Insolvency and Bankruptcy Code, 2016 on 20th December, 2024 before the Hon'ble National Company Law Tribunal - Kolkata Bench.
Earlier (1-3 years ago)
The company's subsidiary OSEPL had a contractual dispute with NHAI, leading to an arbitration award of ₹ 32,277 Lakhs in favor of OSEPL, which was partially settled with ₹ 391.67 Crore received on 8th July 2025.
Srei Equipment Finance Limited is involved in a legal case where it is alleged to have indulged in round tripping of funds under the Insolvency and Bankruptcy Code, 2016. The company disputes the allegations and has filed necessary affidavits, with the case pending before the NCLT.
Older (3+ years ago)
The Company has defaulted in payment of interest to one of the financial institution (NBFC). Interest accrued but not paid for the period July 01, 2018 to June 30, 2019 amounts to
The Company has defaulted in payment of interest to one of the financial institutions (NB... (excerpt cut off).
The Company has defaulted in payment of interest to a financial institution (NBFC) with accrued but unpaid interest of Rs 870.00 lakhs for the period July 01, 2018 to June 30, 2019, and further unpaid interest of Rs. 1,564.93 lakhs from July 01, 2019 to March 31, 2021.
Investigation or enforcement mention
1 occurrenceOlder (3+ years ago)
The company has been fined Rs. 9,67,600 for undisclosed violations, which has been paid by the company.
Routine disclosures
Contingent Liability
6 occurrencesRecent (last 12 months)
The company has provided corporate guarantees for loans taken by its subsidiaries and associates, including Kurukshetra Expressway Pvt. Ltd., Mahakaleshwar Tollways Pvt. Ltd., and Orissa Steel Expressway Pvt. Ltd., and has pledged investments as collateral for these loans.
Earlier (1-3 years ago)
The company provides corporate guarantees to banks and financial institutions to secure credit facilities for SPVs, which may result in contingent liabilities.
The company may need to provide corporate guarantees, pledges, or other encumbrances on its assets to support SPVs in meeting obligations under concession agreements and lender agreements, which could constitute contingent liabilities.
Older (3+ years ago)
The company may be required to support SPVs to complete projects under concession agreements and lender agreements, potentially creating contingent liabilities through corporate guarantees, pledges, or encumbrances on its assets.
The company has provided corporate guarantees for loans taken by its subsidiaries and associates, including Guruvayoor Infrastructure Pvt Ltd, Kurukshetra Expressway Pvt. Ltd., Ghaziabad Aligarh Expressway Pvt. Ltd., and Shree Jagannath Expressways Pvt. Ltd., and has pledged investments as collateral for these loans.
The company has a Directors and Officers Liability Insurance Policy for Rs. 15,00,00,000/- to safeguard directors from contingent liabilities.
Related-Party Transaction
6 occurrencesRecent (last 12 months)
The company proposes related party transactions exceeding 10% of its annual consolidated turnover (Rs. 154.3 crore) for the period October 2026 to September 2027, seeking shareholder approval as required by SEBI regulations.
Earlier (1-3 years ago)
The company has disclosed related-party transactions with entities such as Srei Venture Capital Trust, Kurukshetra Expressway Pvt. Ltd., and Mahakaleshwar Tollways Pvt. Ltd., as well as key management personnel including Bajrang Kumar Choudhary and Brahm Dutt.
The company obtained member approval for Related Party Transactions for the period 1st October, 2023 to 30th September, 2024.
Older (3+ years ago)
The company has eliminated related party transactions between entities considered for consolidation in its financial statements as of March 31, 2023.
The company has entered into transactions with Srei Infrastructure Finance Limited (Promoter) and Srei Equipment Finance Limited (Wholly Owned Subsidiary of the Promoter), with a total value exceeding 10% of the Annual Consolidated Turnover as per the last audited Financial Statements.
The company has provided demand loans to its associate companies, including Kurukshetra Expressway Pvt. Ltd., and there are balances due from these associates.
Management & Board Governance
2 occurrencesRecent (last 12 months)
Dr. Tuk Tuk Ghosh Kumar, Mr. Rakesh Kumar Gupta, and Mr. Brahm Dutt resigned from the Board of Directors of the Company on 10th April 2025, 7th April 2025, and 13th May 2025 respectively. They also stepped down from various committees.
Earlier (1-3 years ago)
Dr. Tuk Tuk Ghosh Kumar and Mr. Rakesh Kumar Gupta, both Non-Executive Independent Directors, resigned from the Board effective April 10th and 7th, 2025, respectively, due to personal reasons, and also stepped down from their committee roles.
Promoter Share Pledge
1 occurrenceRecent (last 12 months)
28.8% of promoter holding pledged (quarter 2026-Q3 as of 2026-07-18).